Bossier Council on Aging Inc

“Under provisions of section 501(c)(3) of the internal revenue code and the applicable income tax regulations of the state of louisiana, the council is exempt from income taxes, except from unrelated business income. There were no unrelated business activities for the year ended june 30, 2024. Accordingly, no tax expense was incurred for the year ended june 30, 2024. The council believes that it has appropriate support for any tax positions taken, and as such, does not have any uncertain tax positions that are material to the financial statements.”

“Capital assets: the accounting and reporting treatment used for property, vehicles, and equipment (capital assets) depends on whether the capital assets are reported in the government-wide financial statement or the fund financial statements. Government-wide financial statements: capital assets are long-lived assets purchased or acquired with an original cost of at least $1,000 and have an estimated useful life of greater than one year. When purchased or acquired, these assets are recorded as capital assets in the government-wide statement of net assets. If the asset was purchased, it is recorded in the books at its cost. If the asset was donated, then it is recorded at its estimated fair market value at the date of donation. Capital assets will also include major repairs to equipment and vehicles that significantly extend the asset's useful life. For capital assets recorded in the government-wide financial statements, depreciation is computed and recorded using the straight-line method for the asset's estimated useful life. The council follows a guideline issued by the state of louisiana's office of statewide reporting and accounting to establish the useful lives of the various types of capital assets that are depreciated and the method used to calculate annual depreciation. Fund financial statements: in the fund financial statements, capital assets used in the council's operations are accounted for as capital outlay expenditures of the governmental fund that provided the resources to acquire the assets. Depreciation is not computed or recorded on capital assets for purposes of the fund financial statements.”