South Central Ct Regional Economic Dev Corp Regional Growth Partnership

“The Organization is a not-for-profit corporation exempt from federal income taxes under Section 501(c) (4) of the Internal Revenue Code. On January 1, 2009, the Organization adopted the recognition requirements for uncertain income tax positions as required by generally accepted accounting principles, with no cumulative effect adjustment required. Income tax benefits are recognized for income tax positions taken or expected to be taken in a tax return, only when it is determined that the income tax position will more likely than not be sustained upon examination by taxing authorities. The Organization has analyzed tax positions taken for filing with the Internal Revenue Service and all state jurisdictions where it operates. The Organization believes that income tax filing positions will be sustained upon examination and does not anticipate any adjustments that would result in material adverse effects on the Organizations financial condition, results of operations or cash flows. Accordingly, the Organization has no recorded any reserves, or related accruals for interest and penalties for uncertain income tax positions as of June 30, 2017. The Organization is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Organization believes it is no longer subject to income tax examinations for years prior to 2007. The Organizations policy is to classify income tax related interest and penalties in interest expense and other expenses, respectively.”

“Loss on Disposal of Equiment Netted Against Investment Income”

“Loss on Disposal of Equiment Netted Against Investment Income”