Cancer Support Community Greater San Gabriel Valley

“The organization is organized as a california nonprofit corporation and has been recognized by the internal revenue service (irs) as exempt from federal income taxes under internal revenue code (irc) section 501(a) as an organization described in irc section 501(c)(3), qualifies for the charitable contribution deduction, and is not a private foundation. The organization is annually required to file a return of organization exempt from income tax (form 990) with the irs. In addition, non-profit organizations are subject to income tax on net income that is derived from business activities that are unrelated to their exempt purposes. The organization has determined that it is not subject to unrelated business income tax and has not filed an exempt organization business income tax return (form 990-t) with the irs. Management believes that it has appropriate support for any tax positions taken affecting its annual filing requirements, and as such, does not have any uncertain tax positions that are material to the financial statements. The organization would recognize future accrued interest and penalties related to unrecognized tax benefits and liabilities in income tax expense if such interest and penalties are incurred.”

“The organization maintains both endowment and reserve investment funds: 1) a donor-restricted endowment (the endowment) for the purpose of securing the long-term economic wellbeing of the organization program, to achieve the program's mission objectives, and to provide reasonable assurances of financial stability for donors. The endowment is classified as net assets with donor restrictions. The organization also has a board-designated reserve fund (the reserve), also known as a quasi-endowment; the reserve is intended to serve a dynamic role and is available to be utilized as needed, subject to board approval, to support operations and future projects/opportunities to enhance or expand the organization's programs. A subset of the reserve, a second board-designated reserve fund (the reserve b), was established in 2019 in connection with the organization's 30th anniversary campaign to increase the reserve to one year's worth of annual operating expenses. The reserve b was closed in january 2022 and the proceeds were transferred to the reserve (as defined above). A third board-designated reserve fund (the reserve c) was established in 2020 to act as an emergency account to hold surplus funds. All of the reserve funds are classified as net assets without donor restrictions.”