New Orleans Center for Creative Arts Foundation

“Works of art by professional artists in multiple mediums are occassionally donated to tni specifically for exhibit at nocca and in tni offices and public spaces. Student artwork that is purchased by tni joins the collection and is exhibited at nocca or in tni offices and public spaces. This work is exhibited in perpetuity for the cultural benefit of nocca students, faculty, staff and the public at large.”

“Financial assistance for nocca, the nocca institute, and student scholarships and awards.”

“The new orleans center for creative arts institute is a nonprofit corporation organized under the laws of the state of louisiana. The institute is exempt from federal income tax under section 501(c)(3) of the internal revenue code, and qualifies as an organization that is not a private foundation as defined in section 509(a) of the code. It is exempt from louisiana income tax under authority of r.s. 47:121(5). Management has reviewed culinary operations and tnii for any potential tax effects as of june 30, 2014. The institute has determined that no tax expense or provision or tax asset or liability should be provided for in the consolidated financial statements of the institute. Accounting standards codification (asc) "accounting for uncertainty in income taxes" clarifies the accounting and disclosure for uncertain tax positions. This interpretation requires companies to use a prescribed model for assessing the financial statement recognition and measurement of all tax positions taken or expected to be taken in tax returns. The institute applies a "more-likely-than-not" recognition threshold for all tax uncertainties. This approach only allows the recognition of those tax benefits that have a greater than fifty percent likelihood of being sustained upon examination by the taxing authorities. The institute has reviewed its tax positions and determined there are no outstanding or retrospective tax positions with less than a 50% likelihood of being sustained upon elimination by the taxing authorities. The institute's tax returns for the years ended june 30, 2013, 2012, and 2011 remain open and subject to examination by taxing authorities. The institute's 2014 tax return has not been filed as of the report date.”

“Rental expenses 8,411. Special event direct expense 14,412. Cost of goods sold 10,440.”

“Rental expenses 8,411. Special event direct expense 14,412. Cost of goods sold 10,440.”