Telecompioneers

“Describe the intended uses of the organization's endowment funds: TELECOMPIONEERS HAS THREE PERMANENT ENDOWMENTS, THE INCOME OF WHICH IS TO BE USED ONLY FOR THE BENEFIT OF RECIPIENTS IN THE BELLSOUTH PIONEERS FLORIDA AREA, CHILDREN IN ARIZONA, AND FOR PROGRAMS OF THE SOUTH TEXAS CHAPTER OF TELECOMPIONEERS. MOST OF THE TERM ENDOWMENT RESULTS FROM A CONTRIBUTION FROM THE PIONEERS FOUNDATION (LATER DISSOLVED). UNTIL 2024 UP TO $30,000 OF EARNINGS MAY BE SPENT ON ADMINISTRATION AND 80% OF THE ADDITIONAL EARNINGS MAY BE USED TO SUPPORT EDUCATIONAL OR CHARITABLE ACTIVITIES. IN 2024, WITH APPROVAL OF 2/3 OF THE GENERAL ASSEMBLY (OR EQUIVALENT) THE PRINCIPAL MAY BE USED TO SUPPORT GENERAL ACTIVITIES. ADDITIONAL TEMPORARILY RESTRICTED NET ASSETS ARE AVAILABLE TO SUPPORT THE PROGRAMS OF TELECOMPIONERS.”

“UNCERTAIN TAX POSITIONS: Management has evaluated their income tax positions under the guidance included in asc 740. Based on their review, management has not identified any material uncertain tax positions to be recorded or disclosed in the financial statements.”

“Revenue on books, not on return: Telecom Charitable Foundation Revenue consolidated on financials, removed on return 637,893 Gaming expenses reclassed from expense and net against revenue 35,823 Total 673,716”

“Expenses on books, not on return: Telecom Charitable Foundation Expense consolidated on financials, removed on return 637,893 Gaming expenses reclassed from expense and net against revenue 35,823 Total 673,716”

“Election to not report collections of art, historical treasures, or other similar artifacts: The Association maintains museums at certain locations that contain artifacts relevant to the telecommunications industry. Collections in these museums and similar assets are not capitalized inasmuch as the items are preserved and cared for continuously. Purchases of collection items are reported in the year of acquisition as decreases in unrestricted net assets, or in temporarily or permanently restricted net assets if the assets used to purchase the items were restricted to that use by donor stipulation. Contributions of collection items are not reported in the financial statements. Proceeds from disposal of and insurance recoveries related to collection items are reported as increases in the appropriate net asset classes.”