Victoria Mansion

“Collections - In conformity with the practice followed by many museums, antique furnishings and art objects purchased, conserved, and donated are not included in the statement of financial position. The cost of a collection item is recorded as a decrease in net assets when purchased or conserved. The proceeds from the sale of a collection item are recorded as an increase in net assets when sold. Items donated are not recorded because the nature of the donations does not allow a clearly measurable and objective basis for determining the value.”

“The organization's collection of objects and artifacts are directly related to the Victoria Mansion's history or are historical artifacts dated to the nineteenth century. The organization preserves and displays its collection pieces as part of its mission to document and interpret the history and significance ofhe buildings and furnishings as important expressions of nineteenth century American culture.”

“Victoria Mansion's endowment funds are maintained in perpetuity with the intent that they grow in value over time and part of that growth may be harvested to support the mission of the organization. Only part of the endowment is composed of gifts restricted by donors to be held as endowment, and part was put in by the board and is board-designated. In additon, the endowment is composed of three separate funds; The education endowment supports the museum's educational program. The restoration endowment supports the maintenance, conservation and restoration of the building, interiors, and collections. The operating endowment supports all other activities of the organization. Some gifts have been restricted by donors to be held in one or another of these particular funds. The endowment is managed by professional investment managers. Part is in stocks, part in bonds, and part in cash. It is managed on a "total return" basis, so that dividends and growth are reinvested, and the organization takes 5% of the average value each year to support annual expenses for education, restoration, and operations.”

“Gross revenue reported as net income 72535.”

“Investment management fees 24277. Gross expenses reported as net income 673.”