Attach to Form 990 or 990-EZ.
Information about Schedule O (Form 990 or 990-EZ) and its instructions is at| Return Reference | Explanation |
|---|---|
| Client Note 1 | Client Note 1 - POSTPONEMENT OF GAIN RESULTING FROM A CASUALTY THE TAXPAYER'S REAL PROPERTY WAS DAMAGED BY A VEHICLE ACCIDENT. IN 2014, THE TAXPAYER RECEIVED INSURANCE PROCEEDS TOTALING $24,939 AS REIMBURSEMENT FOR THIS DAMAGE. THE DAMAGES WERE REPAIRED, BUT BECAUSE THE MEMBERS VOLUNTEERED THEIR SERVICES AND MATERIALS, THE DAMAGES WERE REPAIRED WITH VERY LITTLE OUT OF POCKET COSTS. THE NET ADJUSTED BASIS OF THE BUILDING AND IMPROVEMENTS WAS $52,313 ($52,470 LESS $157 ACCUMULATED DEPRECIATION). THE TAXPAYER ELECTS TO REDUCE THE NET BASIS OF THE BUILDING AND IMPROVEMENTS BY THE UNRECOGNIZED GAIN RESULTING FROM THIS ACCIDENT (THE INSURANCE REIMBURSEMENTS). THE RESULTING NET ADJUSTED BASIS IN THE BUILDING AND IMPROVEMENTS IS $27,374 ($52,470 LESS $157 ACCUMULATED DEPRECIATION LESS $24,939 INSURANCE REIMBURSEMENTS).THERE IS NO GAIN REMAINING TO BE POSTPONED NOR IS ANY GAIN RECOGNIZED AS INCOME ON THIS TAX RETURN. |
| Other Expenses.1001 | Advertising and Promotion $910 |
| Other Expenses.1009 | Depreciation $669 |
| Other Expenses.1012 | Insurance $3891 |
| Other Expenses.1 | UTILITIES $7200 |
| Other Expenses.2 | DONATIONS $3387 |
| Other Expenses.3 | BANK CHARGES $1120 |
| Other Expenses.4 | MISCELLANEOUS $409 |
| Other Expenses.5 | REPAIRS AND MAINTENANCE $300 |
| Other Expenses.6 | LAWN CARE $120 |
| Other Assets.1002 | Furniture and Fixtures - Beginning $0 Furniture and Fixtures - Ending $2838 |
| Other Assets.1003 | Machinery and Equipment - Beginning $7037 Machinery and Equipment - Ending $7317 |
| Total Liabilities.1 | MEMBERSHIP CERTIFICATES - Beginning $80920 MEMBERSHIP CERTIFICATES - Ending $80520 |
| Software ID: | 14000265 |
| Software Version: | 2014v5.0 |