Lsu in Shreveport Foundation Inc

“Effective october 4, 2019, the national society of the colonial dames of america in the state of louisiana (the "colonial dames") gifted to lsus realty, llc the spring street museum (the "museum") in shreveport, louisiana, which comprises land, building, and improvements, a collection of historical artifacts, and a beneficial interest in a supporting organization. The foundation recorded the gift as an in-kind contribution. The land, building, and improvements were recorded at their estimated fair value of $145,000 based on an appraisal. The beneficial interest was recorded at the net asset value of the helen mann memorial fund committee, inc., (the "fund committee") the supporting organization.”

“The spring street museum indulges visitors in the remarkable history of northwest louisiana and the tristate region and its collection of artifacts provides ample research opportunities for university students. The museum's collection of artifacts includes vintage clothing dating back to 1835, antique toys, firearms and swords, plantation records, photographs, antique maps, persian rugs, and original 18th and 19th century furniture, accessories and paintings. Among the items in the collection is silver from pauline de graffenried pickett's plantation home and the 1854 wedding slipper of isabel butler, a great granddaughter of martha custis washington. Revolving exhibits highlight many of the objects found in the museum's collection. The secondfloor victorian parlor is a step back in time to the late 1870s and 1880s.”

“The lsu in shreveport foundation, inc. Qualifies as a tax-exempt organization under section 501(c)(3) of the internal revenue code. Therefore, no provision for income taxes has been made in the financial statements, but the foundation is required to file an annual information tax return. The foundation is also required to review various tax positions it has taken with respect to its exempt status and determine whether in fact it is a tax exempt entity. The foundation must also consider whether it has nexus in jurisdictions in which it has income and whether a tax return is required in those jurisdictions. In addition, as a tax exempt entity, the foundation must assess whether it has any tax positions associated with unrelated business income subject to income tax. The foundation does not expect its positions to change significantly over the next twelve months. Any penalties related to late filing or other requirements would be recognized as penalties expense in the foundation's accounting records. The foundation files u.s. Federal form 990 for informational purposes. The foundation's federal income tax returns for the past three years remain subject to examination by the internal revenue service.”