Ohio Statewide Development Corp

Part X : FIN48 Footnote

“OSDC qualifies as a tax-exempt organization under Section 501(c)(4) of the Internal Revenue Code and, accordingly, is not subject to Federal income tax. The Organization does file an income tax return (Form 990) in the U.S. federal jurisdiction. The Organization is no longer subject to U.S. federal income tax examinations by authorities for years ended before 2009.In addition, OSDC is incorporated in the State of Ohio and is registered as a nonprofit organization. As such, the Organization is required to file annual reports with the Attorney General for the State of Ohio.The Financial Accounting Standards Board (FASB) has issued FASB ASC 740-10, Accounting for Uncertainty in Income Taxes, which clarifies the accounting for uncertainty in income taxes recognized in an enterprise's (including non-profit enterprise) financial statements in accordance with FASB ASC 740-10-125, Accounting for Income Taxes. FASB ASC 740-10 also prescribes a recognition threshold and measurement standard for the financial statement recognition and measurement of an income tax position taken or expected to be taken in a tax return. In addition, FASB ASC 740-10 provide guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition.The Organization treats tax positions taken using the more-likely-than-not recognition threshold. Tax positions are measured in the year that the Organization believes that the position is more-likely-than-not to be sustained. Any positions that are not expected to be sustained will be recorded as a liability.The Organization believes that none of the tax positions taken would be material to the financial statements.”