Waco Symphony Association Inc.

“Waco symphony association is the beneficiary of permanently restricted funds held by the waco foundation. The net distributable income is paid annually to the waco symphony association, unless the waco foundation and the waco symphony association agree to accumulate the net income or future distribution or add it to principal. Distributions of principal may be made at the sole discretion of waco foundation. The organization has $23,534 of accumulated income available to them as of april 30, 2018. Because the accumulated inoome has not been requested and transferred to waco symphony association, the organization is taking the position that the accumulated income is board-designated or quasi-endowments. The funds are not held directly by the waco symphony association; therefore, the organization has not previously reported these funds on sch d. The organization became aware that funds held by others for the organization's benefit should be reported on sch d; therefore, beginning with this fiscal year, the organization is reporting the funds.”

“Income tax footnote to the financial statements: the organization has been granted exemptions from federal income taxes under sec. 501(c)(3) of the internal revenue code. As such, no provision for income taxes is reflected in the financial statements. The accounting standards on accounting for uncertainty in income taxes address 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, the organization may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities based on the technical merits of the position. Examples of tax positions include the tax-exempt status of the organization and various positions related to the potential sources of unrelated business taxable income. The tax benefits recognized in the financial statements from a tax position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. There were no unrecognized tax benefits identified or recorded as liabilities, and there were no uncertain tax positions for fiscal years 2018 and 2017. The organization files its form 990 in the u.s. Federal jurisdiction,and is generally no longer subject to examination by the internal revenue service three years after filing.”

“Waco symphony council distribution netted against its revenue 30,750.”

“Waco symphony council distribution netted against its revenue 30,750.”