Animal Humane Society Veterinary Centers PC

“Animal Humane Society files informational returns in the United States federal jurisdiction and in the Minnesota state jurisdiction. In addition, AHS files tax returns in relation to their unrelated business income. As a wholly-owned, non-profit subsidiary, Animal Humane Society Veterinary Centers, P.C files separate informational returns in the United States federal jurisdiction and in the Minnesota state jurisdiction. Kasota Holding, LLC is a limited liability company that is wholly owned by AHS and is considered a disregarded entity. As such, Kasota Holding, LLC activity is reported on Animal Humane Society's Form 990. All returns for Animal Humane Society prior to fiscal year 2016 are closed. No returns of any entity are currently under examination in any tax jurisdiction. As of June 30, 2022, there were no material amounts of income tax related accrued interest or penalties recognized in either the statement of financial position or statement of activities for AHS, Animal Humane Society Veterinary Centers, P.C., or Kasota Holdings, LLC.”

“In March 2016, the FASB issued ASU 2016-02, Leases, as a new topic, Accounting Standards Codification 842. The objective of ASU 2016-02 is to increase transparency and comparability among organizations by reorganizing lease assets and lease liabilities on the statement of financial position and disclosing key information about leasing arrangements. ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2021 and shall be applied using either a full retrospective or modified retrospective approach. Early adoption is permitted. The new guidance is effective for the Organization for the year ended June 30, 2023. The Organization is currently evaluating the impact on the results of operations, financial condition and cash flows and has not determined the impact on its consolidated financial statements at this time. In September 2020, the FASB issued ASU 2020-07, Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets under topic 958. The objective of ASU 2020-07 is to increase transparency and comparability among organizations by allowing the reader of the consolidated financial statements to more clearly identify the nature and amount of contributed nonfinancial assets, to clearly identify the amount of contributed nonfinancial assets utilized in a nonprofit's programs, and to provide more relevant information regarding the subjective evaluations used in estimating the fair value of contributed nonfinancial assets. ASU 2020-07 is effective for annual reporting periods beginning after June 15, 2021 and shall be applied using a full retrospective approach. Early adoption is permitted. The new guidance is effective for the Organization for the year ended June 30, 2022. While the Organization does not believe ASU 2020-07 will have a significant impact on the results of operations, financial statement presentation and disclosures will be enhanced to comply with the new standard.”