Northeast Oklahoma Community Action Agency Inc.

Part X : FIN48 Footnote

“Income Taxes and Uncertain Tax PositionsIncome Tax Status NEOCAA and Supportive Financial Services qualify as organizations exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code and are subject to a tax on income from any unrelated business, as defined by Section 509(a)(1) of the Code. The Organizations currently have no unrelated business income. Accordingly, no provision for income taxes has been recorded.The Organizations have 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 Organizations have analyzed tax positions taken for filing with the Internal Revenue Service and all state jurisdictions where it operates. The Organizations believe that income tax filing positions will be sustained upon examination and do not anticipate any adjustments that would result in a material adverse effect on the Organizations financial condition, results of operations, or cash flows. Accordingly, the Organizations have not recorded any reserves, or related accruals for interest and penalties for uncertain income tax positions at April 30, 2017.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 Organizations have no open examinations with the Internal Revenue Service or the Oklahoma Tax Commission.”