Oglethorpe University Inc.

“Oglethorpe university museum of art (ouma) permanent collection currently numbers nearly 600 works of art spanning over seven centuries. The collection boasts particular strength in two diverse areas - japanese porcelain ranging from the late 17th century to the early 20th century as well as works on paper and paintings from the various schools of 19th and early 20th century france. Notable artists represented in this second area of strength include boudin, pissarro, luce, huet, maufra, guys, delacroix, courbet and matisse among others. Additional holdings of the permanent collection include works by notable american artists of the 20th century paul cornoyer and hattie saussy. The collections are maintained for academic research as well as public exhibition and education in furtherance of support of the liberal arts mandate of the university, community outreach, and public service. The works of art in the permanent collection have become part of oglethorpe university's endowment. As such they are a significant investment, cultural asset, and while also supporting the curricular goals of the university. This goal of academic support is further met through the newly-established skylight study center. Ouma includes gallery assistant internships, independent study, and work study opportunities for students. Collaborative planning with faculty and staff allow for direct course development in conjunction with exhibitions to give students an immersive experience. Ouma is a rare asset on campus, helping the university in fulfilling its goal to provide a superior liberal arts education.”

“Oglethorpe university's endowment consists of approximately 117 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 2015. 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.”

“Reclass of student assistance to functional expense 20,394,316. Reclass of cost of goods sold against revenues -3,748.”

“Reclass of student assistance expense from revenue 20,394,316. Reclass of cost of goods sold against revenues -3,748.”