Saint Johns Episcopal School Teachers Endowment Fund

“Intended uses of the organization's endowment funds the endowment fund is dedicated to provide or enhance compensation for teachers at st. John's episcopal school.”

“Fin 48 (asc 740) footnote the following is the text from the footnotes of the organization's audited consolidated financial statements: sjes, dpsf and sjtef are exempt from federal income taxes under section 501(c)(3) of the internal revenue code and therefore no provision has been made for federal income taxes in the consolidated financial statements. Should the school engage in activities unrelated to the purpose for which it was created, taxable income could result. In addition, sjes, dpsf and sjtef have been classified as entities that are not private foundations within the meaning of section 509(a) of the internal revenue code. There was no material unrelated business income for the years ended may 31, 2017 and 2016. Gaap requires the evaluation of tax positions taken or expected to be taken in the course of preparing the school's consolidated financial statements to determine whether the tax positions are more likely than not of being sustained by the applicable tax authority. Tax positions not deemed to meet the more likely than not threshold would be recorded as a tax benefit or expense in the current year. A reconciliation is not provided herein, as the beginning and ending amounts of unrecognized benefits are zero, with no interim additions, reductions or settlements. The school is relying on its tax-exempt status and its adherence to all applicable laws and regulations to preserve that status. However, the conclusions regarding the uncertainty in income taxes will be subject to review and may be adjusted at a later date based on factors including, but not limited to, ongoing analysis of tax laws, regulations and interpretations thereof. The school recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense. The school's informational returns filed with the irs are generally subject to examination for three years after the later of the due date or date of filing. As a result, the school is no longer subject to income tax examinations by tax authorities for years prior to 2014.”