Bedford County Library Inc.

“Prior to the bedford county library being formed on january 1, 2014, the bedford county library system transferred assets (cash) to a local community foundation (the "foundation") which is holding this amount as an endowed component fund ("fund"). In order to establish this endowment, the bedford county library system transferred $12,322 of their unrestricted funds to this permanent endowment during the year ending december 31, 2006. As of january 1, 2014, this fund was contributed to the bedford county library. The library does not have access to this initially contributed amount. The library has granted the foundation variance power which gives the foundation's board of trustees the power to use the fund for other purposes in certain circumstances. The fund is subject to the foundation's investment and spending policies which currently result in a distribution to the library at times as determined by the bedford county library which cannot exceed the net earnings in the account. There were no distributions received during the year or since the inception of this fund. The library reports the fair value of the fund as beneficial interest in assets held at a community foundation in the statement of financial position. Changes in the value of the fund are reported as gains or losses in the statement of activities.”

“In june 2006, the financial accounting standards board (fasb) issued fasb asc no. 740-10 [formerly interpretation no. 48 (fin 48)], accounting for uncertainty in income taxes, which is an interpretation of asc 740's (formerly sfas no. 109), accounting for income taxes. Fasb asc no. 740-10 clarifies the accounting for uncertainty in income taxes recognized in bedford county library's financial statements in accordance with asc 740's and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Fasb asc no. 740-10 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the bedford county library's tax return to determine whether the tax positions have a "more-likely-than-not" probability of being sustained by the applicable tax authority. The bedford county library performed an evaluation of uncertain tax positions for the year ended december 31, 2014, and determined that there were no matters that would require recognition in the financial statements or that may have any effect on its tax-exempt status. As of december 31, 2014, the statute of limitations for tax years 2011 through 2013 remains open with the u.s. Federal jurisdiction or the various states and local jurisdictions in which the organization files tax returns. It is the library's policy to recognize interest and/or penalties related to uncertain tax positions, if any, in income tax expense. As of december 31, 2014, the library had no accruals for interest and/or penalties.”