Expanding Black Business

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“FIN 48 Note from Audited Financial Statements: Expanding Black Business NFP was granted an exemption from federal income taxes by the Internal Revenue Service pursuant to the provisions of Internal Revenue Code (IRC) Section 501(c)(3). Contributions to Expanding Black Business NFP qualify for the charitable contribution deduction pursuant to IRS Section 170(b)(1)(A)(vi) and has been classified as a Organization that is not a private Foundation under Section 509(a)(1). The tax-exempt purpose of Expanding Black Business NFP and the nature in which it operates is described above. Management believes the Expanding Black Business NFP continues to operate in compliance with its tax-exempt purpose. Thus, no provision for income tax has been provided for in the consolidated financial statements. Black Vision Fund, LLC is treated as a disregarded entity for income tax purposes. All tax attributes of the Fund are passed through to the sole member (Expanding Black Business NFP) and income taxes, if any, are payable by the sole member. Any interest or penalties assessed to the Fund are recorded in the consolidated statement of activities. No interest or penalties from federal or state taxing authorities were recorded in the accompanying consolidated statement of activities for the year ended December 31, 2024. The Organization has adopted the requirements for accounting for uncertain tax positions and management has determined that the Organization was not required to record a liability related to uncertain tax positions as of December 31, 2024. The Organization's annual information and income tax returns filed with the federal and state governments are subject to examination generally for three years after they are filed. All filings are current.”