Iowa Laborers' Education and Training Trust Fund

PART X, LINE 2:

“The trust established under the plan to hold the plan's assets is intended to qualify pursuant to section 501(c)(5) of the internal revenue code (irc), and, accordingly, the trust's net investment income is exempt from income taxes. The trust obtained a favorable tax determination letter from the irs on august 14, 1978, and the board of trustees believes that the trust, as amended, continues to qualify and to operate in accordance with applicable provisions of the irc. The total amounts of interest and penalties recognized in the statements of changes in net assets available for benefits and the total amounts of interest and penalties recognized in the statements of net assets available for benefits are $0. Accounting principles generally accepted in the united states of america require plan management to evaluate tax positions taken by the plan and recognize a tax liability (or asset) if the organization has taken an uncertain position that more likely than not would not be sustained upon examination by federal and state taxing authorities. The plan administrator has analyzed the tax positions taken by the plan, and has concluded that as of december 31, 2024 and 2023, there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The plan incurred unrelated business income tax (ubit) for the years ended december 31, 2024 and 2023 related to lease income on debt financed property. Therefore, the plan filed forms 990-t and ia 1120 with taxes owed of $0 and $206, respectively. Prior to 2022, the plan has never had ubit nor has it filed the form 990-t or ia 1120 for any previous years. Therefore, these tax years are open for examination by federal and state taxing authorities related to ubit.”