Bogus Basin Recreational Association Inc.

“Bogus basin recreation association entered into an agreement with idaho community foundation (icf), an idaho not-for-profit corporation, to establish the bogus basin endowment fund. The agreement permits the icf to redirect distributions from the funds for such purposes as will most effectively or closely accomplish the original intent of the agreement if the association ceases to exist, or is no longer a qualified charitable organization. Under the agreement, all distributions as determined by icf must occur at least annually and be paid to the association. Icf has adopted a 4.5% distribution level for the succeeding year based on the market value of the icf funds averaged over the previous three years.”

“Bogus basin recreation association is organized as an idaho nonprofit corporation and has been recognized by the internal revenue service (irs) as exempt from federal income taxes under section 501(a) of the internal revenue code as organizations described in section 501(c)(3), qualify for the charitable contribution deduction under sections 170(b)(1)(a)(vi) and (viii), and have been determined not to be private foundations under sections 509(a)(1) and (3), respectively. The association is annually required to file a return of organization exempt from income tax (form 990) with the irs. In addition, the association is subject to income tax on net income that is derived from business activities that are unrelated to their exempt purposes. We have determined that the association is not subject to unrelated business income tax and have not filed an exempt organization business income tax return (form 990-t) with the irs. We believe that the association has appropriate support for any tax positions taken affecting its annual filing requirements, and as such, does not have any uncertain tax positions that are material to the financial statements. We would recognize future accrued interest and penalties related to unrecognized tax benefits and liabilities in income tax expense if such interest and penalties are incurred. The entities' forms 990, 990-t and other income tax filings required by state, local, or non-u.s. Tax authorities are no longer subject to tax examination for years before 2011.”

“Cost of goods sold, part viii - line 10b 843,265.”

“Cost of goods sold, part viii - line 10b 843,265.”