Immanuel Lutheran Corporation of Kalispell Montana

“The organization holds resident trust funds, resident deposits and also resident deposits for the Organization's new project, the Villas. Resident trust funds at June 30, 2016 were $15,453, Resident deposits were $37,000 and resident deposits for the Villas were $742,765.”

“In 1988, Immanuel Lutheran received $282,500 from the estate of Olga Helevna Stromset. Miss Stromset requested that income received on the principle invested be used for education and training of staff employed at Immanuel. In keeping with her wishes, ILC developed the following guidelines for the use of these funds: be an employee of Immanuel Lutheran, have an acceptable work record as documented by their supervisor, have worked for six months with a minimum of 720 hours in one year, be accepted for study in an accredited program and provide documentation of successful completion of course work to continue funding. Preference is given to those applicants whose degree or goal will allow them to fill a position at Immanuel Lutheran for which there is an anticipated shortage or need. The remaining endowments consist of individual funds established for a variety of purposes such as maintenance of grounds, purchase of equipment, sponsor resident activities, Christ Cares Fund for employee assistance and such other needs to enrich our residents lives.”

“The Corporation is organized as a Montana nonprofit corporation and has been recognized by the Internal Revenue Service (IRS) as exempt from federal and state income taxes under Internal Revenue Code Section 501(c)(3). The Corporation is annually required to file a Return of Organization Exempt from Income Tax (Form 990) with the IRS. The Corporation has determined it is not subject to unrelated business income tax and has not filed an Exempt Organization Business Income Tax Return (Form 990T) with the IRS. The Corporation believes it has support for any tax positions taken affecting its annual filing requirements, and as such, does not have any uncertain tax positions that are material to the financial statements. The Corporation would recognize future accrued interest and penalties related to unrecognized tax benefits and liabilities in income tax expense if such interest and penalties are incurred.”

“Change in value of interest rate swap agreements -372,441. Change in value of split-interest agreements -24,815. Support Services included in revenue for financial statements -236,390. Investment Expenses included in revenue for financial statements -49,684.”

“Net Gift Shop sales included in Expenses for financial statements 7,769. Rental expenses included in expenses for financial statements -28,486. Fundraising expenses included in expenses for financial statements -16,116.”

“Fundraising expenses included in expenses for financial statements 16,116. Net Gift Shop sales included in Expenses for financial statements -7,769. Rental expenses included in expenses for financial statements 28,486.”

“Support Services included in revenue for financial statements 236,390. Investment Expenses included in revenue for financial statements 49,684.”