Muskingum Economic Opportunity

“The organization is exempt from federal income tax as a nonprofit organization, as described in section 501(c)(3) of the internal revenue code, and, accordingly, no provision has been recorded for income taxes in the accompanying financial statements. The organization has analyzed tax positions taken for filing with the internal revenue service and all state jurisdictions where it operates. The organization believes that income tax filing positions will be sustained upon examination and does not anticipate any adjustments that would result in a material adverse effect on the organization's financial condition or the results of operations. Accordingly, the organization has not recorded any reserves or related accruals for interest and penalties for uncertain income tax positions as of december 31, 2024. 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 2021.”

“DISPOSITION OF PPE”

“Note 1: summary of significant accounting policies - income taxes the organization adpoted the provisions of fasb asc 740-10 (formerly fin 48 "accounting for uncertainty in income taxes") which prescribes a recognition threshold and a measurement attribute for the financial statement recognitions and measurement of tax positions taken or expected to be taken in a tax return. For these benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The amount recognized is measure as the amount of benefit that is grater than 50% likely of being realized upon ultimate settlement. As a result of the implementation of this standard, management determined that there are not material uncertain tax positions. As a not-for-profit organization, meoag is generall exempt from federal income taxes under the provisions of section 501(c)(3) of the internal revenue code and exempt from ohio income taxes. Therefore, no provisions or liability for income tax has been included in the financial statements. The organization's federal income tax returns are subject to examination by the irs for 2022, 2021 and 2020. From time to time, meoag may be subect to interest and penalties assessed by various taxing authorities. These amounts have historically been insignificant and are classified as other expenses as they occur.”