Central Valley Center for the Arts Inc

“The center reviews and assesses tax positions taken or expected to be taken against more-likely-than-not recognition threshold and measurement attributes for financial statement recognition. The center's policy for evaluating uncertain tax positions is a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more-likely-than-not that the position will be sustained upon audit, including resolution of related appeals or litigations processes, if any. The second step is to measure the tax benefit or liability as the largest amount that is more than 50% likely to be realized or incurred upon settlement. Based on an analysis prepared by the center, it was determined that the tax positions taken or expected to be taken had no material effect on the recorded tax assets and liabilities of the center. The center's forms 990, return of organization exempt from income tax, and forms 990-t, exempt organization business income tax returns are subject to examination by the irs, generally for three years after they were filed.”

“Central valley center for the arts, inc.(cvca) is the legal entity that supports the operations of the gallo center for the arts, inc. (gca) through the establishment of endowment funds that provide necessary financial backing to ensure operation of the performing arts center through the life of the lease of the facilities from stanislaus county. Gca is the legal entity that was setup to hold the lease on the building and tangible theatre assets needed to support the operations of the gca, which tangible assets along with the building are contracted to convey back to stanislaus county at the termination of the lease. While these two entities are related and work together to support the gca through the life of the lease, upon termination they will not remain connected. While the assets of gca will convey back to stanislaus county, the assets in cvca, inclusive of the endowment funds, will continue to be held by cvca to support the arts in stanislaus county.”