Children'S Miracle Network

“Children's miracle network hospitals develops relationships at the national or headquarters level of business and organizations interested in supporting hospitals for children. We build relationships within these communitites by conducting awareness activities and public education programs concerning children's hospitals. We also develop fundraising initiatives that are introduced at the national level of the company or group, and then carried out through the local store or club level. Member hospital representatives carry out public education programs and support the fundraising at a local level. Funds from these activities are sometimes given directly to the local member hospital, and sometimes the funds are given to children's miracle network hospitals on behalf of the member hospitals. When the funds are given to the children's miracle network hospitals, they are held in a separate account until distribution and are not reported as revenue. Funds are received throughout the year and are remitted on a quarterly basis to the hospitals, which have also been determined to be an organization recognized as exempt by the internal revenue service under section 501(c)(3) of the internal revenue code.”

“The purpose of the endowment fund is to provide a permanent source of funding for the creation, development and execution of the programs, campaigns, activities and operations of children's miracle network.”

“The organization is organized as a utah nonprofit corporation and has been recognized by the internal revenue service (irs) as exempt from federal income taxes under irc section 501(a) as an organization described in irc section 501(c)(3), that qualifies for the charitable contribution deduction under irc section 170(b)(1)(a)(viii) and has been determined not to be a private foundation under irc section 509(a)(2). The organization is annually required to file a return of organization exempt from income tax (form 990) with the irs. In addition, the organization is subject to income tax on net income that is derived from business activities that are unrelated to its exempt purposes. The organization files an exempt organization business income tax return (form 990-t) with the irs to report its unrelated business taxable income. Children's miracle network hospitals believes that it 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. The organization 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.”