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        <ExplanationTxt>UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, BREWTON-PARKER COLLEGE AND THE BARON REAL ESTATE FOUNDATION, INC. ARE EXEMPT FROM TAXES ON INCOME OTHER THAN UNRELATED BUSINESS INCOME. COLLECTIVELY, THE COLLEGE DOES NOT HAVE ANY UNRELATED BUSINESS INCOME. THE COLLEGE UTILIZES THE ACCOUNTING REQUIREMENTS ASSOCIATED WITH UNCERTAINTY IN INCOME TAXES USING THE PROVISIONS OF FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) ASC 740, INCOME TAXES. USING THAT GUIDANCE, TAX POSITIONS INITIALLY NEED TO BE RECOGNIZED IN THE CONSOLIDATED FINANCIAL STATEMENTS WHEN IT IS MORE-LIKELY-THAN-NOT THE POSITIONS WILL BE SUSTAINED UPON EXAMINATION BY THE TAX AUTHORITIES. IT ALSO PROVIDES GUIDANCE FOR DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURE AND TRANSITION. AS OF JUNE 30 2025 AND 2024, THE COLLEGE HAS NO UNCERTAIN TAX PROVISIONS THAT QUALIFY FOR RECOGNITION OR DISCLOSURE IN THE CONSOLIDATED FINANCIAL STATEMENTS.</ExplanationTxt>
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        <ExplanationTxt>ALL OFFICERS, ADMINISTRATORS, AND TRUSTEES COMPLETE AN OPERATIONAL INTEGRITY FORM ON AN ANNUAL BASIS. ONCE SUBMITTED, DETERMINATION OF AN EXISTING CONFLICT OF INTEREST ON THE BOARD OF TRUSTEES IS JUDGED BY THE CHAIR.</ExplanationTxt>
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