Washington County Economic

“Edwc holds funds in an agency capacity for washington county for the heart & homestead earned down payment incentive program. These funds are not assets of edwc but are held for the benefit of the designated beneficiaries in accordance with specific agreements. Edwc's role is that of an agent, and it has no discretion over the use of the funds beyond the terms specified by the agreements. As of december 31, 2024 and 2023, edwc holds $167,150 and $230,000, respectively, in agency funds, which are recorded as a liability and cash - restricted on the statement of financial position. These funds are not considered part of edwc's net assets as they are not available for general use. The liability will be settled when the funds are distributed to the eligible applicants, in accordance with the terms of the agency arrangements”

“Edwc operates as a not-for-profit organization exempt under section 501(c)(4) of the u.s. Internal revenue code and is exempt from federal and state income taxes on related income pursuant to section 501(a) of the code. Edwc has implemented accounting for uncertainty in income taxes in accordance with accounting principles generally accepted in the united states of america. This standard describes a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return and provides guidance on various related matters such as derecognizing, interest, penalties and disclosure required. Management evaluates the uncertain tax positions taken, if any, and consults with outside counsel as deemed necessary. Edwc recognizes interest and penalties, if any, related to unrecognized tax liabilities in income tax expense. Management does not believe there are any uncertain tax positions.”