Edward H Daveis Benevolent Fund

“The intended use of the endowment funds is for charitable grant-making to non-profit organizations in the greater Portland, ME area.”

“MaineCF and two of its supporting organizations, Maine Community Supporting Foundation and the Vincent B. and Barbara G. Welch Supporting Organization are tax-exempt organizations as described in Section 501(c)(3) of the Internal Revenue Code (the Code) and are generally exempt from income taxes pursuant to Sections 501(a) of the Code and qualify as public charities under Section 170(b)(1)(A)(vi) of the Code. The Edward H. Daveis Benevolent Fund is exempt from federal income taxes under Section 509(a)(3) of the Code. MaineCF pays unrelated business income taxes on income from certain types of transactions within investment partnerships. Such amounts are not material to the Foundation's activities or financial position. In certain circumstances, tax-exempt organizations may be required to record an obligation for income taxes as the result of a tax position they have historically taken on various tax exposure items including unrelated business income or tax status. Under guidance issued by the Financial Accounting Standards Board, assets and liabilities are established for uncertain tax positions taken or expected to be taken in income tax returns when such positions are judged to not meet the "more-likely-than-not" threshold, based upon the technical merits of the position. Estimated interest and penalties, if applicable, related to uncertain tax positions are included as a component of income tax expense. Management has evaluated the Foundation's tax positions and concluded that the Foundation has maintained its tax-exempt status, does not have any significant unrelated business income and has taken no uncertain tax positions that require adjustment to the consolidated financial statements. With few exceptions, the Foundation is no longer subject to income tax examinations by the U.S. Federal or State tax authorities for years before 2011.”