Dayspring Homes Inc

“Dayspring homes maintains 3 bank accounts on behalf of its residents. A non interest bearing checking account for non rep payee clients. A non interest bearing checking account and an interest bearing savings account for rep payee clients. The asset is shown on form 990, part x line 15 with an offsetting liability on line 21.”

“As a not-for-profit organization, the organization is generally exempt from federal and state income taxes. The organization is subject to federal and state income taxes on unrelated business income. The organization recognizes penalties and interest accrued related to income tax liabilities in the provision (benefit) for income taxes in its statements of activities. At june 30, 2016 and 2015, there was no accrual for the payment of penalties and interest. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence management believes it is more likely than not that the position will sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liablity for unrecognized tax benefits in the accompanying statements of financial position along with any associated interest and penalties that would be payable to the taxing authorities upon examination. The organization files informational form 990 in the u. S. Federal jurisdiction. The organization's informational form 990 is not subject to examination through the year ended june 30, 2012.”

“Rental expense, line 6b 13,517. Fundraising expense, line 8b 630.”

“Rental expense, line 6b 13,517. Fundraising expense, line 8b 630.”