Beverly Hills Education Foundation Inc.

“The foundation supplements the beverly hills unified school district resources in the development of imaginative and creative teaching techniques as well as improvement of general instruction in the local public school.”

“The foundation is a california not-for-profit corporation and is therefore exempt from taxation under section 501(c)(3) of the internal revenue code (irc), from federal income taxes pursuant to section 501(a) of the irc, and from state franchise taxes. However, income from certain activities not directly related to the foundations tax-exempt purpose is subject to taxation as unrelated business income. During the years ended june 30, 2014 and 2013, the foundation did not incur any unrelated business income taxes. Accounting principles generally accepted in the united states of america require the foundation management to evaluate tax positions taken by the foundation and recognize a tax liability (or asset) if the foundation has taken an uncertain position that more likely than not would not be sustained upon examination by the internal revenue service. The foundation recognizes potential accrued interest and penalties related to uncertain tax positions, if any, in income tax expense. For the years ended june 30, 2014 and 2013, the foundation performed an evaluation of uncertain tax positions and did not note any matters that would require recognition in the financial statements or which may have an effect on its tax-exempt status the foundation is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The foundation believes it is no longer subject to income tax examinations for years prior to 2010.”