Spanish American Center Inc

“The organization is exempt from income taxes as a charitable organization under section 501(c)3 of the internal revenue code and is not classified as a private foundation. The organization accounts for uncertainty in income taxes in accordance with asc topic 740, income taxes. This standard clarifies the accounting for uncertainty in tax position and prescribes a recognition threshold and measurement attribute for the financial statement regarding a tax position taken or expected to be taken on a tax return. The organization has determined that there are no uncertain tax positions which qualify for either recognition or disclosure in the financial statements at june 30, 2025. The organization's information returns are subject to examination by the federal and state jurisdictions and generally remain open for the most recent three years.”

“Income taxes the organization is a not-for-profit organization that is exempt from income taxes under section 501(c)(3) of the internal revenue code and comparable state law. Accordingly, no provision for income taxes is made in the financial statements. The income tax topic of the fasb asc prescribes a recognition thresold and a measurement attribute for the financial statement recognition and measurement of the tax prositions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. At june 30, 2024, there were no unrecognized tax benefits. The organization does not believe there will be any material changes in their unrecognized tax benefits over the next year. If is is probable that an uncertain tax position will result in a material liability and the amount of the liability can be estimated, then the estimated liability is accrued. If the organization were to incur any income tax liability in the future, interest on any income tax liability would be reported as interest expense, and penalties on any income tax would be reported as income tax. The federal and state information returns of the organization for 2022, 2021, and 2020 are subject to examination, generally for three years after they are filed.”