Peoria Academy Inc.

“To provide another vehicle to receive gifts from donors. The intent is to build the principal over time. Eventually the interest received from the principal investments could help offset costs and/or allow the school to purchase needed capital items.”

“Fundraising direct expenses.”

“Fundraising direct expenses.”

“The academy is organized as an illinois not-for-profit corporation and is exempt from federal taxation under section 501(c)(3) of the internal revenue code and is not classified as a private foundation by the internal revenue service. However, it is subject to income tax on any unrelated business income it receives. The organization files a form 990 (return of organization exempt from income tax) annually. When the returns are filed, it is highly certain that some positions taken would be sustained upon examination by taxing authorities, while others are subject to uncertainty about the merits of the tax position taken or the amount of the position that would ultimately be sustained. Examples of tax positions common to nonprofit organizations include such matters as the following: the tax exempt status of each entity and various positions relative to potential sources of unrelated business taxable income (ubit). Ubit is reported on form 990-t, as appropriate. The benefit of tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes that it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation process, if any. Forms 990 filed by the academy are subject to examination by the internal revenue service (irs) up to three years from the extended due date of each return forms 990 filed by the organization are no longer subject to examination for the years 2010 and prior.”