National Ground Water Research and Educational Foundation

“The ngwa foundation has 6 distinct funds, each with a specific purpose. 1) the henry darcy distinguished lecture series was established in 1986, to foster interest and excellence in ground water science and technology. Amounts to be expended shall be requested annually, subject to such annual limits. 2) the william a. Mcellhiney distinguished lecture series in water well technology was established in 2000 to help enhance the skills and credibility of all ground water professionals and to develop and exchange industry knowledge. 3) the developing nations fund was established in 2000 to benefit the quality of life for people around the world without access to plentiful supplies of potable ground water. This fund provides small assistance grants. 4) the len assante scholarship fund was established in 2002 to award scholarships to advance young people in ground water-related fields. 5) the usa groundwater fund was established to help meet groundwater needs in the united states. The fund has a three part purpose: education and training of groundwater professionals; public education and awareness; and to support the water wells for america program. 6) the ground water research fund was established in 2004 to fund leading-edge programming that stimulates new knowledge, information, programs, and products to advance ground water science and technology. In turn, this will enhance the future effectiveness of the ground water professions and will maximize ground water's benefit to society.”

“"federal income taxes ngwa is exempt from federal income taxes under section 501(c)(6) of the internal revenue code. The foundation and ffadw are exempt from federal income taxes under section 501(c)(3) of the internal revenue code. However, certain unrelated business income is taxable. Ngwia is subject to federal taxes. The association follows the liability method of accounting for income taxes. The liability method provides that deferred tax assets and liabilities are recorded based on the difference between the tax basis of assets and liabilities and their carrying amounts for financial reporting purposes. Temporary differences consist primarily of net operating loss carryforwards. Generally accepted accounting principles requires the association to evaluate the level of uncertainty related to whether tax positions taken will be sustained upon examination. Any positions taken that do not meet the more-likely-than-not threshold must be quantified and recorded as a liability for unrecognized tax benefits in the accompanying consolidated statements of financial position along with interest and penalties that would be payable to the taxing authorities upon examination. The association believes that none of the tax positions taken would materially impact the financial statements, and no such liabilities have been recorded."”