Strawbery Banke Museum

“Preservation easements held by strawbery banke museum are not included in the organization's financial statements.”

“As permitted by gaap, the museum has elected not to capitalize its collections, the following disclosures are included in the museum's financial statements. The insured value of the collection objects and buildings at march 31, 2018 was $11,161,071. "in conformity with the practice followed by many museums, the collections of books, manuscripts, furniture, and other objects, and historical buildings purchased and donated are not included in the statements of financial position. The museum employs a curator to ensure that its historical buildings and collections are protected and preserved. Purchases of collection items are included in other charges in the statements of activities as a change in net assets. Contributed collection items are not reflected in the financial statements. Proceeds from deaccessions or insurance recoveries are reflected as increases in the appropriate net asset classes." "buildings related to the preservation and/or educational mission of the museum are classified as part of the collection and, as described in the preceding paragraph, are not capitalized as assets in the statements of financial position."”

“To provide investment income and gains to further various activities of the museum.”

“The museum follows the provisions of fasb asc 740-10, accounting for uncertainty in income taxes, which clarifies the criteria that an individual tax position must satisfy for some or all of the benefits of that position to be recognized in an entity's financial statements. It also prescribes a recognition threshold of more likely-than-not, and a measurement attribute for all tax positions taken or expected to be taken on a tax return, in order for those tax positions to be recognized in the financial statements. There were no liabilities (or reduction in amounts refundable) for unrecognized tax benefits at march 31, 2018 and 2017, and no interest or penalties were accrued. The museum is currently open to audit under the statute of limitations by the internal revenue service and state taxing authorities for the years ended march 31, 2015 through 2018.”

“Cost of sales 5,684. Special event expenses 50,050. Rental expenses 150,049. Change in value of beneficial interest in perpetual trust funds 33,577.”

“Cost of sales 5,684. Special events expenses 50,050. Rental expenses 150,049. Bad debt expense 8,919.”