El Paso Hispanic Chamber of Commerce

PART X, LINE 2:

“The el paso hispanic chamber of commerce is a not-for-profit organization exempt from federal income taxes under section 501(6)(c) of the internal revenue code. The organization is not considered to be a private foundation and is exempt from federal income taxes. However, the internal revenue code may subject an organization to tax on unrelated business income. It is managements opinion that the organization had no unrelated business taxable income activity during the year ended december 31, 2018. The accounting standard on accounting for uncertainty in income taxes addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under that guidance, an organization may recognize the tax benefit from an uncertain tax position only if it is more likely than not that tax position will be sustained on examination by taxing authorities based on the technical merits if the position. Examples of tax position include the tax-exempt status of an organization and various position related to the potential sources of unrelated business taxable income (ubit). All significant tax positions have been considered by management. It has been determined that it is more likely than not that all tax positions would be sustained upon examination by taxing authorities. The organization has taken no uncertain tax positions for the year ended december 31, 2018. The organization is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The organizations tax years for 2016 through 2018 are open to examination by the internal revenue service.”