Home Sweet Home Ministries Inc

“Quasi - Endowment - a minimum annual distribution shall be $5,000. The organization can withdraw up to 25% of the fund balance in the calendar year, provided a written request of the Board of Directors is submitted and Foundation approves the withdrawal. The Foundation has the right to vary the terms of any gift if continued adherence to any condition or restriction is in the judgement of the Foundation's Board of Directors unnecessary, incapable of fulfillment of inconsistent with the charitable needs of the community served by the Foundation.Permanent Endowment - Between 3% and 5% of the average fund balance over the previous 12 calendar quarters can be spent.”

“The organization is organized as an illinois not-for-profit corporation and is exempt from federal taxation under section 501(c)(3) of the internal revenue code. The organization is also registered with the state of illinois attorney general under the charitable trust and solicitation act and has been given a religious exemption from the annual filing requirements. The organization files a form 990 (return of organizion exempt from income tax) annually. When the returns are filed, it is highly certain that some positions taken would be sustained upon examination by taxing authorities, while others are subject to uncertainty about the merits of the tax position taken or the amount of the position that would ultimately be sustained.examples of tax positions common to nonprofit organizations include such matters as the following: the tax exempt status of each entity and various positions relative to potential sources of unrelated business taxable income (ubit). Ubit is reported on form 990-t, as appropriate. The benefit of tax position is still 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 or litigation process, if any.tax positions are 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 liability for uncertain tax benefits in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Upon the adoption and as of june 30, 2025, there were no unrecognized tax benefits identified and recorded as a liability. Forms 990 filed by the organization are subject to examination by the internal revenue service (irs) up to three years from the extended due date of each return. Forms 990 filed by the organization are no longer subject to examination for the years 2021 and prior.”