Biblical History Center Inc.

“In 2013, the center entered into a general loan agreement with the israel antiquities authority (iaa). The agreement provides the center with historical artifacts which will be on public exhibition at the center for a period of ten (10) years. The collections are made up of artifacts of historical significance and are objects that are held for educational and curatorial purposes. The title of the artifacts shall remain in the name of iaa and the center is prohibited from making any other form of representation. Therefore, the artificts are not included in the statement of financial position.”

“The internal revenue service has determined that the organization is exempt from federal income taxes under section 501(c)(3) of the internal revenue code. The organization qualifies for the charitable contribution deduction under section 170(b)(1)(a) and has been classified as an organization other than a private foundation under section 509(a)(1). Accordingly, no provision for income taxes is reflected in the financial statements. Fasb asc 740-010, income taxes, addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under that guidance, the organization may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities based on the technical merits of the position. Examples of tax positions include the tax-exempt status of the organization and various positions related to the potential sources of unrelated business taxable income (ubit). The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. There were no unrecognized tax benefits identified or recorded as liabilities for the years ended december 31, 2015 and 2014. The organization's form 990, return of organization exempt from income tax, for the years ended december 31, 2015, 2014, and 2013, are subject to examination by the irs, generally for three years after they were filed.”

“RENTAL EXPENSES 169”

“RENTAL EXPENSES 169”