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IS AN EXEMPT FOUNDATION UNDER SECTION 501(C) (3) OF THE UNITED STATES INTERNAL REVENUE CODE. CONSEQUENTLY, NO PROVISION FOR INCOME TAXES HAS BEEN MADE IN THE ACCOMPANYING STATEMENTS. THE FOUNDATION'S MANAGEMENT BELIEVES THAT THERE IS A BASIS FOR ALL TAX POSITIONS TAKEN BY THE FOUNDATION IN THEIR TAX RETURNS. THEREFORE, THERE ARE NO UNCERTAIN POSITIONS DISCLOSED IN THESE FINANCIAL STATEMENTS. THOUGH THE FOUNDATION HAS NOT BEEN NOTIFIED OF ANY PENDING AUDITS, ALL TAX YEARS ENDING AFTER JUNE 30, 2012 ARE STILL SUBJECT TO EXAMINATION BY TAXING AUTHORITIES. 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