United South End Settlements

“Endowment funds consist of permanently restriced contributions for which the principal must be held as a permanent source of income for the children's art centre and board designated endowment funds to be invested in a long-term investment portfolio. The organization has a spending policy under which 5% of the average fair market value of the board designated endowment for the previous three years, adjusted for extraordinery deposits and withdrawals, can be used to support operations.”

“Generally accepted accounting principles practiced in the united states of america require an entity to assess the probability that a tax position has a more likely than not (mltn) sustainability after review by tax authorities. If a tax position is deemed not to meet this threshold, any unrecognized tax benefits and costs are estimated and recognized. Interest and penalties, if any, related to assessments by tax authorities will be classified as a component of interest expense and other expense, respectively, in the statement of activities. A tax position may be considered as taken any time a taxpayer chooses amongst alternatives that affect the amount of their tax obligations and include for example: tax exempt status; status as a pass-through entity (s corporations) decisions made in the process of conforming with tax laws; decisions not to file in certain jurisdictions; allocation of income between jurisdictions and the characterization of income or expenses. Tax returns are routinely open for review by the tax authorities for three years from their due date. In certain circumstances the statute of limitations may remain open indefinitely. The organization has been notified by the internal revenue service that it meets the qualifications to be classified as a tax exempt entity under section 501(c)(3) of the internal revenue code. In addition, the organization qualifies for the charitable contribution deduction under section 170(b)(1)(a) and has been classified as an organization that is not a private foundation under section 509(a)(2). Since the continuance of this status is based upon continuing qualification, the organization has identified this as a tax position. However, it has determined that this tax position meets mltn sustainability and does not result in an uncertainty requiring recognition.”

“Fundraising expenses 58,592 rental expenses 284,687”

“Fundraising expenses 58,592 rental expenses 284,687”

“The organization acts as a lead fiscal agent and holds funds on behalf of two organizations in boston.”