Illinois Knights Templar Home

“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. Such funds are maintained at the related entity, Illinois Knights Templar Home Endowment Fund. 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 of earnings per year.”

“Illinois Knights Templar Home is classified by the Internal Revenue Service as an organization exempt from income tax under Section 501(c)(3) of the Internal Revenue Code and is similarly classified by the Illinois Department of Revenue. 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. Unrelated business income tax (UBIT) is reported on Form 990-T 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 or 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 consolidated statements of financial position along with any associated interest and penalties that would be payable to the taxing authorities upon examination. As of July 31, 2016 and 2015, there were no unrecognized tax benefits identified and recorded as liabilities. 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. Form 990 filed by the Organization is no longer subject to examination for the tax years 2012 and prior.”