Orange County Housing Trust Inc.

Part X : FIN48 Footnote

“Orange county housing trust's financial information is consolidated for gaap audit purposes with a related company, neighborhood housing services of orange county, inc. Dba neighborworks orange county.the organization has qualified for tax-exempt status under section 501(c)(3) of the internal revenue code and section 23701d of the revenue and taxation code of the state of california and, generally, are subject to state and federal income taxes on any net income that is derived from a trade or business, regularly carried on, and not in furtherance of the purpose for which the organization was granted exemption. No income tax provision has been recorded from any unrelated trade or business. In the opinion of management, unrelated business income, if any, is not material to the consolidated financial statements taken as a whole.the organization follows the provisions of fasb asc topic 740, "income taxes", which provides standards for establishing, classifying, and disclosing any tax provision for uncertain tax provisions. As of june 30, 2018 and 2017, the organization has concluded that there are no uncertain positions taken or expected to be taken that would require recognition of tax assets or liabilities or disclosure in the consolidated financial statements. The organization has recognized no interest or penalties related to uncertain tax positions. The organization is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The organization believes it is no longer subject to income tax examinations for years prior to 2014 and 2013, respectively.”