Education Foundation of the Lra Inc

“The foundation is exempt from federal income tax under section 501(c)(3) of the internal revenue code of 1986. However, income from certain activities not directly related to the foundation's tax-exempt purpose is subject to taxation as unrelated business income. The foundation did not incur a tax liability for 2024. The foundation evaluates all significant tax positions as required by accounting principles generally accepted in the united states of america. As of december 31, 2024, the foundation does not believe that it has taken any positions that would require the recording of any additional tax liability nor does it believe that there are any unrealized tax benefits that would either increase or decrease within the next year. The foundation files income tax returns in the u.s. Federal jurisdiction. With few exceptions, the foundation is no longer subject to federal income tax examinations by tax authorities for years before 2021. Any interest and penalties assessed by income taxing authorities are not significant and are included in general and administrative expenses in these financial statements as applicable.”

“The scholarship funds are to provide tuition and other costs related to post-secondary education to encourage skills development for success in the restaurant and hospitality industry.”

“The foundation is exempt from federal income tax under section 501(c)(3) of the internal revenue code of 1986. However, income from certain activities not directly related to the foundation's tax-exempt purpose is subject to taxation as unrelated business income. The foundation did not incur a tax liability for 2024 or 2023. Accounting standards provide detailed guidance for finanical statement recognition, measurement, and disclosure of uncertain tax positions recognized in an entity's financial statements. It requires an entity to recognize the financial statement impact of a tax position when it is more likely than not that the position will not be sustained upon examination. Tax years ended december 31, 2021 and later remain subject to examination by the taxing authorities. As of december 31, 2024, the foundation has no uncertain tax positions that qualify for either recognition or disclosure in the consolidated financial statements.”