Ocala Elks Association Inc

“The lodge reviews the information with the audit committee (and governing body) and reads the form 990 and financial information prior to the filing of the form 990. The lodge reviews the form 990 and financial information with the membership after filing. Additionally, the form 990 and related reports are available for inspection by the membership upon request.”

“Set by and reviewed annually by board of trustees.”

“Set by and reviewed annually by board of trustees.”

“The form 990 and related reports are available for inspection by the membership upon request. Additionally, a copy is filed with the grand lodge for review.”

“The gross income received from the rental of real estate originally reported on form 990t has been determined to meet the exceptions from unrelated business taxable income as defined in the internal revenue code, treasury regulations and as further described and outlined in irs publication 598. This rental income constitutes all of the income previously reported on the form 990t and the attached correction of this filing results in zero reportable taxable income for each of the two previous fiscal tax years. This amended return results in a refund of all prior taxes paid and will eliminate the filing requirements related to this income in subsequent years. The lodge began receiving rental income in the fiscal year ended march 31, 2015. This rental income is being received under a 99 year lease on a parcel of real estate on which the grantee has constructed a cellular telephone tower. The gross income received in the fiscal year ended march 31, 2015 was 46,902 and 105,901 in the fiscal year ended march 31, 2016. The cell phone tower was not constructed by the lodge and the title in the tower will remain with the grantee under the terms of the written agreements. There is not now and has not been any debt related to this real estate parcel. The tower is considered an inherently permanent structure as defined in treasury regulation 1.263a-8 ( c)(3) and is therefore considered real property and exempt from taxation as described in irs code section 512b(3)(3) and treasury regulation 1.48-1. Form 990, page 9 - tower income was reclassified from unrelated business revenue (column c) to related to exempt function revenue (column b).”

“Club operations 296,443 0 0 repairs and maintenance 1,756 17,362 0 other taxes 0 885 0 other 28,401 2,416 0 fundraising 0 0 10,430”

“Federal income tax -5,702”