Ada Area Chamber of Commerce

Schedule D, Page 3, Part X

“Income tax status - the organization qualifies as an organization exempt from income taxes under section 501(c)(6) of the internal revenue code and is subject to a tax on income from any unrelated business, as defined by section 509(a)(1) of the code. The organization currently has no unrelated business income. Accordingly, no provision for income taxes has been recorded. The organization has adopted the recognition requirements for uncertain income tax positions as required by generally accepted accounting principles. Income tax benefits are recognized for income tax positions taken or expected to be taken in a tax return only when it is determined that the income tax position will more-likely-than-not be sustained upon examinations by taxing authorities. The organization has analyzed tax positions taken for filing with the internal revenue service and all state jurisdictions where it operates. The organization believes the income tax filing positions will be sustained upon examination and does not anticipate any adjustments that would result in a material adverse effect on the organization's financial conditions, results of operations, or cash flows. Accordingly, the organization has not recorded any reserves or related accruals for interest and penalties for uncertain income tax positions as of december 31, 2014. Federal and state income tax statutes dictate that tax returns filed in any of the previous three reporting periods remain open to examination. Currently, the organization has no open examinations with the internal revenue service or the oklahoma tax commission.”