Aultman Home for Aged Women Inc

“Intended use of endowment funds: income generated by the assets in the fund is available for distribution to aultman home for aged women, inc. Upon request of the board of directors. The agreement also provides for the distribution of principal to aultman home for aged women, inc. The organization has provided more detail on this endowment fund on schedule d, part v.”

“Of schedule d: note 12: income tax: the organization is a not-for-profit corporation as described in 501(c)(3) of the internal revenue code and is exempt from federal income taxes pursuant to section 501(a) of the internal revenue code. In addition, the organization qualifies for charitable contribution deduction under section 170(b)(1)(a) and has been classified as an organization that is not a private foundation under section 509(a)(2). The organization has adopted asc topic 740 (formerly fasb interpretation no. 48, 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. 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% likelihood of being realized upon ultimate settlement. In addition, the guidance on asc topic 740 addresses de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods. Management has determined that the effects of the adoption of this pronouncement to be insignificant, therefore no adjustments have been recorded and no further disclosures required."”