Jesuit Dallas Museum

“The jesuit dallas museum art collection is located in the buildings and on the campus of jesuit college preparatory school in dallas, texas. The collection contains over 600 pieces of art and approximately 10% of the collection is religious in nature. The education experience of jesuit students is enhanced by providing an atmosphere of respect and appreciation of art through daily contact. The museum is an integral part of the jesuit education and gives them an opportunity to understand art as a reflection of cultures throughout the world.”

“Jesuit is exempt from federal income taxes under section 501(c)(3) of the united states internal revenue code according to the united states internal revenue service ("irs") group exemption letter dated december 22, 2003, except to the extent it has unrelated business income. Accordingly, no provision for income taxes has been made related to jesuit. Should jesuit engage in activities unrelated to the purpose for which it was created, taxable income could result. 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. Jesuit is relying on its tax-exempt status and its adherence to all applicable laws and regulations to preserve that status. 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 interpretations thereof. The school's returns filed with the irs are generally subject to examination for three years after the later of the due date or date of filing.”