Attic Incorporated

“During the fiscal year ended september 30, 2010, the organization established the "independent center endowment fund" with the knox county community foundation, inc. (the "foundation"). The ordinary income, capital appreciation (realized and unrealized), and principal allocable to the fund, net of fees and expenses, may be committed, granted or expended pursuant to the spending policy of the foundation. The foundation's spending policy is designed to take into account total return concepts of investment and spending, with the goal of preserving the real spending power of endowments over time while balancing the need for consistent spending to support the charitable purposes of the endowment. The board of directors of the foundation has the authority to vary donor restrictions if continued adherence to that restriction becomes unnecessary, incapable of fulfillment or inconsistent with the charitable needs of the community served by the foundation. The organization may submit recommendations regarding specific purposes or amounts for distribution. The board of directors of the foundation will then consider the request, applying reasonable standards and guidelines.”

“Accounting standards require the evaluation of tax positions taken, or expected to be taken, in the course of preparing the organization's tax returns, to determine whether the tax position may be recognized in the financial statements only when it is "more-likely-than-not" the position will be sustained upon examination, including resolution of any related appeals or litigation processes, based upon the technical merits and consideration of all available information. Once the recognition threshold is met, the portion of the tax benefit that is recorded represents the largest amount of tax benefit that is greater than 50 percent likely to be realized upon settlement with a taxing authority. Based on its review, management does not believe the organization has taken any material uncertain tax positions, including any position that would place the organization's exempt status in jeopardy as of september 30, 2024.”