The University Foundation California State University Chico

“The Foundation maintains collections of art. Collection items acquired either through purchase or donation are not capitalized or recognized as revenues or gains provided that such donations are added to collections and held for public exhibition, education, or research in furtherance of public service rather than financial gain; are protected, kept unencumbered, cared for, and preserved; and are subject to a policy that requires the proceeds from sales of collection items to be used to acquire other items for collections. Purchases of collection items are recorded as decreases in unrestricted net assets if purchased with unrestricted assets and as decreases in temporarily restricted net assets if purchased with donor-restricted assets. Proceeds from deaccessions or insurance recoveries are reflected in the statements of activities based on the absence or existence and nature of donor imposed restrictions.”

“The University Foundation's collections, which are composed mainly of artwork and other display items donated to the University Foundation, further enhance CSUC's educational mission.”

“Established by philanthropic supporters of the University. Endowment Funds provide scholarships and awards that help students and faculty achieve their highest and best purpose while at Chico State by making college more affordable and increasing the ability of faculty to enrich the learning experience.”

“The Foundation is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code and Section 23701(d) of the California Revenue and Taxation Code. The Foundation has been classified as an organization that is not a private foundation under Section 509(a)(2). The Foundation has not entered into any activities that would jeopardize its tax-exempt status. Income from certain investments with activity not related to the Foundation's tax exempt purpose is subject to taxation as unrelated business income (UBI). The Foundation files exempt organization returns in the U.S. federal and California jurisdictions. The Foundation accounts for income taxes in accordance with FASB ASC 740, Income Taxes, which clarifies the accounting for uncertainty in income taxes recognized in the Foundation's financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. FASB ASC 740, income taxes also provides guidance on derecognition and measurement of a tax position taken or expected to be taken in a tax return. Based on this analysis, a liability is recorded if uncertain tax benefits have been received. The Foundation's practice is to recognize interest and penalties, if any, related to uncertain tax positions in the tax expense.”

“Change in Split Interest Agreement - 87229 Other Fundraising Expenses - 35593 Interorganizational Transfer to/from CSE - 499193”

“Other Fundraising Expenses - 35593”