Southwestern College

“The college has capitalized two specialty library collections since inception. If purchased, items accessioned into the collections are capitalized at cost, and if donated, they are capitalized at their appraised or fair value on the accession date (the date on which the item is accepted by the college). Gains and losses on the de-accession of the collection items are classified in the statements of activities and changes in net assets as support with donor restrictions,or without donor restrictions placed on the item at the time of accession. No depreciation has been recorded for this collection. For the years ended august 31,2024 and 2023, there were no donations into the the collection. No items were removed from the collection in 2024 and 2023.”

“The quimby memorial library houses one of the largest metaphysical collections in the united states. It is a learning resource center which contains 16,000 books, journals and audio-visual materials concentrated on counseling, applied psychology, art therapy, experiential education and personal growth and development. The books are held for students to enhance their holistic and experiential education and are protected and cared for. The books are actively preserved and are not allowed to be removed from the library.”

“The quasi-endowment fund is present in the event that the organization needs funds to cover liabilities that may arise to students, either monetarily or continuing to provide education in the case of a financial crisis.”

“Southwestern college is exempt from federal income tax under section 501(c)3 of the internal revenue code and the statutes of new mexico. Swcs open audit periods are fiscal years 2022 through 2024, generally three years after filing. The financial accounting standards board has issued asc 740-10, which prescribes a comprehensive model for how an organization should measure, recognize, present and disclose in its financial statements uncertain tax positions that an organization has taken or expects to take on a tax return. Southwestern college has no uncertain tax positions discussion.”