Wells Nursing Home Inc.

“Wells nursing home, inc., as trustee, holds patient funds in an interest bearing checking account. These funds are expended at the discretion of the patients for personal items.”

“The home is a not-for-profit organization exempt from federal income tax under section 501(c)(3) of the internal revenue code. The home qualifies for charitable contribution deductions and has been classified as an organization other than a private foundation. The financial accounting standards board (fasb) issued fasb asc 740-10 which requires entities to disclose in their financial statements the nature of any uncertainty in their tax position. For tax-exempt entities, their tax-exempt status itself is deemed to be an uncertainty, since events could occur to jeopardize their tax-exempt status. However, the home has no knowledge of events or circumstances that would jeopardize its tax-exempt status. The home implemented fasb asc 740-10 and its current accounting policy for evaluating uncertain tax positions is in accordance with generally accepted accounting principles. The home has not recognized any benefits from uncertain tax positions in 2019 and believes it has no uncertain tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within 12 months of the statements of financial position date. The home evaluated its tax position and concluded that all of the positions taken by the home would more likely than not be sustained upon examination, based on technical merits. The information returns of the home for 2016, 2017, and 2018 are subject to examination by tax authorities, generally for three years after they were filed.”

“Change in interest in net assets of wells house health system, inc.”