Northern Arizona University Foundation

“The art exhibit is to further enhance the educational value of the students of northern arizona university. Our purpose is to support northern arizona university in their mission t0 provide superior education to their students.”

“Northern arizona university foundation, inc. Administers various funds for northern arizona university and nau parent's association. Northern arizona university and nau parent's association maintain ownership of their respective funds. Assets held on behalf of northern arizona university were $47,223,225. Assets held on behalf of nau parent's association were $352,329.”

“Endowment funds are intended to provide long-term support for northern arizona university.”

“Nau foundation is organized as an arizona nonprofit corporation and has been recognized by the internal revenue service (irs) as exempt from federal income taxes under section 501(a) of the internal revenue code as an organization described in section 501(c)(3) and has been determined not to be a private foundation under sections 509(a)(1). Contributions to it qualify for the charitable contribution deduction under section 170(b)(1)(a). Nau foundation is annually required to file a return of organization exempt from income tax (form 990) with the irs. In addition, nau foundation is subject to income tax on net income that is derived from business activities that are unrelated to its exempt purposes. Nau foundation has determined it is not subject to unrelated business income tax and has not filed an exempt organization business income tax return (form 990-t) with the irs, or its arizona equivalent (form 99-t) with the arizona department of revenue. Nauv and nareh are organized as single-member, limited liability corporations and are disregarded as entities separate from nau foundation for income tax purposes. Nau foundation believes that it has appropriate support for any income tax positions taken by the combined entity, and as such, does not have any uncertain tax positions that are material to the consolidated financial statements. Nau foundation would recognize future accrued interest and penalties related to unrecognized tax benefits and liabilities in income tax expense if such interest and penalties are incurred.”

“Change in value of split interest -463,406. Change in value of life insurance 80,557. Return of scholarships 42,879. Change in value of beneficial interest 192,061.”

“Special event expense -243,645. Pledge write-offs 352,257.”

“Special event expense 243,645.”