Amity Resource Management Inc

PART X, LINE 2:

“Amity resource management inc. Is a non-profit organization that is exempt from income taxes as an organization qualified under section 501(c)(2) of the internal revenue code. The organization has also been classified by the internal revenue service as an entity that is not 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 potentially occur to jeopardize their tax-exempt status. However, the organization has no knowledge of events or circumstances that would jeopardize its tax-exempt status. The organization has implemented fasb asc 740-10 and its current accounting policy for evaluating uncertain tax positions is in accordance with generally accepted accounting principles. The organization has not recognized any benefits from uncertain tax positions in 2018 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 statement of financial position date. The organization evaluated its tax position and concluded that all of the positions taken by the organization would more likely than not be sustained upon examination, based on technical merits. The information returns of amity resource management inc. For 2015, 2016, and 2017 are subjected to examination by tax authorities, generally for three years after they were filed.”