Oglethorpe University Inc.

“The works that are in the permanent collection have become part of oglethorpe university's endowment. As such, they represent an investment which, in the future, will be considered not only a special cultural asset for the university and the community, but one which will grow both in importance and value as well. Among our collection are paintings by contemporary realist painters such as richard maury, d jeffrey mims and francisco roa, rare family photographs of claude monet at giverny, and an original engraving of victor hugo by sculptor august rodin. Recent gifts and acquisitions include watercolors by francis augustus silva and sondra freckelton, chad awaits finely carved torso, and gail wegodskys oil interior scene. Oglethorpe university museum of art (ouma) is a unique and valuable resource for all students, especially art students. Since ouma is the only small liberal arts university museum in the entire southeast which regularly shows nationally and internationally recognized exhibitions, it offers oglethorpe students the advantage of seeing international culture first hand within steps of their classrooms. This direct, personal experience of art enlightens the viewer and complements information presented in books and slides. Many alumni continue to cherish their experiences in our museum long after graduation. Ouma is a rare asset on campus, facilitating the university in fulfilling its goal of providing a high level of liberal arts education.”

“Oglethorpe university's endowment consists of approximately 107 individual funds established for a variety of purposes.”

“The university qualifies as a tax-exempt organization as described in internal revenue code section 501(c)(3) and has been classified by the internal revenue service as other than a private university. However, income from certain activities not directly related to the university's tax-exempt purpose is subject to taxation as unrelated business income. In the opinion of management, the university had no significant unrelated business taxable income during 2014. Accordingly, no provision or benefit for federal and state income taxes has been recorded in the accompanying financial statements. The university believes that it has appropriate support for any tax positions taken, and as such does not have any uncertain tax positions that are material to the financial statements. With few excptions, the university is no longer subject to income tax examinations by the u.s. Federal, state, or local tax authorities for years before 2010.”

“Reclass of student assistance to functional expense 18,425,254. Reclass of cost of goods sold against revenues -4,433. Reclass of investment management fees to expense 163,398.”

“Reclass of student assistance expense from revenue 18,425,254. Reclass of investment mgmt fees 163,398. Reclass of cost of goods sold against revenues -4,433.”