PTA New Jersey Congress of Parents & Teachers

“The organization is a not-for-profit corporation as described in section 501(c)(3) of the internal revenue code and is thereby exempt from federal income taxes on related income pursuant to section 501(a) of the code. The organization is also exempt under title 15 of the state of new jersey corporations and associations not for profit act. Accordingly, no provision for federal or state income taxes has been presented in the accompanying financial statements. The organization follows the provisions of fasb asc, income taxes. The standard prescribes a minimum recognition threshold and measurement methodology that a tax position taken or expected to be taken in a tax return is required to meet before being recognized in the financial statements. It also provides guidance for derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition as they relate to those tax positions. The organization does not expect a significant increase or decrease to the total amounts of unrecognized tax positions during the fiscal year ended july 31, 2014. However, the organization is subject to regular audit by tax authorities including a review of its nonprofit status, which management believes would be upheld upon examination. The organization believes that it has appropriate support for the positions taken on its tax returns. Nonetheless, the amounts ultimately paid, if any, upon resolution of the issues raised by the taxing authorities may differ materially from the amounts accrued each year. As required by law, the organization files informational returns with both united states federal and state of new jersey jurisdictions on an annual basis - form 990 with the internal revenue service, and form cri-300r with the state. The 990 is subject to examination by the internal revenue service within three years form the latest filing date.”

“Special events expenses 88,325.”

“Special events expenses 88,325.”