Sea Crest School Inc

“The school's endowment consists of four individual funds established to further the mission and vision of the school. Its endowment includes both donor-restricted endowment funds and funds designated by the board of trustees to function as endowments. As required by u.s. Gaap, net assets associated with endowment funds, including funds designated by the board of trustees to function as endowments, are classified and reported based on the existence or absence of donor-imposed restrictions. Donor-restricted endowment funds are classified as net assets with donor restrictions, and board-designated endowment funds are classified as net assets without donor restrictions. Interpretation of relevant law the board of trustees have interpreted california's enacted version of the uniform prudent management of institutional funds act ("upmifa") as requiring the preservation of the fair value of the original gift absent donor stipulations to the contrary. As a result of this interpretation, the school classifies as permanent endowment (a) the original value of gifts donated to the permanent endowment, (b) the original value of subsequent gifts to the endowment, and (c) accumulations to the endowment made in accordance with the direction of the applicable donor gift instrument at the time the accumulation is added to the fund. The remaining portion of the donor-restricted endowment fund that is not classified as net assets with donor restrictions to be held in perpetuity, is classified as expendable net assets with restrictions until those amounts are appropriated for expenditure by the school in a manner consistent with the standard of prudence prescribed by upmifa. In accordance with upmifa, the school considers the following factors in making a determination to appropriate or accumulate donor-restricted endowment funds: (1) the duration and preservation of the fund (2) the purposes of the school and the donor-restricted endowment fund (3) general economic conditions (4) the possible effect of inflation and deflation (5) the expected total return from income and the appreciation of investments (6) other resources of the school (7) the investment policies of the school the school considers an endowment fund to be underwater if the fair value of the fund is less than the sum of (a) the original value of initial and subsequent gifts and (b) any accumulations to the fund that are required by the donor to be maintained in perpetuity. Funds with deficiencies from time to time, the fair value of assets associated with individual donor-restricted endowment funds may fall below the level that the donor or upmifa requires the school to retain as a fund of perpetual duration. The school has a policy that permits spending from underwater endowment funds depending on the degree to which the fund is underwater, unless otherwise precluded by donor intent or relevant laws and regulations. At june 30, 2024, there were no such deficiencies. Return objectives and risk parameters the school has adopted investment and spending policies for endowment assets that attempt to provide a predictable stream of funding while seeking to maintain the purchasing power of the endowment assets. Endowment assets include those assets of donor-restricted funds that the school must hold in perpetuity or for donor-specified periods, as well as board-designated funds. Under this policy, as approved by the board of trustees, the endowment assets are invested in a manner that is intended to attain a rate of return approximating that of a combination of worldwide public equity and bond markets while being sufficiently diversified to minimize the risk of significant permanent impairment of capital. Over the long-term, the school expects the current spending policy to achieve its objective to maintain the purchasing power of the endowment assets held in perpetuity or for a specified term as well as to provide additional real growth through new gifts and investment return. Strategie”

“The school is a qualified organization exempt from federal and state franchise taxes under section 501(c)(3) of the internal revenue code ("irc") and section 23701d of the california revenue and taxation code, respectively. Accordingly, the school is exempt from federal and california income taxes and is not liable for federal unemployment taxes. U.s. Gaap requires management to evaluate the tax positions taken and recognize a tax liability (or asset) if the school has taken an uncertain position that more-likely-than-not would not be sustained upon examination by taxing authorities. Management evaluated the school's tax positions and concluded that it maintained its tax-exempt status and had taken no uncertain tax positions that would require adjustment to the financial statements. Therefore, no provision or liability for unknown income taxes has been included in the financial statements. The school's tax returns are subject to examination by federal and state taxing authorities. However, there are no examinations in progress nor are there any pending.”

“Tuition assistance netted against tuition revenue on audit report 1,406,290.”

“Tuition assistance netted against tuition revenue on audit report 1,406,290.”