First Steps Inc.

“Certain endowments, donations and trusts are governed by terms and conditions placed on them by the donors. The board reserves the right to transfer funds from the endowments for specific uses subject to bank covenants and the written understanding of the donors regarding the uses of these transferred funds. Any material transfers of funds from endowments are approved by the finance committee or the board. In any event, the board is notified of such transfers.”

“The organization is a tax-exempt organization under section 501(c)(3) of the internal revenue code, and the organization 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 organization follows financial accounting standards board accounting standards codification ("fasb asc") guidance concerning the accounting for 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 tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. The organization does not believe there are any uncertain tax positions at june 30, 2015 and 2014. Additionally, the organization has not recognized any tax related interest and penalties in the accompanying financial statements. Federal tax years that remain open for examination include the years ended june 30, 2012 through june 30, 2015.”

“Special event expenses 12,671.”

“Special event expenses 12,671.”