Action for Children

“Afc is part of a three agency fundraising coalition entitled kids come first: a campaign coalition for child care resources (the coalition or kcf). Afc serves as the host agency responsible for fiscal administration and custody of coalition funds under an agreement effective july 22, 2008. The assets of the coalition consist primarily of cash and pledges receivable subject to estimated collection losses. In march 2014, afc agreed to act as a fiscal agent for the reeb avenue center to pay certain expenses for its capital campaign. All cash held at june 30, 2014 was distributed during the year ended june 30, 2015.”

“Afc is exempt from federal income tax under section 501(c)(3) of the internal revenue code. Income taxes on unrelated businesses income, if any, are provided at the applicable rates on income for financial reporting purposes. No tax for unrelated business income was incurred in the 2015 and 2014 fiscal years. Afc accounts for uncertainty in income taxes using the provisions of the financial accounting standards board (fasb) accounting standards codification (asc) 740, income taxes. Using that guidance, tax positions initially need to be recognized in the financial statements when it is more-likely-than-not the positions will be sustained upon examination by the tax authorities. As of june 30, 2015, afc had no uncertain tax positions that require either recognition or disclosure in the financial statements. Afc's income tax filings are subject to audit by various taxing authorities. In evaluating income tax exempt activities, management believes its position of tax-exempt status is current based on current facts and circumstances. It is the policy of afc to include in operating expense, penalties and interest assessed by income taxing authorities. There are no penalties or interest from taxing authorities included in operating expenses for the years ended june 30, 2015 and 2014.”

“Fundraising expenses netted with revenue 41,345.”

“Fundraising expenses netted with revenue 41,345.”