Roller Skating Rink Operators Association of America

“The association is a nonprofit corporation exempt from income taxes under section 501(c)(6) of the united states 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, magazine and membership directory, insurance endorsement and certain corporate support and marketing revenue 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, 2020 and 2019, 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, 2019, 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, 2020 and 2019, the association's unrelated business income tax recovery (expense) amounted to ($13,749) and $284, respectively. The association received no refund nor paid any unrelated business income tax during the year ended may 31, 2020. The association received refunds of unrelated business income tax in the amount of $11,122 during the year ended may 31, 2019.”

“Costs of goods sold 39,073.”

“Costs of goods sold 39,073.”