Denver Public Library Friends Foundation

“Endowment is a vital funding source for The Denver Public Library's long-term financial health. The Endowment consists of several restricted endowments and an unrestricted endowment. The restricted funds support a broad array of programs/services/materials within The Denver Public Library, while distributions from the unrestricted endowment are prioritized for specific current needs as requested by the Library and approved by the DPLFF Board of Trustees. Restricted endowments in 2012 supported acquisition of a variety of titles for the circulating collection. Examples include materials relating to post-secondary education and GED preparation, musical scores and poetry anthologies. A restricted endowment for staff training/development purchased training materials. Endowments relating to Western History/Genealogy provided for acquisition of antiquarian materials and supported the preservation and care of the collection by Library Archivists. The unrestricted endowment distribution in 2012 was used for improving signage and way-finding that conforms with the Library's branding standards at six branch libraries.”

“The Foundation follows the Accounting for Uncertainty in Income Taxes accounting standard which requires the Foundation to determine whether a tax position (and the related tax benefit) is more likely than not to be sustained upon examination by the applicable taxing authority, based solely on the technical merits of the position. After evaluating the tax positions taken, none are considered to be uncertain; therefore, no amounts have been recognized as of December 31, 2013 or 2012. If incurred, interest and penalties associated with uncertain tax positions would be recorded in the period assessed as other operating expense. No interest or penalties have been assessed as of December 31, 2013. The Foundation's federal Return of Organization Exempt from Income Tax (Form 990) for the previous three years, 2010 through 2012, are subject to examination by the IRS, generally for three years after they were filed.”