Ancient & Accepted Scottish Rite of Free Masonry Southern Jurisdiction

“A copy of the completed form 990 and schedules are reviewed by the board treasurer prior to filing”

“All financial transactions are reviewed by the executive committee comprised of the head individual for each of the four bodies plsu the secretary, treasurer, and personal representative to the sgig.”

“The governing documents are made available to the public upon request. The bylaws are available on the website.”

“As a result of the 2013 audit, the council has determined that endowement accounts exist as reported on form 990, part x, other assets, and on form 990, schedule d. Estimated and cumulative balance as of december 31,2015 was $732,662, december 31, 2016 was $836,538 and december 31, 2017 was $959,615.”

“Life memberships - the principal is preserved; the income is board designated. At december 31, 2017, the principal and investment income were $96,469 and $40,337, respectively. Total income and expenses were $3,844 and $723, respectively.”

“Education and you - the principal is preserved; the income is temporarily restricted until the council makes an appropriation for expenditure. At december 31, 3017, the principal and investment income were $421,716 and $98,702.”

“Basis of accounting: the organization prepares its form 990 on the modified cash basis of accounting, which is a comprehensive basis of accounting other than accounting principals generally accepted in the united states of america. As such, form 990 includes depreciation expense recognized on fixed assets, and investments are recorded at fair market value. All other income and expenses are recognized only as cash is received or paid. Receivables, prepaid expenses, payables, and accrued expenses are not reflected.”

“All investements are recorded at fair value, which is a departure from modified cash bais of accounting. Au section 623.04 and ar section 60 permit modification of the pure cash-basis when modification has substantial support. Substantial support exists when the method used is equivalent to the accrual method of accounting for the particular item, and the method is not illogical. A recent interpretation has concluded that adjusting fair value of investements is a departure from the modified cash basis of accounting.”

“Other program services: 43647. 3175.”