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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
2015
Open to Public
Inspection
Inspection
Name of the organization
INTERNATIONAL ASSOCIATION OF HEAT & LOCAL 53
Employer identification number
72-0184645
72-0184645
| Return Reference | Explanation |
|---|---|
| SCH D PART X- FIN 48 & PART IV LINE 11F | Part IV, Line 11f is answered no because no footnotes are attached to the compiled financial statements. However, the explanation below would have been included in a set of notes to the compiled financial statements. 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. FASB ASC 740 (Formerly 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 FASB ASC 740 effective September 30, 2010. The accounting for all material positions taken, or expected to be taken, on any income tax return is governed by FASB ASC 740. 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 legal and 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 Officers 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 Local will be required to accrue interest and penalties that, under present tax law, the Local would incur if the uncertain tax position ultimately were not sustained. For the fiscal year ending September 30, 2016 there are no identified material uncertain tax positions for the open years of 2011-2015 with the filing of any U.S.Federal Income tax return. Tax returns have been filed for the years 2012-2015 and the statue of limitations, pursuant to IRC Section 6501, will expire for the year 2010 upon the filing of the 2016 tax return. |
| SCHEDULE R | ASBESTOS WORKERS LOCAL 53 IS THE SPONSORING ORGANIZATION FOR INSULATORS LOCAL 53 PENSION FUND. INSULATORS LOCAL 53 PENSION FUND OWNS THE BUILDING THAT ASBESTOS WORKERS LOCAL 53 RENTS FROM. THE RENTAL EXPENSE IS DISCLOSED IN PART V OF THIS SCHEDULE R. SEE SCHEDULE O FOR ADDITIONAL EXPLANATIONS. LEO DAMARIS, AN OFFICER OF THIS ORGANIZATION, IS A TRUSTEE OF INSULATORS LOCAL 53 PENSION FUND. THE RENTAL TRANSACTIONS BETWEEN THIS ENTITY AND INSULATORS LOCAL 53 PENSION FUND ARE DISCLOSED ON SCHEDULE R. THE EXCEPTION REQUIREMENTS OF SCHEDULE L FOR NONREPORTING HAVE BEEN MET. OUT OF AN ABUNDANCE OF CAUTION, WE ARE DISCLOSING THAT INFORMATION HERE ON SCHEDULE O FOR FULL DISCLOSURE. |
| FORM 990, PART VI, LINE 6 - EXPLANATION OF CLASSES OF MEMBERS OR SHAREHOLD | THE UNION HALL IS MADE UP OF MEMBERS WHO'S PARTICIPATION IS DETERMINED BY PAYMENT OF REQUIRED WINDOWS DUES AND, WORKING DUES WHICH ARE DETERMINED UnDER THE TERMS OF A COLLECTIVELY BARGAINED AGREEMENT ENTERED INTO BY THEIR EMPLOYERS AND THE ASBESTOS WORKERS LOCAL #53 UNION HALL. THE UNION HALL IS GOVERNED BY OFFICERS CONSISTING OF ELECTED MEMBERS OF THE LOCAL. |
| FORM 990, PART VI, LINE 7A - HOW MEMBERS OR SHAREHOLDERS ELECT GOV. BODY | THE OFFICERS OPERATE THIS UNION HALL PURSUANT TO THE RULES AND REGULATIONS OF THE INTERNATIONAL ASSOCIATION OF HEAT AND FROST INSULATORS AND ASBESTOS WORKERS AND IN ACCORDANCE WITH DEPARTMENT OF LABOR RULES AND REGULATIONS. THE GOVERNING DOCUMENT IS THE INTERNATIONAL CONSTITUTION. IT IS THE DUTY OF THESE OFFICERS TO OVERSEE OPERATIONS OF THE HALL, SET POLICIES AND PROCEDURES FOR THE ADMINISTRATION OF THE UNION HALL. |
| FORM 990, PART VI, LINE 7B - DECISIONS OF GOVERNING BODY APPROVAL BY MEMBE | SPECIFIC EVENTS REQUIRE APPROVAL OF THE MEMBERSHIP ON A MONTHLY BASIS AT UNION MEETINGS. PAYMENT OF BILLS THE LOCAL UNION INCURRS MADE AND MAJOR PURCHASES TO BE MADE ALL MUST BE APPROVED BY THE MEMBERSHIP. OTHER ISSUES AUTHORIZED BY THE CONSTITUTION AND BY THE BYLAWS REQUIRE ACTION BY THE UNION MEMBERSHIP AS A WHOLE AND NOT BY THE ELECTED OFFICERS. |
| FORM 990, PART VI, LINE 11B- FORM 990 REVIEW PROCESS | THE OFFICERS RETAIN THE SERVICES OF AN INDEPENDENT PUBLIC ACCOUNTING FIRM TO PREPARE THE ANNUAL IRS FORM 990. THIS FIRM WILL PROVIDE A COPY OF THE COMPLETED FORM 990 TO THAT INDIVIDUAL APPOINTED BY THE OFFICERS TO OVERSEE THE PREPARATION OF ALL TAX FILINGS FOR THEIR REVIEW AND APPROVAL. |
| FORM 990, PART VI, LINE 12C - EXPLANATION OF MONITORING AND ENFORCEMENT OF | THE OFFICERS & MEMBERS MEET MONTHLY TO DISCUSS ALL FINANCIAL MATTERS OF THE LOCAL. THE WAGES OF THE EMPLOYEES ARE DISCUSSED ANNUALLY AND SET BY THE ELECTED OFFICERS AND APPROVED BY THE MEMBERSHIP. |
| FORM 990, PART VI, LINE 19 - OTHER ORGANIZATION DOCUMENTS PUBLICLY AVAILAB | THE IRS FORMS 990 AND 1120 POL AND THE DOL FORM LM-2 ARE ALL PREPARED ANNUALLY BY THE INDEPENDENT CPA FIRM AND THE FORM 990 IS AVAILABLE TO THE GENERAL PUBLIC FOR INSPECTION UPON REQUEST. |
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990 or 990-EZ) 2015
Additional Data
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