Rose Hill Cemetery of Hagerstown

“The organization has an endowment fund which has been established for the purpose of providing sufficient earnings in the form of a total return from appreciation, dividends, and income. The board of trustees designates 10% of the retail sales price of burial spaces as perpetual care investments funds in which the income earned is used to offset the cost of general preservation and maintenance of the cemetery grounds and structures. The remaining endowment fund is designated by the board of trustees in which the earnings are used for cemetery operations and maintenance of the grounds. The endowment fund is reported as net assets without donor restrictions on the statements of financial position. As required by generally accepted accounting principles, net asset classifications associated with these funds are classified and reported based on the existence or absence of donor-imposed restrictions. In making a determination to preserve these funds, the board of trustees considers attributes such as the duration and preservation of these funds, the purpose of any gifts, general economic conditions, the effects of inflation and deflation, the expected total return from income and the appreciation of the investments, and the overall investment policy of the organization.”

“The organization follows generally accepted accounting principles, which provides guidance on accounting for uncertainty in income taxes recognized in an organization's financial statements. The organization's policy is to charge penalties and interest to income tax expense as incurred. The organization's federal and state income tax returns are subject to examination by the internal revenue service and state tax authorities, generally for a period of three years after the returns are filed.”

“Rental expenses -4,931 rental depreciation -3,231”

“Rental expenses 4,931 rental depreciation 3,231”

“Part v - endowment funds the organization maintains an endowment fund that is 100% board designated. As the fund does not consist of any donor advised funds, it was not previously reported on schedule d, part v. However, after additional review of the irs instructions, it was determined that this fund qualifies as a quasi-endowment fund and should be reported as such. This reporting change has been applied in the current year, with corresponding adjustments made for the four prior years.”