Civic Intelligence

Worldwide Erc Inc

990 • Fiscal year 2016 • EIN 36-2540670

Apr 01, 2015 to Mar 31, 2016 • Filed on Aug 09, 2016

4401 Wilson Boulevard suite 510Arlington, VA 22203

(703) 842-3411

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

63rd percentile

0.37x

Higher debt load relative to assets than 63% of similar nonprofits.

2016 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2016

Liabilities / Revenue

64th percentile

0.49x

Higher debt load relative to revenue than 64% of similar nonprofits.

2016 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2016

Net Margin

69th percentile

9.4%

Higher net margin than 69% of similar nonprofits.

2016 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2016

Top Officer Pay

70th percentile

$500,282

Higher top officer pay than 70% of similar nonprofits.

Top officer pay equals 3.6% of source-year revenue.

2016 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2016

Asset Growth

64th percentile

7.6%

Faster asset growth than 64% of similar nonprofits.

2016 filings • 501(c)6 • $10M-$25M nonprofits • Annualized from 2015 to 2016

Revenue Growth

22nd percentile

-4.6%

Faster revenue growth than 22% of similar nonprofits.

2016 filings • 501(c)6 • $10M-$25M nonprofits • Annualized from 2015 to 2016

Assets

Up

$17,977,725

Up $1,269,260 (+7.6%) from 2015

Net Assets

Up

$11,279,181

Up $1,186,318 (+12%) from 2015

Liabilities

Up

$6,698,544

Up $82,942 (+1.3%) from 2015

Revenue

Down

$13,749,531

Down $664,811 (-4.6%) from 2015

Expenses

Up

$12,462,231

Up $678,495 (+5.8%) from 2015

Net Income

Down

$1,287,300

Down $1,343,306 (-51%) from 2015

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$20M$15M$10M$5.0M$0Assets 2014: $14,845,808Liabilities 2014: $7,382,757Net Assets 2014: $7,463,0512014Assets 2015: $16,708,465Liabilities 2015: $6,615,602Net Assets 2015: $10,092,8632015Assets 2016: $17,977,725Liabilities 2016: $6,698,544Net Assets 2016: $11,279,1812016Assets 2017: $17,528,851Liabilities 2017: $5,863,489Net Assets 2017: $11,665,3622017Assets 2018: $17,538,078Liabilities 2018: $5,590,775Net Assets 2018: $11,947,3032018Assets 2019: $16,164,158Liabilities 2019: $5,184,213Net Assets 2019: $10,979,9452019Assets 2020: $12,618,139Liabilities 2020: $4,676,084Net Assets 2020: $7,942,0552020Assets 2021: $10,810,719Liabilities 2021: $4,405,743Net Assets 2021: $6,404,9762021Assets 2022: $10,088,481Liabilities 2022: $5,442,979Net Assets 2022: $4,645,5022022Assets 2023: $8,832,118Liabilities 2023: $4,366,362Net Assets 2023: $4,465,7562023Assets 2024: $9,339,016Liabilities 2024: $4,425,961Net Assets 2024: $4,913,0552024

Highlighted filing

2016

Assets$17,977,725
Liabilities$6,698,544
Net Assets$11,279,181

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$15M$10M$5.0M$0-$5.0MRevenue 2014: $13,126,392Expenses 2014: $11,499,960Net Income 2014: $1,626,4322014Revenue 2015: $14,414,342Expenses 2015: $11,783,736Net Income 2015: $2,630,6062015Revenue 2016: $13,749,531Expenses 2016: $12,462,231Net Income 2016: $1,287,3002016Revenue 2017: $13,359,871Expenses 2017: $12,444,843Net Income 2017: $915,0282017Revenue 2018: $12,707,478Expenses 2018: $12,367,867Net Income 2018: $339,6112018Revenue 2019: $11,953,389Expenses 2019: $12,964,512Net Income 2019: -$1,011,1232019Revenue 2020: $9,987,802Expenses 2020: $13,083,922Net Income 2020: -$3,096,1202020Revenue 2021: $5,423,279Expenses 2021: $6,968,667Net Income 2021: -$1,545,3882021Revenue 2022: $5,001,276Expenses 2022: $6,072,522Net Income 2022: -$1,071,2462022Revenue 2023: $7,331,818Expenses 2023: $7,672,498Net Income 2023: -$340,6802023Revenue 2024: $7,063,726Expenses 2024: $7,152,799Net Income 2024: -$89,0732024

Highlighted filing

2016

Revenue$13,749,531
Expenses$12,462,231
Net Income$1,287,300
Jump To
Filing Snapshot
Filing Period
Apr 1, 2015 to Mar 31, 2016
Signed
Aug 9, 2016
Return Version
2015v2.1
Gross Receipts
$13,749,531
Mission and Program Overview

Mission

The mission of worldwide erc is to provide leadership, advocacy, education, and networking to global workforce mobility professionals and stakeholders through specialized training, credentialing, meeting events, and information exchange.

The premier global professional membership association for workforce mobility.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$6,296,562$6,624,018▲ $327,456
Investments in Publicly Traded Securities$812,077$5,007,526▲ $4,195,449
Savings and Temporary Cash Investments$6,664,586$4,183,370▼ $2,481,216
Accounts Receivable$548,577$1,007,699▲ $459,122
Land, Buildings, and Equipment, Net$615,348$355,059▼ $260,289
Prepaid Expenses and Deferred Charges$540,207$142,733▼ $397,474
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$16,708,465$17,977,725▲ $1,269,260
Other Assets Total$1,231,108$657,320▼ $573,788
Liabilities
Deferred Revenue$4,317,979$4,583,932▲ $265,953
Other Liabilities$1,406,428$1,173,194▼ $233,234
Accounts Payable and Accrued Expenses$891,195$941,418▲ $50,223
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$6,615,602$6,698,544▲ $82,942
Net Assets / Fund Balance
Unrestricted Net Assets$10,092,863$11,279,181▲ $1,186,318
Permanently Rstr Net Assets$0$0→ $0
Temporarily Rstr Net Assets$0$0→ $0
Total Net Assets Fund Balance$10,092,863$11,279,181▲ $1,186,318
Total Liabilities and Net Assets / Fund Balance$16,708,465$17,977,725▲ $1,269,260

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$157,928$2,039,662$2,197,590
Leasehold Improvements$197,131$632,594$829,725
Other Land Buildings$0$0-
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Margaret SmithPresident & CEOFT$330,189$170,093$500,282
Karen ReidExecutive Vice PresidentFT$280,409$95,549$375,958
Kirk FabelSr. VP Finance & OperationsFT$180,099$49,751$229,850
Cici ThompsonSenior VP, MeetingsFT$184,191$41,011$225,202
Laura HerriageVP Global AlliancesFT$154,392$45,927$200,319
Glen CoxDirector, Alliances & Memb RelFT$81,689$109,498$191,187
Chris WilsonVP Education & ResearchFT$151,941$35,822$187,763
Therese LaGoeDirector, Database OperationsFT$126,529$34,496$161,025

Board Members and Trustees

NameTitle
Robert J HorsleyChair Elect
Dale L Collins SCRP GMSChair Elect & Chairman
Cynthia D Salter SCRP SGMSChairman & Immed Past Chairman
Sharon Byrnes GMS-TVice Chair
Mark A Lozano SCRPVice Chair & Director
Soren OlesenVice Chair & Director
Andrea Massoud GMSDirector
Betsy M Welch CRP GMSDirector
Carol C Joy SCRP SGMSDirector
Carolyn Huxford SCRP GMSDirector
Ed HannibalDirector
Greg MorleyDirector
Robert BrezoskyDirector
Robert J RosingDirector
Sue Carey SCRP SGMSDirector

Highest Paid Contractors

ContractorServicesLocationCompensation
Freeman Audio Visual SolutionsAudio VisualPO BOX 650519, Dallas, TX 75265-0519$457,121
Dsk SolutiionsDatabase Support2010 CORPORATE RIDGE STE 700, Mclean, VA 22102$304,227
Cenveo Publisher ServicesPublishing ServicesPO BOX 822934, Philadelphia, PA 19182$284,427
DelcorNetwork Support8380 COLESVILLE RD STE 550, Silver Spring, MD 20910$228,276
C3lx INCMarketing & Branding11800 QUITMAN PLACE, Westminster, CO 80031$200,213
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$13,637,929
Investment Income
$100,250
Other Revenue
$11,352
Change in Net Assets
$1,287,300
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$8,205,931
Salaries, Compensation, and Employee Benefits$4,256,300
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$2,625,298
Conferences and Meetings---$2,592,376
Fees for Services Other---$1,824,084
Current Officers, Directors, Trustees, and Key Employees---$1,182,250
Occupancy---$534,724
Fees for Services Legal---$434,633
Information Technology---$377,024
Office Expenses---$364,858
Travel---$323,077
Depreciation Depletion---$312,004
Fees for Services Accounting---$263,976
Payroll Taxes---$228,246
Other Employee Benefits---$151,650
Pension Plan Contributions---$68,856
Advertising---$44,748
Insurance---$31,888
Fees for Services Lobbying---$17,875
Other Expenses---$14,583
All Other Expenses---$1,146
Total Functional Expenses$0$0$0$12,462,231
International Activity

International Summary

Employees
1
Spending
$2,086,432

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
East Asia and the PacificProgram ServicesConference Expenses-1$897,286
South AmericaProgram ServicesConference Expenses--$490,226
Europe (Including Iceland and Greenland)Program ServicesConference Expenses--$484,920
East Asia and the PacificInvestments---$214,000
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
In-house lobbying only
No
Subject to proxy tax
Yes

Reported Spending and Taxes

Line ItemAmount
Current Year Nondeductible Lobbying and Political Cost$17,875
Total Nondeductible Lobbying and Political Cost$17,875
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Deferred Compensation$791,160
Deferred Rent$382,034
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
Yes
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No
Filing and Contact Details

Filer

Filer Name
Worldwide ERC Inc
EIN
36-2540670
In Care Of
% KIRK M FABEL CFO
Phone
7038423411
Address
4401 Wilson Boulevard suite 510, Arlington, VA 22203

Signing Officer

Name
Kirk M Fabel
Title
CFO
Phone
7038423400
Signed
2016-08-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Margaret Smith
Formed
1964
Legal Domicile
Il
Voting Board Members
14
Independent Board Members
13
Employees
36
Volunteers
373

Preparer

Firm
Grant Thornton LLP
Address
2010 CORPORATE RIDGE SUITE 400, MCLEAN, VA 22102
Preparer
Mary Torretta
Phone
7038477500
Supplemental Narrative

Additional Explanations

Organization'S Mission

THE MISSION OF WORLDWIDE ERC IS TO PROVIDE LEADERSHIP, ADVOCACY, EDUCATION, AND NETWORKING TO GLOBAL WORKFORCE MOBILITY PROFESSIONALS AND STAKEHOLDERS THROUGH SPECIALIZED TRAINING, CREDENTIALING, MEETING EVENTS, AND INFORMATION EXCHANGE. Program Service Activity 1 Form 990, Part III, Line 4a MEMBERSHIP ENTITLES MEMBERS TO CERTAIN BENEFITS, INCLUDING THE RIGHT TO VOTE, INCLUDING SERVING AS DIRECTORS OR ON A COMMITTEE; COPIES OF MEMBERSHIP LISTS (I.E, THE "DIRECTORY FOR THE RELOCATION MARKETPLACETHE "ROSTER OF MEMBERS AND RESOURCE GUIDE"); A SUBSCRIPTION TO 'MOBILITY'- AN INFORMATIVE MAGAZINE FOR HR AND RELOCATION PROFESSIONS; ACCESS TO MEMBER-ONLY AREAS OF WORLDWIDE ERC'S WEBSITE (E.G, ONLINE FORUMS, WEBINARS, POLICY LIBRARY, SURVEYS AND RESEARCH REPORTS, TAX AND LEGAL INFORMATION), CONFERENCES, AND CERTIFICATION PROGRAMS. Program Service Activity 2 Form 990, Part III, Line 4b WORLDWIDE ERC HOLDS NUMEROUS CONFERENCES EACH YEAR FEATURING EDUCATIONAL SESSIONS RELATED TO WORKFORCE MOBILITY FOR BOTH ITS MEMBERS BASED IN THE UNITED STATES AND ABROAD. THESE CONFERENCES INCLUDE EDUCATIONAL SESSIONS AS WELL AS AN EXHIBIT PROGRAM. Program Service Activity 3 Form 990, Part III, Line 4c Mobility Magazine provides relocation industry answers to more than 30,000 relocation professionals every month. This informative tool for HR and relocation professionals across corporate, government, military, and service provider industries offers the best of all worlds. In each issue, relocation leaders share experiences, offer new solutions to age-old challenges, set industry trends, describe best practices and policies, as well as comment on key issues affecting the relocation professional.

Executive Committee

Form 990, Part VI, Line 1a Executive committee is delegated by Board on limited management decisions. Significant Changes made to Organizing Documents FOrm 990, Part VI, Line 4 There was one significant change to the organization's bylaws during fiscal year 2016. The minimum number of Board members was reduced to 9 from 11 and the President and CEO changed from an ex-officio member of the Board to a voting member.

Members or Stockholders

Form 990, Part VI, Line 6 THERE SHALL BE TWO CATEGORIES OF MEMBERSHIP: INDIVIDUAL MEMBERSHIP AND COMPANY MEMBERSHIP, EACH WITH THE RIGHTS AND OBLIGATIONS SPECIFIED BELOW, AND AS MAY BE FROM TIME TO TIME FURTHER SPECIFIED BY THE BOARD OF DIRECTORS. EACH MEMBER SHALL BE ENTITLED TO ONE VOTE ON EACH MATTER SUBMITTED TO THE MEMBERSHIP, SUCH VOTE TO BE CAST BY THE INDIVIDUAL MEMBER, THE MEMBER ADMINISTRATOR OF A CORPORATE/GOVERNMENT MEMBER OR SERVICE PROVIDER COMPANY MEMBER, OR THEIR DULY DESIGNATED PROXY. 1) INDIVIDUAL MEMBERSHIP (PERC) IS AVAILABLE TO INDIVIDUALS WHO ARE DIRECTLY OR INDIRECTLY EMPLOYED IN EMPLOYEE MOBILITY RELATED POSITIONS, OR WHO OTHERWISE HAVE AN INTEREST IN EMPLOYEE MOBILITY OR MANAGED MOVES. INDIVIDUAL MEMBERSHIPS ARE GIVEN THE PERC MEMBERSHIP STATUS, AND SHALL HAVE RIGHTS AND OBLIGATIONS, AND BE ELIGIBLE FOR SERVICES BASED UPON THEIR CURRENT EMPLOYER AND POSITION. 2) COMPANY MEMBERSHIP IS AVAILABLE TO ANY ORGANIZATION THAT IS INTERESTED OR INVOLVED IN EMPLOYEE MOBILITY OR MANAGED MOVES. THERE SHALL BE TWO TYPES OF ENTITY MEMBERS, EACH WITH DIFFERENT RIGHTS AND OBLIGATIONS: CORPORATE/GOVERNMENT COMPANY MEMBERS AND SERVICE PROVIDER COMPANY MEMBERS. 2A) CORPORATE/GOVERNMENT COMPANY MEMBERSHIP IS AVAILABLE TO ORGANIZATIONS THAT, IN THE COURSE OF THEIR BUSINESS PROVIDE RELOCATION ASSISTANCE TO THEIR EMPLOYEES. IT SHALL ALSO INCLUDE FEDERAL, STATE, OR LOCAL GOVERNMENTS AND GOVERNMENTAL AGENCIES, INCLUDING THE MILITARY BRANCHES OF THE UNITED STATES. EACH CORPORATE/GOVERNMENT MEMBER SHALL DESIGNATE A MEMBER ADMINISTRATOR, WHO WILL BE GIVEN THE PERC MEMBERSHIP STATUS AND WILL RECEIVE COMMUNICATIONS AND EXERCISE THE RIGHTS AND PRIVILEGES OF THE CORPORATE/GOVERNMENT MEMBER. THE MEMBER ADMINISTRATOR MUST NOT BE EMPLOYED IN THE MARKETING OR OPERATIONAL ASPECTS OF RELOCATION SERVICES FOR EXTERNAL CUSTOMERS. CORPORATE/GOVERNMENT MEMBERS SHALL ALSO INCLUDE THOSE CORPORATE/GOVERNMENT MEMBERS THAT HAVE FULLY OUTSOURCED THEIR EMPLOYEE RELOCATION FUNCTION TO AN OUTSIDE PROVIDER. CORPORATE/GOVERNMENT MEMBERS THAT FULLY OUTSOURCE THEIR EMPLOYEE RELOCATION FUNCTIONS TO AN OUTSIDE PROVIDER MAY SPONSOR AN OUTSOURCED MEMBER REPRESENTATIVE FOR THEIR ORGANIZATION. THE OUTSOURCED MEMBER REPRESENTATIVE MUST HAVE AN ERC INDIVIDUAL MEMBERSHIP (PERC STATUS) AND ATTEST THAT HE/SHE ADMINISTERS THE SPONSORING CORPORATE/GOVERNMENT MEMBERS RELOCATION PROGRAM. 2B) SERVICE PROVIDER MEMBERSHIP IS AVAILABLE TO ALL OTHER ELIGIBLE FIRMS, ASSOCIATIONS, AND COMPANIES. EVERY SERVICE PROVIDER MEMBER SHALL DESIGNATE A MEMBER ADMINISTRATOR, WHO WILL BE GIVEN THE PERC MEMBERSHIP STATUS, AND WILL RECEIVE COMMUNICATIONS AND EXERCISE THE RIGHTS AND PRIVILEGES OF THE SERVICE PROVIDER MEMBER. Members with the Power to Appoint Members of the Governing Body Form 990, Part VI, Line 7a A nominating committee consisting of Worldwide ERC members has the power to appoint new members. The committee presents these appointed new members to the Board of Directors for final approval.

Form 990 Review Process

Form 990, Part VI, Line 11b A COPY OF THE FORM 990 WAS PROVIDED TO EACH MEMBER OF THE GOVERNING BODY PRIOR TO FILING. PRIOR TO FILING, THE FORM 990 IS REVIEWED JOINTLY BY THE SENIOR VICE PRESIDENT OF FINANCE AND THE ACCOUNTING STAFF WITH THE INDEPENDENT TAX ADVISORS WHO PREPARE THE RETURN.

Conflict of Interest Policy Monitoring & Enforcement

Form 990, Part VI, Line 12c EVERY YEAR, THE BOARD OF DIRECTORS IS ISSUED A CONFLICT OF INTEREST POLICY STATEMENT, OUTLINING WHAT CONSTITUTES A CONFLICT, AND WHAT NOTICE THEY ARE REQUIRED TO GIVE IN THE EVENT A CONFLICT ARISES. ADDITIONALLY, EACH MEMBER OF THE BOARD OF DIRECTORS MUST SIGN A STATEMENT AGREEING TO COMPLY WITH THE POLICY STATEMENT. IF A CONFLICT ARISES, THE PERSON IS RECUSED FROM THE GOVERNING BODY'S DELIBERATIONS AND DECISIONS SURROUNDING THE APPLICABLE TRANSACTION.

Process for Determining Compensation

Form 990, Part VI, Line 15a AN INDEPENDENT COMPENSATION COMMITTEE CONSISTING OF THE BOARD'S CHAIR AND CHAIR-ELECT DETERMINED PERFORMANCE OBJECTIVES AT THE BEGINNING OF THE YEAR FOR THE CEO/PRESIDENT. CEO/PRESIDENT BASE SALARY IS BENCHMARKED AGAINST INDUSTRY AND GEOGRAPHIC AVERAGES FOR SIMILAR POSITIONS, AND ANY VARIABLE COMPENSATION IS BASED ON RESULTS MEASURED AGAINST PERFORMANCE OBJECTIVES. THE COMPENSATION COMMITTEE REVIEWS COMPARABILITY DATA AND MAINTAINS A RECORD OF DELIBERATIONS AND DECISIONS REGARDING THE COMPENSATION ARRANGEMENT.

Process for Determining Compensation

Form 990, Part VI, Line 15b Executive Vice President and Senior Vice President salaries are determined by CEO/President and measured against industry and geographic averages for similar positions.

How Documents Are Made Available to the Public

Form 990, Part VI, Line 19 The organization makes its Form 990 available to those persons requesting a copy. The bylaws of the organization are available on the Worldwide ERC website. The audited financial statements are made available to members on the website. The conflict of interest policy is available upon request.

Other Changes in Net Assets or Fund Balances

Form 990, Part XI, Line 9 Elimination of intercompany transaction -$100,982

Form 990 Part IX Line 11G

Description:consulting expenses total fees:1558448

Form 990 Part IX Line 11G

Description:recruiting expenses total fees:162403

Form 990 Part IX Line 11G

Description:temporary help total fees:84895

Form 990 Part IX Line 11G

Description:payroll processing total fees:18338

Financial Statement Notes

Liability for Uncertain Tax Positions

SCHEDULE D, PART X, LINE 2 Worldwide ERC follows guidance that clarifies the accounting for uncertainty in tax positions taken or expected to be taken in a tax return, including issues relating to financial statement recognition and measurement. This guidance provides that the tax effects from an uncertain tax position can only be recognized in the financial statements if the position is 'more-likely-than not' to be sustained if the position were to be challenged by a taxing authority. The assessment of the tax position is based solely on the technical merits of the position, without regard to the likelihood that the tax position may be challenged. Worldwide ERC is exempt from federal income tax under IRC section 501(c)(6), though it is subject to tax on income unrelated to its exempt purpose, unless that income is otherwise excluded by the Code. Worldwide ERC has processes presently in place to ensure the maintenance of its tax-exempt status; to identify and report unrelated income; to determine its filing and tax obligations in jurisdictions for which it has nexus; and to identify and evaluate other matters that may be considered tax positions. The tax years ending March 31, 2016, 2015, 2014 and 2013 are still open to audit for both federal and state purposes. Worldwide ERC has determined that there are no material uncertain tax positions that require recognition or disclosure in the financial statements.

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