Lutheran Social Services of Illinois

“The organization's endowment funds are held and administered by the cornerstone foundation, a related organization. The cornerstone foundation's endowment consists of approximately 40 individual funds established for a variety of purposes. Its endowment includes both donor-restricted endowment funds and funds designated by its board of trustees to function as endowments.”

“The organization is recognized by the internal revenue service as a tax-exempt organization under section 501(c)(3) of the internal revenue code and, except for taxes pertaining to unrelated business income, is exempt from federal and state income taxes. The organization follows current accounting guidance which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the consolidated financial statements. Under this guidance, the organization 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 the organization and various positions related to the potential sources of unrelated business income. The tax benefits recognized in the consolidated financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also addresses derecognition, classification, interest and penalties on income taxes. With few exceptions, the organization is no longer subject to u.s. Federal, state or local income tax examinations by tax authorities for the years before 2020. The organization is not currently under examination by any taxing jurisdiction. It is the organization's policy to recognize interest and penalties related to unrecognized tax expense when paid. Lssi rockford property, inc. Has a tax year ending december 31. During 2010, lssi rockford property, inc. Completed a sale that was treated for income tax purposes as an installment sale. The deferred tax liability of $520,475 is included in other long-term liabilities as of june 30, 2024 and 2023 in the consolidated statements of financial position.”