Peerless Rockville Historic Preservation Ltd

“The organization has a written policy that adheres to the easement requirements of the property owners and certain performance requirements.”

“The organization does not record any transactions or financial impact relating to the easements.”

“In accordance with the provisions of fasb asc topic 958 on not-for-profit entities, the organization does not capitalize donated artifacts of historic value or recognize them as revenues or gains. Fasb asc 958 provides that such donations need not be recognized if they are added to collections that are held for public exhibition, education, or research in furtherance of public service rather than financial gain; are protected, kept unencumbered, cared for, and preserved; and are subject to a policy that requires the proceeds from sales of collection items to be used to advance the organizations mission.”

“Peerless rockville utilizes the collections to educate and interpret historic sites, present exhibits, protect and preserve rockvilles historic places, provide hands-on preservation opportunities, and make the resources accessible to the public of all ages and interests.”

“Endowment funds are intended to earn income for the organization that will be used to further the organizations mission.”

“The organization follows the recommendations of the financial accounting standards board (fasb) in its accounting standards codification (asc) for accounting of uncertainty in income taxes without any material effect to the financial statements. These recommendations clarify the accounting for uncertainty in income taxes by prescribing the recognition threshold a tax position is required to meet before being recognized in the financial statements. They also provide guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Income tax benefits are recognized for income tax positions taken or expected to be taken in a tax return, only when it is determined the income tax position will more-likely-than-not be sustained upon examination by taxing authorities. The organization has analyzed tax positions taken for filing with the internal revenue service and all state jurisdictions where it operates. Management believes that income tax filing positions will be sustained upon examination and does not anticipate any adjustments that would result in a material adverse affect on the organizations financial condition, results of operations or cash flows. Accordingly, the organization has not recorded any reserves, or related accruals for interest and penalties for uncertain income tax positions at june 30, 2025 or 2024.the organizations returns remain open for three years for federal and state examination.”