Northern Wyoming Community College Foundation

“The foundation holds and invests certain assets owned by the northern wyoming community college district. The assets are reported in the statement of financial position with an equal and offsetting liability.”

“The foundation's endowment (the endowment) consists of about 140 individual funds established by donors to provide funding for specific activities and general operations. The endowment also includes certain unrestricted and temporarily restricted net assets designated for quasi-endowment by the board of directors. Net assets associated with endowment funds are classified and reported based on the existence or absence of donor-imposed restrictions. The foundation considers the following factors in making a determination to appropriate or accumulate donor-restricted endowment funds: the duration and preservation of the fund; the purposes of the organization and the donor-restricted endowment fund; general economic conditions; the possible effect of inflation and deflation; the expected total return from income and the appreciation of investments; other resources of the organization; the investment policies of the organization.”

“The foundation is organized as a wyoming 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), qualifies for the charitable contribution deduction under section 170(b)(1)(a)(viii), and has been determined to be a type i supporting organization under section 509(a)(3). 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. Additionally, the foundation has determined it is subject to unrelated business income tax and has 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.”

“Bad debt expense netted against income -43,500. Broker fees for sale of gifted stock 132.”

“Special event expenses netted with income on form 990 -44,588.”

“Special event expenses netted with income on form 990 44,588.”

“Broker fees for sale of gifted stock -132. Bad debt expenses netted against income 43,500.”