E C Scranton Memorial Library

“The library is expempt from federal income tax under internal revenue service code section 501(c)(3). Income from certain activities not directly related to the library's tax-exempt purpose is subject to taxation as unrelated business income. Management believes there is appropriate support for all tax positions taken. There are no uncertain tax positions that are material to the financial statements. The library files form 990 - return of organization exempt from income tax in the u.s federal jurisdiction. The library is no longer subject to u.s federal inspection for the years before june 30, 2021. The library follows provision of fasb asc 740-10, "accounting for uncertainty in income taxes", and as a result, the library did not recognize any liability for unrecognized tax benefits.”

“Direct fundraising expense 14,163.”

“Direct fundraising expense 14,163.”

“Trust no. 1: the library is the income beneficiary of a trust (known as trust fund no. 1) created by mary e. Scranton on july 9, 1913. The provisions of the trust agreement require that the trustee is to withhold income should the market value of the trust "principal" fall below $50,000. Funds are to be used for the development and expansion of the library. Trust no. 2: the library created a trust (known as trust fund no. 2) in its name on october 2, 1924. The provisions of the trust agreement state that the income is payable to the library and that by unanimous vote of all corporate members, trust "principal" in excess of $50,000 market value may be withdrawn by the library. Funds are to be used for the development and expansion of the library. Endowment trust: the library is the income beneficiary of the e.c. Scranton memorial library 1989 endowment trust in furtherance of the authorized charitable purpose for which it was organized. The trustees shall pay to or for the benefit and use of the income beneficiary in quarterly installments, the net income of the trust. For the years ended june 30, 2024 and 2023, the library did not take any withdrawals. The principal of this trust shall not be distributed but shall be held in trust as an endowment fund for the benefit of the income beneficiary; provided, however, if the trustees, in their sole and absolute discretion, deem it to be in the best interests of the income beneficiary, they may distribute annually to or for the benefit of the income beneficiary, up to three percent (3%) of the fair market value of the assets of the trust.”