Long Beach Rotary Scholarship Foundation Inc.

“The foundation received contributions with donor restrictions for the newell family scholarship fund to benefit outstanding high school students from long beach polytechnic high school (poly) and long beach wilson high school (wilson). Under this scholarship program, funds are to be given each year to incoming freshmen at lbcc and csulb who have graduated from poly or wilson. These are students who have overcome challenges and who are a source of inspiration through their accomplishments and service to the community. At least 5% of the net asset value of the fund is to be used each year to fund these scholarships. The foundation received contributions with donor restrictions for the temple family scholarship fund to benefit outstanding upper-division students currently attending csulb and majoring in aerospace engineering or a related field. The foundation received contributions with donor restrictions for the cochran family scholarship fund to benefit incoming students at lbcc who graduated from juan rodriguez cabrillo high school (cabrillo), david starr jordan high school (jordan), or other incoming freshman at lbcc who reside in north long beach and graduated from a long beach unified school district high school. These are to be students who have overcome a personal hardship and demonstrated inspiration moving forward. If the scholarship recipient maintains the minimum number of units and grade point average, the student may automatically renew the scholarship for up to two additional years at lbcc. The foundation received contributions with donor restrictions for the schneider family scholarship fund to benefit students with learning differences. The scholarship shall be awarded to an incoming freshman that has a learning difference, recently graduated from a lbusd high school, and was accepted into csulb. The foundation received contributions with donor restrictions for the elizabeth lucas family scholarship fund to benefit students who attended woodrow wilson classical high school. Under this scholarship program, funds are to be given each year to incoming freshmen at csulb or lbcc that are majoring in fine arts, graphic design, or health science. The foundation received contributions with donor restrictions for the doherty family scholarship fund to benefit students who attended a long beach unified school district high school. Under this scholarship program, funds are to be given each year to a student at csulb that is pursuing a major or taking classes in performing arts.”

“Fin 48: the foundation recognizes the financial statement benefit of tax positions, such as its filing status of tax-exempt, only after determining that the relevant tax authority would more likely than not sustain the position following an audit. The foundation is subject to potential income tax audits on open tax years by any taxing jurisdiction in which it operates. The statute of limitations for federal and california purposes is generally three and four years, respectively.”