Boulder Philharmonic Orchestra

“Beneficial interest in assets held by others: the organization has established an endowment fund (fund) with community first foundation (cff). The fund was established for the general operating needs of the organization. All donor restricted contributions to the fund and related matching grants received from cff are held in perpetuity by cff. The organization may request distributions of the fund's earnings. At april 30, 2016, the invested balance held by cff, recorded at fair value, totals 174,658. Perpetual income-producing gifts: the organization has established a type of donor fund called perpetual income-producing gifts (gifts) to create opportunities for donors to establish legacies that benefit the organization in perpetuity. All investment accounts will be managed under the authority of the organizations board of directors. In february 2014, the organization approved allowing up to 15% of the value of any perpetual income-producing gift to be transferred to the organization's operations in any given year. If the income from the fund does not generate the target amount during a given year, a portion of the principal may be liquidated accordingly. At april 30, 2016, the invested balance held in gifts, recorded at fair value totals 92,450.”

“The organization is a nonprofit corporation and is exempt from federal and state income taxes under section 501(c)(3) of the internal revenue code. Accordingly, the accompanying financial statements contain no provision for income taxes. In addition, contributions to the organization qualify for the charitable contribution deduction under section 170(b)(1)(a) and the organization has been classified as an organization that is not a private foundation under section 509(a)(2). The organization applies a more-likely-than-not measurement methodology to reflect the financial statement impact of uncertain tax positions taken or expected to be taken in a tax return. After evaluating the tax positions taken, none are considered to be uncertain; therefore, no amounts have been recognized as of april 30, 2016. If incurred, interest and penalties associated with tax positions would be recorded in the period assessed as miscellaneous administrative expense. No interest or penalties have been assessed as of april 30, 2016.”

“Direct fundraising expenses 10,173”

“Direct fundraising expenses 10,173”