Amarillo Multiservice Center

“Amarillo multiservice center holds social security benefits for some of the centers clients and then assists the clients in paying their bills.”

“The corpus of the endowment is permanently restricted and is to be held in perpetuity while the income is available to fund the general operations of the center.”

“The center 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 center's books and records. Financial accounting standards board (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 center 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 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 center 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 and state income tax statutes dictate that tax returns filed in any of the previous three reporting periods remain open to examination. Currently, the center has no open examination with either the internal revenue service or state taxing authorities. The center has been classified as an organization that is not a private foundation under section 509(a)(2) of the internal revenue code. The center's policy is to record any income tax related penalties and interest incurred as an operating expense. There were no income tax related penalties or interest included in the accompanying financial statements.”

“Increase in cash surrender value 56,444.”