If a Donor Has a Fiscal Year of July 1-June

question 40

True/False

If a donor has a fiscal year of July 1-June 30 for income tax purposes, this does not change the normal filing date for Form 709.

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Definitions:

Unit Variable Cost

The cost that varies with each unit produced, including direct materials and labor, but does not include fixed costs.

Property Tax Rates

The percentage of a property's assessed value that is charged as tax by local governments to fund public expenses.

Break-even Point

The sales level at which total revenues equate to total costs, resulting in no profit or loss, indicating the minimum sales necessary to cover all expenses.

Fixed Costs

Expenses that do not change with the level of production or sales activity, such as rent, salaries, and insurance premiums.