Federation of Associations in Behavioral and Brain Sciences

“FABBS may receive special gifts of non-operating funds intended to help stabilize the organization. While these are not set up in a formal endowment because of the cost of managing endowments, these funds will be carried in a separately identified accounting as a normally-continuing reserve against emergencies while at the same time providing annual income to support the 501c3 activities of FABBS. The donated principle of these special gifts will not be used for operations except in case of a Board-declared emergency for the organization. Should the investment program for these funds result in a decrease in the corpus to below the initial gift amount, earnings from the funds will be reinvested in the corpus to attain its original value. Earning above the original value may be used as stated to promote the mission of FABBS.”

“Fabbs follows the authoritative guidance relating to accounting for uncertainty in income taxes included in asc topic income taxes. These provisions provide consistent guidance for the accounting for uncertainty in income taxes recognized in an entity's consolidated financial statements and prescribe a threshold of "more likely than not "for recognition and derecognition of tax positions taken or expected to be taken in a tax return. The organization performed an evaluation of uncertain tax positions for the year ended december 31, 2024, and determined that there were no matters that would require recognition in the consolidated financial statements or that may have any effect on its tax-exempt status as of december 31, 2024. The statute of limitations for tax years 2023 through 2025 remains open with the us federal jurisdiction or the various states and local jurisdictions in which the organization files tax returns. The organization's practice is to recognize interest and/or penalties related to income tax matters in income tax expense. There was no income tax expense for the year ended december 31, 2024.”