Greenbelt Alliancepeople for Open Space

“Contributions received by donors who have restricted their donations to the permanent endowment are added to the permanent endowment fund and funds will be used as designated by the donors. If bequests are not restricted, the board has a policy that 75% of such bequests will be designated as quasi endowment funds, which will be used for operations and other uses as designated by the board of directors.”

“The organization is exempt from federal income taxes under internal revenue code section 501(c)(3) and from california income and franchise taxes under revenue and taxation code section 23701(d). In addition, the organization has received a ruling from the internal revenue service that it is not a private foundation. The organization is registered with the registry of charitable trusts of the office of the attorney general of the state of california. The preparation of financial statements in accordance with accounting principles generally accepted in the united states of america requires the organization to report information regarding its exposure to various tax position taken by the organization. The organization has determined whether any tax positions have met the recognition threshold and has measured the organization's exposure to those tax positions. Management believes that the organization had adequately addressed all relevant tax positions and that there are no unrecorded tax liabilities. Federal tax authorities generally have the right to examine and audit the previous three years of tax returns filed. California tax authorities generally have the right to examine and audit the previous four years of tax returns filed. Any interest or penalties assessed to the organization are recorded in operating expenses. No interest or penalties from federal or state tax authorities were recorded in the accompanying financial statements.”

“Reclassification of fundraising events revenue 70,612. The amount is presented as contra revenue on the tax return and as a functional expense in the audited financial statements”

“Reclassification of fundraising events revenue 70,612.”