Clark Atlanta University Inc

“The collections that were acquired prior to 2005 through purchases and contributions since the university's inception are not recognized as assets on the accompanying statements of financial position. Purchases of collection items are recorded as artwork in net assets without donor restrictions in the year in which the items are acquired or as net assets with donor restrictions if the assets used to purchase the items are restricted by donors. Works of art are included as a component of property, plant, and equipment, net. Works of art are not depreciated.”

“The purpose of the clark atlanta university art collections is to collect, preserve, study and exhibit fine art works that document american history and culture. To this end, the ideal goal of the university art collections is to maintain and cultivate a representative collection of american art, and to encourage scholarly research giving special attention to the development of african american artists within the historical context of american art.”

“Generally, the donors of these assets permit the university to use all or part of the income earned on related investments for general or specific purposes such as scholarships, professorships and endowed chairs.”

“The university 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 university evaluates its uncertain tax positions using the provisions of asc 740 income taxes. The university follows the criterion that an individual tax position has to meet some or all of the benefits of that position to be recognized in the university's financial statements. The university determines whether the relevant tax authority would more likely than not sustain that tax position following an audit by a tax authority. The university has applied this criterion to all tax positions for which the statute of limitations remains open. Prior tax years open to examination by tax authorities under the statute of limitations include fiscal years 2021 through 2023 for the u.s. Federal and state of georgia jurisdictions. The university 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, 2024 and 2023. The university has a policy to record interest and penalties (if any) related to income tax matters in income tax expense.”

“Fundraising Expenses - 296440 Rental Expenses - 325022 CHANGE IN BENEFICIAL INTEREST IN PERPETUAL TRUSTS - 18621”

“Student financial aid netted against gross revenues on the audited financial statements - 38049018”

“Fundraising expenses - 296440 rental expenses - 325022”

“Student financial aid netted against gross revenues on the audited financial statements - 38049018”