Ben Franklin Technology Ptrs of Se Pa

“The building is inspected for deficiencies on the preservation alliance's minimum maintenance program. We have a regularly scheduled technician on site weekly, who also reviews the site for any deficiencies.”

“Property and equipment are stated at cost less accumulated depreciation. Property and equipment are defined by ben franklin as assets with a cost of more than $10,000 and an estimated useful life in excess of one year. Depreciation and amortization are computed on a straight-line basis over the estimated lives of the assets. Leasehold improvements are amortized over the shorter of the lease period or estimated useful life. Estimated useful lives of assets range from three to five years for equipment, 10 to 15 years for leasehold improvements, and 39 years for the building. Management evaluates the recoverability of long-lived assets on an ongoing basis and recognizes any impairment in the year of determination. Long-lived assets were tested for impairment at june 30, 2024 and 2023, and in the opinion of management, there was no impairment. It is reasonably possible that relevant conditions could change in the near term and necessitate a change in management's estimate of the recoverability of these assets.”

“Ben franklin is exempt from federal income taxes under section 501(c)(3) of the internal revenue code. As a not-for-profit organization, ben franklin is also exempt from state and local income taxes. Building 100 limited partners, llc and building 100 general partner, llc are limited liability companies whose sole member is an exempt organization. These entities are considered to be disregarded entities and are included in ben franklin's tax return. Management has evaluated the tax positions of ben franklin and subsidiaries and concluded that there are no uncertain tax positions that require recognition or further disclosure in the notes to the financial statements. Ben franklin and subsidiaries are subject to audits by taxing jurisdictions; however, no audits for any periods are currently in progress. Management recognizes accrued interest and penalties associated with uncertain tax positions, if any, as part of management and administrative expenses. There were no income tax related interest or penalties recorded for ben franklin and subsidiaries for either of the years ended june 30, 2024 or 2023.”