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TIN:
SCHEDULE O
(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
Supplemental Information to Form 990 or 990-EZ
Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
Attach to Form 990 or 990-EZ.
Information about Schedule O (Form 990 or 990-EZ) and its instructions is atwww.irs.gov/form990.
OMB No. 1545-0047
2014
Open to Public
Inspection
Inspection
Name of the organization
LABORERS INTERNATIONAL UNION OF NORTH
AMERICA 762 LOCAL UNION
AMERICA 762 LOCAL UNION
Employer identification number
72-0485219
72-0485219
| Return Reference | Explanation |
|---|---|
| Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder | THE MEMBERS OF LOCAL 762 ARE INDIVIDUALS WHO VOLUNTARILY ELECT TO ABIDE BY THE LABORERS INTERNATIONAL CONSTITUTIONS AND THE BY LAWS OF LOCAL 762. THESE MEMBERS WORK IN THE CONSTRUCTION/SERVICE INDUSTRY. |
| Form 990, Part VI, Line 7a: How Members or Shareholders Elect Governing Body | ONCE EVERY THREE ( 3 ) YEARS THE MEMBERSHIP HAVE A GENERAL ELECTION. THE PURPOSE OF THE ELECTION IS TO ELECT BY SECRET BALLOT AND BY MAJORITY VOTE OFFICERS TO REPRESENT THE MEMBERSHIP IN OVERSEEING THE ACTIVITIES OF THE LOCAL. |
| Form 990, Part VI, Line 7b: Describe Decisions of Governing Body Approval by Members or Shareholders | SPECIFIC EVENTS REQUIRE APPROVAL OF THE MEMBERSHIP ON A MONTHLY BASIS AT UNION MEETINGS. PAYMENT OF BILLS THE LOCAL UNION INCURRS AND MAJOR PURCHASES TO BE MADE ALL MUST BE APPROVED BY THE EXECUTIVE BOARD OF THE MEMBERSHIP. |
| Form 990, Part VI, Line 11b: Form 990 Review Process | A CERTIFIED PUBLIC ACCOUNTING FIRM IS RETAINED TO PREPARE THE ANNUAL IRS FORM 990. THE CPA FIRM PROVIDES A COPY OF THE COMPLETED FORM TO THE ELECTED OFFICERS FOR THEIR REVIEW AND APPROVAL. |
| Form 990, Part VI, Line 19: Other Organization Documents Publicly Available | UPON REQUEST BY ANY PARTY, THE LOCAL IS REQUIRED BY FEDERAL LAW TO MAKE A COPY OF THE FILED TAX RETURNS AVAILABLE. AT EACH MONTHLY UNION MEETING A COPY OF THE INTERNATIONAL CONSTITUTION IS AVAILABLE FOR ANY MEMBER TO REVIEW AND QUESTION. ALL FINANCIAL RECORDS FOR EACH MONTHS ACTIVITY ARE PRESENTED TO THE MEMBERSHIP FOR THEIR APPROVAL AND REVIEW AT EACH MONTHS UNION MEETINGS. |
| PART IX LINE 21 - TRANSACTIONS WITH AFFILIATED ENTITIES | THE LOCAL EXECUTES TRANSACTIONS WITH AFFILIATED ENTITIES AS REPORTED ON LINE 21, PART IX OF THE IRS 990. THESE 2 ENTITIES DO NOT MEET THE RELATED PARTY DEFINITIONS AS REPORTED IN THE INSTRUCTIONS TO THE SCHEDULE R. THESE 2 ENTITIES ARE AS FOLLOWS;1. LABORERS INTERNATIONAL UNION OF NORTH AMERICA, FID # 53-0088501, USING THE GROUP EXEMPTION FILING NUMBER FROM THIS ENTITY FOR THE FILING ORGANIZATION.2. SOUTHEAST LABORERS DISTRICT COUNCIL, FID # 42-1637053.FINANCIAL TRANSACTIONS ARE AS FOLLOWS;1. LIUNA, FID # 53-0088501, PAYMENT OF PER CAPITA AFFILIATION FEES TOTALING $ 27,4382. SOUTHEAST LABORERS D.C., FID # 42-1637053, PAYMENT OF AFFILIATION FEES TOTALING $ 1,239. |
| Sch. D XIII-Supplemental Information | The entity does not attach the FIN 48 Footnote to its compiled Financial Statements. For full disclosure, if the entity had footnotes to the Financial Statements, the FIN 48 footnote that appears below would be included."Accounting for the uncertainty of tax positions can impact the financial statements. Even though the Local is exempt from income taxes, The Local must still consider whether its exempt income and other activities of the Local might be determined to be unrelated business income, and whether the Local has properly maintained its tax exempt status. Financial Interpretation No. 48 (i.e. FIN # 48 ), published by the Financial Accounting Standards Board, addresses the issue of accounting for the uncertainty of material tax positions impacting the financial statements. The Officers have adopted the provisions of FIN # 48 effective December 31, 2010. The accounting for all material positions taken, or expected to be taken, on any income tax return is governed by FIN # 48. Income tax returns include those positions that were filed or that should have been filed with Federal taxing authorities. It is the Officers policy to assess all material postions taken on any federal income tax return. The Officers will require its tax counsel to communicate to them all such uncertain tax positions in order to evaluate the impact of the tax position and the reporting and disclosure required. The requirement will apply to not only the current reporting year but also to all prior open reporting years that could still be subject to examination by a taxing authority. The Officers have determined that any material uncertain tax positions that are presented to the Officers will be recognized and measured using a " more-likely-than-not ", (MLTN) threshold. The MLTN threshold means that;1. A benefit related to an uncertain tax position may not be recognized in the financial statements unless it is MLTN that the position will be sustained based on its technical merits, and 2. There must be more than a 50 % likelihood that the position would be sustained if challenged and considered by the highest court in the relevant jurisdiction.Measurement of any uncertain tax position will require calculating the cumulative probability of an outcome either for or against the tax position. The tax benefit of a qualifying position is the largest amount of tax benefit that is more than 50 % likely to be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. Initial recognition of an uncertain tax position will require continued reassessment of the tax position on an annual basis. As of each year end any unresolved uncertain tax postions must be reassessed, and the Trustees must determine whether;1. the factors underlying the sustainability assertions have changed and,2. the amount of the recognized tax benefit is still appropriate.Developments such as case law, changes in tax law, new rulings or regulations issued by taxing authorities, could affect whether a tax position should be recognized or the amount that should be reported. The Fund will be required to accrue interest and penalties that, under present tax law, the Fund would incur if the uncertain tax position ultimately were not sustained.For the year ending December 31, 2014, no uncertain tax positions were determined to exist." |
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990 or 990-EZ) 2014
Additional Data
| Software ID: | 14000265 |
| Software Version: | 2014v5.0 |