Associated Building Contractors of Fort Wayne Inc

“The organization operates as the fiscal agent for the economic develpment council, project awards, service awards and young professionals committee. The organization collected funds in excess of expenditures in the amount of 3,162 and 2,935 at december 31, 2022 and 2021, respectively, for project awards; 18,716 and 17,686 at december 31, 2022 and 2021, respectively, for the economic development council; and 5,468 and 11,969 at december 31, 2022 and 2021, respectively, for the young professionals committee. These funds are shown as custodial funds - fiscal agent, a liability on the statements of financial position.”

“The organization is exempt from income tax under section 501(c)(6) of the internal revenue code and has been classified as an organization that is not a private foundation under section 509(a) of the internal revenue code. The accounting standard which provides guidance on accounting for uncertainty in income taxes 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. Examples of tax positions include the tax-exempt status of the organization and various positions related to the potential sources of unrelated business income tax (ubit). 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 percent likelihood of being realized upon ultimate settlement. There were no unrecognized tax benefits identified or recorded as liabilities for the years ended december 31, 2022 and 2021. The organization files form 990 in the u.s. Federal jurisdiction and form np-20 for the state of indiana. Management has analyzed the organization's tax positions taken on income tax returns for all open tax years (generally december 31, 2019, and later years) and has concluded that no provision for income tax would be required in the organizations financial statements.”