Portland Regional Chamber

“Portland beer week is a local event that brings attention and focus to local breweries and bars in the area. The chamber entered into this agreement in october 2019. The revenue and expenses are not functions of the chamber, so all the activity is recorded in a liability account. The chamber disbursed $837 and $0 during the years ended june 30, 2024 or june 30, 2023,respectively. There is a liability balance of $0 and $837 at june 30, 2024 and 2023, respectively. The fire department awards banquet is an event that takes place on an annual basis for which the chamber is the fiscal liaison for, per the request of the portland fire department. The chamber entered into this agreement in march 2020. The revenue and expenses are not functions of the chamber, so all the activity is recorded in a liability account. The chamber did not receive or disburse any funds during the years ended june 30, 2024 or june 30, 2023. There is a liability balance of $1,000 at june 30, 2024 and 2023.”

“The chamber is a tax-exempt organization under section 501(c)(6) of the internal revenue code. However, income from certain activities not directly related to the chamber's tax-exempt purpose is subject to taxation as unrelated business income. The chamber's advertising revenue is considered unrelated business income and is taxed accordingly. For the years ended june 30, 2024 and 2023 the total income tax expense was $0. The chamber recognizes and measures its unrecognized tax positions and assesses the likelihood, based on their technical merit, that tax positions will be sustained upon examination based on the facts, circumstances and information available at the end of each period. The measurement of unrecognized tax positions is adjusted when new information is available, or when an event occurs that requires a change. Interest and penalties paid associated with unrecognized tax positions if any, would be classified as interest expenses and additional income taxes, respectively, in the statements of revenue collected and expenses--modified cash basis. The chamber did not identify any uncertain tax positions at june 30, 2024 and 2023. The chamber is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any periods pending or in progress.”

“Special events expenses 22,461.”