Anchor-Age Center Inc.

“The endowment fund is made up of two parts - board designated and permanently restricted. The permanently restricted endowment fund is managed under a trust agreement dated june 1, 1985 (restated december 3, 2008), between the center and the endowment fund trustees, which states the uses and purposes of the anchor-age center endowment fund as described below. Other than the reasonable administrative costs of managing the trust fund, including, but not limited to management fees and the costs, if any, associated with legacy planning, the trustees may withdraw from the trust fund as of the end of each fiscal year, december 31, up to a maximum amount equal to the percentages as stated in the trust agreement. The percentages to be paid out are to be based on the weighted average of the december 31 fair market value of the trust fund of the last five years with the most recent year having the greatest weight and the oldest year having the least weight. The withdrawals shall be paid out at such time or times, in such manner, and in such amounts as the trustees may determine, to the extent consistent with the provisions of the trust agreement. The trustee shall adopt an investment policy providing for prudent investment of the corpus of the trust, inflation proofing, and growth. Disbursement of funds is according to such uses and purposes as may be required by the terms of any restricted donations, and for operational expenses.”

“Anchor-age center is a nonprofit corporation exempt from income taxation under section 501(c)(3) of the internal revenue code. Although the organization is exempt from federal income taxes, any income derived from unrelated business activities is subject to the requirement of filing federal income tax form 990-t and a tax liability may be determined in these activities. The organization believes that it has appropriate support for any tax positions taken, and as such does not have any uncertain tax positions that are material to the financial statements.”

“Fr direct costs 82,169 sales of inventory 5,296”

“Direct fr costs 82,169 sales of inventory 5,296”