Agnes Scott College

“All other contributions of assets other than cash, including contributions of art, historical treasures, and similar assets held as part of a collection, are not recognized as revenue or capitalized.”

“The College's collection consists of art objects that cover a broad range of history, media, and attitudes. It is held for public exhibition, preservation for future generations, scholarly research, and educational purposes. 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 classes. Donations of artwork are accepted with consideration to how they will benefit the campus learning environment. The collection items are subject to a policy that requires proceeds from their sales to be used for the acquisition of new collection item(s). During the fiscal years ending June 30, 2020 and 2019, no sales of collection items occurred and no collection items were given away, damaged, destroyed, lost, or otherwise deaccessed.”

“Endowment Funds are used to support the general operations of the College, to provide scholarships to the students and for the furtherance of academic programs.”

“The College is recognized by the Internal Revenue Service as an organization exempt from federal income tax under Section 501(a) of the Internal Revenue Code as an organization described in Section 501(c)(3), except for taxes on income from activities unrelated to its exempt purpose. The College evaluates its uncertain tax positions using the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 740 Income Taxes. The College follows the criterion that an individual tax position has to meet the relevant technical requirements for the position to be recognized in the College's consolidated financial statements. The College determined that the relevant tax authority would more likely than not sustain the tax position following an audit. The College has applied this criterion to all tax positions for which the statute of limitations remains open. The College has a policy to record interest and penalties (if any) related to income tax matters in income tax expense. The College has determined that its tax positions satisfy the more likely than not criterion and that no provision for income taxes is required at June 30, 2020 and 2019. For the years ended June 30, 2020 and 2019, no interest and penalties were recorded.”

“Rental Exp 242,781. Avery Property Income 1,177,701. Change in value of split-interest agreements 394,577.”

“Student Aid Treated as Contra-Revenue 27,319,760.”

“Avery Property Expense 906,237. Avery Property Depreciation 290,839. Reclass of Rent Expense to Revenue 242,781.”

“Student Aid Treated as Contra-Revenue 27,319,760. Avery Interfund 1,039.”

“Contributed collection items are not reflected on the financial statements. Proceeds from the deaccessions or insurance recoveries are reflected as increases in the appropriate net asset classes. Donations of artwork are accepted with consideration to how they will benefit the campus learning environment. The collection items are subject to a policy that requires proceeds from their sales to be used for the acquisition of new collection item(s). During the fiscal years ending June 30, 2020 and June 30, 2019, no sales of collection items occurred and no collection items were given away, damaged, destroyed, lost or otherwise deaccessed.”

“The Agnes Scott college permanent collection is a living, eclectic gathering of artwork that encompasses a broad range of history, media and attitudes. Complementing the permanent collection is the dynamic programming of the Dalton gallery, which organizes temporary exhibitions designed to promote an understanding of the arts. It is located at the heart of the Dana fine arts building, a structure built in 1965 and designed by John Portman, which houses the art history and studio art department. It also houses the theatre department. In support of the mission of the college, the focus of new acquisitions is largely but not exclusively works by women artists on paper. Artwork is selected and donations accepted with consideration to how they will benefit the campus learning environment. The collection is actively used within the arts curriculum and across disciplines. The art department offers three undergraduate majors, including studio art and art history, to students. In addition, students write visual analyses of works and five tours to the public. Informative wall text is researched and written by students under the guidance of faculty. Works by Agnes Scott students are embraced into the overall display, including a vibrant body of self-portrait woodblock prints that are sited in dorms and public buildings. Furthermore, along with a student show, the gallery presents two exhibits a year which include a roster of local, national, and international professional artists and are organized around an inclusive theme that engages contemporary issues, focusing not only on the world of art but also on the larger global conversation. Having such a dynamic teaching collection borne from a mission of education enriches the learning environment and connects the viewer in a timeless dialogue.”

“Endowment funds are used to support the general operations of the college, to provide scholarships to the students and for the furtherance of academic programs.”