Sistema Universitario Ana G Mendez Incorporado

“The Institution does not have any conservation easements recorded on its books as of July 31, 2014. Therefore, there is no need for a disclosure in the financial statements related to conservation easements. However, the Institution owns (as of July 31, 2014) two properties (Land) that were donated to establish an enviromental laboratory for UMET's Enviromental Studies School. They were recorded at the time of donation at market value.”

“The Universidad del Turabo's Museum and Center for Humanistic Studies (The Museum) has a collection of works of art totaling $1,584,597 as of July 31, 2014. The collection has approximately 3,200 registered objects in three major areas: Archeology, Fine Arts, and Folk Arts. The Museum collects objects of the cultural heritage representative of the central and eastern regions of Puerto Rico. Also, the Museum collects works of art of national relevance that contribute to the understanding of our culture. One of SUAGM's mission, is to enhance knowledge through excellence in education and to promote research, innovation and the internationalization of its academic programs. The Museum mission is to collect, preserve, study, and disseminate the artistic and humanistic expressions of our regional and national Puerto Rican Culture for the enjoyment and benefit of the University Community and the general public. Thus, the Museum mission complements that of SUAGM in that it enhances our students and the community's knowledge of their cultural heritage.”

“The Institution's endowment has three components: Endowment, Quasi Endowment, and Scholarship Endowments. Endowment funds are spent according to the spending policy, as established in the Board of Director's Statement of Investment Policy, Guidelines, and Objectives. The endowment contains donor restricted funds, mainly for scholarships and funds related to the endowment challenge grant (Title III Program), that provided funds to the Institution that were matched dollar per dollar and which principal is restricted for a period of twenty (20) years. Restrictions under the Title III Program have been substantially completed, as these grants initiated in the 1980's. Unrestricted funds are available for spending for administrative (investment management fees, etc.) and operational expenses if approved by the Board of Directors.”

“The Institution follows the guidance contained in ASC Topic 740-10-25, Accounting for Uncertainly in Income Taxes. ASC Topic 740-10-25 prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken. Based upon its evaluation, the Institution concluded that there are no significant uncertain tax positions requiring recognition in its financial statements.”

“Scholarships: $(23,150,294)”

“Cost of goods sold $(1,669,061) + Property Tax $(6,595) = $(1,675,656)”

“Cost of Goods Sold: $1,669,061 + Pension - related changes other than net periodic pension cost: $1,332,976 = $3,002,037”

“Scholarships: $23,150,294”