Middleton Place Foundation

“Conservation easements are recorded at estimated fair market value when received, provided that the organization has a clearly measurable and objective basis for determining value. If values are not reasonably determined, the donations are not recorded.”

“Collection items include antique furnishings, paintings, and histroical documents. One of the foundations purposes is to provide the highest levels of preservation and interpretation for the collection items described herein.”

“The organizations endowments include the fort hill foundation gift of $100,000 toward a conservation endowment that is subject to the following terms: a. The proposed conservation endowment would spend annually an amount not to exceed the real rate of return for the on-going preservation needs of the gardens and buildings at middleton place. B. Only after the $100,000 original corpus of the conservation endowment has been matched four to one, increasing the endowment to $500,000, can the principal be invaded by a vote of two-thirds of the trustees empowered to vote, and then only for the purpose of borrowing from the endowment to pay for necessary conservation measures required by an unanticipated event such as a major hurricane. C. The conservation endowment of the middleton place foundation was established by this gift in the loving memory of anna matheson wood. A permanent record of this gift and its memorial aspect has been established as deemed appropriate by the trustees of the middleton place foundation, and the former trustees of the fort hill foundation have been so informed.”

“Middleton place foundation is exempt from federal income taxes under section 501(c)(3) of the internal revenue code; accordingly, the accompanying consolidated financial statements do not reflect a provision or liability for federal and state income taxes for middleton place foundation. Tax positions must meet a recognition threshold of more-likely-than-not in order for the benefit of those tax positions to be recognized in the organization's consolidated financial statements. The organization has determined that it does not have any material unrecognized tax benefits or obligations as of june 30, 2015 and 2014. Interest and penalties related to income tax assessments, if any, are reflected in provision for income taxes in the accompanying consolidated statements of activities and changes in net assets. Fiscal years ending on or after june 30, 2012 remain subject to examination by federal and state tax authorities.”