2011-11-15T13:39:28-06:00 2010-12-31 O'CONNOR DAVIES MUNNS & DOBBINS LLP 500 MAMARONECK AVENUE HARRISON NY 105281633 990 2010-01-01 111104610 LEBANON CEMETERY ASSOCIATION OF QUEENS INC LEBA 7188210200 7800 MYRTLE AVENUE GLENDALE NY 11385 JAY L IVLER 7188210200 2011-11-10 1 GARRETT HIGGINS 9143818900 2010 2016-02-24 21:20:13Z JAY L IVLER 7800 MYRTLE AVENUE GLENDALE NY 11385 38426636 0 X WWW.MOUNTLEBANONCEMETERY.COM X 1929 NY MMOUNT LEBANON CEMETERY CORPORATION WAS FORMED IN 1914 AND ORGANIZED AS THE LEBANON CEMETERY ASSOCIATION OF QUEENS, INC. BY A CERTIFICATE OF INCORPORATION FILED IN 1929. OUR MISSION, THEN AND NOW, IS TO MAINTAIN AND OPERATE A CEMETERY. SERVICES PROVIDED INCLUDE THE SALE OF BURIAL SPACE, TO MAKE INTERMENTS AND THE MAINTENANCE OF OUR GROUNDS. 6 5 46 0 -323887 -382105 0 0 4155155 1283379 -3070006 4587756 0 0 1085149 5871135 0 0 0 0 2523093 2225450 0 0 0 3790117 1585044 6313210 3810494 -5228061 2060641 103918357 115820103 460582 1378836 103457775 114441267 X MOUNT LEBANON CEMETERY CORPORATION WAS FORMED IN 1914 AND ORGANIZED AS THE LEBANON CEMETERY ASSOCIATION OF QUEENS, INC. BY A CERTIFICATE OF INCORPORATION FILED IN 1929. OUR MISSION, THEN AND NOW, IS TO MAINTAIN AND OPERATE A CEMETERY. SERVICES PROVIDED INCLUDE THE SALE OF BURIAL SPACE, TO MAKE INTERMENTS AND THE MAINTENANCE OF OUR GROUNDS. 0 0 3810494 1283379 THE MAINTENANCE OF THE CEMETERY, THE SALE OF GRAVES, THE CARE OF GRAVES, AND THE BURIAL OF THE DEAD WERE THE PROGRAM SERVICES PROVIDED RELATING TO THE EXPENDITURES SHOWN IN PART IX. IN 2010, THE ORGANIZATION SOLD 70 GRAVES AND 10 CRYPTS, WHICH LED TO SALES OF $343,774. IN ADDITION, THE ORGANIZATION HELD 306 BURIALS. 3810494 0 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 30 0 1 46 1 0 0 0 0 0 0 0 0 0 0 X 6 5 0 0 0 0 1 1 1 1 1 0 0 1 0 1 1 1 0 0 X X JAY L IVLER 7188210200 7800 MYRTLE AVENUE GLENDALE NY 11385 JAY L IVLER 40.00 X X 281200 0 41943 ALLAN KOMITEE 0.20 X 14800 0 0 MICHAEL NUSSBAUM 0.20 X 14800 0 0 A ALLEN BLOCK 0.20 X 11000 0 0 DALE DEGENSHEIN 0.20 X 10600 0 0 DOMINICK TARANTINO 0.20 X 10600 0 0 JAN NEUMAN 40.00 X 130300 0 33230 473300 0 75173 2 0 1 0 0 SERVICE CHARGES 900099 524984 524984 CARE AND PLANTING SERV 900099 414621 414621 SALES OF LOTS, GRAVES 900099 343774 343774 1283379 4436598 -331281 4767879 32706659 32555501 151158 151158 7394 143764 5871135 1283379 -323887 4911643 548473 1035584 214450 299056 127887 14292 39500 563363 132757 18304 81758 51467 54783 25094 18599 134011 MAINTENANCE, SERVICE AN 357609 LAND SALES EXPENSE 93507 3810494 222563 7989799 11894662 139462 116635 813 2571361 1919497 598262 651864 95185948 100293888 2412608 4073 227883 103918357 115820103 52534 131094 408048 1247742 460582 1378836 X 18064457 114441267 26103071 0 59290247 0 103457775 114441267 103918357 115820103 X 2060641 8922851 X X 0 1 1 X 0 83021886 494394 13875977 2571072 94821185 84172062 365171 -2514577 2685615 79337041 84617799 412039 1883679 2741455 84172062 1.00000 0 0 20000 20000 2499159 1914277 584882 52202 5220 46982 651864 ADVANCED CARE DEFERRED INCOME 130484 DUE TO CERTIFICATE HOLDERS 46515 PENSION LIABILITY 905966 DEFERRED GAINS ON OPTION SALES 164777 1247742 5871135 3810494 2060641 12545892 -3958861 335820 8922851 10983492 17853664 12545892 12545892 5307772 563363 563363 5871135 3247131 0 3247131 563363 563363 3810494 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE CEMETERY MAINTAINS VARIOUS STATE-RESTRICTED FUNDS FOR THE PURPOSE OF MAINTAINING AND PRESERVING THE CEMETERY, INCLUDING ALL LOTS, CRYPTS, NICHES, PLOTS AND PARTS THEREOF. THE CEMETERY WITHDRAWS ALL INCOME EARNED LESS CAPITAL APPRECIATION FROM THE PERMANENT MAINTENANCE FUND TO MAINTAIN AND PRESERVE THE CEMETERY. THE CEMETERY TRANSFERS ALL INCOME EARNED IN THE PRINCIPAL FUND LESS CAPITAL APPRECIATION TO THE RESERVE FUND. WITHDRAWALS ARE MADE FROM THE RESERVE FUND BASED ON COST OF CARE AND MAINTENANCE FOR WHICH A PERPETUAL CARE AGREEMENT HAS BEEN MADE. THE ORGANIZATION ADOPTED THE ACCRUAL METHOD OF ACCOUNTING ON JANUARY 1, 2010. THE BEGINNING BALANCE OF THE ENDOWMENT FUND WAS RESTATED TO $83,021,886. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE CEMETERY RECOGNIZES THE EFFECT OF INCOME TAX POSITIONS ONLY IF THOSE POSITIONS ARE MORE THAN LIKELY NOT OF BEING SUSTAINED. MANAGEMENT HAS DETERMINED THAT THE CEMETERY HAD NO UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE FINANCIAL STATEMENT RECOGNITION OR DISCLOSURE. THE CEMETERY IS NO LONGER SUBJECT TO AUDITS BY THE APPLICABLE TAXING JURISDICTIONS FOR PERIODS PRIOR TO 2007. PART XI, LINE 8 - OTHER ADJUSTMENTS: PENSION LIABILITY ADJUSTMENT -12,018. ADDITIONS TO ENDOWED CARE TRUST FUNDS 347,838. X 0 0 X 0 0 0 JAY L IVLER 269200 0 12000 0 0 0 19160 0 22783 0 323143 0 0 0 JAN NEUMAN 118300 0 12000 0 0 0 6460 0 26770 0 163530 0 0 0 PART I, LINE 1A THE ORGANIZATION PAID $125 FOR THE PRESIDENT'S WIFE TO ATTEND A STATE ASSOCIATION CONFERENCE IN OCTOBER 2010. PART I, LINE 1B THEIR IS NO WRITTEN POLICY IN PLACE REGARDING THE TRAVEL OF COMPANIONS. THE ORGANIZATION ENCOURAGES THE SPOUSES TO COME TO THE CONFERENCE IN ORDER TO INCREASE ATTENDANCE. MATTHEW IVLER SON OF PRESIDENT OF THE ORGANIZATION 89531 FULL-TIME EMPLOYEE 0 FORM 990, PART VI, SECTION A, LINE 6 MEMBERS ARE OWNERS OF BURIAL RIGHTS. ALL INDIVIDUALS WHO PURCHASE BURIAL RIGHTS AND HAVE PAID IN FULL ARE ISSUED A DEED. OWNERSHIP OF THE BURIAL RIGHT PASSES IN ACCORDANCE WITH NYS LAW IF NOT SPECIFICALLY DEVISED IN A WILL OR BY COURT ORDER. THE MEMBERS RECEIVE A SHARE OF THE NET SALES FROM LAND, GRAVES, AND CRYPTS SEMI-ANNUALLY. FORM 990, PART VI, SECTION A, LINE 7A THE CEMETERY HAS AN ANNUAL MEETING IN ACCORDANCE WITH NYS DIVISION OF CEMETERIES AND THE CEMETERY'S BY-LAWS. AT THIS MEETING, THE MEMBERS ELECT THE BOARD OF TRUSTEES SEATS WHOSE TERMS HAVE EXPIRED. EACH MEMBER/OWNER IS ENTITLED TO ONE VOTE. FORM 990, PART VI, SECTION A, LINE 7B THE DECISIONS OF THE GOVERNING BODY ARE SUBJECT TO APPROVAL FROM THE MEMBERS. THE MEMBERS VOTE DURING THE ANNUAL MEETING. FORM 990, PART VI, SECTION B, LINE 11 THE LEBANON CEMETERY ASSOCIATION OF QUEENS, INC. HAS ITS FORM 990 PREPARED BY AN OUTSIDE ACCOUNTING FIRM AND HAS ESTABLISHED THE FOLLOWING REVIEW PROCESS TO ENSURE THAT THE INFORMATION REPORTED IS COMPLETE AND ACCURATE. WHEN THE FORM 990 HAS BEEN PREPARED, REVIEWED BY MANAGEMENT AND IS READY TO BE FILED WITH THE INTERNAL REVENUE SERVICE, IT IS PRESENTED TO THE BOARD OF DIRECTORS AT THE QUATERLY MEETING FOR REVIEW AND DISCUSSION. ANY COMMENTS ARE GROUPED, SUMMARIZED AND PROVIDED TO THE OUTSIDE ACCOUNTANTS. EACH ISSUE IS DOCUMENTED AND ADDRESSED UNTIL THE RETURN IS FINALIZED AND APPROVED FOR FILING. FORM 990, PART VI, SECTION B, LINE 12 THERE IS NO WRITTEN CONFLICT OF INTEREST POLICY. AT EACH BOARD MEETING THE CONFLICT OF INTEREST POLICY IS MENTIONED. ALL BOARD MEMBERS ARE AWARE OF THE NECESSITY OF DISCLOSING ANY CONFLICT OF INTEREST. IF A CONFLICT WERE TO ARISE, IT IS DISCUSSED BY THE BOARD, AND DECISION IS VOTED ON ABOUT HOW TO HANDLE THE CONFLICT. FORM 990, PART VI, SECTION B, LINE 15A AN THE ORGANIZATION'S ANNUAL MEETING, WHICH IS HELD ON THE FIRST TUESDAY OF MARCH, THE BOARD OF DIRECTORS ARE PRESENTED WITH PAY INCREASES FOR THE PRESIDENT AND THE SECRETARY/TREASURER, WHICH ARE DETERMINED BY THE PRESIDENT. UPON BOARD APPROVAL THESE RAISES ARE IMPLEMENTED. THIS PROCESS LAST OCCURRED IN MARCH 2010. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS FORM 990 AVAILABLE FOR PUBLIC INSPECTION AS REQUIRED UNDER SECTION 6104 OF THE INTERNAL REVENUE CODE BY POSTING IT ON GUIDESTAR.ORG AND OTHER SIMILAR TYPES OF WEBSITES. IN ADDITION, THE FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICY, ARTICLES OF INCORPORATION AND BY-LAWS ARE ALSO AVAILABLE UPON WRITTEN REQUEST AT 7800 MYRTLE AVENUE, GLENDALE, NY 11385...OR BY CALLING THE ORGANIZATION DIRECTLY AT (718)-821-0200. FORM 990, PART X, LINE 27 ON PREVIOUS FORM 990'S, NET ASSETS WERE INCORRECTLY SHOWN. THE CEMETERY'S NET ASSETS ARE UNRESTRICTED BUT ARE REQUIRED BY STATE LAW TO BE SEGREGATED FOR SPECIFIC FUNDS OR RESTRICTED FOR PERPETUAL CARE SERVICES. ON THE CURRENT YEAR FORM 990, ALL NET ASSETS WERE SHOWN AS UNRESTRICTED. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 12,545,892. PRIOR PERIOD ADJUSTMENTS: -3,958,861. PENSION LIABILITY ADJUSTMENT -12,018. ADDITIONS TO ENDOWED CARE TRUST FUNDS 347,838. TOTAL TO FORM 990, PART XI, LINE 5: 8,922,851. CHANGE IN ACCOUNTING METHOD FORM 990, PART XII, LINE 1 THE CEMETERY ADOPTED THE ACCRUAL METHOD OF ACCOUNTING EFFECTIVE JANUARY 1, 2010. PREVIOUSLY, THE CEMETERY PREPARED ITS FINANCIAL STATEMENTS ON THE MODIFIED CASH BASIS OF ACCOUNTING WHICH IS A COMPREHENSIVE BASIS OF ACCOUNTING OTHER THAN GENERALLY ACCEPTED ACCOUNTING PRINCIPLES. FORM 990, PART XI, LINE 2C THE ORGANIZATION HAS A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS DID NOT CHANGE FROM THE PRIOR YEAR.