Benevolent & Protective Order of Elks of the USA

Schedule D, Page 3, Part X

“The organization is a not-for-profit entity that is exempt from income taxation under a group ruling granted to the grand lodge of the benevolent and protective order of elks by the internal revenue service; group exemption number is 1156; exempt under 501(c)(8). The organization is required to file a return on organization exempt from income tax (form 990) with the internal revenue service. In addition, the organization is subject to income tax on net income that is derived from business activities that are unrelated to the exempt purpose. The organization files an exempt organization business income tax return with the internal revenue service (form 990-t) and new york state (form ct-13) to report its unrelated business taxable income. The organization believes that it has appropriate support for any tax positions taken affecting its annual filing requirements, and as such, does not have any uncertain tax positions that are material to the financial statements. The organization would recognize future accrued interest and penalties related to unrecognized tax benefits as income tax expense if such interest and penalties are incurred. The federal returns of the organization are subject to examination, generally for the three years after they were filed. Pursuant to fasb asc 740-10, disclosure is not required of an uncertain tax position unless it is considered probable that a claim will be asserted and there is a more-likely-than-not possibility that the outcome will be unfavorable. Using this guidance, as of march 31, 2017, the organization has no uncertain tax positions that qualify for either recognition or disclosure in the financial statements.”