Texas Life-Sciences Collaboration Center Inc

“The organization has been classified as a non-profit organization and is tax-exempt under section 501(c)(3) of the internal revenue code. In addition, the organization has been determined by the internal revenue service not to be a "private foundation" within the meaning of section 509(a) of the internal revenue code. The organization is subject to tax on income from any unrelated business income. There was no unrelated business income as of september 30, 2015 and 2014. Financial accounting standards board accounting standards codification(asc) section 740, income taxes, requires extensive disclosures about uncertain tax positions. The requirements of this standard are applicable to nonprofit organizations. The organization evaluates any uncertain tax positions using the provisions of asc 450, contingencies. Accordingly, a loss contingency is recognized when it is probable that a liability has been incurred as of the date of the financial statements and the amount of the loss can be reasonably estimated. The amount recognized is subject to estimate and management's judgment with respect to the likely outcome of each uncertain tax position. The organization does not believe that it has engaged in any situation that would result in an uncertain tax position. As a result, management does not believe that any uncertain tax positions currently exist and therefore, no loss contingency has been recognized in the accompanying financial statements. Federal and state income tax statues dictate that tax returns filed in any of the previous three reporting periods remain open to examination. Currently, the organization has no open examinations with either the internal revenue service or state taxing authorities. The organizations policy is to record any income tax related penalties and interest incurred as general and administrative expense. There are no income tax related penalties and interest included in the accompanying financial statements.”

“DEPRECIATION EXPENSE”