Episcopal Retirement Services Foundation

“The intended use of the organization endowments is to use 4.0% of the average market value of the funds over the previous 12 quarters to fund the specific programs requested by donors which include: pastoral care, care center flowers, independent living maintenance, financial aid, memory support care, affordable housing and general operations of episcopal retirement homes, inc. The organization also receives distributions from an endowment that is held and administered by the trustees of the episcopal diocese of southern ohio.”

“The internal revenue service has ruled that the obligated group (episcopal retirement homes, inc. And episcopal retirement services foundation) is exempt from federal income taxes as an other than private foundation under section 501(c)(3) of the internal revenue code; therefore, they are not subject to federal or state income tax. Accounting principles generally accepted in the united states of america require management to evaluate tax positions taken by the obligated group and recognize a tax liability if the obligated group has taken an uncertain position that more likely than not would not be sustained upon examination by the irs or other applicable taxing authorities. Management has analyzed the tax positions taken by the obligated group and has conducted that as of december 31, 2021 and 2020, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the combined financial statements. Accordingly, no provision has been made for federal income tax in the accompanying combined financial statements. The obligated group is subject to examination by taxing authorities; however, no examinations are in progress. Management believes these entities are not subject to tax examinations for years prior to 2018.”