Sylvan Dale Legacy

“The 990 is first given to the Board Treasurer for review and then to all Board Members for review and reference.”

“Board members sign the conflict of interest policy annually. In 2024 there were no transactions or decisions of the board that had the potential for conflict of interest.”

“Policies and documents are available to the public upon request.”

“| Description:, Explanation:, Amount:| Amount due on line of credit grew, Line of Credit, $-383| During the 2024 tax year the organizations land asset was impacted by a wildfire that caused significant environmental and physical damage. Based on post-fire assessments the fair value of the land decreased by approximately $825,000 representing a 30% reduction from its previous carrying value of $2,750,000., Damage to land from Wildfire, $-825000|”

“| Explanation:| Statement Regarding Land Value Adjustment During the 2024 tax year the organizations land asset was impacted by a wildfire that caused significant environmental and physical damage. Based on post-fire assessments the fair value of the land decreased by approximately $825,000 representing a 30% reduction from its previous carrying value of $2,750,000. In accordance with generally accepted accounting principles GAAP the organization recorded an impairment loss of $825,000 and reduced the carrying value of the land to $1,925,000. Because land is not a depreciable asset this reduction was recorded as an impairment loss not accumulated depreciation. The loss was reported in the Statement of Activities as an impairment expense and the revised land value is reflected in Part X Line 10 of Form 990.”