Griffin Hospital Development Fund Inc.

“The endowment fund consists of net assets subject to explicit donor-imposed stipulations that they be maintained by the corporation in perpetuity. Generally, the donors of these assets permit the corporation to use all or part of the investment return on these assets for operating purposes.”

“Below is an excerpt from footnote 1 of the consolidated audited financial statements for griffin health services corporation and subsidiaries. Ghsc and its subsidiaries, with the exception of ghv and haic, are not-for-profit organizations and are exempt from federal income taxes under section 501(c)(3) of the internal revenue code. Ghsc and its subsidiaries account for uncertainty in income tax positions by applying 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. Ghv has unused net operating loss carryforwards of approximately $5.5 million and $5.3 million available to offset future taxable income as of september 30, 2019 and 2018, respectively. Deferred tax assets relate primarily to the tax effects of the net operating loss carryforwards. Because there is no assurance that ghv will have taxable income in the future, the deferred tax assets have been fully offset by a valuation allowance with the exception of the deferred tax assets attributable to the net operating loss carryforwards that were utilized to offset the majority of the gain on sale of assets in 2018. Haic, located in the cayman islands, is not subject to income, estate, corporation, capital gains or other taxes payable under current cayman islands law. Management has analyzed the tax positions taken and has concluded that as of september 30, 2019 and 2018, there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. Ghsc and its subsidiaries are subject to routine audits by taxing jurisdictions. There are currently no audits for any tax periods pending or in progress. During 2019, the irs conducted an examination of the hospital's form 990 and 990t for the year ended september 2016 and the returns have been accepted as filed.”

“Fundraising expenses -58,336. Temp restricted contributions 856,575. Temp restricted investment income 69,675.”

“Fundraising expenses 58,336.”