Human Resources Development Foundation Inc

“The intended use of The Frank Juzang, Jr. and The C. Vincent Bakeman Endowment Funds are to provide grants to advance the programs of HRDI, Inc.; to develop new opportunities for HRDI, Inc.; to provide information, education and training programs; to support understanding of HRDI, Inc. programs and of behavioral health issues by individuals and the general public.”

“FIN 48 Note from Consolidated Audit Report HRDI Foundation has received a tax determination letter from the Internal Revenue Service indicating that they are recongnized as exempt from Federal income tax under IRC 501(a) as an organization described in IRC Section 501(c)(3), except for taxes pertaining to unrelated business income. No provision has been made for income taxes in the accompanying financial statements as HRDI Foundation has no material unrelated business income. FASB issued guidance prescribing how an organization should recognize, measure, present, and disclose in its consolidated financial statements uncertain tax positions. HRDI adopted this guidance, which is included in Accounting Standards Codification Topic 740 (ASC 740) Income Taxes. This guidance addresses the determination of how tax benefits claimed or expected to be claimed on a tax return should be recorded in the consolidated financial statements. HRDI Foundation must 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 the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. As of June 30, 2017 and 2016, HRDI Foundation did not have a liability for unrecognized tax benefits.”