Boise State University Foundation Inc.

“The foundation acts as trustee for various revocable and irrevocable trusts. These trusts are governed by the respective trust agreements, which generally provide for either an income stream or a future distribution of cash or other assets to the foundation, in whole or in part, for a specified period or upon the occurrence of a specific event, respectively. If a trust is revocable, or if the maker of the trust reserves the right to replace the foundation as the beneficiary of the trust, the foundation records the assets placed in trust at fair value, with an equal and offsetting liability until such time the foundation receives distributions from the trust in accordance with its terms. If the trust is irrevocable, the trust assets are recorded at fair value, and a related liability for future payments to be made to the specified beneficiaries is recorded at fair value using present value techniques and risk-adjusted discount rates. The excess of contributed assets over the trust liability is recorded as a temporarily or permanently restricted contribution until such amount is received via trust distribution and/or is expended in satisfaction of the restricted purpose stipulated by the trust agreement, if any, at which time temporarily restricted net assets are released to unrestricted net assets and permanently restricted net assets are transferred to the endowment. In subsequent years, the liability for future trust payments to the donor is reduced by payments made to the donor and is adjusted to reflect changes in the fair value of the liability at the end of the year. Upon termination of the trust, the remaining liability is removed and recognized as income.”

“The intent of the endowment fund is to maintain permanently funds that are limited by donor-imposed restrictions that neither expire by the passage of time nor can be fulfilled or otherwise removed by action of the foundation. The restrictions stipulate that resources be maintained permanently, but permit the foundation to expend the investment revenues and gains generated through the invested funds with the purpose of providing distributions that will be used to provide scholarship and operating funds for the university and the foundation (quasi-endowment).”

“The foundation is organized as an idaho 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 an organization described in section 501(c)(3), qualifying for the charitable contribution deduction under section 170(b)(1)(a)(vi) and has been determined not to be a private foundation under sections 509(a)(1) and (3), respectively. 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. Currently, 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. The foundation's forms 990 tax filing required by state, local, federal or non-u.s. Tax authorities is no longer subject to tax examinations for years before 2011.”

“Change in split interest trusts -64,319.”

“Previously uncollectible pledge expense collected 234,802.”

“Previously uncollectible pledge expense collected 234,802.”