Circleville-Pickaway Community Improvement Corp

“The endowment fund was created to provide future funds to promote, advance and encourage the development of pickaway county and its municipalities.”

“The organization is exempt from federal income taxes under section 501(c) (3) of the internal revenue code. The organization follows fasb guidance 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 organization 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 organization, and various positions related to the potential sources of unrelated business taxable income (ubit). 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. The guidance on accounting for uncertainty in income taxes also addresses de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods. On december 31, 2023, there were no material unrecognized tax benefits identified or recorded as liabilities. The organization files form 990 in the u.s. Federal jurisdiction and the state of ohio. The organization's federal exempt organization tax returns are subject to examination by the internal revenue service, generally for three (3) years after they are filed. All tax returns for years ending after december 31, 2020 are open for examination.”