University of Central Oklahoma Foundation

“The foundation maintains various collections of african art, crystals, artifacts, memorabilia, and similar assets. These collections are maintained for public exhibition, education, research, and furtherance of public service rather than for financial gain. These assets are protected, kept unencumbered, cared for, and preserved by the university. As a matter of policy, the proceeds of items in the collections that are sold are used to acquire other items for collection. The foundation does not include either the cost or the value of its collections in the statement of financial position, nor does it recognize gifts of collection items as revenues in the statement of activities.”

“Custodial liabilities represent assets held on behalf of the university of central oklahoma alumni association (the alumni association) and other campus organizations for which the foundation acts as a custodian. The assets held are invested, and investment income, distributions and other revenues and expenses of these funds increase and/or decrease the carrying value of the asset and custodial funds liability. For financial reporting purposes, distributions from the custodial funds and contributions to the custodial funds are not included in the expenses and revenue of the university. The related assets are distributable to the organizations upon request.”

“The foundation's endowment consists of approximately 500 individual donor-restricted endowment funds. Endowment assets include those assets of donor-restricted funds that the foundation must hold in perpetuity. The endowment assets are invested with the primary objective of realizing appreciation on investment values and the secondary goal of providing current income to support university programs.”

“The foundation is exempt from federal income tax under section 501(c)(3) of the internal revenue code (the code) and has been determined not to be a private foundation under section 509(a) of the code. The organization is exempt from federal income taxes under section 501(c)(3) of the internal revenue code, except to the extent it has unrelated business activities. As such, no provision for federal income taxes has been made in the accompanying financial statements. The organization is subject to tax under section 511(a) to the extent it has unrelated business taxable income. The organization has no material unrelated business taxable income for the years ended june 30, 2024 and 2023. 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.”

“Change in beneficial interest 16,836.”