Murray 1693 Scholars Foundation

“Income from endowment is used for scholarships for 1693 scholars and general expenses of the william & mary 1693 scholars program”

“The Foundation, the 1693 Foundation and the Fund are nonstock corporations which have been determined by the Internal Revenue Service to be exempt from taxes on income derived from activities related to its exempt purpose under Section 501(c)(3) of the Internal Revenue Code. The REF is a stock corporation, wholly owned by the Foundation, which has been determined by the Internal Revenue Service to be exempt from taxes on income derived from activities related to its exempt purpose under Section 501(c)(2) of the Internal Revenue Code. Reliance is a limited liability company that is not disregarded for tax purposes, and therefore is subject to tax. CWMF Ventures, Foundation Services, 1693 Management and Gates Hall, LLC are disregarded entities for income tax purposes, and all activity is reported on the Foundation's tax return. ASC Topic 740, Income Taxes, provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in financial statements. ASC Topic 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing tax returns of the Foundation and its affiliated entities to determine whether the tax positions will "more-likely-than-not" be sustained by the applicable tax authority. As a result, tax positions not meeting the more-likely-than- not threshold would result in a current year expense or the absence of a benefit, as appropriate for the tax position. The Foundation has concluded that no provision for income tax is required in the Foundation's consolidated financial statements for the years ended June 30, 2024 and 2023. As of June 30, 2023, the Foundation had federal net operating losses available for carryforward in the amount of $3,893,197 as a result of unrelated business taxable income ("UBTI") resulting from investments in the Trust. UBTI is taxed at the prevailing corporate tax rate. Due to the uncertainty about whether these losses will result in a tax asset, no tax asset was recorded in the consolidated financial statements at June 30, 2024 and 2023. Net operating losses arising in tax years ending after December 31, 2017, have an indefinite carryforward period. Losses arising in earlier tax years have a carryforward period of twenty years. Losses arising in tax years beginning after December 31, 2017, are limited to 80% of taxable income in the year deducted. Reliance utilized its loss carry forward of $281,455 during the tax year ended June 30, 2023, and has no remaining loss carryforward as of June 30, 2024. The filing deadline for the June 30, 2024 tax return is May 15, 2025. In addition to the year ended June 30, 2024, the years ended June 30, 2023, 2022, and 2021 are open for inspection by the taxing authorities.”