2021-05-16T13:21:57-07:00 2020-12-31 431982864 Murray & Becker LLC 21 East Black Horse Pike Pleasantville NJ 08232 990EZ 2020-01-01 232796032 LIBERTY SAILING CLUB INC LIBE 3016020337 1421 E MONTGOMERY AVE PHILADELPHIA PA 19125 CHRISTOPHER VAUGHAN Treasurer 2021-05-16 true CHRISTOPHER VAUGHAN 999009999 JOHN J MURRAY III CPA P00023649 6096410880 2 AAL1 IAL1 FAL1 2020 2022-09-23 18:48:47Z X X www.libertysailing.com X X 90466 X 273 82293 0 0 0 0 7900 90466 1990 23002 77139 102131 -11665 119664 107999 X 109194 100011 10470 7988 119664 107999 119664 107999 SAILING CLUB TO PROVIDE SAILING OPPORTUNITIES TO ITS MEMBERS. SOCIAL SAILING AND CHARTER CRUISES SOCIAL EVENTS HELD THROUGHTOUT THE YEAR ORGANIZED BOAT RACING AND RACING CLINICS ED CARMODY COMMODORE 0 0 SHANNON MCBRIDE VICE COMMODORE 0 0 FRANK STAUSS ASST TREASURER 0 0 MEG PHILLIPS Secretary 0 0 DAVID WALKER PAST COMMODORE 0 0 CHRISTOPHER VAUGHAN Treasurer 0 0 JIM ALBER REAR COMMODORE 0 0 false false false false false false false 0 0 0 0 0 0 0 false THE ORGANIZATION 301 NORTH FRONT STREET PHILADELPHIA PA 19106 8562206921 false false false false false false false false NONE NONE Client Note 1 Client Note 1 - Capitalization policy Adoption Date January 1,2014Purpose: This capitalization policy is being adopted for book purposes in consideration of and pursuant to Internal Revenue Service (IRS) imposition of finalized Tangible Property Regulations (TPR) (Reg. 1.162-3, 1.162-4, 1.263(a)-2, 1.263(a)-3, TD 9636, 2013-43 IRB 331,78 Fed. Reg. 5786) and pertains to amount paid to acquire, produce, or improve tangible property. This policy is intended to conform to the regulations as a means of distinguishing capital expenditures from supplies, repairs, maintenance, and other deductible business expenses. I. Materials & Supplies A. Defined as:1. Component parts to maintain, repair or improve real property2. Fuel, lubricants, water- to be consumed in 12 months or less3. Units of property costing $2,500 or less (Safe Harbor election is to be considered annually for tax purposes. If this election is NOT made annually, then the threshold is reduced to $200 for tax purposes)4. Units of property with useful life of 12 months or lessB.Expensed when paid if incidental (if cash basis) provided income is clearly reflected- i.e. carried on hand and no record of consumption or physical inventoryC.Expensed when used in non-incidental and not de minimis ($2,500 or less).(De Minimis Safe Harbor is to be considered annually for tax purposes).II. Costs that must be capitalized: costs resulting in A.Betterments-1. Corrects pre-acquisition or production defect2. Material addition3. Reasonably expected to increase capacity, productivity, efficiency, etc.B. Adaptations- to a new or different useC. Restorations1. Replace component of unit of property where deducted loss for that component, or sold that component and recognized gain or loss2. Returns a unit of property to operating when deteriorated and no longer functional for its intended use 3. Rebuilding of unit of property to like-new after the end of its class life4. Replacement part(s) that comprises major component (e.g.40%) of the unit of propertyIII. Cost of routine maintenance is not required to be capitalized. Routine includes:A. Expenses such as inspection, cleaning, testing, and replacing partsB. For buildings- expected to be incurred more than once in 10-year periodC. For non-buildings- expected to be incurred more than once in class lifeIV. Unit of Property- (Adopted from IRS Definition)A. Buildings-Comprised of its Structural component its Systems components:1. Structural component- the "structure or edifice enclosing a space within its walls, and usually covered by a roof"2. Component Systems-HVAC, plumbing, electrical, escalators, elevators, fire/alarm systems, security systems, gas distributions systems3. For leased building- each building & structural component (if lease entire building) or portion of each building subject to lease (if lease a portion of the building)B. Other than building-functionally interdependent components placed in service at same time in order to perform their intended function. Functionally interdependent- each desk is a unit, each chair is a unit, each book shelf is a unit, each computer, each printer, etc.C. Special rules for plant property, network (railroad, oil/gas, etc.) property, rotable spare parts Other Revenue.1 CLUB RENTAL - SCHOOL $7700 Other Revenue.2 CLUB RENTAL NONMEMBERS $200 Other Expenses.1001 Advertising and Promotion $335 Other Expenses.1009 Depreciation $2482 Other Expenses.1012 Insurance $11579 Other Expenses.1 BOAT SLIP RENTAL $16500 Other Expenses.2 BOAT SUPPLIES $15557 Other Expenses.3 BOAT MAINTENANCE $12162 Other Expenses.4 ENGINE MAINTENANCE $11730 Other Expenses.5 CLUB EXPENSES $2691 Other Expenses.6 SAILS REPAIR AND MAINT $1541 Other Expenses.7 SUPPLIES - OTHER $1222 Other Expenses.8 DUES REIMBURSEMENT $400 Other Expenses.9 SOCIAL EVENTS EXPENSES $375 Other Expenses.10 BOAT GAS & OIL $270 Other Expenses.11 ON WATER EXPENSE $148 Other Expenses.12 BANK CHARGES $105 Other Expenses.13 FEDERAL INCOME TAX $42 Other Assets.1003 Machinery and Equipment - Beginning $10387 Machinery and Equipment - Ending $7988 Other Assets.1004 Miscellaneous - Beginning $83 Miscellaneous - Ending $0