Concordia Argonaut

“In june 2006, financial accounting standards board (fasb) issued interpretation no. 48, accounting for uncertainty in income taxes - an interpretation of fasb statement no. 109 (fin 48). Fin 48 clarifies the accounting for uncertainty in income taxes recognized in an entity's financial statements in accordance with fasb statement no. 109, accounting for income taxes. Fin 48 provides guidance on the financial statement recognition, de-recognition, measurement and classification of an entity's income tax positions taken or expected to be taken on a tax return. Fin 48 is generally effective for fiscal years beginning after december 15, 2006. Non public companies are allowed to adopt fin 48 for fiscal years beginning after december 15, 2008, as provided for by the issuance of fasb staff position (fsp) fin 48-3, effective date of fasb interpretation no. 48 for certain non-public enterprises. The club is required to recognize, measure, classify, and disclose in the financial statements uncertain tax positions taken or expected to be taken in the club's tax returns. Management has determined that the club does have uncertain tax positions (utp) that may impact the financial statements or related disclosures. The uncertain tax positions relate to late estimate tax payments, late tax payments and associated interest on such payments resulting on gain not deferred from the sale of club real estate. The combined federal and california utp is estimated to be $177,000. Since tax matters are subject to some degree of uncertainty, there can be no assurance that the club's tax returns will not be challenged by the taxing authorities and that the club will not be subject to additional tax, penalties, and interest as a result of such challenge. Generally, the club's tax returns remain open for three years for federal income tax examination and four years for california state income tax examination.”

“Tips net assets released from restrictions cost of goods sold loss on sale of equipment”

“Net assets released from restrictions loss on sale of equipment other expenses (interest and penalties) income taxes cost of goods sold tips”