National Association for Interpretation

“The association has established a legacy trust fund and has received contributions that are classified as permanently restricted net assets to provide a permanent endowment for the following purposes: (1) scholarships to provide for the development of young professionals in interpretation; and (2) nai member services and new programs.”

“The association utilizes the provisions of asc 740, pertaining to accounting for uncertainty in income taxes. The pronouncement requires the use of a more-likely-than-not recognition criteria before and separate from the measurement of a tax position. An entity shall initially recognize the financial statement effects of a tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. With respect to the association, this would primarily relate to the determination of unrelated business taxable income, and to the maintenance of its tax exempt status. Management has evaluated the adopted policies and procedures that have been implemented to provide assurance that income is properly characterized and activities that jeopardize its tax exempt status are within limits established under existing tax code and regulations. Management has determined the effects of uncertain tax positions are not material to the association for recognition or disclosure in the accompanying financial statements and, accordingly, no income tax liability has been recorded for uncertain income tax positions in the accompanying financial statements. All income tax years open for examination are subject to taxation at corporate tax rates. At december 31, 2013, the years ended december 31, 2012, 2011, and 2010 are available for examination. Additionally, penalties and interest may be assessed on income taxes that are delinquent. The assessment of uncertain income taxes is subject to estimate, and it is reasonably possible that the estimate may change in the near term and the change may be material.”

“Rental expenses offsetting income 75,585 reimburse volunteer expenses 248 publications - cost of sales 49,354”

“Triple net lease expenses reimbursed by leasee 17,522 tax loss on disposal of assets in excess of book 269”

“Rental expenses offsetting income 75,585 publications - cost of sales 49,354”

“Triple net lease expenses reimbursed by leasee 17,522 tax depreciation in excess of book 10,470”