Roller Skating Rink Operators Association of America

“Federal and state income tax status: the association is a nonprofit corporation exempt from income taxes under section 501(c)(6) of the internal revenue code and similar state law. The exemption is on all income except unrelated business income. An unrelated trade or business of an exempt organization is any trade or business which is not substantially related to the exercise or performance of its exempt purpose. The advertising income derived from the publication of the association's newsletter and membership directory, insurance endorsement and certain corporate support is considered unrelated business income. Accounting principles generally accepted in the united states of america require management to evaluate tax positions taken by the association and recognize a tax liability if the association has taken an uncertain position that more likely than not would not be sustained upon examination by various federal and state taxing authorities. Management has analyzed the tax positions taken by the association, and has concluded that as of may 31, 2016 and 2015, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the accompanying financial statements. The association has filed its federal and state income tax returns for periods through may 31, 2014 and is subject to routine audits by taxing jurisdictions. However, as of the date the financial statements were available to be issued, there were no audits for any tax periods in progress. These income tax returns are generally open to examination by the relevant taxing authorities for a period of three years from the later of the date the return was filed or its due date (including approved extensions). For the years ended may 31, 2016 and 2015, the association's unrelated business income tax expense amounted to ($2,521) and $23,704, respectively. The association paid $94 and $60,402 for unrelated business income tax during the years ended may 31, 2016 and 2015, respectively.”

“Costs of goods sold 70,313.”

“Costs of goods sold 70,313.”