The Corporation had no unrelated business income for 1999 and 1998, and accordingly, no provision for income taxes has been made in the accompanying financial statements. Cash and Cash Equivalents consist of cash on deposit at financial institutions and undisbursed appropriations which constitute spending authority that remain available in the Corporation's account held by the U.S. Treasury. The Corporation was awarded grants from the U.S. Court of Veterans Appeals for the purpose of furnishing legal assistance to veterans. Grant funding provided to the Legal Services Corporation, pursuant to Public Law 105-119, was for basic field programs. The Corporation makes contributions at rates applicable to agencies of the federal government.
Individuals can make contributions up to the maximum permitted by law.
These amounts are included in supporting activities for management and administration expenses. The Corporation also offers a tax deferred annuity savings plan for eligible employees. No contributions are made to this plan by the Corporation. In addition, the Corporation provides significant funding to several independent organizations which are subjected to their own independent audits and audits by the Corporation. The Corporation's management does not expect any significant adjustments as a result of audits from federal agencies should they occur or from the audits of the subgrantee independent organizations.