Ohioana Library Association

“The collections, which were acquired through purchases and contributions since ohioana's inception, are not recognized as assets on the statement of financial position. Purchases of collection items are recorded as decreases in unrestricted net assets in the year in which the items are acquired or as restricted net assets if the assets used to purchase the items are restricted by donors. Contributed collection items are not reflected on the financial statements.”

“Ohioana is tax-exempt under section 501(c)(3) of the internal revenue code. Consequently, no provisions for income taxes have been made in the accompanying financial statements. Additionally, the internal revenue service has not classified ohioana as a private foundation because it is an organization of the type described in sections 509(a)(1) and 170 (b)(a)(vi) of the code. Ohioana follows financial accounting standards board ("fasb") guidance on accounting for uncertainty in income taxes, which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under this guidance, ohioana may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. Examples of tax positions include the tax-exempt status of ohioana, and various positions related to the potential sources of unrelated business taxable income (ubit). The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also addresses de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods. On june 30, 2024, there were no material unrecognized tax benefits identified or recorded as liabilities. Ohioana files form 990 in the u.s. Federal jurisdiction and the state of ohio. Ohioana's federal exempt organization tax returns are subject to examination by the internal revenue service, generally for three years after they are filed. All tax returns for years ending after june 30, 2021 are open for examination.”