Inland Counties Regional Center Inc

“The Center functions as custodian for receipt of certain governmental payments and resulting disbursements made on behalf of Regional Center clients. The cash balances are segregated from the operating cash accounts of the center and are restricted for client support. Master Trust of California (Master Trust) was established in 1978 to receive property from individuals or other entities (Trustors) to be administered for the benefit of specified developmentally disabled persons (Beneficiaries). Property is admitted as a separate trust into the Master Trust upon approval of Inland Counties Regional Center, Inc. Trustee through the Master Trust of California Trust Committee; then by direction of a court order, or the execution of a joinder and trust agreement by a trustor. Distributions from a trust are made in accordance with direction of the Master Trust of California Trust Committee. Termination of a trust agreement will occur upon the death of the beneficiary, depletion of the trust assets, according to court order, or according to the trust document. Assets and obligations of the program are shown on the Statements of Financial Position. Operating activities such as capital additions and distributions are not shown in the Statements of Activities as the Center is only acting as an agency for the beneficiaries. Operating activities such as trustee fees and administrative support services were included in other income and general administrative expense in the Statements of Activities. Trustee fees and administrative support services income of $530,739 is included in other income for the year ended June 30, 2022.”

“IRC is exempt from taxation under Internal Revenue Code Section 501(c)(3) and California Revenue and Taxation Code 23701(d). Consequently, the accompanying financial statements do not include any provisions for income taxes. Generally accepted accounting principles provided accounting and disclosure guidance about positions taken by an organization in its tax returns that might be uncertain. Management has considered its tax positions and believes that all of the positions taken by IRC in its federal and state exempt organization tax returns are more likely than not to be sustained upon examination. IRC returns are subject to examination by federal and state taxing authorities, generally for three and four years, respectively, after they are filed.”