Towson University Foundation Inc.

“The foundation's collections consist of art objects and antiques held for educational, research, scientific and curatorial purposes. Each of the items is catalogued, preserved, and cared for, and activities verifying its existence and assessing its condition are performed periodically. The foundation estimates the value of the collections at approximately $2,187,000. The collections, which were acquired through contributions since the foundation's inception, are not recognized as assets on the statements of financial position. Purchases of collection items are recorded as decreases in unrestricted net assets in the year in which the items are acquired or as decreases in temporarily restricted net assets if the net assets used to purchase the items are restricted by donors. Contributions of collection items are not reflected in the financial statements. Proceeds from deaccessions or insurance recoveries are reflected as increases in the appropriate net asset classes.”

“The art collection at towson university is a focal point for the promotion of the arts and cultures of the world to its students, faculty, local, national and international constituencies. It a) presents visual and performing arts, b) collects and exhibits representative artifacts and c) offers select educational opportunities, which allow those diverse constituencies to experience and better understand the aesthetics and achievements of various cultures. The educational goal of the foundation is to provide visitors with an understanding and appreciation of the breadth and depth of arts and culture, with priority given to: 1) making the collections and their resources available to the general public, 2) providing a motivating environment for students of all ages to gain an understanding of the arts and culture, 3) supporting artists/organizations who share the goal of preserving for future generations significant milestone achievements in art and, 4) demonstrating to the community, through stimulating exhibits, its historic heritage and heightening the overall awareness of and pride in its contributions to the community's quality of life.”

“The endowment assets are utilized by the foundation in accordance with the wishes of the donors. The foundation has established investment and spending policies for endowment assets that attempt to provide a predictable stream of funding to programs supported by its endowment while seeking to preserve the purchasing power of the endowment assets.”

“The foundation follows the provisions of accounting for uncertainty in income taxes under the income taxes topic of the codification. The codification requires the evaluation of tax positions, which include maintaining its tax-exempt status and the taxability of any unrelated business income, and does not allow recognition of tax positions which do not meet a "more-likely-than-not" threshold of being sustained by the applicable tax authority. Management does not believe it has taken any tax positions that would not meet this threshold. The foundation files federal and state information returns and is no longer subject to income tax examinations by major tax authorities for years prior to 2010.”

“Change in value of charitable gift annuity 10,927.”

“Fundraising expenses recorded with revenue -175,308.”

“Fundraising expense recorded with revenue 175,308.”

“Fundraising expenses of $175,308 are recorded on the organization's expense section of the audited financial statements, but are included in the revenue section of the form 990.”