Anderson Munger YMCA Inc

Schedule D, Part X, Line 2, FIN 48 (ASC 740) footnote

“The association was organized pursuant to the general nonprofit corporation law of the state of california. The association is exempt from federal income taxes under section 501(c) (3) of the internal revenue code. The association is also exempt from california franchise taxes and certain general county real and personal property taxes under section 23701d of the california revenue and taxation code. However, the association is subject to income taxes on any net income that is derived from a trade or business, regularly carried on, and not in furtherance of the purposes for which it was granted exemption. No income tax provision has been recorded as the net income, if any, from any unrelated trade or business, in the opinion of management, is not material to the financial statements taken as a whole. Tax positions taken related to the association's tax exempt status, unrelated business activities taxable income and deductibility of expenses and other miscellaneous tax positions have been reviewed, and management is of the opinion that material positions taken by the association would more likely than not be sustained by examination. Accordingly, the association has not recorded an income tax liability for uncertain tax benefits.”