Lsu Health Sciences Foundation In

“In 1986, the lsu board of supervisors received a substantial monetary bequest from malcolm w. Feist, who specified in his testament that the bequest was to be used for the benefit of lsu health sciences center at shreveport. An agreement was executed on may 9, 2012 between the lsu board of supervisors and the foundation authorizing the foundation to provide management and investment services for these funds, in return for which the foundation is entitled to a monthly management fee. The agreement is effective july 1, 2012. The agreement specifies that mfeist legacy funds will remain state funds owned by the board of supervisors. The funds will be used for purposes consistent with the donor's express intent and deemed appropriate by the chancellor of lsu health sciences center at shreveport; the chancellor's approval is required for withdrawal. While the funds remain state-owned, the foundation will act as agent as described in the provisions of fasb asc 958, and therefore record an asset and liability for the amount transferred.”

“The endowment funds are used to support, enhance and assist the lsu health sciences center at shreveport in its many endeavors.”

“The lsu health sciences foundation in shreveport, the lsu health sciences building foundation in shreveport, and the louisiana strategic research initiative qualify as tax-exempt organizations under section 501(c)(3) of the internal revenue code. Therefore, no provision for income taxes has been made in the consolidated financial statements, but the foundation, building foundation and lsri are required to file an annual information return. The foundation, building foundation and lsri are also required to review various tax positions they have taken with respect to their exempt status and determine whether in fact they are tax exempt entities. The foundation, building foundation, and lsri must also consider whether it has nexus in jurisdictions in which they have income and whether a tax return is required in those jurisdictions. In addition, as tax exempt entities, the foundation, building foundation, and lsri must assess whether they have any tax positions associated with unrelated business income subject to income tax. The foundation, building foundation, and lsri do not expect their 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 and building foundation's accounting records. The foundation and building foundation file u.s. Federal form 990 for informational purposes. The foundation's and building foundation's federal income tax returns for the tax years 2021 and beyond remain subject to examination by the internal revenue service.”

“Building foundation reported on separate 990 441,850.”

“Direct fundraising expenses -287,815. Amortization of discounted pledges netted with contributions on audit 1,272,858.”

“Direct fundraising expenses 287,815. Building foundation reported on separate 990 139,754.”

“Rounding 2. Amortization of discounted pledges netted with contributions on audit 1,272,858.”