Turn Center

“The center is exempt from federal income tax under section 501(a) as an organization described in section 501(c)(3) of the internal revenue code (the code) and has been determined not to be a private foundation under section 509(a) of the code. The foundation is exempt from federal income tax under section 501(a) as an organization described in section 501(c)(3) of the code and has been determined not to be a private foundation under section 509(a) of the code. For federal income tax purposes, the foundation recognizes a december 31 fiscal year end. As a result of the aforementioned internal revenue service determinations, income taxes are not included in the accompanying combined financial statements. The organization complies with fasb asc topic 740, accounting for uncertainty in income taxes (asc 740), which 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 this 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. The tax benefits recognized in the combined financial statements from such position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also addresses de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods. Management evaluated the organization's tax positions and concluded that the organization had taken no uncertain tax positions that require adjustment to the combined financial statements to comply with the provisions of this guidance. With few exceptions, the center is no longer subject to income tax examinations by the u.s. Federal tax authorities for years ending before july 31, 2020 and the foundation is no longer subject to income tax examinations by the u.s. Federal tax authorities for year ending before december 31, 2019.”

“Special fundraising event expenses netted agains revenue 49,696”

“Special fundraising event expenses netted agains revenue 49,696”