Irish Festivals Inc.

“Collection items consist of art and musical objects that are held for educational and curatorial purposes. Each of the items is cataloged, preserved, and cared for, and activities verifying their existence and assessing their condition are performed continuously. Collection items acquired either through purchase or donation are not capitalized. Purchases of collection items are recorded as decreases in unrestricted net assets if purchased with unrestricted assets and as decreases in temporarily restricted net assets if purchased with donor-restricted assets. Contribution of collection items are not recognized in the statement of activities. Proceeds for deaccessions or insurance recoveries are reflected in the statement of activities based on the absence or existence and nature of donor-imposed restrictions. If collection items are sold, the proceeds from the sale are used to purchase additional collection items.”

“The organization has a fiscal agent account. On a yearly basis the owner will advise the organization how to distribute donations.”

“The organization is a tax-exempt organization under the internal revenue code section 501(c)(3). The tax-exempt status is based on the stated purpose of the organization and supporting evidence presented to the internal revenue service with the application for tax-exempt status. Such status is subject to re-evaluation should there be any changes in operation, character, or purpose of the organization. The organization has implemented accounting for uncertainty in income taxes in accordance with accounting principles generally accepted in the united states of america. This standard describes a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return and also provides guidance on various related matters such as derecognizing, interest, penalties and disclosure required. Management of the organization evaluates the uncertain tax positions taken, if any, and consults with outside counsel as deemed necessary. The organization recognizes interest and penalties, if any, related to unrecognized tax liabilities in income tax expense.”

“Merchandise cgs raffle cgs fundraising - incidental benefit expenses”

“Merchandise cgs raffle cgs fundraising - incidental benefit expenses”