South Lake Hospital Foundation Inc

“Restricted funds are available for the acquisition of capital improvements, scholarships, and other program development and operating uses in support of south lake hospital, inc. The foundation has invested funds with the south lake county community foundation (community foundation). The community foundation established a fund in the foundations name in which the sole purpose is to provide financial support to the foundation eliminating the variance power of the community foundation. The invested funds are pooled with the other community foundations investments and are allocated to each fund on a regular basis. Distributions may be made from both the principal and income of the fund upon receipt of a signed written request to the community foundation.”

“From the draft copy of the reviewed september 30, 2024 and 2023 financial statements - the foundation is a not-for-profit corporation that has been recognized as tax-exempt pursuant to section 501(c)(3) of the internal revenue code. The foundation applies accounting policies that prescribe when to recognize and how to measure the financial statement effects of income tax positions taken or expected to be taken on its income tax returns. These rules require management to evaluate the likelihood that, upon examination by the relevant taxing jurisdictions, those income tax positions would be sustained. Based on that evaluation, the foundation only recognizes the maximum benefit of each income tax position that is more than 50% likely of being sustained. To the extent that all or a portion of the benefits of an income tax position are not recognized, a liability would be recognized for the unrecognized benefits, along with any interest and penalties that would result from disallowance of the position. Should any such penalties and interest be incurred, they would be recognized as operating expenses. Based on the results of management's evaluation, no liability is recognized in the accompanying statement of finanical position for unrecognized income tax positions. Further, no interest or penalties have been accrued or charged to expense as of september 30, 2024 and 2023 or for the years then ended. The foundation's tax returns are subject to possible examination by the taxing authorities. For federal income tax purposes, the tax returns essentially remain open for possible examination for a period of three years after the respective filing deadlines of those returns.”