Young Presidents Organization Philadelphia Chapter Inc

“Income taxes: the organization is exempt from federal income taxes under the provisions of section 501(c)(6) of the internal revenue code and therefore, no provision for income taxes has been recorded in the financial statements. The organization adopted the accounting guidance on accounting for uncertainty in income taxes (financial accounting standards board accounting standards codification topic 740-10), which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded on the financial statements. Under this guidance, the organization may recognize the tax benefit from an uncertain tax position only if it is more-likely-than-not that the tax position will be sustained on examination by statements from such a position are measure based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood to being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also addresses de-recognition, classification, interest and penalties on income taxes, and accounting interim periods. Management evaluated the organization's tax positions and concluded that the organization had taken no uncertain tax positions that require adjustment to the financial statements to comply with the provisions of this guidance. Consequently, no accrual for interest and penalties was deemed necessary for the year ended june 30, 2017 and no provision or liability for income taxes has been included in the financial statements. With few exceptions, the organization is no longer subject to income tax by federal, state, or local tax authorities for fiscal years ending before 2014.”

“Accrual to cash conversion 184,710.”

“Accrual to cash conversion 17,871.”