Taylor Trust FBO Asu Foundation

“The amount available for spending from endowment funds shall be used on an annual basis to provide salary, employee related expenses and other support for the fred e. Taylor professorship in real estate at the w.p. Carey school of business at arizona state university.”

“Liability for uncertain tax position (asc 740) fin 48 financial statement footnote from arizona state university foundation for a new american university ("asuf"), of which taylor trust is a subsidiary, is as follows: the foundation is exempt from federal income tax under section 501(a) as an organization described in section 501(c)(3) and is further classified as a public charity as described in sections 509(a)(1) and 170(b)(1)(a)(iv) of the internal revenue code. Taylor trust fbo asu foundation is exempt from federal income tax under section 501(a) as an organization described in section 501(c)(3) of the code and is further classified as a public charity as a supporting organization controlled by the foundation. Asu global foundation uk limited is a foreign nonprofit organization, therefore it reports income and expenses separately from asuf for tax purposes. Each organization is subject to tax on income unrelated to its exempt purpose, unless that income is otherwise excluded by the code. Each organization has processes presently in place to ensure the maintenance of its tax exempt status; to identify and report unrelated income; to determine its filing and tax obligations in jurisdictions for which it has nexus; and to identify and evaluate other matters that may be considered tax positions. The organization follows guidance that clarifies the accounting for uncertainty in tax positions taken or expected to be taken in a tax return, including issues relating to financial statement recognition and measurement. This guidance provides that the tax effects from an uncertain tax position can only be recognized in the financial statements if the position is "more-likely-than-not" to be sustained if the position were to be challenged by a taxing authority. The assessment of the tax position is based solely on the technical merits of the position, without regard to the likelihood that the tax position may be challenged. The tax years ending june 30, 2024, 2023, 2022, 2021, and 2020 are still open to audit for both federal and state purposes. The organization has determined that there are no material uncertain tax positions that require recognition or disclosure in the financial statements as of june 30, 2024 and 2023.”