Old Town Playhouse Inc

“The permanent endowment is held by the grand traverse regional community foundation. Earnings are received annually and used for the organizations operating activities. The donor restricted endowment has been designated for improvements to the playhouse's main building. No amounts were approved for approppriation during 2025. Distributions from the board designated endowment is determined based on the needs of the organization and the board's determination of availability of funds. No amounts were approved for appropriation from this endowment during 2025.”

“The playhouse is a not-for-profit organization exempt from income tax under section 501(c)(3) of the internal revenue code and is exempt from similar state and local taxes. Although the playhouse was granted income tax exemption by the internal revenue service, such exemption does not apply to "unrelated business taxable income." the playhouse has been classified as not a private foundation. The playhouse considers whether it has engaged in activities that jeopardize its current tax-exempt status with the internal revenue service. Furthermore, the playhouse determines whether it has any unrelated business income, which may be subject to federal and state income taxes. The playhouse has evaluated years 2022 through 2025, the years which remain subject to examination by major tax jurisdictions as of june 30, 2025, for uncertain tax positions. The playhouse concluded that there are no significant uncertain tax positions requiring recognition in the playhouse's financial statements. The playhouse does not expect the total amount of unrecognized tax benefits ("utb") (e.g. Tax deductions, exclusions, or credits claimed or expected to be claimed) to significantly change in the next twelve months. The playhouse does not have any amounts accrued for interest and penalties related to utbs at june 30, 2025, and it is not aware of any claims for such amounts by federal or state income tax authorities.”