Roots & Wings Foundation a New Jersey Non Profit Corporation

“Roots & wings foundation maintains custodial accounts for its clients. The custodial accounts are set up to hold funds paid by the clients to roots & wings foundation as a means of paying bills and monthly expenses. At the completion of the program, the total amount of funds collected from the individual is then returned back to them.”

“The foundation is a not-for-profit organization that is exempt from income taxes under section 501(c)(3) of the internal revenue code and as classified by the internal revenue service as other than a private foundation. The foundation is also exempt under title 15 of the state of new jersey, corporations and associations not-for-profit act. Accordingly, no provision for federal or state income tax has been presented in the accompanying financial statements. Management has stated that all required tax returns will be filed and applicable taxes paid in a timely manner. The foundation follows the provisions of asc 740-10-50-15, income taxes. The standard prescribes a minimum recognition threshold and measurement methodology that a tax position taken or expected to be taken in a tax return is required to meet before being recognized in the financial statements. It also provides guidance for derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition related to those tax positions. The foundation believes that it has appropriate support for the positions taken on its tax returns and accordingly, has not recorded any tax provision for the year ended december 31, 2018. However, the foundation is subject to audit by the federal and state of new jersey jurisdictions during certain statutory periods. As such, certain tax positions could be challenged and the amounts ultimately paid, if any, upon resolution of the issues raised by the taxing authorities, may differ materially from the amounts filed. As required by law, the foundation files informational returns with the united states federal and new jersey and new york state jurisdictions on an annual basis - form 990 with the internal revenue service, form cri-300r with the state of new jersey, and form char500 with the state of new york. These returns are subject to examination by these authorities within certain statutorily defined periods established by the respective jurisdictions.”

“Direct fundraising expenses 87,749. Rental expenses 19,732.”

“Direct fundraising expenses 87,749. Rental expenses 19,732.”