Rensselaerville Library

“The form 990 is emailed to member who is asked to confirm receipt, review, and approve the return prior to its filing.”

“Annually, each trustee is requested to complete a compliance questionaire regarding conflicts of interests and business dealings which may include the library.”

“Trustees serve on a volunteer basis. Director performance is reviewed under the direction of the board president by the board of trustees. Compensation of the Director is determined by the entire board of trustees.”

“Trustees serve on a volunteer basis. Director performance is reviewed under the direction of the board president by the board of trustees. Currently no compensation for other officers or key employees.”

“Public is allowed to request to view all records of the library during normal business hours of the library.”

“The process has not changed since the prior year.”

“Rounding”

“Part X, line 2:The Financial Accounting Standards Board (FASB) issued FASB ASC 740-10 which requires entities to disclose in their financial statements the nature of any uncertainty in their tax position. For tax-exempt entities, their tax exempt status itself is deemed to ba an uncertainity, since events could occur to jeopardize their tax-exempt status. However, Rensselaerville Librar, Incl has no knowledge of events or circumstances that would jeopardize its tax-exempt status. Rensselaerville Library, Inc. implemented FASB ASC 740-10 and its current Accounting Policy for Evaluating Uncertain tax positions is in Accordance with Generally Accepted Accounting Principles. Rensselaerville Library Inc. has not recognized any benefits from uncertain tax position in the tax year covered by this return and believes its has no uncertain tax positions for which it is reasonable possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within 23 months of the statement of financial position date. Part X, line 2 continuedRensselaerville Library, Inc. evaluated its tax position and concluded that all of the positions taken by Rensselaerville Library, Inc. would more likely than not be sustained upon examination, based on technical merits. The information returns of Rensselarville Library, Inc. for the prior 3 tax years are subject to examination by tax authorities, generally for 3 years after they were filed.”