Borger Chamber of Commerce

“The chamber is exempt from federal income taxes under section 501(c)(3) of the internal revenue code and, therefore, has made no provision for federal income taxes in the accompanying financial statements. In addition, the chamber has been determined by the internal revenue service not to be a "private foundation" within the meaning of section 509(a) of the internal revenue code. The chamber follows the provisions of fasb asc 740, income taxes, which requires extensive disclosures about uncertain tax positions. This standard seeks to reduce the diversity in practice associated with certain aspects of the recognition and measurement related to accounting for income taxes. The chamber evaluates any uncertain tax positions using the provisions of fasb asc 450, contingencies. Accordingly, a loss contingency is recognized when it is probable that a liability has been incurred as of the date of the financial statements and the amount of the loss can be reasonably estimated. The amount recognized is subject to estimate and management judgment with respect to the likely outcome of each uncertain tax position. The amount that is ultimately sustained for an individual uncertain tax position or for all uncertain tax positions in the aggregate could differ from the amount recognized. The chamber does not believe that it has engaged in any activity that would result in an uncertain tax position. As a result, management does not believe that any uncertain tax positions currently exist and no loss contingency has been recognized in the accompanying financial statements. Federal income tax statutes dictate that tax returns filed in any of the previous three reporting periods remain open to examination. Currently, the chamber has no open examinations with the internal revenue service.”

“Fundraising direct expenses 18,729.”

“Fundraising direct expenses 18,729.”