Newportfall River Star Kids Scholarship Program

“Income earned on endowment funds is primarily used to fund scholarships.”

“The organization is exempt from federal income taxes under section 501(c)(3) of the internal revenue code and applicable state law. The accounting standard on accounting for uncertainty in income taxes addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under this guidance, the organization may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax p”

“Based on the technical merits of the position. Examples of tax positions include the tax-exempt status of the organization and various positions related to the potential sources of unrelated business taxable income (ubit). The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement. There were no unrecognized tax benefits identified or recorded as li”

“Tuition paid on behalf of each child may not cover the amount of tuition charged at the various schools where the children are enrolled. A tuition discount between the cost of the tuition and the amount provided by the organization is given by the school. Indirect tuition support is also provided by parents, parishes and the Diocese.”

“Tuition paid on behalf of each child may not cover the amount of tuition charged at the various schools where the children are enrolled. A tuition discount between the cost of the tuition and the amount provided by the organization is given by the school. Indirect tuition support is also provided by parents, parishes and the Diocese.”