Astronomical Society of the Pacific

“The primary investment objectives of the Society are to preserve, protect, and whenappropriate, prudently grow the purchasing power of the endowments by earning a total return for each endowment fund appropriate for a time horizon of five to twenty years, liquidity needs, and risk tolerance. Return objectives must be consistent with the size of the investment and the risk to the Society's survival over the long run; specifically, risk of loss or value fluctuation cannot endanger the Society's future.The following funds have their own specific objectives: (1) Operating Funds - have short time horizons, high liquidity needs, and low risk tolerances; (2) Endowment Funds - generally have long time horizons (five to twenty plus years), low liquidity needs, and higher risk tolerances; (3) Board Reserves - vary in their requirements and goals depending on the purpose, fund source, and other factors of the funds. In general, they should be invested in short-term investments (one to three years).”

“The Society is exempt from Federal income taxes under Section 501(c)(3) of the Internal Revenue Code. The Society is also exempt from California franchise taxes under Section 23701(d) of the Revenue and Taxation Code and, therefore, the Society has made no provision for Federal or California income taxes. Contributors, donors, and grantors may obtain tax benefits. In addition, the Society has been determined by the Internal Revenue Service not to be a "private foundation" within the meaning of Section 509(a) of the Code. However, the Society is subject to income taxes on any net income that is derived from a trade or business, regularly carried on, and not in furtherance of the purposes for which it was granted an exemption. No income tax provision has been recorded as the net income, if any, from any unrelated trade or business, in the opinion of management, is not material to the financial statements taken as a whole. U.S. GAAP prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Society has evaluated its tax positions and the certainty as to whether those positions will be sustained in the event of an audit by taxing authorities at the federal and state levels. The primary tax positions evaluated relate to the Societys continued qualification as a tax-exempt society and whether there is a material unrelated trade or business income tax liability. Management has determined that all income tax positions, based on the technical merits of the position, will more-likely-than-not be sustained upon potential audit or examination. Therefore, no disclosures of uncertain income tax positions are required.”

“COGS $253246”

“COGS $253245”