Evidence Based Addiction Medicine

“The clinic has been recognized by the internal revenue service (irs) as exempt from federal income tax under section 501(c)(3) of the u.s. Internal revenue code, except for taxes on income from activities unrelated to its exempt purpose. Accordingly, no provision for income taxes has been made in the accompanying financial statements. Accounting principles generally accepted in the united states of america require management to evaluate tax positions taken by the clinic and recognize a tax liability(or asset) if the clinic has an uncertain tax position that more likely than not would not be sustained upon examination by the irs. Management has concluded that as of december 31, 2020 and 2019, there are no uncertain tax positions taken or expected to be taken by the clinic that would require recognition of a liability(or asset) or disclosure in the financial statements. The clinic's return of organization exempt from income tax(form 990) for the tax years ended 2019, 2018, and 2017 are subject to examination by the irs, generally for three years after they were filed.”

“Ppp loan forgiveness 43,800”

“In march 2020, the world health organization declared covid-19 a global pandemic. The immediate impact of the pandemic event was significant business disruption and uncertainty in both global and u.s. Markets. The lingering effects may result in continued disruptions in operations, cash flows and clinic's financial position. Though much remains uncertain about the future economy, management will continue to monitor and respond appropriately to maintain the clinic's ability to serve patients in the community. On may 22, 2020, the clinic received 43,800 in payment protection proceeds("ppp"), which is included in other income in the statement of activities. These loan proceeds were used for the intended purpose of satisfying operating expenses incurred(i.e. Payroll, lease obligations, etc.). On february 9, 2021, the small business administration notified the clinic that their loan had been fully forgiven with no repayment requirements. The bank facilitating the ppp loan returned the forgiven note to borrower as paid.”