The Lion Foundation

“Copy of form 990 furnished to foundation treasurer for review by executive committee.”

“The foundation makes its form 1023 and form 990 available to the public, upon request, at the offices of the lion foundation.”

“The foundation makes its governing documents, conflict of interest policy, and financial statements available to the public, upon request, at the lion foundation offices.”

“The foundation prepares its financial statements on the modified cash basis of accounting. Under this method of accounting, all support and revenue is recognized when received and expenses are generally recognized when paid. Payroll tax expense is accrued when incurred. Gifts-in-kind are included in support and revenue when received. The modified cash basis differs from generally accepted accounting principles primarily because support and revenue are recognized when received rather than when earned, and expenses are generally recognized when paid rather than when the obligation is incurred.”

“Reasonable cause explanation (included as pdf attachment): return was originally paper filed timely by due date under the impression that it could not be e-filed due to being a short period return, which had always been the run in the past. The correspondence from the irs that was received was misunderstood by the organization and it was assumed that the return was filed electronically. The topic only came up when accountants returned for the subsequent year work, and return was e-filed as soon as practical thereafter. Taxpayer requests that the irs does not asses a late filing penalty on the basis of reasonable cause as a paper filing was attempted in a timely manner and taxpayer did not understand correspondence. The previous full year return was e-filed at the same time the short period return was mailed in, causing an unfamiliar step to the organization.”