Boy Scouts of America

“Three harbors council has a board approved spending policy that authorizes the council to budget for and make annual disbursements from its endowment funds for operating expenses or capital expenditures in an amount up to 5% of a 20-quarter rolling average of the market values of the total assets in the endowment fund, in compliance with any applicable restrictions.”

“The council generally is exempt from both federal and wisconsin income taxes under internal revenue code section 501(c)(3) through a group ruling obtained by the boy scouts of america national council. However, the council is subject to federal income tax on any unrelated business taxable income, of which the council had an insignificant amount in the years ended december 31, 2024 and 2023. Accordingly, no provision for income taxes has been recorded in the statement of activities. Under fasb asc 740, income taxes, an organization must recognize the tax benefit associated with tax positions taken for tax return purposes when it is more likely than not the position will be sustained. The council does not believe there are any material uncertain tax positions and, accordingly, it did not recognize any liability for unrecognized tax benefits. For the years ended december 31, 2024 and 2023, there were no interest or penalties recorded or included in the financial statements. The council files informational returns in the united states federal jurisdiction and in the state of wisconsin. As of december 31, 2024, tax years open to examination by tax authorities under the statutes of limitations include years ended december 31, 2020 through december 31, 2024. None of the council's federal or state informational returns are currently under examination.”