Civic Intelligence

Morehouse School of Medicine

EIN 58-1438873 • 501(c)3 • Atlanta, GA

Profile

Leading the creation and advancement of health equity we exist to improve the health and well-being of individuals and communities, increase the diversity of the health professional and scientific workforce, and address primary health care through programs in education, research and service with emphasis on people of color and the underserved urban and rural populations in georgia, the nation, and the world.

720 Westview Drive SWAtlanta, GA 30310

www.msm.edu

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

44th percentile

0.24x

Higher debt load relative to assets than 44% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2025

Liabilities / Revenue

41st percentile

0.36x

Higher debt load relative to revenue than 41% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2025

Net Margin

66th percentile

10%

Higher net margin than 66% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2025

Top Officer Pay

83rd percentile

$2,259,716

Higher top officer pay than 83% of similar nonprofits.

Top officer pay equals 0.7% of source-year revenue.

501(c)3 • $250M-$1B nonprofits • Source year 2025

Asset Growth

79th percentile

14%

Faster asset growth than 79% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Annualized from 2024 to 2025

Revenue Growth

73rd percentile

18%

Faster revenue growth than 73% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Annualized from 2024 to 2025

Assets

Up

$476,068,203

Up $57,962,613 (+14%) from 2024

Liabilities

Up

$114,758,343

Up $17,814,563 (+18%) from 2024

Net Assets

Up

$361,309,860

Up $40,148,050 (+13%) from 2024

Revenue

Up

$318,398,057

Up $49,104,335 (+18%) from 2024

Expenses

Up

$286,254,988

Up $28,402,049 (+11%) from 2024

Net Income

Up

$32,143,069

Up $20,702,286 (+181%) from 2024

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$600M$400M$200M$0Assets 2011: $178,248,446Liabilities 2011: $31,605,064Net Assets 2011: $146,643,3822011Assets 2012: $175,749,971Liabilities 2012: $31,508,683Net Assets 2012: $144,241,2882012Assets 2013: $170,553,875Liabilities 2013: $19,926,973Net Assets 2013: $150,626,9022013Assets 2014: $182,771,532Liabilities 2014: $30,760,319Net Assets 2014: $152,011,2132014Assets 2015: $180,411,081Liabilities 2015: $30,481,995Net Assets 2015: $149,929,0862015Assets 2016: $217,381,182Liabilities 2016: $29,997,960Net Assets 2016: $187,383,2222016Assets 2017: $223,780,263Liabilities 2017: $31,300,882Net Assets 2017: $192,479,3812017Assets 2018: $234,788,464Liabilities 2018: $41,796,305Net Assets 2018: $192,992,1592018Assets 2019: $241,727,982Liabilities 2019: $56,148,792Net Assets 2019: $185,579,1902019Assets 2020: $232,828,488Liabilities 2020: $55,467,083Net Assets 2020: $177,361,4052020Assets 2021: $309,649,491Liabilities 2021: $61,400,559Net Assets 2021: $248,248,9322021Assets 2022: $361,935,866Liabilities 2022: $85,595,047Net Assets 2022: $276,340,8192022Assets 2023: $380,377,100Liabilities 2023: $79,215,580Net Assets 2023: $301,161,5202023Assets 2024: $418,105,590Liabilities 2024: $96,943,780Net Assets 2024: $321,161,8102024Assets 2025: $476,068,203Liabilities 2025: $114,758,343Net Assets 2025: $361,309,8602025

Highlighted filing

2025

Assets$476,068,203
Liabilities$114,758,343
Net Assets$361,309,860

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$400M$300M$200M$100M$0-$100MExpenses 2011: $123,961,6242011Revenue 2012: $131,531,453Expenses 2012: $133,933,547Net Income 2012: -$2,402,0942012Expenses 2013: $144,074,6432013Revenue 2014: $142,855,501Expenses 2014: $129,896,797Net Income 2014: $12,958,7042014Revenue 2015: $140,553,137Expenses 2015: $136,516,836Net Income 2015: $4,036,3012015Revenue 2016: $181,645,114Expenses 2016: $145,653,528Net Income 2016: $35,991,5862016Revenue 2017: $143,003,271Expenses 2017: $148,981,986Net Income 2017: -$5,978,7152017Revenue 2018: $145,159,981Expenses 2018: $150,793,272Net Income 2018: -$5,633,2912018Revenue 2019: $150,507,472Expenses 2019: $164,834,160Net Income 2019: -$14,326,6882019Revenue 2020: $156,540,633Expenses 2020: $162,675,900Net Income 2020: -$6,135,2672020Revenue 2021: $238,437,770Expenses 2021: $230,576,004Net Income 2021: $7,861,7662021Revenue 2022: $278,498,387Expenses 2022: $220,739,840Net Income 2022: $57,758,5472022Revenue 2023: $264,329,850Expenses 2023: $244,794,417Net Income 2023: $19,535,4332023Revenue 2024: $269,293,722Expenses 2024: $257,852,939Net Income 2024: $11,440,7832024Revenue 2025: $318,398,057Expenses 2025: $286,254,988Net Income 2025: $32,143,0692025

Highlighted filing

2025

Revenue$318,398,057
Expenses$286,254,988
Net Income$32,143,069

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$476$115$361$318$286$32.1
2024Detailed filing. Detailed filing data is available for this year.$418$96.9$321$269$258$11.4
2023Detailed filing. Detailed filing data is available for this year.$380$79.2$301$264$245$19.5
2022Detailed filing. Detailed filing data is available for this year.$362$85.6$276$278$221$57.8
2021Detailed filing. Detailed filing data is available for this year.$310$61.4$248$238$231$7.86
2020Detailed filing. Detailed filing data is available for this year.$233$55.5$177$157$163$6.14
2019Detailed filing. Detailed filing data is available for this year.$242$56.1$186$151$165$14.3
2018Detailed filing. Detailed filing data is available for this year.$235$41.8$193$145$151$5.63
2017Detailed filing. Detailed filing data is available for this year.$224$31.3$192$143$149$5.98
2016Detailed filing. Detailed filing data is available for this year.$217$30.0$187$182$146$36.0
2015Detailed filing. Detailed filing data is available for this year.$180$30.5$150$141$137$4.04
2014Detailed filing. Detailed filing data is available for this year.$183$30.8$152$143$130$13.0
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$171$19.9$151$144
2012Summary only. Only limited summary data is available for this year.$176$31.5$144$132$134$2.40
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$178$31.6$147$124
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2024 to Jun 30, 2025
Signed
Mar 2, 2026
Return Version
2024v5.1
Gross Receipts
$346,592,947
Mission and Program Overview

Mission

Leading the creation and advancement of health equity we exist to improve the health and well-being of individuals and communities, increase the diversity of the health professional and scientific workforce, and address primary health care through programs in education, research and service with emphasis on people of color and the underserved urban and rural populations in georgia, the nation, and the world.

See part iii line 1 for mission and schedule o for most significant activities.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$163,527,179$178,055,925▲ $14,528,746
Investments in Publicly Traded Securities$141,109,085$156,476,983▲ $15,367,898
Accounts Receivable$57,337,030$75,838,502▲ $18,501,472
Pledges and Grants Receivable$11,497,070$25,981,400▲ $14,484,330
Savings and Temporary Cash Investments$15,217,979$10,876,240▼ $4,341,739
Cash and Non-Interest-Bearing Accounts$1,519,478$2,908,037▲ $1,388,559
Investments Other Securities$378,115$385,569▲ $7,454
Other Notes and Loans Receivable, Net$147,624$144,021▼ $3,603
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Program Related$0--
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$418,105,590$476,068,203▲ $57,962,613
Other Assets Total$27,372,030$25,401,526▼ $1,970,504
Liabilities
Accounts Payable and Accrued Expenses$39,953,551$36,534,765▼ $3,418,786
Deferred Revenue$29,230,380$36,027,146▲ $6,796,766
Other Liabilities$27,456,487$25,626,600▼ $1,829,887
Unsecured Notes Loans Payable$0$16,266,470▲ $16,266,470
Grants Payable$303,362$303,362→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$96,943,780$114,758,343▲ $17,814,563
Net Assets / Fund Balance
Net Assets With Donor Restrictions$194,569,688$220,241,679▲ $25,671,991
Net Assets Without Donor Restrictions$126,592,122$141,068,181▲ $14,476,059
Total Net Assets Fund Balance$321,161,810$361,309,860▲ $40,148,050
Total Liabilities and Net Assets / Fund Balance$418,105,590$476,068,203▲ $57,962,613

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$133,727,318$71,580,302$205,307,620
Other Land Buildings$19,222,933$18,365,675$37,588,608
Equipment$12,241,706$24,206,318$36,448,024
Land$12,863,968-$12,863,968
Other Assets Org$1,479,858--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2024$109,131,925$2,871,339▲ $14,341,785$6,173,808$117,529,813
2023$97,414,763$2,230,811▲ $14,706,478$4,172,194$109,131,925
2022$101,963,513$986,803▼ $558,636$3,970,308$97,414,763
2021$104,474,222$415,344▲ $1,493,521$3,442,081$101,963,513
2020$108,464,280$981,390▲ $1,454,731$5,534,844$104,474,222
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Valerie Montgomery Rice MDPresident & CEOFT$826,173$1,433,543$2,259,716
Joseph Adrian Tyndall MDEVP Health Affairs & DeanFT$505,732$211,769$717,501
John H Stewart MDProfessor and ChairpersonFT$577,115$92,012$669,127
Roland Matthews MDProfessor and Chair OB GYNFT$547,195$46,769$593,964
Valentine Nfonsam MDProfessor and Vice Chair SurgeryFT$543,606$2,791$546,397
Errol D Crook MDChief Medical Officer.Sr Assoc DeanFT$500,000$42,294$542,294
Patrica Ayoung-Chee MDAssociate Professor of SurgeryFT$499,513$31,257$530,770
Ed Childs MDProfessor of SurgeryFT$500,000$13,430$513,430
Walter L DouglasEVP Ops & Bus AffairsFT$341,170$155,616$496,786
Dr Richard H Snyder MDProf and Chair Internal MedicineFT$442,685$46,338$489,023
Ricky A Kittles PHDProf. and Sr Vice President for ResearchFT$353,260$128,427$481,687
Michael A RambertSVP & General CounselFT$324,634$119,205$443,839
Kandy FerreeSVP OiaFT$311,700$128,871$440,571
Sandra Harris-Hooker PhDProf & SVP InnovationFT$315,894$115,500$431,394
Katherine Napier PHDSVP Finance & CFOFT$313,710$116,404$430,114
Cynthia D LubitzChief People OfficerFT$296,739$115,645$412,384
Dorian HarristonSVP & Chief Marketing OfficerFT$303,330$108,124$411,454

Highest Paid Contractors

ContractorServicesLocationCompensation
Dpr Hardin ConstructionConstruction3301 WINDY RIDGE PKWY SE STE 500, Atlanta, GA 30339$6,557,512
451 Lee Street Properties Kc LLCRental451 LEE STREET SW, Atlanta, GA 30310$1,769,428
Baker Donelson Bearman Caldwell & Berkowitz INCLegal165 MADISON AVE STE 2000, Memphis, TN 38103$1,257,134
Tressa Tucker And Associates LLCConsulting9925 HAYNES BRIDGE RD STE 200-224, Alpharetta, GA 30022$941,577
50 Hurt LLCRentalPO BOX 68045, Newark, NJ 07101$940,683
Revenue and Support

Revenue Composition

Contributions and Grants
$279,742,078
Program Service Revenue
$31,251,643
Investment Income
$3,230,019
Other Revenue
$4,174,317
All Other Contributions
$84,316,342
Change in Net Assets
$32,143,069

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
Yes

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded9$1,025,602Market value
Total Noncash Contributions9$1,025,602-

Audited Revenue Reconciliation

Revenue per Audited Statements
$0
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$0
Total Revenue per Form 990
$0
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$192,262,440
Other Expenses$85,955,806
Grants and Similar Amounts Paid$8,036,742
Total Fundraising Expense$7,945,400
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$115,292,439$21,891,133$2,505,303$139,688,875
All Other Expenses$9,770,890$16,813,748$265,842$26,850,480
Other Employee Benefits$15,458,605$2,935,200$335,915$18,729,720
Payroll Taxes$9,645,867$1,831,507$209,605$11,686,979
Current Officers, Directors, Trustees, and Key Employees$3,021,385$8,405,983$35,531$11,462,899
Pension Plan Contributions$8,826,283$1,675,889$191,795$10,693,967
Depreciation Depletion$244,774$9,272,784$0$9,517,558
Grants to Domestic Individuals$6,746,038--$6,746,038
Occupancy$67,355$4,360,760$375$4,428,490
Travel$2,746,834$990,198$191,414$3,928,446
Conferences and Meetings$1,203,900$914,618$62,009$2,180,527
Fees for Services Legal$56,275$1,515,053$0$1,571,328
Other Expenses$1,433,325$0$0$1,433,325
Foreign Grants$1,290,704--$1,290,704
Office Expenses$606,319$504,473$64,186$1,174,978
Insurance$0$1,101,125$0$1,101,125
Royalties$1,000,630--$1,000,630
Information Technology$300,693$291,959$8,123$600,775
Fees for Services Accounting$4,000$335,714-$339,714
Interest-$266,470-$266,470
Fees for Service Investment Mgmnt Fees$0$261,485$0$261,485
Fees for Services Lobbying-$210,823-$210,823
Advertising$45,929$70,916$21,525$138,370
Fees for Services Other$0$123,203$0$123,203
Total Functional Expenses$192,527,823$85,781,765$7,945,400$286,254,988

Audited Expense Reconciliation

Line ItemAmount
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Expenses per Audited Statements$0
Other Expense Adjustments$0
Total Expenses per Form 990$0
International Activity

International Summary

Offices
9
Employees
4
Spending
$1,290,704

International Compliance

Foreign grant records maintained
Yes
Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
Sub-Saharan AfricaGrantmakingResearch30$1,108,626
Europe (Including Iceland and Greenland)GrantmakingResearch30$118,633
East Asia and the PacificGrantmakingResearch24$36,000
Central America and the CaribbeanGrantmakingResearch10$27,445
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Gaming Direct Expenses$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
Yes
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Federal Income Taxes$25,626,600
Right of Use Liability-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 11B Review of form 990 by governing body

Governing board and management the organization's form 990 is reviewed by our independent accountants, bdo usa, utilizing the information provided by the reporting entity's management and officers. Bdo usa conducted a collaborative review with the executive management of the organization. A copy of the form 990 is reviewed and approved by the finance committee and the full board prior to filing.

Form 990, Part VI, Line 12C Conflict of interest policy

Written conflict of interest policy all actual and potential conflicts of interest shall be disclosed by the board members to the executive committee of the board of trustees through the annual disclosure form or whenever a conflict arises. The disinterested members of the msm board of trustees executive committee (the committee) shall make a determination as to whether a conflict exists and what subsequent action (if any) is appropriate. The board retains the right to modify or reverse such determination and action, and retains the ultimate enforcement authority with respect to the interpretation and application of the policy as it applies to the board members. The organization's governing documents are a matter of public record with the state of georgia. The organization's conflict of interest policy is a matter of public record with the state of georgia.

Form 990, Part VI, Line 15A Process to establish compensation of top management official

Process for determining compensation the administration and facilities management committee shall develop general salary and fringe benefit guidelines for the organization's employees (which should be updated regularly) and determine and make recommendations to the board of trustees regarding compensation, including salaries and benefits paid by organizations similar to the organization, performance-based compensation and other compensation issues. The committee shall advise the board of trustees and president on matters relating to employee pensions, retirements, insurance and other review annually. The compensation, benefits and incentive compensation and other arrangements, including severance arrangements of the officers and senior management. The committee shall determine, consistent with long-term compensation guidelines for such officers and senior management which may be amended from time to time, the extent and the form of bonus compensation, if any, to be awarded annually or at other times. Such officers and senior management, notwithstanding the foregoing, it is expressly understood that the employee benefits and other compensation arrangements applicable to the president of the organization shall be reviewed and set in close consultation with the chairperson of the board of trustees. Msm uses an outside firm approved by the board and 990s from comparable medical schools to help determine compensation for the president.

Form 990, Part VI, Line 15B Process to establish compensation of other employees

See description for Line 15a.

Form 990, Part VI, Line 19 Required documents available to the public

Availability of governing documents, conflict of interest policy, and financial statements to the general public the organization's governing documents are a matter of public record with the state of georgia. The organization's conflict of interest policy is a matter of public record with the state of georgia.

Form 990, Part VII, Section A, Line 1A, Column (B) AVERAGE HOURS PER WEEK

Board members and officers contribute their time and services upon request and on an as-needed basis, which throughout the year, may differ from the average number of hours per week reported on part vii, line 1b.

Filing and Contact Details

Filer

Filer Name
Morehouse School of Medicine
EIN
58-1438873
Phone
4047521500
Address
720 WESTVIEW DRIVE SW, ATLANTA, GA 30310

Signing Officer

Name
Valerie Montgomery Rice Md
Title
President & CEO
Phone
4047521500
Signed
2026-03-02
Discuss with paid preparer
Yes

Organization Details

Formed
1975
Legal Domicile
Ga
Voting Board Members
20
Independent Board Members
19
Employees
1,628
Volunteers
24

Preparer

Firm
Bdo USA
Address
421 FAYETTEVILLE ST STE 300, RALEIGH, NC 27601-1776
Preparer
Sandra L Feinsmith
Phone
9197549370
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 4A PROGRAM SERVICE DESCRIPTION

Overview: morehouse school of medicine (msm) located in atlanta ga was founded in 1975 as a medical education program at morehouse college. In 1981, msm became an independently charted institution. Msm is among the nation's leading educators of primary care physicians and has been recognized as a top institution among u.s. Medical schools for our social mission. Our faculty and alumni are noted in their fields for excellence in teaching, research and public policy. Msm is accredited by the accreditation council for continuing education, accreditation council for graduate medical education, council on education for public health, liaison committee on medical education and southern association of colleges and schools. Academic programs msm awards the doctor of medicine (md), doctor of philosophy (ph.d), master of public health (mph), master of science in medical sciences (msms), master of science in biomedical research (msbr), master of science in clinical research (mscr), master of science in biomedical technology (msbt), doctor of health administration (dha), exec master of public health, justice - involved life coach, master of arts-maji, ms biomedical tech/med. Cannibi, ms health informatics (online), ms in biotechnology (online), ms in neuroscience, ms physician assistant studies, phd in biomedical sciences and phd/mscr biomedical/clinical. Residency programs msm has seven residency programs - family medicine (1981), public health and preventive medicine (1986), internal medicine (1991), psychiatry and behavioral sciences (1991), surgery (1993), obstetrics and gynecology (1997), and pediatrics (2000). The majority of msm patient care and clinical training occurs at grady memorial hospital, one of the largest public hospitals in the southeast. Over the past five years, 67% of our resident graduates have elected to stay and practice in georgia. Faculty msm employs more than 250 full and part-time faculty members; many of whom are internationally recognized in their fields. Research msm is home to world-renowned centers and institutes. The cardiovascular research institute, the center of excellence on health disparities, the national center for primary care. The neuroscience institute (ni), prevention research center (prc), research core facility and the satcher health leadership institute (shli). Msm's research stature and reputation have grown exponentially over the last decade, fueled in large by significant investments in our research infrastructure with funding from the national institute of health (nih), resources and services administration (hrsa), the georgia cancer coalition and others. Alumni the majority of msm's more than 1,400 alumni choose to honor the msm mission by serving in communities located in rural areas and inner cities. Our alumni have distinguished themselves in leadership roles locally, nationally, and internationally. Sponsor the power of partnership: our students are highly qualified, yet many need assistance to remove the financial barriers that would deter their medical education which is vital for their continued success.

Form 990, Part XI, Line 9 Other changes in net assets or fund balances

OTHER CHANGES IN NET ASSETS AS A RESULT OF AN INCREASE IN GRANTS TO MSM - -4468841; Total - -4468841;

Form 990, Part XII, Line 2B Audited financial statements

The organization's financial statements were audited as part of a consolidated financial statement with the related organizations - morehouse healthcare, morehouse medicine inc, and msm impact, llc.

Financial Statement Notes

Schedule D, Part V, Line 4 Intended uses of endowment funds

Intended uses of endowment funds provide support as prescribed by the donor. The spending policy is defined as up to 5% of the three year moving average of the fmv at december 31st. Our endowment support for fy 2025 included 22% for student scholarships and 78% for endowed chairs, research, and program support.

Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote

With respect to any unrelated business income generated by the School, it records income taxes using the liability method under which deferred tax assets and liabilities are determined based on the differences between the financial accounting and tax bases of assets and liabilities. Deferred tax assets or liabilities at the end of each period are determined using the currently enacted tax rate expected to apply to taxable income in the period that the deferred tax asset or liability is expected to be realized or to be settled. As of June 30, 2025 and 2024, the School had no deferred tax assets or liabilities, net of valuation allowances. Under ASC 740, Income Taxes, the University must recognize a tax liability (or de-recognize an asset) associated with tax positions taken for tax-return purposes when it is more likely than not that the position will not be sustained upon examination by a taxing authority. The University does not believe there are any material uncertain tax positions taken and, accordingly, will not recognize any liability (or de-recognize an asset) for unrecognized tax positions under ASC 740. The University is not currently under examination by any taxing jurisdiction.

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