Seymour Public Library District

“The values of the existing inexhaustible collections including research books are not readily determinable; therefore, the organization has not capitalized them. Books used in the circulating library have not been capitalized because their useful lives are less than one year.”

“The financial accounting standards board issued fasb accounting standards codification (fasb asc), accounting for uncertainty in income taxes. This requires the recognition and measurement of uncertain tax positions held by the organization. Under generally accepted accounting principles, the amount reported would be based on probability assessments of the likelihood that certain deductions would be disallowed upon examination because the taxing authorities interpreted existing guidance differently. For the years ended december 31, 2011,2012 and 2013 the organization has accounted for uncertain tax positions in accordance with fasb asc, accounting for uncertainty in income taxes. The organization recognizes accrued interest and penalties associated with uncertain tax positions as part of the income tax provision. For the years ended december 31, 2011,2012 and 2013 there were no accrued interest or accrued penalties associated with uncertain tax positions for the organization. The organization files income tax returns in the u.s. Federal and state jurisdictions. The organization's u.s. Federal and state income tax returns prior to the year ended 2011 are closed to examination. The u.s. Federal and state income tax returns of the organization for 2011, 2012, and 2013 are subject to examination by the federal and state taxing authorities. The organization has not had a recent examination of their returns by the federal and state taxing authorities.”