Bering Straits Foundation

“The collection contains 28 alaskan books, 5,000 plus slides, audio tapes, manuscripts documenting a brief unique transitory period in both alaska history and alaska native history, manuscripts and rights to be used for scholarly, cultural heritage preservation, and educational purposes.”

“Permanently restricted net assets - represent an endowment contributed to the foundation by bering straits native corporation. Earnings on the endowment are to be used for the daily operations of the foundation. The endowment is managed consistent with, and commingled with, all other investments of the foundation. As of december 31, 2014 and 2013, there were permanently restricted net assets of $150,000.”

“The foundation is generally exempt from federal income taxes under the provisions of section 501(c)(3) of the internal revenue code. In addition, the foundation qualifies for charitable contributions deductions and has been classified as an organization that is not a private foundation. Income that is not related to tax-exempt purposes, less applicable deductions, is subject to federal and state corporate income taxes. The foundation did not have any unrelated business income for the years ended december 31, 2014 and 2013. The accounting standard on accounting for uncertainty in income taxes addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under this guidance, the foundation may recognize the tax benefit from an uncertain tax position only if it is more-likely-than-not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. The guidance on accounting for uncertainty in income taxes also addresses de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods. Management evaluated the foundation's tax positions and concluded that the foundation had taken no uncertain tax positions that require adjustment to the financial statements to comply with the provisions of this guidance. Generally, the foundation is no longer subject to income tax examinations by the u.s. Federal, state or local tax authorities for years before 2011.”