Woman'S Hospital Foundation

“The hospital is exempt from income taxes under section 501 of the internal revenue code and a similar provision of state law. However, the hospital is subject to federal income tax on any unrelated business taxable income. The hospital did not incur federal income tax expense for the years ended september 30, 2023 and 2022. For income tax purposes, woman's retail ventures, llc is treated as a partnership. The members of this entity are taxed individually based on their proportionate share of their taxable income. As such, no provision is made for income taxes in the accompanying consolidated financial statements. Tax positions are recognized only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax position is recorded. The hospital is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.”

“Permanent installment of 32 giclees of world renowed folk art donated in a prior year as part of the healing arts program. The artwork is displayed in a prominent area of the hospital, for all patients and visitors to enjoy.”

“The foundation holds an endowment fund in the amount of $1,250,000 from the helen barnes trust. This amount is permanently restricted but the annual earnings from this endowment may be used by the foundation. The income is reported on the core form 990, but the balance on this endowment does not change from year to year since only the $1,250,000 is restricted.”

“The hospital applies the accounting guidance related to accounting for uncertainty in income taxes, which sets out a consistent framework to determine the appropriate level of tax reserves to maintain for uncertain tax positions. The hospital recognizes the effect of income tax positions only if the positions are more likely than not of being sustained. Recognized income tax positions are recorded at the largest amount that is greater than 50% likely of being realized. Changes in the recognition or measurement are reflected in the period in which the change in judgment occurs. The hospital has evaluated its position regarding the accounting for uncertain income tax positions and does not believe that it has any material uncertain tax positions.”