Roots & Wings Foundation a New Jersey Non Profit Corporation

“The custodial funds account represents the fee money held by the foundation on behalf of its program participants. The participants that are being servied are required to pay a fee to the foundation. These fees are accumulated on behalf of the participants and are returned back to them at the end of their program term. This assists the participants in getting accustomed to paying bills and gives them an amount to begin their new life after the program. The foundation's policy is to recognize a liability until the money is distributed back to the participant, at which time the liability is removed from the foundation's books.”

“The foundation is an organization described under section 501(c)(3) of the internal revenue code (the "code") and is therefore exempt from federal income taxes under section 501(a) of the code. 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 taxes has been presented in the accompanying financial statements. The foundation follows the provisions of fasb asc, 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 does not expect a significant increase or decrease to the total amounts of unrecognized tax positions during the year ended december 31, 2020. However, the foundation is subject to regular audit by tax authorities. The foundation believes that it has appropriate support for the positions taken on its tax returns and has determined that there are no uncertain tax positions as of the year ended december 31, 2020. Nonetheless, the amounts ultimately paid, if any, upon resolution of the issues raised by the taxing authorities may differ materially from the amounts accrued for each year. 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 char 500 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.”

“RENTAL EXPENSES 16,500.”

“RENTAL EXPENSES 16,500.”