Hartnell College Foundation

“The purpose of hartnell college foundation art collection is to effectively champion, support, and expand the presence and impact of arts in the salinas valley community. The collection has an educational purpose as it is periodically exhibited for the benefit of students and the community at large.”

“Endowment assets have been restricted by donors to be maintained by the foundation in perpetuity. Endowment earnings support scholarships, campus areas, or may be used to further the foundation's mission”

“The United States Treasury Department determined that the Foundation is a nonprofit tax-exempt corporation as defined by Internal Revenue Code Section 501(c)(3). A similar determination was made by the California Franchise Tax Board under Section 237 of the State Revenue and Taxation code. In 2003, the Foundation Board of Directors approved the 501(h) lobby election of the Internal Revenue Code. Such status provides the Foundation with the ability to participate in the public policy process through lobbying and advocacy campaigns, but limits the Foundation's expenses for this purpose to a maximum of 20% of the first $500,000 of annual expenditures. The Foundation has accounted for uncertainty in income taxes as required by the Accounting for Uncertainty in Income Taxes Topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification. The Foundation uses a comprehensive model for recognizing, measuring, presenting and disclosing in the financial statements tax positions taken or expected to be taken on a tax return. A tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. The effect of applying this model and the resulting identification of uncertain tax positions, if any, were not considered significant for financial reporting purposes. The Foundation is not subject to any tax liability. Management does not expect the total amount of unrecognized tax benefits to significantly change in the next 12 months. The Foundation would recognize interest and penalties related to unrecognized tax benefits in tax expense. During the year ended June 30, 2017, the Foundation did not recognize any interest or penalties. The Foundation is subject to the filing of U.S. Federal and California informational returns. Federal returns for 2012 through 2015 and California returns for 2011 through 2015 are currently open for potential Federal and State examination.”

“Fundraising expenses - -132575 RENTAL EXPENSE - -1696”

“Fundraising expenses - 132575 rental expense - 1696”