Connecticut Center for Arts & Technology

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“Below is an excerpt from footnote 1 of the audited financial statements for connecticut center for arts and technology and affiliates. The center has been recognized by the internal revenue service (irs) as a not-for-profit corporation as described in section 501(c)(3) of the code and is exempt from federal income taxes on related income pursuant to section 501(a) of the code. In addition, the center qualifies for the charitable contribution deduction under code section 170(b)(1)(a)(vi) and has been classified as an organization that is not a private foundation under section 170(b)(1)(a)(ii). Until september 2021, conncorp and its wholly owned subsidiaries were treated as disregarded entities for federal income tax purposes, in accordance with single member limited liability company rules. All tax effects of conncorp and its wholly owned subsidiaries income or losses were passed through to the center. Conncorp applied for and received tax exemption from the irs effective september 23, 2021. Conncorp is classified as an organization that is not a private foundation under section 170(b)(1)(a)(vi). The wholly owned subsidiaries are treated as disregarded entities for federal income tax purposes, in accordance with single member limited liability company rules. All tax effects of the wholly owned subsidiaries income or losses are passed through to conncorp. Therefore, no provision or liability for federal income taxes is included within these consolidated financial statements. Management has analyzed the tax positions taken by the organization and has concluded that as of december 31, 2024 and 2023, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the consolidated financial statements. The organization is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods pending or in progress.”