Greater Lewisville Association

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“Following is text from the footnotes of the organization's consolidated financial statements: glar is a nonprofit, publicly supported organization, as defined in section 501(c)(6) of the internal revenue code (code) that is exempt from federal income taxes under section 501(a) of the code. Ntrets has elected to be taxed as a corporation. Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. At december 31, 2024, ntrets did not have any temporary or permanent differences that would give rise to deferred tax assets or liabilities. The organization is required to recognize, measure, classify, and disclose in the consolidated financial statements uncertain tax positions taken or expected to be taken in the organization's tax return. Management has determined that the organization does not have any uncertain tax positions and associated unrecognized benefits that materially impact the consolidated financial statements or related disclosures. Since tax matters are subject to some degree of uncertainty, there can be no assurance that the organization's tax returns will not be challenged by the taxing authorities and that the organization will not be subject to additional tax, penalties and interest as a result of such challenge. The organization would recognize any penalties or interest in operating expenses. Generally, the organization's tax returns remain open for federal income tax examination for 3 years from the date of filing and for state franchise tax examination for 4 years from the date of filing. All income tax expense on the consolidated statement of activities for the year ended december 31, 2024 was current.”