The Christ School Inc.

“During the current fiscal year, the school determined that the endowment funds do not belong to the school. Therefore, the school no longer has any endowment funds to report.”

“The organization is exempt from income taxation under section 501(a) as an entity described in section 501(c)(3) of the internal revenue code of 1986, as amended. Accordingly, no provision for federal income taxes is included in the accompanying financial statements. The organization has adopted guidance related to accounting for uncertainty in income taxes. This guidance prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position that an entity takes or expects to take in a tax return. This guidance is applicable for not-for-profit organizations that may be conducting unrelated business activities, which are potentially subject to income taxes, including state income taxes. The organization assesses its income tax positions, including its continuing tax status as a not-for-profit entity, and recognizes tax benefits only to the extent that the organization believes it is "more likely than not" that its tax positions will be sustained upon an examination by the internal revenue service ("irs") or the applicable state taxing authority. Accordingly, there is no provision for federal income taxes in the financial statements, as the organization believes all tax positions, including its continuing status as a not-for-profit entity, have a greater than 50% chance of realization in the event of an irs audit. State income taxes, which may be due in certain jurisdictions, have been assessed following the same "more likely than not" measurement threshold. With few exceptions, the organization is no longer subject to u.s. Federal, state, and local tax examinations by tax authorities for years before 2010.”