Avery Properties Inc.

“Avery properties reports the security deposits held for avery glen apartments leased by current tenants as an escrow account liability on the balance sheet.”

“The college is recognized as an organization exempt from federal income tax under section 501(a) of the internal revenue code as an organization described in section 501(c)(3), except for taxes on income from activities unrelated to its exempt purpose. The college evaluates its uncertain tax positions using the provisions of financial accounting standards board (fasb) accounting standards codification (asc) 740 income taxes. The college follows the criterion that an individual tax position has to meet the relevant technical requirements for the position to be recognized in the college's consolidated financial statements. The college determined that the relevant tax authority would more likely than not sustain the tax position following an audit. The college has applied this criterion to all tax positions for which the statute of limitations remains open. Tax years open to examination by tax authorities under the statute of limitations include fiscal 2011 through 2014. The college has a policy to record interest and penalties (if any) related to income tax matters in income tax expense. The college has determined that its tax positions satisfy the more likely than not criterion and that no provision for income taxes is required at june 30, 2014 and 2013. For the years ended june 30, 2014 and 2013 no interest and penalties were recorded.”