Mennonite Housing Rehabilitation

“Mennonite housing rehabilitation services, inc., kansas affordable housing corporation, and the hud capital advance projects are exempt from federal income tax under section 501(c)(3) of the internal revenue code and state income tax, and have been classified as an other than private foundation. Accordingly, no provision for federal and state taxes on revenue and income has been recognized in the accompanying consolidated financial statements. Generally, the federal and state tax returns were subject to examinations from the three years after the later of the original or extended due date, or the date filed with the applicable tax authority. Even though mennonite housing rehabilitation services, inc., kansas affordable housing corporation, and the hud capital advance projects are recognized as tax exempt, they still may be liable for tax on their unrelated business income. Mennonite housing rehabilitation services, inc., kansas affordable housing corporation, and the hud capital advance projects tax positions through its review of the sources of income to identify ubi and certain other matters, including those which may affect its tax exempt status. The effect of the uncertainty would be recorded if the outcome was considered probable and reasonably estimable. As of may 31, 2024 and 2023, mennonite housing rehabilitation services, inc., kansas affordable housing corporation, and the hud capital advance projects had no uncertain tax positions requiring accrual. All other entities are treated as pass-through entities for income tax purposes and, as such, are not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by their owners on their respective income tax returns. These entities' federal tax statuses as pass-through entities are based on their legal status as limited partnerships and limited liability companies. Accordingly, these entities are not required to take any tax positions in order to qualify as pass-through entities. These entities are required to file and do file tax returns with the internal revenue service and other taxing authorities. Accordingly, these consolidated financial statements do not reflect a provision for income taxes and these entities have no other tax positions which they must consider for disclosure. There has been no interest or penalties recognized in the consolidated statements of activities for the years ended may 31, 2024 and 2023.”

“Reclass grant expense 32,241. Reclass fhlb home repairs 52,337. Reclass loan and fee rec write offs 498,166.”

“Book/tax depreciation expense difference 556.”

“Reclass grant expense 32,241. Reclass fhlb home repairs 52,337. Reclass loan and fee rec write offs 498,166.”