Pennsbury Society

“The society established an endowment trust for the benefit of the public to support pennsbury manor as a historic site, as a museum and as an educational resource. The society's efforts are to include, without limitation, the development, training and professional enhancement of its paid and volunteer personell; historical research relevant to the purpose of pennsbury manor; acquisition, preservation and reproduction of historic artifacts; production and implementation of interpretive exhibits; acquisition and care of animals relevant to the manor's historic periods; encouragement and development of craft activities; publicity and publications; care and improvement of the gardens, grounds and building of pennsbury manor; and activities to further develop the potential of the site.”

“The organization is exempt from federal taxes under section 501(c)(3) of the internal revenue service code. Accordingly, no provision for federal or state income taxe has been recorded i the financial statements. Generally accepted accounting principles prescribes a recognition threshold and measurement attribute for the finacial statement recognition and measurement of a tax position taken or expected to eb taken in a tax return. It requires that computations of current and deferred income taxes only consider tax positions that are more than likely than not to be sustained if the tax authorities examine a postion. The organization evaluated statutes of limitations chanegs in tax law and new authoritative rulings and accrues for liabilities if applicable. The organization's analysis found no uncertain tax positions. Federal and state tax returns are subject to examination by the taxing authorties generally for a period of three years after they are filed. Any penalties and interest assessed by taxing authorities are included in operating expenses. There were no interest or penalties for the years ended june 30, 2024 and 2023.”

“COST OF GOOD SOLD”

“COST OF GOOD SOLD”

“Generally accepted accounting principles prescribe a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken on a tax return. It requires that computations of current and deferred income taxes only consider tax positions that are more than likely than not to be sustained if the tax authorities examine a position. The organization evaluates statutes of limitations, changes in tax law and new authoritative rulings and accrues for liabilities if applicable. The organization's analysis found no uncertain tax positions.”

“COST OF GOODS”

“COST OF GOODS SOLD”