Martha O'Bryan Center Inc

“The center is exempt from federal income taxes under the provisions of internal revenue code section 501(c)(3), and, accordingly, no provision for income taxes is included in the consolidated financial statements. Under generally accepted accounting principles ("gaap"), a tax position is recognized as a benefit only if it is"more likely than not" that the tax position would be sustained in a tax examination, with a tax examination beign presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. The center has no material uncertain tax positions that qualify for either recognition or disclosure in the consolidated financial statements as of june 30, 2024 and 2023. The center files a u.s. Federal information return. As of june 30, 2024 and 2023, the center has accrued no interest and/or penalties related to income tax matters in income tax expense.”

“The center is a not-for-profit organization and is exempt from income taxes under section 50l(c)(3) of the internal revenue code, and the center is classified as an organization that is not a private foundation as defined in section 509(a) of the internal revenue code. Therefore, no provision for federal income taxes is included in the accompanying financial statements. The center follows fasb asc guidance clarifying the accounting for uncertainty in income taxes recognized in an entity's financial statements. This guidance prescribes a minimum probability threshold that a tax position must meet before a financial statement benefit is recognized. The minimum threshold is defined as a tax position that is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The center has no tax penalties or interest reported in the accompanying financial statements. The center files an annual information return (us federal form 990) with the us government. Tax returns are subject to audit by the us internal revenue service for three years following the date of the filing.”