Benton Volunteer Fire Company

“There are many family relationships within the organization.”

“The fire company has members consisting of active volunteer firefighters.”

“The members elect the fire company officers and trustees annually at their december meeting. To be eligible to vote for officers members must have attended at least 6 monthly meetings during the year.”

“Any financial and management decisions to be made above a de minimus threshold are voted upon by the whole fire company membership.”

“The fire company holds a monthly meeting to discuss all business. Minutes are taken at these meetings.”

“If there are any special committee meetings, these meetings keep a written record which is available at the general monthly meeting for review and to update the membership as a whole.”

“A copy of the return is placed in the offce for availability. When time permits a return copy is presented to the governing body at a monthly meeting prior to filing.”

“Anyone interested in holding a position of the governing body including officers and trustees must sign a written affirmation that they have received a copy of the conflict of interest policy, has read and understands the policy and agrees to comply with the policy. This must be done prior to his or her appointment, and annually updated thereafter. Each interested person must sign and deliver to the secretary a written statement identifying and known or suspected conflicts.”

“The organization is operated and maintained by non compensated volunteers. The membership does not need to make any decisions on officer or member compensation.”

“All of the governing documents and financial information is kept in the fire company office. Any member of the public that wishes to see any of the documents must make a request to the board. The board will then make arrangements with the individual or individuals to view the documentation.”

“The taxpayer elects to make the de minimis safe harbor election under the Regulation 1.263(a)-1(f)”

“The taxpayer elects to make the safe harbor for small taxpayers election under the Regulation 1.263(a)-3(h) BENTON VOLUNTEER FIRE COMPANY hereby adopts for book and Federal income tax purposes the following policy regarding capitalization expenses for the year beginning January 1, 2024. In accordance with Internal Revenue Code Sections 167 and 168 and related Regulations BENTON VOLUNTEER FIRE COMPANY has determined that amounts whose individual cost (including tax, installation and delivery costs) does not exceed $2500 will be deducted as incurred as operating expense. Amounts exceeding this dollar limit will be examined individually to determine if their use or purpose requires capitalization under the betterment, adaptation or restoration rules used by the Internal Revenue Service and will be capitalized or expensed as incurred as a result of the application of those rules.”

“Small fire equipment 3041. 3041. 0. 0.”

“Officer stipend 1100. 1100. 0. 0.”

“Dues & subscriptions 110. 110. 0. 0.”

“Truck & equip fuel 3056. 3056. 0. 0.”

“Truck & equip maint 15786. 15786. 0. 0.”

“Supplies 1259. 1259. 0. 0.”