Sheridan Health Care Foundation Inc

“The foundation does not recognize contributions of works of art, historical treasures, and similar assets when the collection items are held for public exhibition and are protected, kept unencumbered, cared for, and preserved. Current collections include artwork donated for display in the hospital building.”

“The artwork contributes to creating an environment and atmosphere that fosters positivity and healing, allows patients, visitors, and providers to maintain a connection to the world outside of the hospital, and supports the mental, physical, and emotional wellbeing of all.”

“Gifts given to the endowment fund at sheridan health care foundation are invested and carefully managed to protect the principal; they are intended to be a part of the permanent investment reserve which will remain for perpetuity. The endowment earnings, typically interest income, are appropriated by the foundation's board of directors from time to time to allow for current funding of hospital operations or projects as well as for future needs of the foundation and hospital.”

“The foundation is a not-for-profit corporation as described in section 501(c)(3) of the internal revenue code (the "code") and is exempt from federal income taxes on related income pursuant to section 501(a) of the code. The foundation is also exempt from state income taxes on related income. Federal and state income taxes are paid on nonexempt unrelated business income in accordance with the code. Current accounting guidelines require an organization to determine whether it is more likely than not that a tax position will be sustained upon examination of the technical merits of the position, assuming the taxing authority has full knowledge of all information. If the tax position does not meet the more-likely-than-not recognition threshold, the benefit of that position is not recognized in the financial statements. The organization recorded no assets or liabilities related to uncertain tax positions. Federal returns for tax years 2020 and beyond remain subject to examination by the internal revenue service.”