St Johns County Council on Aging Inc

PART X, LINE 2:

“The organization implemented the accounting requirements associated with uncertainty in income taxes using the provisions of financial accounting standards (fasb) asc 740, income taxes. As of december 31, 2013, the organization had no uncertain tax positions that would qualify for either recognition or disclosure in the financial statements. The organization has adopted fasb asc 740-10, which clarifies the accounting for uncertainty in income taxes recognized in an entity?s financial statements. The interpretation 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. Based on analyses of various federal and state filing positions of the organization, management believes that its income tax filing positions and deductions are well documented and supported. As of december 31, 2013, the organization had no uncertain tax positions that would qualify for either recognition or disclosure in the financial statements. Therefore, no reserves for uncertain income tax positions have been recorded pursuant to fasb asc 740-10. In addition, no cumulative effect adjustment related to the adoption of fasb asc 740-10 was recorded. There have been no increases or decreases in unrecognized tax benefits for current or prior years since the date of adoption. Furthermore, no interest or penalties have been included since no reserves were recorded and no significant increases or decreases are expected to occur within the next 12 months. When applicable, such interest and penalties will be reported as income tax expense.”