Prairie Rivers Network

“PRN is a not-for-profit organization that is exempt from income taxes under Section 501(c) (3) of the Internal Revenue Code and is not classified by the Internal Revenue Service to be a private Foundation under section 509(a) of the Internal Revenue Code. PRN is recognized as a charitable organization by the State of Illinois under the Charitable Trust and General Solicitation Act. The accounting standard on accounting for uncertainty in income taxes 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 that guidance, PRN 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 PRN and various positions related to the potential sources of unrelated business taxable income (UBIT). 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% likelihood of being realized upon ultimate settlement. There were no unrecognized tax benefits identified or recorded as liabilities for the 2016 fiscal year. PRN files information tax returns in the U.S. Federal and Illinois jurisdictions. PRN is no longer subject to U.S. federal, state, and local income tax examinations by tax authorities for years ending prior to December 31, 2013.”

“PRN is a not-for-profit organization that is exempt from income taxes under Section 501(c) (3) of the Internal Revenue Code and is not classified by the Internal Revenue Service to be a private Foundation under section 509(a) of the Internal Revenue Code. PRN is recognized as a charitable organization by the State of Illinois under the Charitable Trust and General Solicitation Act. The accounting standard on accounting for uncertainty in income taxes 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 that guidance, PRN 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 PRN and various positions related to the potential sources of unrelated business taxable income (UBIT). 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% likelihood of being realized upon ultimate settlement. There were no unrecognized tax benefits identified or recorded as liabilities for the 2016 fiscal year. PRN files information tax returns in the U.S. Federal and Illinois jurisdictions. PRN is no longer subject to U.S. federal, state, and local income tax examinations by tax authorities for years ending prior to December 31, 2013.”