Historic Warehouse District Development Corporation of Cleve

“The corporation is the holder of historic preservation easements. The easements represent a voluntary legal agreement that protects a significant historic, archaeological, or cultural resource. The easements provide assurance to the owners of historic or cultural property that the property's intrinsic values will be preserved through subsequent ownership. Under the terms of the easements, property owners grant a portion of, or interest in, their property rights to the corporation whose mission includes historic preservation. The easements are a useful historic preservation tool in several respects as they allow an owner to retain private ownership of the property and obtain potential financial benefits. The easements bind not only current owners, but future owners as well, ensuring that the property will be maintained and preserved for future generations. When property owners donate an easement to the corporation, they may be eligible to claim a charitable deduction on their federal income tax return in accordance with rules set by the internal revenue service. The easements give the corporation the legal authority and responsibility to enforce the terms of the easements. This includes the right to inspect the property to ensure that the owner is complying with the terms. The easements typically prohibit the owner from demolishing or making alterations to the property without prior review, consultation and approval by the easement holder. Currently the corporation holds 30 easements. Management's estimate of potential future costs of maintaining the easements is not material to the financial statements. As a result, the corporation has not recorded a liability on the accompanying statements of financial position. The organization contracts with professional service providers to monitor, inspect, and enforce the easements.”

“The organization evaluates at each statement of financial position date uncertain tax positions taken, if any, to determine the need to record liabilities for taxes, penalties, and interest. The organization's policy is to record interest and penalties on uncertain tax provisions as income tax expense. As of december 31, 2023 and 2022, the organization has no accrued taxes, interest, or penalties related to uncertain tax positions. The organization estimates the unrecognized tax benefit will not change significantly within the next twelve months.”