Icast Internationl Center for Appropriate & Sustanabl Technology

“In 2014, the organization invested $20,000 of unrestricted net assets with the community first foundation. Community first agreed to match the organization's contribution by 50% as a temporary restricted endowment to support the mission of the organization. The total invested in the temporarily restricted endowment was $30,000. The organization is allowed to use the initial principal invested as well as the annual earnings on the invested amounts to subsidize operations. Per the spending provisions of the endowment fund agreement, the organization is allowed to withdraw up to 5% of the fair market value of the endowment fund for the prior 3 year average, calculated annually. The distributions are note cumulative; therefore, if the organization does not withdraw the annual 5%, they cannot take out 10% in the subsequent year. The balance in the temporary restricted endowment fund at december 31, 2015 and 2014 was $27,553 and $29,891, respectively.”

“On january 1, 2009, the organization adopted the recognition requirements for uncertain tax positions as required by generally accepted accounting principles with no cumulated effect adjustment required. 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. The organization believes that income tax filing positions would be sustained upon examination. Accordingly, the organization has not recorded any reserves, or related accruals for interest and penalties for uncertain tax positions at december 31, 2015 and 2014. The organization's policy is to classify income tax related interest and penalties in interest expense. The years open for tax authority examination are 2012 through 2014 for federal purposes. However, the organization is not currently under audit nor has it been contacted by this taxing authority.”