Stonehill Benevolent Foundation

“Stonehill Benevolent Foundation is a beneficiary of a Community Foundation maintained by an independent trustee. The assets maintained by the Community Foundation are to be held in perpetuity. The Organization expects to receive annual distributions of its share of the Community Foundation's income. These distributions are recorded in the combined financial statements as investment income. These funds amount to $11,623 at June 30, 2015. The Community Foundation also holds funds that are contributed by individual donors for the benefit of Stonehill Franciscan Services, Inc. and Stonehill Benevolent Foundation. These funds that are held by the Community Foundation and are permanently endowed for the support of Stonehill Franciscan Services, Inc. and Stonehill Benevolent Foundation were $97,641 at June 30, 2015.”

“Stonehill Benevolent Foundation is organized as an Iowa nonprofit corporation and has been recognized by the Internal Revenue Service (IRS) as exempt from federal income taxes under Section 501(a) of the Internal Revenue Code as an organization described in Section 501(c)(3), qualify for the charitable contribution deduction under Section 170(b)(1)(A)(vi) and (viii), and has been determined not to be private foundations under Sections 509(a)(1) and (3), respectively. The entity is annually required to file a Return of Organization Exempt from Income Tax (Form 990) with the IRS. In addition, the entity is subject to income tax on net income that is derived from business activities that are unrelated to its exempt purpose. Stonehill Benevolent Foundation has determined it is not subject to unrelated business income tax and has not filed an Exempt Organization Business Income Tax Return (Form 990-T) with the IRS. Stonehill Benevolent Foundation believes that it has appropriate support for any tax positions taken affecting its annual filing requirements, and as such, does not have any uncertain tax positions that are material to the financial statements. The entity would recognize future accrued interest and penalties related to unrecognized tax benefits and liabilities in income tax expense if such interest and penalties are incurred.”