The Swedish Program in Organizational Studies and Public Policy Inc

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“The organization is a nonprofit charitable organization exempt from federal, new york and california income taxes as an educational institution under section 501(c)(3) of the internal revenue code and related sections of the state tax codes. The organization is subject to a tax on income from any unrelated business activities. Fasb asc 740, accounting for uncertainty in income taxes, clarifies the accounting for uncertainty in income taxes recognized in an entity's financial statements and prescribes a threshold of more likely than not for recognition of tax benefits of uncertain tax positions taken or expected to be taken in a tax return. The organization has applied fasb asc 740 which did not result in the recognition of any unrecognized tax benefits upon adoption and has no unrecognized tax benefits at may 31, 2014 and 2013. The organization continues to evaluate changes in tax law and new authoritative rulings. The organization's policy is to classify income tax related interest and penalties in interest expense and other expenses, respectively. No such amounts are included in the financial statements for the years ended may 31, 2014 and 2013. Generally, the organization's returns of organizations exempt from income tax are subject to examination by the internal revenue service and state taxing authorities for three to four years, respectively, after the returns are filed. There are no returns under examination as of may 31, 2014.”