The Catholic University of America

“The university maintains a collection held for public exhibition, education and research in furtherance of the university's educational and public service mission. These collections, which were acquired through purchases and contributions since the university's inception, are not recognized as assets on the consolidated statement of financial position. Purchases of collection items are recorded as decreases in net assets without donor restrictions in the year in which the items are acquired or as net assets with donor restrctions if the assets used to purchase the items are restricted by donors. Contributed collection items are not reflected on the consolidated financial statements. Proceeds from deaccessions or insurance recoveries are reflected as increases in the appropriate net asset category. There were no deaccessions during the years ended april 30, 2020 and 2021.”

“The university archives manages a large museum collection, which contains a range of art, historical pieces and other such items, certain pieces, along with relevant collections of field notes from the archives, have been used by the anthropology department to supplement class discussions. Our fine arts pieces consist of paintings, antique furniture, asian arts, and sculptures. Students from the media studies department and the school of library and information sciences routinely view our fine art collection to gain first hand experience of how fine art is preserved, managed, and used. In addition to being given regular tours and presentations on our museum collections, students encounter pieces from the collection on a daily basis because the best items are hung in classrooms, offices, and in prominent hallways and meeting spaces around campus. In addition to books and manuscripts, the oliveira lima library has extensive holdings of art works of significant value for study of brazilian, portuguese, spanish and latin american history, art history and culture from the 16th to the 20th century. The library's art has been loaned for exhibition in the u.s., portugal, and brazil and are in frequent demand for reproduction in scholarly publications. In conjunction with the external exhibitions and loans in which the library participates, significant preservation treatment of the loaned objects are frequently obtained as a condition of the loan at the borrower's expense.”

“The university's endowment funds are used to fund scholarships, faculty positions, library support and other expenses that are in accordance with the donor's requests and the university's mission as a comprehensive catholic and american institution of higher learning.”

“The university follows guidance that clarifies the accounting for uncertainty in tax positions taken or expected to be taken in a tax return, including issues relating to financial statement recognition and measurement. This guidance provides that the tax effects from an uncertain tax position can only be recognized in the financial statements if the position is "more-likely-than-not" to be sustained if the position were to be challenged by a taxing authority. The assessment of the tax position is based solely on the technical merits of the position, without regard to the likelihood that the tax position may be challenged. The university has determined that there are no material uncertain tax positions that require recognition or disclosure in the financial statements.”

“Cost of goods sold $308,342”

“Other expenses deducted from revenue on income statement”

“Cost of goods sold $308,342”

“Other expenses deducted from revenue on income statement”