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        <ExplanationTxt>THE ACADEMY IS A NONPROFIT ORGANIZATION EXEMPT FROM THE INCOME TAXES UNDER PROVISIONS OF THE INTERNAL REVENUE SERVICE CODE SECTIONS 501(C) (3) AND THE LOUISIANA REVISED STATUTES; THEREFORE, NO PROVISION HAS BEEN MADE FOR FEDERAL AND STATE INCOME TAXES. IF THE ACADEMY WOULD ENGAGE IN ACTIVITIES UNRELATED TO THE PURPOSE FOR WHICH IT WAS CREATED, TAXABLE INCOME WOULD RESULT. THE ACADEMY HAD NO MATERIAL UNRELATED BUSINESS INCOME FOR THE FISCAL YEAR ENDED JUNE 30, 2014. IN MANAGEMENT'S JUDGMENT, THE ACADEMY DOES NOT HAVE ANY TAX POSTITIONS THAT WOULD RESULT IN A LOSS CONTINGENCY CONSIDERING THE FACTS, CIRCUMSTANCES, AND INFORMATION AVAILABLE AT THE REPORTING DATE. WITH FEW EXCEPTIONS, THE STATUTE OF LIMITATIONS FOR THE EXAMINATION OF THE ACADEMY'S INCOME TAX RETURNS IS GENERALLY THREE YEARS FROM THE DUE DATE OF THE TAX RETURNS INCLUDING EXTENSIONS. THE TAX YEARS OPEN FOR ASSESSMENT ARE THE YEARS ENDING ON OR AFTER JUNE 30, 2011.</ExplanationTxt>
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        <ExplanationTxt>THE ORGANIZATION IS A PUBLIC SCHOOL AND DOES NOT HAVE SCHOLARSHIPS OR FINANCIAL ASSISTANCE FOR STUDENTS. ALL STUDENTS ATTEND SCHOOL TUITION FREE, AND EXPENSES ARE PAID BY GRANTS TO BENEFIT SPECIFIC PROGRAMS FOR THE SCHOOLS.</ExplanationTxt>
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        <ExplanationTxt>ANNUALLY FILE TIER 3 PERSONAL FINANCE DISCLOSURE STATEMENT WITH LOUISIANA BOARD OF ETHICS. ALSO, THROUGHOUT THE YEAR BOARD OF DIRECTORS TRAININGS ARE DONE TO ADDRESS THESE POLICIES.</ExplanationTxt>
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