George Mason University Foundation Inc.

“Schedule d, part iii, line 4 the collection provides opportunities for the university's students to learn and to gain an appreciation of the artwork.”

“SCHEDULE D, PART IV, LINE 2B THE FOUNDATION MAINTAINS CERTAIN ASSETS, PRIMARILY INVESTMENTS, ON BEHALF OF SEVERAL LEGALLY AUTONOMOUS ORGANIZATIONS AND OTHER PROGRAMS ASSOCIATED WITH THE UNIVERSITY. Endowment Funds Balance Schedule D, Part V, line 1a, column (a) and Line 4 The beginning balance of the endowment funds for the year ended June 30, 2019 has been restated as $79,069,449. This differs from the prior year's ending balance of $84,946,434, reflecting the removal of pledge amounts, and is consistent with the amounts reported in Note G of the audited financial statements. THE FOUNDATION'S ENDOWMENT CONSISTS OF APPROXIMATELY 520 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES INCLUDING ACADEMIC SUPPORT, EMINENT SCHOLARS, SCHOLARSHIPS, ATHLETICS, FACILITIES, LIBRARY, AND RESEARCH.”

“SCHEDULE D, PART X, LINE 2 THE FOUNDATION IS EXEMPT FROM FEDERAL INCOME TAXES UNDER INTERNAL REVENUE CODE ("IRC") SECTION 501(C)(3) AND IS CLASSIFIED BY THE INTERNAL REVENUE SERVICE ("IRS") AS AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION. IT IS SUBJECT TO TAX ON INCOME UNRELATED TO ITS EXEMPT PURPOSE, UNLESS THAT INCOME IS OTHERWISE EXCLUDED BY THE IRC. UNDER IRS PROVISIONS AND THE APPLICABLE INCOME TAX REGULATIONS OF THE COMMONWEALTH OF VIRGINIA, THE FOUNDATION IS EXEMPT FROM TAXES ON INCOME OTHER THAN UNRELATED BUSINESS INCOME. THE FOUNDATION 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 FOUNDATION HAS PROCESSES IN PLACE TO ENSURE THE MAINTENANCE OF ITS TAX-EXEMPT STATUS, TO IDENTIFY AND REPORT UNRELATED INCOME, TO DETERMINE ITS FILING AND TAX OBLIGATIONS IN JURISDICTIONS FOR WHICH IT HAS NEXUS, AND TO IDENTIFY AND EVALUATE OTHER MATTERS THAT MAY BE CONSIDERED TAX POSITIONS. THE TAX YEARS ENDed JUNE 30, 2016 THROUGH 2019 ARE STILL ELIGIBLE FOR REVIEW FOR BOTH FEDERAL AND STATE PURPOSES. THE FOUNDATION HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. Income tax expense is classified as an operating expense within the consolidated statement of financial position.”

“Schedule d, part xi, line 2d split interest agreements, change in value 135,412 gmuf arlington campus, expense (allocated) 4,110,782 ----------- total to schedule d, part xi, line 2d 4,246,194”

“Schedule D, Part XI, Line 4B FUNDRAISING EVENT EXPENSES (62,719) Loss on Valuation of Land Held for Sale 280,000 ---------- Total to Schedule D, Part XI, Line 4b 217,281”

“SCHEDULE D, PART XII, LINE 2D GMUF ARLINGTON CAMPUS, EXPENSE (ALLOCATED) 4,110,772 Fundraising Event Expenses 62,719 -------- Total to Schedule D, Part XII, Line 2d 4,173,491”