Association of Professional Chaplains

“Board designated net assets at october 31, 2024 of $41,916 represent designations of income approved by the board. The balance is designated for three purposes: $28,153 for operational reserves and $9,060 for strategic initiatives $4,703 to foster research and development projects net assets with donor restrictions (purpose) at october 31, 2024 of $10,587 represents income earned on the phillips endowment balance. The balance is restricted for a speaker honorarium at the annual conference for the charles and shirley phillips endowed lectures. Net assets with donor restrictions (perpetual) are: mundhenke mission & programs: the fund's purpose is to financially support the association of professional chaplain's mission and programs with a preference for supporting the speaker for the anton boisen and russell dicks memorial lecture. Phillips endowed lecture: the fund's purpose is to defray the costs of a key speaker chosen by the association to lecture at each annual conference arranged through the association to motivate its members to achieve excellence in the personal and spiritual skills required of them in their ministries. This lecture is to be known and publicized by the association as the "charles and shirley phillips endowed lectures".”

“Apc has been granted an exemption from federal income taxes pursuant to section 501(c)(3) of the internal revenue code. Bcci has been determined to be exempt from federal income taxes pursuant to section 501(c)(6) of the internal revenue code. Management believes that apc and bcci continue to operate in compliance with their tax exempt purpose. Apc's activities related primarily to job opportunity postings on their website are subject to unrelated business income tax. For the years ended october 31, 2024 and 2023, apc has incurred $1,003 and $2,052, respectively of income tax expense related to this activity. Accounting standards provide guidance for how certain tax positions should be recognized, measured, disclosed and presented in the financial statements. This requires the evaluation of tax positions taken or expected to be taken in the course of preparing apc's and bcci's information returns to determine whether the tax positions are "more-likely-than-not" of being sustained "when challenged or "when examined" by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit and asset or expense and liability in the current year. Apc and bcci file information returns in the u.s. Federal and illinois state jurisdictions. Apc and bcci are no longer subject to u.s. Federal and state examinations by tax authorities for years before 2021. As of and for the year ended october 31, 2024, management has determined that there are no uncertain tax position.”