Rose State College Foundation Inc.

“The native american art collection showcases impressive donated native american artwork including paintings and other artificacts. It is on display in the college's humanities building and is accessible to all who visit the facility. It provides an avenue for supporters to donate in a non-monetary format (i.e. Native american paintings, baskets, and other artifacts).”

“The foundation is organized as an oklahoma nonprofit corporation and has been recognized by the internal revenue service (irs) as exempt from federal income taxes under section 501(a) of the internal revenue code as organizations described in section 501(c)(3), qualifies for the charitable contribution deduction under section 17(b)(1)(a)(vi), and has been determined not to be a private foundation under sections 509(a)(1) and (3). The foundation is annually required to file a return of organization exempt from income tax (form 990) with the irs. In addition, the foundation is subject to income tax on net income that is derived from business activities that are unrelated to their exempt purposes. The foundation has determined it is not subject to unrelated business income tax and has not filed an exempt organization business income tax return (form 990-t) with the irs. The foundation believes that it has appropriate support for any tax positions taken affecting its annual filing requirements, and as such, does not have any uncertain tax positions that are material to the financial statements. The foundation would recognize future accrued interest and penalties related to unrecognized tax benefits and liabilities in income tax expense if such interest and penalties are incurred. Federal and state income tax statutes dictate that tax returns filed in any of the previous three reporting periods remain open to examination.”

“For a donor to setup a permanently restricted scholarship endowment they must provide an initial donation of $25,000. Once a scholarship endowment is setup, it is managed and used by the rsc foundation for the benefit of rose state college. The annual distribution is based on the interest earned for spending, which is determined by the endowment funding guidelines established by the foundation's board of trustees, and in accordance with state law.”