St Mark'S School of Texas

“St. Mark's school of texas received a donation of a skeleton of a pleistocene era cave bear in 2019. The specimen is on display for the boys attending the school to admire and learn from.”

“The school's endowments consist of approximately 215 funds established for a variety of purposes. Its endowments include both donor-restricted endowment funds and funds designated by the board of trustees to function as endowments (quasi-endowments). As required by gaap, net assets associated with endowment funds, including quasi-endowments, are classified and reported based on the existence or absence of donor-imposed restrictions. The policy of the school is to restrict all endowment contributions unless the donor expressly states otherwise. The school's policy for endowment contributions is to solicit contributions from the donors, intending that the stipulation will never lapse, thus the corpus will never be spent, and further, that the school will use all or a part of the income earned on related investments for the specific purpose intended by the donor. The endowment funds are used for financial aid, faculty support, program support, awards, and sustaining the facilities.”

“The school is exempt from federal income taxes under section 501(c)(3) of the united states internal revenue code ("irc") according to the united states internal revenue service ("irs") determination letter dated august 25, 1971, except to the extent it has unrelated business income. For the years ended june 30, 2021 and 2020, unrelated business income did not result in any material net taxable income, therefore no provision for income tax has been provided in the accompanying financial statements. The school is required to file an annual form 990-t with the irs for any unrelated business income. Gaap requires the evaluation of tax positions taken or expected to be taken in the course of preparing the school's financial statements to determine whether the tax positions are more likely than not of being sustained by the applicable tax authority. Tax positions not deemed to meet the more likely than not threshold would be recorded as a tax benefit or expense in the current year. A reconciliation is not provided herein, as the beginning and ending amounts of unrecognized benefits are zero, with no interim additions, reductions, or settlements. The school is relying on its tax-exempt status and its adherence to all applicable laws and regulations to preserve that status. However, the conclusions regarding the uncertainty in income taxes will be subject to review and may be adjusted at a later date based on factors including, but not limited to, ongoing analysis of tax laws, regulations, and interpretation thereof. The school's informational returns filed with the irs are generally subject to examination for three years after the later of the due date or date of filing.”

“Change in value of split interest agreement 315,975. Fundraising expenses net with revenues 156,621. Pledge discounts 1,275,518. Reclass of cogs 442,888. Reclass of grant expense -3,253,204.”

“Net casualty gain 2,900,726.”

“Reclass of cogs 442,888. Fundraising expenses net with revenues 44,811.”

“Reclass of grants 3,253,204.”