Bellarmine University Incorporated

“The historical treasures of the university consist of over 50,000 items of thomas merton including writings, drawings, photographs, personal possessions, and other merton artifacts. They are kept in the thomas merton center located in the university library building. The merton center is used for scholarly research on thomas merton,a world contemplative and writer. In addition to the merton treasures, the university has numerous dorothy day treasures. Dorothy day was a noted twentieth century catholic social activist and thinker. Among the treasures of the university are 136 original letters from dorothy day, four signed books by dorothy day, hundreds of early catholic worker photos and 523 catholic worker newspapers, mostly complete from the first issue, 1933 through 1990. These materials are now available for consultation by researchers visiting the thomas merton center at bellarmine university who are interested in the life and work of dorothy day.”

“The university has adopted investment and spending policies, approved by the board of trustees, for endowment assets that attempt to provide a predictable stream of funding to support current and future university needs, while seeking to maintain the purchasing power of these endowment assets over the long-term, and to build capital for future use. The university's spending and investment policies work together to achieve this objective.”

“Pursuant to a determination by the internal revenue service, the university is exempt from federal income taxes under section 501(c)(3) of the internal revenue code. Gaap requires the university to evaluate tax positions taken by the university and recognize a tax liability (or asset) if the university has taken any uncertain tax positions. The university has analyzed the tax positions taken that would require recognition of a liability (or asset) on all income tax returns that remain open to examination by the respective taxing authorities. The university does not believe that there are any uncertain tax positions on those returns that would require recognition of a liability (or asset) that should be reflected in the financial statements. The university is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The university believes it is no longer subject to income tax examinations for tax years prior to may 31, 2011.”

“Rental expenses, special events, and cost of goods sold 284,526.”

“Sports camp revenue 281,953. Athletic team fund raising 72,102. Scholarships and discounts 42,695,422.”

“Rental expenses, special events, and cost of goods sold 284,526.”

“Sports camp revenue netted against expense. 281,953. Athletic team fund raising netted against expense 72,102. Scholarships and discounts 42,695,422.”

“Schedule d, page 4, part xi, line 2d-rental expenses, special events expense and cost of goods sold which were netted against the revenue accounts for presentation on the 990, but included as expense on the audited statements.(see explanation schedule d, page 4, part xii, line 2d below.) schedule d, page 4, part xi, line 4b-sports camp revenu and athletic team fund raising are netted against expenses in the audited statements but shown as income on the 990. Scholarships and discounts netted against the revenue in the audited financial statements but shown as expense on the 990. Schedule d, page 4, part xii, line 2d-rental expenses, special events expense and cost of goods sold which were netted against the revenue accounts for presentation on the 990, but included as expense on the audited statements. Schedule d, page 4, part xii, line 4b, represents sports camp revenue and athletic team fund raising netted against expense in the audited statements, and shown as revenue on the 990. Scholarships and discounts netted against the revenue in the audited financial statements but shown as expense on the 990.”