Horizon Lodge Inc.

“Line 11A Explanation- The treasurer is provided a copy of the 990 prior to filing for review and comment.”

“The board of directors reviews the executive directors salary annually and gives raises based on performance, a comparison review of area salaries and the organizations financial ability to increase the salary.”

“The board of directors reviews the executive directors salary annually and gives raises based on performance, a comparison review of area salaries and the organizations financial ability to increase the salary.”

“The organization makes its governing documents, policies and financial statements available to the public upon request.”

“The organization makes its governing documents, policies and financial statements available to the public upon request.”

“Reversing $2,618 of excess depreciation in FY 2025. Depreciation going forward is computed on the corrected basis of $54,090 over a 27.5-year useful life. Management has implemented enhancements to its review process for insurance settlements and capitalization entries to ensure the proper asset basis is recorded in future periods.”

“During FY 2025, the organization corrected the basis and accumulated depreciation of a rebuilt kitchen asset originally placed in service in FY 2024 following a fire. The kitchen was recorded at an estimated cost of $300,962 with $3,192 of depreciation. Insurance reimbursements of $246,872 finalized in FY 2025 reduced the actual cost to $54,090. Accordingly,$574 of allowable FY 2024 accumulated depreciation was retained the excess depreciation was removed with the adjusting entry. Future depreciation is computed on the corrected $54,090 basis over 27.5 years. Management has enhanced review procedures to ensure proper recording of insured asset costs in future periods.”

“During FY 2025, the organization corrected accumulated depreciation related to a rebuilt kitchen asset originally placed in service in FY 2024 following a fire. The asset had been recorded at an estimated cost of $300,962 with $3,192 of depreciation. Final insurance reimbursements of $246,872 reduced the actual cost basis to $54,090. Accordingly, accumulated depreciation was adjusted to reflect only $574 of allowable FY 2024 depreciation, and $2,618 of excess depreciation was reversed by reducing current-year depreciation. The corrected accumulated depreciation balance and basis are reflected prospectively as of May 31, 2025.”