Vintage House the Jerry Casson

“This agreement is subject to the foundations authority to vary the terms of the gift. As stated in the foundations governing documents, the board of directors of the foundation shall have the power to modify any restriction or condition on the distribution of funds for any specified charitable purpose or to specified centers if, in the sole judgment of the board of directors (without the necessity of the approval of any other party) such restriction or condition becomes, in effect, unnecessary, incapable of fulfillment, or inconsistent with the charitable needs of the community or area served.”

“The Organization is exempt from Federal income taxes under Section 501(c)(3) of the Internal Revenue Code. The Organization has made no provision for Federal income taxes. Contributors, donors, and grantors may obtain tax benefits. In addition, the Organization has been determined by the Internal Revenue Service not to be a private foundation within the meaning of Section 509(a) of the Code. The Organization adopted the recognition requirements for uncertain income tax positions as required by generally accepted accounting principles, with no cumulative effect adjustment required. Income tax benefits are recognized for income tax positions taken or expected to be taken in a tax return; only when it is determined that the income tax position will more-likely-thannot be sustained upon examination by taxing authorities. The Organization has analyzed tax positions taken for filing with the Internal Revenue Service and all state jurisdictions where it operates. The Organization believes that income tax filing positions will be sustained upon examination and does not anticipate any adjustments that would result in a material adverse effect on the Organizations financial condition, results of operations, or cash flows. Accordingly, the Organization has not recorded any reserves, or related accruals for interest and penalties for uncertain income tax positions. The Organization is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.”