Lowry Park Zoo Endowment Foundation Inc.

“The Foundation's endowment consists of individual named funds established for a variety of purposes. Its endowment includes donor-restricted endowment funds and funds designated by the Board of Directors to function as endowments. The Foundation has adopted investment and spending policies for endowment assets that attempt to provide a predictable stream of funding to Society programs supported by the endowment while seeking to maintain the purchasing power of the endowment assets. The Foundation has a policy of distributing up to 5% of the three year average of prior fiscal year-end market values of investments, with the overall goal to provide funding for the operation and support of Lowry Park Zoological Society of Tampa, Inc. During the fiscal year ended June 30, 2020, the Foundation provided an incremental $1 million gift to the Society to help support operations during the COVID-19 pandemic.”

“The Foundation has received determination of tax exempt status from the Internal Revenue Service under Code Section 501(c)(3), and consequently, the earnings of the Foundation are not taxed. Additionally, the Foundation is not classified as a private foundation and grantors and donors' gifts are considered charitable contributions for income tax purposes. As described in Note 1(a), the Foundation is the sole member of Foundation, LLC. Foundation, LLC is an entity that is disregarded from its sole member for income tax purposes, and as such, the assets, liabilities and operations of the Foundation, LLC are included directly with the Foundation for income tax purposes. Additionally, as described in Note 4, the Foundation, LLC is a 25% member in KML Properties, LLC (KML, LLC). KML, LLC is an entity treated as a partnership for income tax purposes, where income taxes are the responsibilities of its members. Neither the operations of Foundation, LLC nor the operations attributable to the 25% member interest in KML, LLC are subject to federal or state income taxes, due to the Foundation's status under Internal Revenue Code Section 501(c)(3). Accordingly, the Foundation does not include a provision for federal or state income taxes. The Organization follows Accounting Standards Codification (ASC) Topic 740, Income Taxes (ASC 740). A component of this topic prescribes a recognition and measurement standard for uncertain tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Organization's policy is to recognize interest and penalties associated with tax positions under this standard as a component of income tax expense, and none were recognized since there was no material impact of the application of this standard for the years ended June 30, 2020 and 2019. The Organization's information returns are open to IRS examination for the 2016 tax year ended June 30, 2017 and all subsequent years.”

“Change in beneficial interest assets 5,939.”

“Interest income 53,662.”