M&M Area Community Foundation

“The organization follows the recognition requirements for uncertain income tax positions as required by generally accepted accounting principles. Income tax benefits are recognized for income tax positions taken or expected to be taken in a tax return, only when it is determined that the income tax position will more-likely-than-not be sustained upon examination by taxing authorities. The organization has analyzed tax positions taken for filing with the internal revenue service and all state jurisdictions where it operates. The organization believes that income tax filing positions will be sustained upon examination and does not anticipate any adjustments that would result in a material adverse affect on the organization's financial condition, results of operations or cash flows. Accordingly, the organization has not recorded any reserves, or related accruals for interest and penalties for uncertain tax positions at december 31, 2013 and 2012. The organization is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The organization believes it is no longer subject to income tax examinations for years ended before december 31, 2010 and 2009 for federal and state income tax purposes, respectively.”

“Donated program and fundraising materials 3,391”

“Fund raising expenses deducted from income -20,195 loss on disposal of equipment -1,210”

“Fund raising expenses deducted from income 20,195 donated program and fundraising materials 3,391”

“Loss on disposal of assets -1,210”

“Part v, line 4 - intended uses for endowment funds the organization's component endowment funds are of various types reflecting the purposes of the donors who have contributed to them. Undesignated funds - undesignated funds are those for which the board has full discretion in making distributions for charitable purposes to meet community needs. Field of interest funds - field of interest funds are used at the board's discretion to meet a general field of charitable need specified by the donor. Donor advised funds - donor advised funds are those for which the donor has reserved the right to make nonbinding distribution recommendations to the board. Donor designated funds - donor designated funds have been established by donors to provide sustaining support to a specific institution, agency or program specified by the donor.”