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if any, related to annual Form 990 or unrelated business income tax filings are reported within general and administrative expenses in the statement of activities. The Organization has adopted the Financial Accounting Standards Board’s prescribed recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Organization has taken the position of being exempt from income taxes. The Organization believes their estimates are appropriate based on current facts and circumstances. Estimates In preparing financial statements in conformity with generally accepted accounting principles, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Subsequent events The Organization has evaluated subsequent events through January 19, 2021, the date on which the financial statements were available to be issued. As a result of the spread of the COVID-19 coronavirus, uncertainties have arisen which are likely to negatively impact net income. Other financial impact could occur, though such potential impact is unknown at this time. Recent accounting pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, (ASU 2014-09) which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This guidance will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Organization for fiscal years beginning after December 15, 2019. The standard permits the use of either the retrospective or modified-retrospective transition method. The Organization is evaluating the effect that ASU 2014-09 will have on its modified-retrospective financial statements and the related disclosures. In February 2016, the FASB issued ASU 2016-02 Leases. ASU 2016-02 requires recognition of the assets and liabilities that arise from leases. The new standard is effective for fiscal years beginning after December 15, 2021. The Organization is currently evaluating the effect that implementation of the new standard will have on its financial position, results of operations, and cash flows. 2. With donor restriction net assets There were $0 of with donor restriction net assets as of June 30, 2020 and 2019. Net assets were released from donor restrictions during the year by incurring expenses satisfying the restricted purposes or time restrictions specified by the donors as follows:
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