Endowment Fund of the Memorial Child

“Management has evaluated the effects of accounting guidance related to uncertain income tax positions and concluded that the foundation had no significant financial statement exposure to uncertain income tax positions at june 30, 2024 and 2023. The foundation is not currently under audit by any tax jurisdiction.”

“As permitted by sfas 116 (asc 958), the endowment does not report revenue related to donated works of art because such contributions, while consistent with the endowment's exempt purpose, do not create or enhance nonfinancial assets.”

“The endowment receives and displays works of art contributed by donors who own art produced by others and contributed by artists who produce art. Additionally, the endowment displays art loaned by artists. Donated and loaned works of art are vetted by an established art collection committee for appropriateness in style and content. Contributions are consistent with the endowment's purpose to promote educational, scientific, benevolent and charitable purposes and activities of its supported organizations (childsavers - memorial child guidance clinic) because, - the donated art makes the building owned by the endowment and rented to the supported organization a more warm and welcoming facility for those who receive services from the supported organization, and - the donated art is consistent with the use of art therapy in the supporting organization's service in its mental health counseling practice. On occasion, the endowment may sell art from its collections. Proceeds would be used to further that endowment's exempt purpose.”

“The endowment does not solicit art to be sold to raise funds; however, the art collection committee solicits artists to participate in the supported organization's annual fundraiser (artists support childsavers). The event is held at a local gallery where the works of art are displayed. Patrons purchase the art for a posted price and childsavers remits an agreed-upon percentage of the proceeds to the artists. Sales transactions are not treated as charitable donations by the patrons or the artists. In rare cases, an artist may agree that childsavers may keep 100% of proceeds, in which case childsavers acknowledges an unvalued gift in kind by the artist. Unsold art remains the property of the artists.”