Texas Navy Inc.

“TEXAS NAVY ASSOCIATION”

“Holiday party cost of goods sold 15,229 expenses bank fees 907 supplies 707 sales taxes 533 software and internet 4,065 event travel reimb 46 officer & director liability 1,582 total 23,069”

“Inventories for sale or use 12,612 11,885 marshall paintings 13,200 13,200 total 25,812 25,085”

“Accounts payable and accrued expenses 345 423 grants payable 4,225 4,075”

“The texas navy, inc. ("the company"), is a not-for-profit texas corporation formed in 1972 to preserve and promote an appreciation of the historic character and heroic acts of the texas navy; to promote travel by visitors to historical sites and areas in which the texas navy operated; to conduct in the broadest sense a public relations campaign to create a responsible and accurate image of texas; and, encourage texas communities, organizations and individuals, as well as governmental entities, to participate with actions and money in pursuit of these objectives”

“The texas navy, inc operates a retail outlet for memorabilia gifts and accessories related to the organizations charitable purpose. Additionally the retail outlet is operated by volunteer labor. Because the retail outlet is related to the purpose and the voluntary operations the revenues are treated as related business income to the organization.”