New Castle Senior Center Inc

PART X, LINE 2:

“New castle senior center, inc. Is exempt from federal and state income taxes under the provisions of section 501(c)(3) of the internal revenue code; therefore, no provision for income taxes has been made in the financial statements. In addition, the organization has been classified as one that is not a private foundation within the meaning of section 509 (a) of the internal revenue code and qualifies for deductible contributions as provided in section 170(b)(1)(a)(vi). Although the organization is not subject to federal and state income taxes, the organization is required to adhere to asc 740, "accounting for income taxes", which applies to all entities including those that are tax exempt. Asc 740 clarifies the accounting and reporting for income taxes where interpretation of the tax law may be uncertain. Asc 740 prescribes a comprehensive model for the financial statement recognition, measurement, presentation and disclosure of income tax uncertainties with respect to positions taken or expected to be taken in income tax returns. Management has reviewed its current and past federal income tax positions and has determined, based on clear and unambiguous tax law and regulations, that the tax positions taken are certain and that there is no likelihood that a material tax assessment would be made if the respective government agency examined tax returns subject to audit. Accordingly, no provision for the effects of uncertain taxpositions has been recorded. As of june 30, 2025, the 2022, 2023, and 2024 tax years are open and subject to examination by the internal revenue service. However, the organization is not currently under audit nor has the organization been contacted by this jurisdiction. Any interest and penalties related to income taxes would be recorded as income tax expense. There are no interest and penalties as of june 30, 2025 and 2024.”