The University of the South

“The land trust monitors each property at least annually to ensure that the terms of the easement are being met.”

“Conservation easement(s) are not reflected in the balance sheet; incidental expenses referenced in schedule d part ii, line 7 flow through on the statement of activities.”

“The university does not include either the cost or the value of its collections on the statement of financial position, nor does it recognize gifts of collection items as revenues in the statement of activities. The proceeds from items disposed of are reported as increases in the appropriate class of net assets in the statement of activities. Contributed works of art, historical treasures, and similar assets that are not added to collections are reported as assets held for sale on the statements of financial position at their fair market values at the date of the gift.”

“The university collects works of art, historical treasures, and similar assets which reflect the history of the institution and/or support its educational purpose. The collections are maintained for public exhibition, education and research in furtherance of public service rather than for financial gain. Collections are protected, kept unencumbered, cared for, and preserved. As a matter of policy, the proceeds of items in collections that are sold are used to acquire other items for collections.”

“Endowment funds are held in perpetuity and the earnings are used for purposes designated by donors in gift agreements. These purposes include, but are not limited to: student financial aid, internships, faculty support, facilities, maintenance, and operations. Board-designated endowment funds are unrestricted funds earmarked by the board to be treated as an endowment. Earnings are available for general operations or certain specific purposes. The percentage reported for permanent endowments includes amounts that must be maintained in perpetuity as well as accumulated earnings on such amounts that have not yet been appropriated for expenditures.”

“The university accounts for the effect of any uncertain tax positions based on a more likely than not threshold to the recognition of the tax positions being sustained based on the technical merits of the position under examination by the applicable taxing authority. If a tax position or positions are deemed to result in uncertainties of those positions, the unrecognized tax benefit is estimated based on a cumulative probability assessment that aggregates the estimated tax liability for all uncertain tax positions. Tax positions for the university include, but are not limited to, the tax exempt status and determination of whether income is subject to unrelated business income tax; however, the university has determined that such tax positions do not result in an uncertainty requiring recognition.”