Mark Skinner Library

“The audited financial statements include 34,030 of rent expense, fundraising event expense, and cost of goods sold in total expenses whereas the Form 990 presents them in Part VIII.”

“The audited financial statements include 34,030 of rent expense, fundraising event expense, and cost of goods sold in total expenses whereas the Form 990 presents them in Part VIII.”

“The Library is exempt from income taxes under Section 501c3 of the internal Revenue Code and similar state provisions. In addition, the Library has been determined not to be a private foundation within the meanings of Section 509a of the Code. The Library evaluated its tax positions and determined that its positions are more-likely-than-not to be sustained upon examination. No provision for income tax is required for the year ended July 31, 2023. The Librarys tax returns are subject to review and examination by federal, state and local authorities. The Library is no longer subject to federal and state examinations for timely filed returns for years before the year ended July 31, 2019. 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 Library 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 Library 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 July 31, 2023. Accordingly, no provision for income taxes has been made. The Library files its forms 990 in the U.S. federal jurisdiction and the office of the states attorney general for the State of Vermont.”