Meade Activity Center Inc.

“All temporarily restricted net assets have been restricted in use of the Organization's capital campaign. The remaining capital campaign funds are to be used for the support of the operations of the new fitness / wellness facility.”

“Meade Activity Center, Inc. is a nonprofit organization and is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code. The exemption is on all income except unrelated business income as noted under Section 511 of the Internal Revenue Code. Internal Revenue Code Section 513(a) defines an unrelated trade or business of an exempt organization as any trade or business which is not substantially related to the exercise or performance of its exempt purpose. Accounting principles generally accepted in the United States of America require management to evaluate tax positions taken by the Organization and recognize a tax liability if the Organization has taken an uncertain position that more likely than not would not be sustained upon examination by various federal and state taxing authorities. Management has analyzed the tax positions taken by the Organization, and has concluded that as of December 31, 2016 and 2015, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the accompanying financial statements. The Organization has filed its federal and state income tax returns for periods through December 31, 2015 and is subject to routine audits by taxing jurisdictions. However, as of the date the financial statements were available to be issued, there were no audits for any tax periods in progress. These income tax returns are generally open to examination by the relevant taxing authorities for a period of three years from the later of the date the return was filed or its due date (including approved extensions).”

“Fundraising Expense Included in Revenue 26,673. Bad Debt Recoveries -10,959.”

“Fundraising Expense 26,673. Bad Debt Recoveries -10,959.”