Andre Agassi Foundation for Education

“The endowment was set up by sletton construction to fund college scholarships for high school graduates of the andre agassi college preparatory academy. In 2009, the first graduating class graduated from aacpa.”

“The foundation is a non-profit organization that is exempt from income taxes under section 501(c)(3) of the internal revenue code and recognized by the internal revenue service as other than a publicly supported charity other than a private foundation. Occasionally, the foundation may be subject to unrelated business income tax. Any unrelated business income tax previously paid by the foundation has been minimal. The foundation has adopted the accounting standard which addresses the determination whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under this guidance, the foundation may recognize the tax benefit from an uncertain tax position only if it is more-likely-than-not that the tax position would 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 positions are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertain income taxes also addresses de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods. Management has evaluated the foundation's tax positions and has concluded that the foundation has taken no uncertain tax positions that require adjustment to the financial statements to comply with provisions of this guidance. The foundation files income tax returns in the u.s. Federal jurisdiction. The foundation files form 990 (return of organization exempt from income tax). When the return is filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the tax position taken or the amount of the position that would be ultimately sustained. Examples of tax positions common to the foundation include such matters as the tax status of the entity and various positions relative to potential sources of unrelated business taxable income (ubit). The benefit of a tax position in the financial statements is in the period during which, based on all available evidence, management believes it is more-likely-than-not that the position will be sustained upon examination, including the resolution of appeal or litigation processes, if any.”

“Gain on interest swap liability 246,123.”