Clay County Child Care Center Inc

“The original fund agreement specifies that the original gift of $600,000 is to be invested in perpetuity. Each year, 80% of the earnings may be withdrawn from the endowment to be used for any purpose deemed necessary by the board and management of the Organization. Since inception of the fund, the Organization has obtained authorization to borrow principal from the fund to supplement operations. Accordingly, the endowment levels reported have at times been less than the original gift value of $600,000. It is management's intent to refund the endowment to the original gift value consistent with the original fund agreement through reinvestment payments which are scheduled at $4,000 per year through December 2032. From that point through November 2041, the annual required reinvestment is $1,468. In addition to these amounts, the Organization has a commitment of $90,000 which is due annually in July following year end but is able to be extended for an additional year if necessary.”

“The Organization is organized as a Kansas nonprofit corporation and has been recognized by the IRS as exempt from federal income taxes under IRC Section 501(a) as an organization described in IRC Section 501(c)(3). Further, the Organization qualifies for the charitable contribution deduction under IRC Sections 170(b)(1)(A)(ii) and has been determined not to be a private foundation under IRC Sections 509(a)(1). The Organization is annually required to file a Return of Organization Exempt from Income Tax (Form 990) with the IRS. In addition, the Organization is subject to income tax on net income that is derived from business activities that are unrelated to its exempt purposes. For the years ended June 30, 2025 and 2024, the Organization has determined that 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. Returns filed by the Organization are subject to IRS examination, generally for three years after each return is filed. No taxing authorities have commenced income tax examinations for open tax years.”

“Change in beneficial interest in community foundation -23.”