Childrens Center the Childrens Center Utah

“The trust was established to support the center in the treatment of young children with emotional and behavioral problems and their families. Funds may be distributed as appropriate for the creation and maintenance of programs, the employment and retention of personnel, capital expenditures, and other such purposes.”

“The children's center and the children's center endowment trust are organized as utah nonprofit corporations and have 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), that qualify for the charitable contribution deduction under section 170(b)(1)(a)(vi) and (viii), and have been determined not to be private foundations under sections 509(a)(1) and (3), respectively. Each entity is annually required to file a return of organization exempt from income tax (form 990) with the irs. In addition, the entities are subject to income tax on net income that is derived from business activities that are unrelated to their exempt purposes. Each entity has determined it is not subject to unrelated business income tax and has not filed an exempt organization business income tax return (form 990-t) with the irs. Historic oquirrh school, llc, and hos master tenant, llc are limited liability companies. As such, the tax effects of their activities accrue directly to their members and no tax provision is recorded in the accompanying consolidated financial statements. Historic oquirrh school manager, inc. Uses the asset and liability method for financial accounting and reporting of income taxes. The difference between the financial statement and tax bases of assets and liabilities is determined annually. Deferred income tax assets and liabilities are computed for those differences that have future tax consequences using the currently enacted tax laws and rates that apply to the periods in which they are expected to affect taxable income. Valuation allowances are established, if necessary, to reduce the deferred tax asset to the amount that will more likely than not be realized. Income tax expense is the current income tax payable or refundable for the period plus or minus the net change in the deferred tax assets and liabilities. No income tax expense was recorded for the years ended june 30, 2016 and 2015. Each entity 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 entities 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.”