Fund for Boston Neighborhoods Inc

SCHEDULE D, PART X, LINE 2:

“The fund is exempt from income taxes under section 501(c)(3) of the internal revenue code. The fund is required to complete and timely file an annual information return with the internal revenue service, and the commonwealth of massachusetts. In addition, the fund is subject to income tax on net income that is derived from business activities that are unrelated to their exempt purposes. Management has determined that the fund is not subject to unrelated business income tax and has not filed an exempt organization business income tax return (form 990-t) with the irs. The fund has either filed or extended the time to file the annual information returns and has neither received nor been notified by any federal or state taxing authorities of any matters that would need to be disclosed in the accompanying financial statements. The financial accounting standards board (fasb) issued asc topic 740, "income taxes" (asc 740). Asc 740 clarifies the accounting for income taxes by prescribing a minimum probability threshold that a tax position must meet before a financial statement benefit is recognized. The minimum threshold is defined in asc 740 as a tax position that is more likely than not to be sustained upon examination by the applicable tax authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. The uncertain tax position standard must be applied to all existing tax positions upon initial adoption. As of june 30, 2024, the fund had no material unrecognized tax benefits and no adjustments to liabilities or its activities were required under asc 740. The fund's practice was and continues to be to recognize interest and penalty expenses related to uncertain tax positions in income tax expense, which were zero for the year ended june 30, 2024. Typically, the fund's three preceding tax years are subject to examination by federal and state taxing authorities. There are no tax examinations currently in process.”