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 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 2019. No items were removed from the collection in 2018 or 2019.”

“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 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, 2019 and 2018, the college recognized no income tax penalties or interest. As of august 31, 2019 and 2018, 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 quasi-endowment fund is present in the event that the organization has to cover liabilities that may arise to students, either monetarily or continuing to provide education in the case of financial crisis.”