Oglethorpe University Inc.

“Oglethorpe university museum of art (ouma) permanent collection currently numbers more than 770 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 in this second area of strength include boudin, renoir, pissarro, luce, somm, huet, guys, maufra, delacroix, courbet, and matisse. The collection of notable american artists includes works of art by cornoyer, saussy, webb, tolliver, bearden, o'kelly, and audubon. 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 also support the curricular goals of the university. Goals of academic support are further met through the skylight study center. Ouma offers gallery assistant internships, independent study, and work study opportunities for students and actively supports student networking in the museum field. Ouma staff collaboratively plan with ou faculty to allow for direct course and exhibition development, giving students an immersive experience which is both scholarly and practical. 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 125 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 2018, 2017, and 2016. 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 24,898,597.”

“Reclass of student assistance expense from revenue 24,898,597.”