Thomas Jefferson Foundation Inc.

“Part iii, lines 1a & 4: afs footnote 1 historic properties and collections: the foundation has elected not to capitalize its historic properties and collections. These collections are related to thomas jefferson and his plantation home, monticello. The most precious artifact in the collection is the house itself and the surrounding landscape, which were designed by thomas jefferson between 1769 and 1809. The curatorial collections chiefly consist of paintings, decorative arts and artifacts, approximately 2,600 of which relate directly to jefferson and monticello, and about 1,900 books with titles and editions selected to duplicate jefferson's original library. About 40 of these volumes are jefferson's own copies. The foundation's restoration department is dedicated to the architectural preservation of the house, while the curatorial collections are under the care of a full curatorial department. The foundation's collections are maintained for public exhibition, education, and research in order to advance understanding of jefferson and monticello in furtherance of public service. The foundation's collections management policy requires that the proceeds from the sale of any artifact from the foundation's collection would be used to acquire additional artifacts for the collection. The foundation does not recognize the donations of collection items as contribution income, as the collections are not capitalized.”

“All endowment investments are classified as noncurrent assets to recognize the foundation's intention to continually reinvest earnings and preserve principal except to the extent of any annual withdrawals in accordance with the endowment spending policy. The foundation has a policy of appropriating 5% of the average market values of endowment funds as of june 30, of each of the three years preceding the fiscal year in which spending is planned. In establishing this policy, the foundation considered the long term expected total real return on its endowment. Accordingly, over the long term, the foundation expects its spending policy to allow its endowment to grow at an average annual real total return of 5%. This is consistent with the foundation's objective to maintain the purchasing power of the endowment assets held in perpetuity or for a specified term while supporting the operations of the foundation.”

“The foundation has net operating loss carryforwards totaling more than $3 million, with expirations ranging from 2019 to 2029. A 100% valuation allowance has been recorded against this deferred tax asset because it is uncertain that the carryforwards represents a future tax benefit.”

“Cost of goods sold 3,342,059.”

“Other changes in pension assets and liabilities 1,653,002. Unrealized gain on interest rate swap contract 1,577,099.”

“Cost of goods sold 3,342,059.”

“Loss of disposition of property royalty income inlcuded in cost of goods sold 357.”

“Reflects revised methodology to align the endowment funds reporting to match the foundation's audited financial statements. Adjustments were made in prior years to reflect the revised beginning of year balance.”