St. Barnabas Charitable Foundation Inc.

“Charitable foundation is a not-for-profit corporation as described in section 501(c)(3) of the internal revenue code (code) and is exempt from federal income taxes on its exempt income pursuant to section 501(a) of the code. Charitable foundation follows the guidance for accounting for uncertainty in income taxes recognized in a company's financial statements that prescribes 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 guidance also addresses derecognition, classification, interest and penalties, accounting in interim periods, and disclosure. Management has determined that this guidance had no material effect on the financial statements. The charitable foundation's policy is to recognize interest related to unrecognized tax benefits in interest expense and penalties in general and administrative expenses. There were no interest or penalties recognized on the statements of operations and changes in net assets as a result of this guidance. Generally, tax returns for years ended december 13, 2018, and there after remain subject to examination by federal and state tax authorities.”

“Charitable foundation has been recognized by the internal revenue service as a not-for-profit corporation as described in section 501(c)(3) of the internal revenue code (code) and is exempt from federal income taxes on related income purusant to section 501(a) of the code. Charitable foundation follows the guidance for accounting for uncertainty in income taxes recognized in the financial statements that prescribes 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 guidance also addresses derecognition, classification, interest and penalties, accounting in interim periods, and disclosure. Charitable foundation's policy is to recognize interest related to unrecognized tax benefits in interest expense and penalties in general and administrative expenses. There were no interest or penalties recognized on the statements of operations and changes in net assets as a result of this guidance. Generally, tax returns for years ended decemeber 31, 2019, and thereafter remain subject to examination by federal and state tax authorities.”

“Accounting principles generally accepted in the united states of america require charitable foundation to evaluate tax positons taken by the charitable foundation and recognize a tax liability or asset if charitable foundation has taken an uncertain positon that more likely than not would be sustained upon examination by the internal revenue services (irs). Charitable foundation has concluded that as of december 31, 2021 and 2020, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or asset or disclosure in the consolidated financial statements. Generally, tax returns for years ended december 31, 2019, and thereafter remain subject to examination by federal and state tax authorities.”