The Jay Heritage Center

“The center believes it has appropriate support for any tax positions taken, and as such, does not have any uncertain tax positions that are material to the financial statements.”

“Net assets released from restictions”

“Part ii, line 9: the organization obtained the rights to maintain two historical structures referred to as the jay house and the carriage house located in boston post road national historical landmark district in rye, new york. In 1993, the site was designated as a national historical landmark and organization is and has been engaged in a historic restoration. The site is open to the general public and part of the facility contains historical and educational exhibits related to both the site and the life and times of john jay. The original conveyance cost of obtaining the rights to restore the properties from westchester county has been stated at $2. The costs of restoration are stated at cost of the renovations in the financial statements, and are not depreciated because the property is considered a historical treasure whose economic benefit and service potential are essentially undiminished by time. Part iii, line 1a: property and equipment are stated at cost, or if donated, at the estimated fair market value at the time of receipt. Historical restorations have undiminished economic benefit and the restoration has an unlimited life, therefore, historical expenditures are capitalized but not depreciated. Part iii, line 4: the jay center's land and buildings consist of the jay house and carriage house and 1.5 acres of land on which the structures were built. The property was assigned to the jay center in connection with the purchase of the property known as the jay estate. The property is situated in the boston post road national historic landmark district, located in rye, new york. The buildings are being restored and rehabilitated. Cost of restorations is stated at cost. No depreciation has been provided since the property is considered a historical treasure whose economic benefit and service potential are essentially undiminished. Part x. Line 2, tax exempt status: the center has been determined to be an organization exempt from taxes under section 501(c)(3) of the internal revenue code (irc), and is classified as an organization other than a private foundation under irc section 509(a). In addition, the center qualifies for charitable contributions deductible by donors under irc section 170(b) (1) (a). The center's accounting policy is to provide liabilities for uncertain tax positions when a liability is probable and estimable. Management is not aware of any violation of its tax status as an organization exempt from income taxes, nor of any exposure to unrelated business income tax. Information returns for the years 2021 to the present year are subject to audit by the applicable taxing jurisdictions.”