Orlando Shakespeare Theater Inc

“The organization's endowment consists of two individual funds established for different purposes. Its endowment includes both donor-restricted endowment funds and funds designated by the board of directors to function as endowments. As required by gaap, net assets associated with endowment funds, including funds designated by the board of directors to function as endowments, are classified and reported based on the existence or absence of donor-imposed restrictions. The organization's cultural endowment fund was established for the purpose of raising $360,000 for the organization. This is part of the board designated endowment. On july 21, 2014, this was matched in part by the state of florida in the amount of $240,000, with a condition of the continuation of the program. The action by the state to match has created a donor-restricted endowment, with an endowment totaling $600,000 in principal. The principal on this endowment will not be spent; however, income earned on the investment can be used to fund operations of the organization. Risk parameters the organization has adopted investment and spending policies for endowment assets that attempt to provide a predictable stream of funding to programs supported by its endowments while seeking to preserve the fair value of the original gift as of the gift date of the endowment assets. Endowment assets include those assets of donor-restricted funds that the organization must hold in perpetuity or for a donor-specified period(s) as well as board designated funds. Under this policy, as approved by the board of directors, the endowment assets are invested in a manner that is conservative and assumes a minimal level of investment risk. The organization's goal is for its endowment fund to provide a rate of return over a market cycle (3 to 5 years) to exceed the rate of inflation (as measured by the consumer price index) plus 5%.”

“The Organization is a not-for-profit corporation exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code. The Organization is subject to a tax on income from any unrelated business. At May 31, 2024 and 2023, the Organization did not incur any income tax liabilities from unrelated business income. Accounting principles generally accepted in the United States of America prescribe requirements for the recognition of income taxes in financial statements, and the amounts recognized are affected by income tax positions taken by the Organization in its tax returns. The Organization's status as a tax-exempt entity is defined as a tax position. While management believes it has complied with the Internal Revenue Code, the sustainability of some income tax positions taken by the Organization in its tax returns may be uncertain. There are minimum thresholds of likelihood that uncertain tax positions are required to meet before being recognized in the financial statements. Management does not believe that the Organization has any material uncertain tax positions at May 31, 2024 and 2023. In the event interest and penalties were due relating to an unsustainable tax position, they would be treated as a component of income tax expense.”

“$55,255 fundraising expenses reported with revenue $11,266 rental expenses reported with revenue $69,699 cost of goods sold reported with revenues ---------- $136,220.”

“$55,255 fundraising expenses reported with revenue $11,266 rental expenses reported with revenue $69,699 cost of goods sold reported with revenues ---------- $136,220.”