Chamber Research and Information Foundation

PART X, LINE 2:

“The san diego regional chamber of commerce is exempt from federal income tax under the provisions of section 501(c)(6) of the internal revenue code and is also exempt from state taxes. The chamber, from time to time, may receive unrelated business income, which is subject to income taxes at regular corporate tax rates. During the years ended december 31, 2024 and 2023, there was no unrelated business income for the chamber. In addition, the san diego regional chamber of commerce is subject to a proxy tax when its political expenditures are in excess of the membership dues reported to its membership as nondeductible business expenses. During the years ended december 31, 2024 and 2023, the chamber did not incur a proxy tax with respect to these expenditures. All tax-exempt entities are subject to review and audit by federal, state, and other applicable agencies. Such agencies may review the taxability of unrelated business income, or the qualification of the san diego regional chamber of commerce as a tax-exempt entity under internal revenue code section 501(c)(6) and applicable state statutes. As of december 31, 2024, the san diego regional chamber of commerce has not been notified of any such audit or review. The foundation is a non-profit corporation organized under the laws of the state of california and is exempt from income taxes under section 501(c)(3) of the internal revenue code and section 23701(d) of the california revenue and taxation code. The organization does not have any unrecognized tax benefits at december 31, 2024 and 2023. The organization recognizes interest and penalties associated with tax matters as part of operating expenses and includes accrued interest and penalties with the related tax liability in the consolidated statements of financial position. No such amounts are included in the consolidated financial statements for the years ended december 31, 2024 and 2023.”