Special Olympics Florida Inc

“The Organization's endowments consist of two donor-restricted endowments established for different purposes which are included in net assets with donor restrictions in the consolidated statement of financial position at December 31, 2024. The Organization's foundation endowment was established for the purpose of supporting year-round sports training, competitions, and health care for the Organization's athletes. The principal (or "corpus") on this endowment will not be spent, however, income earned on the investment will be used to fund operations of the Organization. In accordance with the endowment agreement, a 5% annual distribution will be made and continue annually. At December 31, 2024, the endowment account earned $6,552 in earnings net of expenses. The Organization's building maintenance endowment was established for the purpose of maintaining the Organization's operating facilities. The principal (or "corpus") on this endowment will not be spent; however, income earned on the investment will be used to fund operations in of the Organization.”

“SPECIAL OLYMPICS FLORIDA, INC. IS A not-for-profit organizations exempt from federal income tax under Section 501(c)(3) of the United States Internal Revenue Code. Accordingly, no provision for income taxes is reflected in the accompanying consolidated financial statements. Accounting principles generally accepted in the United States of America prescribe requirements for the recognition of income taxes in consolidated financial statements, and the amounts recognized are affected by income tax positions taken by the Organization in its tax returns. The Organization's status as an exempt Organization is defined as an income tax position under these requirements. While management believes it has complied with the Internal Revenue Code, the sustainability of some income tax positions taken by the Organization in its tax returns may be uncertain. There are minimum thresholds of likelihood that uncertain tax positions are required to meet before being recognized in the consolidated financial statements. Management does not believe that the Organization has any material uncertain tax positions at December 31, 2024. In the event interest and penalties were due relating to an unsustainable tax position, they would be treated as a component of income tax expense.”