Milford Professional Firefighters Association - Local 944

“The Organization is a non-stock, non-profit corporation organized in Connecticut. It is exempt from federal and state income taxes under Internal Revenue Service Code Section 501(c)(5) and therefore has no liability for federal or state income taxes. 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 December 31. 2011. 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.”

“Fundraising expenses netted against revenues on Page 1, Line 11 89940.”

“Fundraising expenses netted against revenue on Page 1, Line 11 89940.”