Montgomery County Foundation Inc.

“The montgomery county foundation, inc. Manages funds for the benefit of non-profit agencies and other charitable causes, including: 1. Montgomery county residents who face homelessness and hunger. 2. Programs that provide early education to youngsters who have learning disabilities through a classroom setting or recreation program. 3. Educational and environmental programs associated with prophecy creek park, including conducting living history programs and preservation and maintenance of the park. 4. Ken-crest centers, a non-profit providing programming for children and adults with disabilities. 5. Programs that support education and training in the field of computers and related disciplines to improve the life quality of people with physical disabilities. 6. Low-income families in dire need of heating and cooling assistance. Clients are assessed by the local area agency on aging for eligibility. This is funding of last resort after state and local assistance is used. No funds are given to the individuals or families who qualify. 7. Animal welfare programs including but not limited to animal rescue, adoption, and animal training for companion and seeing-eye dogs. 8. Non-profit organizations who foster charitable, educational, and recreational arts and cultural programs on a local basis. 9. Non-profit agency endowments. 10. Scholarships for local high school seniors seeking degrees from two- or four-year accredited schools. Scholarships are awarded to undergraduates only, based on financial need, academic performance, and in some cases, course of study.”

“The corporation is a nonprofit entity that is exempt from income tax under section 501(c)(3) of the internal revenue code and, therefore, has made no provision for federal, state, or local income tax in the accompanying financial statements. In addition, the corporation has been determined by the internal revenue service not to be a private foundation within the meaning of section 509(a) of the internal revenue code. The corporation has adopted asc 740-10, income taxes, as it relates to uncertain tax positions. Management has reviewed its current and past federal and state income tax positions, and has determined based on clear and unambiguous tax law and regulations, that the tax positions taken are certain and that there is no likelihood that a material tax assessment would be made if the respective government agency examined tax returns subject to audit. Accordingly, no provision for the effects of uncertain tax positions has been recorded. Currently, the 2020, 2021 and 2022 tax years are open and subject to examination by the internal revenue service and the pennsylvania department of revenue. However, the corporation is not currently under audit nor has the corporation been contacted by any of these jurisdictions. Any interest and penalties related to income taxes are included in income tax expense.”