|Village Board discusses tax-exempt compliance|
|Written by Wauneta Breeze|
|Thursday, 09 August 2012 15:25|
By Sheri Hink
The Wauneta Breeze
Village board members met Tuesday for a special meeting to discuss and approve procedures to assure tax-exempt financing compliance procedures.
At the meeting board members reviewed and approved a document titled “Tax-Exempt Financing Compliance Procedure” as prepared by the village’s revenue bond council Gilmore and Bell.
In simple terms, the procedures are a way to assure the village of Wauneta is operating the nursing home in a manner that will maintain its tax-exempt status.
Within the procedures the Village Clerk, Evelyn Skelton, was named as the Bond Compliance Officer. In the role she will be responsible to return a questionnaire to the Internal Revenue Service annually concerning the operations at the facility.
The procedures also require the village board to review contracts with external vendors such as the therapists and hair dresser to make sure the agreements are in compliance with tax-exempt standards. They also require the village to provide an accounting for where the monies raised for the nursing home (private, village and bonds) were spent.
During the meeting the board also approved Chairman Lloyd Sinner to sign an IRS form that details the amount and terms of the revenue bonds issued for the nursing home project.