Pony Baseball Inc.

“The funds are used to cover scholarships to players that are selected by three board members and the president, facility usage from a dced grant allocated over a period of thrity years, and to cover a portion of the building costs over no set time frame.”

“The organization is exempt from federal income tax under section 501(c)(3) of the internal revenue code of 1986, as amended, and is not considered to be a private foundation. The internal revenue service has ruled, however, that revenue raised through the selling of advertisements and certain other activities is unrelated business income and therefore taxable. Income tax expense was 0 for each of the years ended august 31, 2019 and 2018. The organization has adopted financial accounting standards board (fasb) accounting standards codification (asc) 740-10, accounting for uncertainty in income taxes, which clarifies the accounting for uncertainty in income taxes by prescribing a recognition threshold of more-likely-than-not to be sustained upon examination by the appropriate taxing authority. Measurement of the tax uncertainty occurs if the recognition threshold has been met. The standard also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Management has determined that there are no material uncertain tax positions or unrecognized tax benefits and there is no material impact on the financial statements. In addition, there were no penalties or interest recognized in the statements of activities. The organization's asc 740 10 evaluation was performed for the tax years 2015 through 2018, which are the years that remain subject to examination by the internal revenue service as of august 31, 2019. For federal income tax purposes, the organization has net operating loss carry forwards of approximately 1,600 available for use with its august 31, 2019, filing. These losses begin to expire in the year ending august 31, 2037.”

“COST OF SALES 146,198”

“COST OF SALES 146,198”