Hillside School Inc

“The school intends to use the endowment funds for scholarship and tutorial programs, capital purchases and improvements, educational materials, faculty development, athletic programs, general operating expenses, as well as to maintain the longevity of the school.”

“Fin 48 disclosure u.s. Generally accepted accounting principles require an entity to assess the probability that a tax position has a "more likely than not" (mtln) 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 emempt status; status as a pass-through entity(s corporation); 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. Hillside school 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. Since the continuance of this status is based upon continuing qualifications, hillside school has indentified 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. Hillside school has also been classified as an entity that is not a private foundation within the meaning of 509(a) and qualifies for deductible contributions as provided in section 170 (b)(1)(a)(vi).”

“Gross up of revenue from special events and activities 6,564.”

“Direct expenses of special events and activities 6,564.”