Pivot Learning Partners

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“Pivot has been granted tax-exempt status from federal and california income taxes under the provisions of section 501(c)(3) of the internal revenue code ("irc") and 23701d of the california revenue and taxation code, respectively. Pivot has been determined by the internal revenue service (irs) not to be a private foundation within the meaning of section 509(a) of the internal revenue code and is annually required to file a return of organization exempt from income tax (form 990) with the irs. Management evaluated pivot's tax positions and concluded that they maintained their tax exempt status and had taken no uncertain tax positions that would require adjustment to the consolidated financial statements. Therefore, no provision or liability for income taxes has been included in the consolidated financial statements for pivot. There was no unrelated business tax for the year ended june 30, 2020. Core, a c corporation, is subject to income taxes in the u.s. Federal jurisdiction, and various state and local jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgement to apply. The material jurisdictions where core is subject to potential examination by tax authorities include federal, california, and colorado. Core accounts for uncertainty in income taxes by evaluating the tax position with available evidence and measuring it to ensure that the position would more-likely-than-not be sustained on audit, including resolution through an appeals process. Core's evaluation on june 30, 2020 revealed no uncertain tax positions for the year ended june 30, 2020. The tax cuts and jobs act (the "act") which was enacted on december 22, 2017, made key changes to the u.s. Tax law, including the reduction of the u.s. Federal corporate tax rate. Asc 740 requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation is enacted. The 2016 through 2019 tax years remain subject to examination by the internal revenue service. In addition, the 2016 through 2019 tax years remain subject to examination by the california franchise tax board. Pivot and core are subject to routine audits by taxin jurisdictions; however, there are no audits pending or in progress.”