Esa Foundation

“The foundation receives donations from various chapters of e.s.a. International, which are specifically directed to certain organizations by the donor. The foundation acts as an agent for the funds, and this activity is not reflected in the accompanying financial statements.”

“The foundation's endowment consists of approximately 200 individual funds established by donors to provide annual funding for specific activities and general operations.”

“The foundation is organized as a nonprofit corporation and has been recognized by the internal revenue service (irs) as exempt from federal income taxes under section 501(a) of the internal revenue code as an organization described in section 501(c)(3), qualify for the charitable contribution deduction under section 170(b)(1)(a)(vi) and has been determined not to be a private foundation under sections 509(a)(1). The entity is annually required to file a return of organization exempt from income tax (form 990) with the irs. In addition, the entity is subject to income tax on net income that is derived from business activities that are unrelated to their exempt purposes. The entity has determined it is not subject to unrelated business income tax and has not filed an exempt organization business income tax return (form 990-t) with the irs. The entity believes that it has appropriate support for any tax positions taken affecting its annual filing requirements, and as such, does not have any uncertain tax positions that are material to the financial statements. The entity would recognize future accrued interest and penalties related to unrecognized tax benefits and liabilities in income tax expense if such interest and penalties are incurred.”

“Turn around funds 246,963.”

“Turn around funds 246,963.”

“In prior years, only permanent endowments were reported on schedule d, part v and did not include board designated or quasi-endowments. It was reported this way because the detail was not available to list the board designated or quasi-endowments. In the current year, the financial statements provided the detail needed to report the board designated or quasi-endowments. In order to add the board designated or quasi-endowments to schedule d, part v, the beginning balance of $264,432 was included in current year contributions.”