Sarah Hackett Stevenson Memorial

“Sarah Hackett Stevenson Memorial's endowment funds are used in support of Chicago Child Care Society's counseling programs. Most of our counseling programs are government funded and these monies do not fully cover the costs of delivering services to our clients.”

“The Memorial, an Illinois nonprofit corporation, is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code and applicable state law, except for taxes pertaining to unrelated business income, if any. The Memorial follows the accounting guidance on accounting for uncertainty in income taxes, which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under this guidance, the Memorial may 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 taxing authorities, based on the technical merits of the position. Examples of tax positions include the tax-exempt status of the Memorial and various positions related to the potential sources of unrelated business taxable income (UBTI). The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement. There were no unrecognized tax benefits identified or recorded as liabilities during the year. The Memorial files Form 990 in the U.S. federal jurisdiction and the State of Illinois. The Memorial is generally no longer subject to examination by the Internal Revenue Service for fiscal years before 2014.”