Orlandoorange County Convention and Visitors Bureau Inc

“Visit Orlando has been granted recognition as a tax-exempt entity under Section 501(c)(6) of the Internal Revenue Code ("IRC") and from the state income taxes under similar provisions in the Florida Income Tax Code. Accordingly, no provision for federal and state income taxes is reflected in the accompanying financial statements. However, Visit Orlando is subject to income taxes on net revenues earned from advertising, ticket sales, and other unrelated business income. The Organization uses the asset and liability method of accounting for income taxes as required by FASB ASC 740, Income Taxes. Under this statement, the Organization has estimated gross deferred tax assets of approximately $1,407,000 and $1,383,000 at December 31, 2024 and 2023, respectively, which result from unused income tax net operating loss carryforwards. At December 31, 2024, the 20-year and indefinite life income tax net operating loss carryforwards totaled approximately $2,216,000 and $4,483,000, respectively. At December 31, 2023, the 20-year and indefinite life income tax net operating loss carryforwards totaled approximately $2,216,000 and $4,370,000, respectively. The 20-year net operating loss carryforwards expire at various times between 2025 and 2035. However, due to uncertainty regarding the Organization's ability to utilize the carryforwards, a valuation allowance has been recorded in the full amount of the estimated deferred tax assets as of December 31, 2024 and 2023. Therefore, there was no net deferred income tax benefit recognized by the Organization for the years ended December 31, 2024 and 2023. The unused net operating losses are available to offset future taxable income of the Organization. In accordance with Financial Accounting Standards Board "FASB") Accounting Standards Codification ("ASC") Topic 740, Income Taxes (Topic 740), all entities are required to evaluate and disclose income tax risks. Topic 740 clarifies the accounting for uncertainty in tax positions and prescribes guidance related to the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The tax benefit from an uncertain tax position is only recognized in the statements of financial position if the tax position is more likely than not to be sustained upon an examination, based on the technical merits of the position. Interest and penalties, if any, are included in expenses in the statements of activities and changes in net assets. As of December 31, 2024 and 2023, the Organization had no uncertain tax positions that qualify for recognition or disclosure in the financial statements. The Organization's income tax returns are subject to review and examination by federal authorities. The Organization is not aware of any activities that would jeopardize its tax-exempt status. The Organization is not aware of any activities that are subject to tax on unrelated business income, excise, or other taxes. Further, there are no income tax related penalties included in the financial statements.”

“Loss on disposal of assets: $258”