Illinois Knights Templar Home Endowment Fund

“The endowment funds contribute to the support of Illinois Knights Templar Home which provides long term care, health care, residential services and other services to residents, generally from the surrounding community. Proceeds of the endowment are board-restricted to use for residents' activities of Illinois Knights Templar Home, subject to a maximum outlay of $4,000 in proceeds per year.”

“On August 1, 2009, the Organization adopted the FASB issued guidance Accounting for Uncertainty in Income Taxes. This guidance clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements. The guidance prescribes a comprehensive model for recognizing, measuring, presenting and disclosing in the financial statements tax positions taken or expected to be taken on a tax return including positions that the Organization is exempt from income taxes or not subject to income taxes on unrelated business income. Examples of tax positions common to the Organization include such matters as the following: the tax-exempt status of the entity, classification of property and equipment and the corresponding depreciable lives and various positions relative to potential sources of unrelated business taxable income (UBIT). The Organization files a Form 990 (Return of Organization Exempt from Income Tax) annually. When this return is filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would ultimately be sustained. UBIT is reported on Form 990T as appropriate. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes that it is more likely than not that the position will be sustained upon examination, including the resolution of appeals of litigation processes, if any. Tax positions are not offset or aggregated with other positions. Tax positions that meet the "more likely than not" recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely to be realized on settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liabililty for unrecognized tax benefits in the accompanying statements of financial position along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Upon the adoption of the FASB guidance relative to uncertainty in income taxes and as of July 31, 2017, there were no unrecognized tax benefits identified and recorded as liabilities. Form 990 filed by the Organization is subject to examination by the Internal Revenue Service (IRS) up to three years from the extended due date of each return. Form 990 filed by the Organization is no longer subject to examination for the years 2013 and prior.”