Bluegrass Community & Technical

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“The foundation is exempt from federal income taxes under internal revenue code section 501(c)(3). In addition, donations to the foundation qualify for the charitable contribution deduction under section 170(b)(1)(a). The foundation has been classified as an organization that is not a private foundation under section 509(a)(2). On september 16, 2014, the foundation received notification from the irs that the foundation met the requirements for classification as a public charity described in section 509(a)(1) and section 170(b)(1)(a)(iv) of the internal revenue code, as an organization organized and operated exclusively to receive, hold, invest, and administer property and to make expenditures to or for the benefit of an internal revenue code section 170(b)(1)(a)(ii) college or university, and the benefited college or university is an agency or instrumentality of a state or political subdivision thereof. The fasb asc prescribes a recognition threshold and measurement attribute for how an entity should recognize, measure, present, and disclose in its financial statements uncertain tax positions that the entity has taken or expects to take on a tax return. The fasb asc requires that the financial statements reflect expected future tax consequences of such positions presuming the taxing authorities' full knowledge of the positions and all relevant facts, but without considering time values. The foundation evaluates uncertain tax positions in accordance with existing generally accepted accounting principles in the united states of america and makes such accruals and disclosures as might be required there under. As of and for the fiscal years ended june 30, 2024 and 2023, there were no uncertain tax positions taken by the foundation. The federal income tax returns of the foundation for the fiscal years ended june 30, 2021, 2022, 2023, and 2024 are subject to examination by the internal revenue service, generally for three years after they are filed. However, the foundation is not currently under audit nor has the foundation been contacted by any tax jurisdictions.”