Southern California School of Theology

“The school's collections are made up of artifacts of historical significance and art objects that are held for educational, research, and curatorial purposes. Each of the items is cataloged, preserved, and cared for, and activities verifying their existence and assessing their condition are performed continuously. The collections are subject to a policy that requires proceeds from their sales to be used to acquire other items for collections. During june 2000, a significant number of asian artifacts were contributed to the school, with a restriction that limited any future proceeds from deaccessions to acquisitions of artifacts from a similar period. No other collection items were deaccessioned or destroyed as of june 30, 2014. The collections, which were acquired through purchases and contributions since the school's inception, are not recognized as assets on the statements of financial position. Purchases of collection items are recorded as decreases in unrestricted net assets in the year in which the items are acquired or as temporarily or permanently restricted net assets if the assets used to purchase the items are restricted by donors. Proceeds from deaccessions or insurance recoveries are reflected as increases in the appropriate net asset classes.”

“A significant number of artworks and artifacts are on permanent display. Other items are exhibited periodically, especially during the academic year, usually correlated with course emphasis and/or special events on campus. All materials are available for scholarly use by appointment.”

“The school's endowment directly supports students (69%), faculty (20%), and academic programming (8%), with the remaining (3%) supporting general operations and buildings and grounds.”

“The school is a nonprofit, tax-exempt organization as described in section 501(c)(3) of the internal revenue code and is exempt from federal income and state franchise taxes on related income pursuant to section 501(a) of the code and similar provisions of the california franchise tax code. The school does not engage in any significant unrelated trades or businesses. Accordingly, no provision for income taxes is required. Generally accepted accounting principles provide accounting and disclosure guidance about positions taken by an organization that might be uncertain. Management has considered its tax positions and believes all of the positions taken by the school are more likely than not to be sustained upon examination. The returns are subject to examination by federal and state taxing authorities generally three and four years, respectively, after they are filed.”

“Change in value of split-interest agreements -104,529. Financial aid and scholarships -1,036,623.”

“Financial aid and scholarships 1,036,623.”