Foundation of the Association

“Management of the organizations considers the likelihood of changes by taxing authorities and recognizes a liability for or discloses potential significant changes that managment believes are more likely than not to occur, including changes to the organization's status as a not-for-profit entity. Management believes that the organization met the requirements to maintain its tax-exempt status and has appropriately reported income subject to unrelated business income tax. The provisions for unrelated business income taxes is reported as an expense in these consolidated financial statements. The income tax returns for the association and the foundation for the past three years are subject to examination by tax authorities and may change upon examination.”

“The association and foundation are non=profit organizations and are exempt, under section 501(c)(6) and section 501 (c)(3), respectively, of the internal revenue code (the code), from federal, state and local income taxes whereby only unrelated business income, it any, as defined by section 512(a)(1) of the code, is subject to federal income tax. The association and foundation did not have any material unrelated business income tax for the year ended december 31, 2023. Management of the organizations considers the likelihood of changes by taxing authorities and recognizes a liability for or discloses potential significant changes that managment believes are more likely than not to occur, including changes to the organization's status as a not-for-profit entity. Management believes that the organization met the requirements to maintain its tax-exempt status and has appropriately reported income subject to unrelated business income tax. The provisions for unrelated business income taxes is reported as an expense in these consolidated financial statements. The income tax returns for the association and the foundation for the past three years are subject to examination by tax authorities and may change upon examination.”