New Hope Ministries Inc

Footnote for uncertain tax position under FIN 48 (Part X)

“The Organization is recognized as exempt from federal income taxes under Section 501(c)(3) of the United States Internal Revenue Code. The Organization is not a private foundation under Section 509(a)(2), and its donors qualify to deduct their donations to the Organization on their federal income tax returns. As of June 30, 2015, the Organization's information returns filed with the Internal Revenue Service remain open for examination for generally for three years after they were filed.The Organization follows the Financial Accounting Standards Board Accounting Standards Codification (FASB ASC), which provides guidance on accounting for uncertainty in income taxes recognized in an organization's financial statements. The guidance 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, and also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Examples of tax positions include the tax-exempt status of the Organization and various positions related to the potential sources of unrelated business income tax (UBIT). As of June 30, 2015 and 2014, the Organization had no uncertain tax positions that qualified for either recognition of an unrecognized tax benefit or disclosure in its financial statements. The Organization's policy is to recognize interest and penalties, if any, on tax positions related to its unrecognized tax benefits in income tax expense in the financial statements. No interest and penalties were assessed or recorded during the years ended June 30, 2015 and 2014.”