Maimonides-Shalom Academy Inc.

“In conformity with the practice followed by many museums and other similar institutions, collection objects purchased and donated are not included in the statements of financial position. These collection items are primarily art that was donated to the academy from one donor. The academy uses certain pieces of its collection for education purposes.”

“The Academy accounts for uncertainty in income taxes in accordance with GAAP, which requires recognition in the accompanying financial statements of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more likely than not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Academy had no material unrecognized tax benefits and no adjustments to its financial position, activities or cash flows were required. The Academy does not expect that unrecognized tax benefits will increase within the next twelve months. The Academy's tax returns for the current and prior three years remain subject to examination by Federal and state tax jurisdictions. The Academy did not record any interest or penalties on uncertain tax positions in the statements of financial position as of June 30, 2017 or the statements of activities for the year then ended. If the Academy were to incur any income tax liability in the future, interest on any income tax liability would be reported as interest expense and penalties on any income tax liability would be reported as income taxes.”

“Fundraising event direct expenses of $ 58,167 are deducted on the statement of revenue, part viii line 8b.”

“Fundraising event direct expenses of $ 58,167 are deducted on the statement of revenue, part viii, line 8b.”

“Tuition revenue on the audited financial statements were reported net of scholarships and other financial assistance in the amount of $ 1,371,940. This amount was reported on the statement of functional expenses, part ix, line 2 of form 990.”

“Tuition revenue on the audited financial statements were reported net of scholarships and other financial assistance in the amount of $ 1,371,940. This amount was reported on the statement of functional expenses, part ix, line 2 of form 990.”