Maine Huts & Trails

“Loss on sale of asset was presented as a negative revenue on the financial statements. Included as an expense on Form 990 instead.”

“Gift certificate redemptions presented as negative expense on financial statements. Included as other program revenue on Form 990 instead.”

“Gift certificate redemptions presented as negative expense on financial statements. Included as other program revenue on Form 990 instead.”

“Loss on sale of asset was presented as a negative revenue on the financial statements. Included as an expense on Form 990 instead.”

“The Organization is exempt from federal income taxes under Section 501c3 of the Internal Revenue Code and applicable state law. The accounting standards on accounting for uncertainty in income taxes address the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under that guidance, the Organization may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities based on the technical merits of the position. Examples of tax positions include the tax-exempt status of the Organization and various positions related to the potential sources of unrelated business taxable income. The tax benefits recognized in the financial statements from a tax position are measured based on the largest benefit that has a greater than 50 likelihood of being realized upon ultimate settlement. Management believes that there were no potential sources of unrelated business taxable income subject to tax for the year ended June 30, 2021. Accordingly, no provision for income taxes has been made. The Organization files its forms 990 in the U.S. federal jurisdiction and the office of the states attorney general for the State of Maine. The Organization is generally no longer subject to examination by the Internal Revenue Service for years before 2018.”