Greater Akron Fore Youth Development Inc

“The organization maintains an endowment fund with the akron community foundation. The organization's endowment fund represents units of the akron community foundation's investments in various mutual funds. The organization's unit share of these investments is reported at market value. The principal of contributions to the endowment fund remains intact for perpetuity. Interest and dividend income earned on the endowment fund is available to the organization for its unrestricted use. The balance of the endowment fund includes both permanently restricted and unrestricted net asset amounts.”

“The organization is exempt from federal income tax under section 501(c)(3) of the internal revenue code. However, revenues from certain activities can be considered taxable for federal tax purposes as unrelated business income and provisions for taxes are recorded when appropriate. No income tax provision was necessary for 2020 and 2019. The organization is not subject to income taxes in any jurisdiction. Accordingly, no provision for income taxes is reflected in the accompanying financial statements. The organization has concluded that there are no uncertain tax positions that would require recognition in the financial statements. If the organization were to incur an income tax liability in the future, interest on any income tax liability would be reported as interest expense and penalties on any income tax liability would be reported as income taxes. The organization conclusions regarding uncertain tax positions may be subject to review and adjustment at a later date based upon ongoing analyses of tax laws, regulations and interpretations thereof as well as other factors. There are currently no examinations pending or in progress.”