Southwestern College

“The college has capitalized its library collection since inception. The collection is one of the largest metaphysical collections in the united states. If purchased, items accessioned into the collection 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 unrestricted or temporarily restricted support depending on donor restrictions, if any, placed on the item at the time of accession. No depreciation has been recorded for this collection. No capitalized collection items were donated to the college in 2014. Books with a value of $10,000 were donated in 2013. No items were removed from the collection in 2014 or 2013.”

“The quimby memorial library houses the second largest metaphysical collection in the united states. The collection includes the manuscripts of phineas parkhurst quimby, an american transcendentalist. Quimby library is a learning resource center which contains 16,000 books, journals and audio-visual materials. The concentration of the collection is 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 preserved and are not allowed to be removed from the library.”

“The college applies the provisions of financial accounting standards board (fasb) accounting standards codification (asc), income taxes (fasb asc 740). Fasb asc 740 provides detailed guidance for the financial statement recognition, measurement, and disclosure of uncertain tax positions in an enterprise's financial statements. Income tax positions must meet a more-likely-than-not recognition threshold to be recognized. The college's policy is to classify income tax penalties and interest as miscellaneous expense. During the years ended august 31, 2015 and 2014, the college recognized no income tax penalties or interest. As of august 31, 2015 and 2014, management does not believe the college has any uncertain tax positions that would require financial statement recognition, measurement, or disclosure under fasb asc 740.”

“The endowment fund is present in the event that the organization has to cover liabilities that may arise to students, either monetarily or to continnually provide education for them, in the case of financial crisis.”