The Rebuild Foundation Nfp

“The Foundation's collections, which were acquired through contributions since the Foundation's inception, are made up of artifacts of historical significance and art objects that are held for educational, research, and curatorial purposes. The Foundation does not recognize collections as assets on the statement of financial position. Each of the collection items is cataloged, preserved, and cared for, and activities verifying their existence and assessing their condition are performed continuously.”

“The Foundation follows the accounting standard on accounting for uncertainty in income taxes, which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under this guidance, the Foundation may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. Examples of tax positions include the tax-exempt status of the Foundation and various positions related to the potential sources of unrelated business taxable income. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement. There were no unrecognized tax benefits identified or recorded as liabilities. The Foundation is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code and qualifies for charitable contribution deductions. The Foundation has been classified as an organization that is not a private foundation under Section 509(a) of the Internal Revenue Code. The Foundation is no longer subject to US federal income tax examinations for years ending through December 31, 2009. The Foundation is subject to Wisconsin income tax examinations for years ended 2010-2013.”