Bay Area Legal Services Inc

“The organization holds funds for clients and reports them on the statement of financial position as an asset and liability.”

“The organization's investment in endowment (endowment) consists of individual funds established to provide future support for the organization. The endowment also includes funds designated by the board of directors to function as endowments. The community foundation of tampa bay (the foundation) holds endowment funds for which the earnings have been restricted for the benefit of the organization. The spending policies of the individual funds are as follows: william reece smith, jr./bay area legal services fund the foundation can make yearly grants to the organization up to 4% of the fund's fair value upon written request from the organization. If the organization chooses to request the grant funds, the funds must be used in the operations of the organization. Capital improvement fund the organization has a spending policy of appropriating for distribution each year 7% of its capital improvement fund's fair value. In establishing this policy, the organization considered the long-term expected investment return on its funds. The organization adopted the investment policy of the foundation with respect to these funds. Judge robert j. Simms memorial fund the foundation can make yearly grants to the organization based on a "5/7 3 year look back" spending policy. Upon written request from the organization, the yearly grant is based on the average return for the past three years with a minimum distribution of 5% of the fund's fair value and a maximum of 7%. If the organization chooses to request the grant funds, the funds must be used in the operations of the organization. L. David shear family endowment for bay area legal services the foundation can make yearly grants to the organization up to 4% of the fund's fair value upon written request from the organization. If the organization chooses to request the grant funds, the funds must be used in the operations of the l. David shear children's law center. Veteran's legal initiative endowment fund the foundation can make yearly grants to the organization up to 4% of the fund's fair value upon written request from the organization. If the organization chooses to request the grant funds, the funds must be used in support of providing legal services to veterans. Don m. Stichter fellow endowment the net earnings of the fund are reserved for use by the organization in support of providing legal services to preserve home ownership for low-income senior citizens in tampa bay. Richard c woltmann endowment the organization has the ability to make 4 withdrawals in a 12- month period up to the full amount of the balance. If the organization chooses to request the grant funds, the funds must be used in the operations of the organization.”

“The organization is exempt from federal income tax under section 501(c)(3) of the internal revenue code, except for taxes on unrelated business income. Since the organization had no taxable unrelated business income during the years ended december 31, 2024 and 2023, no provision for income taxes is provided in the financial statements. Management of the organization considers the likelihood of changes by taxing authorities in its filed income tax returns and recognizes a liability for or discloses potential significant changes that management believes are more likely than not to occur, including changes to the organization's status as a not-for-profit entity. Management believes the organization met the requirements to maintain its tax-exempt status and has no income subject to unrelated business income tax, therefore no provision for income taxes has been provided in these financial statements. The organization's income tax returns for the past three years are subject to examination by tax authorities, and may change upon examination.”

“Fundraising event expenses reported on 990 part viii -7,491. Raffle expenses reported on 990 part viii -3,014.”

“Fundraising event expenses reported on 990 part viii 7,491. Raffle expenses reported on 990 part viii 3,014.”