Alpha Chi Sigma Educational Foundation Inc

“The endowment funds generate investment income used for scholarships to benefit students of chemistry or a chemistry related major.”

“The foundation files annual returns in the u.s. Federal and indiana and california jurisdictions. The foundation is exempt from federal income tax under section 501(c)(3) of the internal revenue code. It is also exempt from indiana income taxes. However, should the foundation ever have income from certain activities not directly related to its tax-exempt purpose, that income would be subject to taxation as unrelated businesss income. In addition, the foundation qualifies for the charitable contribution deduction under section 170(b)(1)(a) and has been classified as an organization other than a private foundation under section 509(a)(2). The foundation's policy is to include interest and penalties related to its tax positions in income tax expense. The foundation has adopted the provisions of the accounting pronouncement related to accoutning for uncertainty in income taxes. The foundation recoginzed no interest or penalties in the statements of activities and changes in net assets for the years ended december 31, 2018, and 2017. If the situation arose in which the foundation would have interest to recognize, it would recognize this as interest expense and penalties would be recognized in other expenses. Currently, the prior three years are open under federal and state statute limitations and remain subject to review and change. The foundation is not currently under audit. Based on the evaluation of the foundation's tax positions, management beleives all positions taken would be upheld under an examination. Therefore, no provision for the effects of uncertain tax positions has been recorded for the years ended december 31, 2018 and 2017.”