Shriners International Jerusalem Temple

“The board designated or quasi-endowment is used at management's discretion to run the daily operations of the temple. The temporarily restricted endowment is utilized to provide free hospital transportation to and from shriners hospitals for the patients and their families. The permanent endowment is utilized to maintain a permanent source of income; as stipulated by donor. There were no permanently restricted funds as of year end.”

“The shrine is exempt, by statute, from federal, state and local income taxes, except for certain products and services which have been deemed by the internal revenue services (irs) to be subject to unrelated business income tax (ubit). The accounting standard on accounting for uncertainty in income taxes addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under that guidance, the shrine may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities based on the technical merits of the position. Examples of tax positions include the tax-exempt status of the shrine and various positions related to the potential sources of unrelated business taxable income (ubit). Any tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. There were no unrecognized tax benefits identified or recorded as liabilities for fiscal years 2017 and 2016. The shrine's income tax returns are subject to review and examination by federal and state taxing authorities; however, there are currently no examinations for any tax periods in progress.”