West Texas Joint Electrical Apprenticeship and Training Trust Fund

“The organization is exempt from federal income tax under internal revenue code section 501(c)(3). As a result, no provision for current or deferred income tax liability is recognized in the organization's books and records. The financial accounting standards board's (fasb) accounting standards codification (asc) 740, income taxes, requires extensive disclosures about uncertain income 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 organization evaluates any uncertain tax positions using the provisions of 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 statement 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 organization does not believe that it has engaged in any activity that would result in any uncertain tax positions. 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 statement. Currently, the organization has no open examination with either the internal revenue service or state taxing authorities. The organization has been classified as an organization that is not a private foundation under section 509(a)(2) of the internal revenue code. The organization's policy is to record any income tax related penalties and interest incurred as an operating expense when paid. There were no income tax related penalties or interest included in the accompanying financial statement.”

“Depreciation expense 1,123.”