Shelburne Museum Incorporated

“The museum's endowment includes both board designated funds and donor designated funds. These funds are invested in a pooled approach with income, gains, and losses allocated to the individual pools within the endowment. The following separate purpose funds are maintained: board designated collections care endowment expendable only for the care and maintenance of the collections and the general endowment to support museum general operations. The donor designated funds are: the brick house fund, for the care and maintenance of the museum founders' home; two ticonderoga endowments for the care and maintenance of our national historic landmark; and grounds and gardens endowment for the care and maintenance of our landscaping and gardens.”

“Shelburne museum believes that it has appropriate support for any tax positions taken and, as such does not have any uncertain tax positions that are material to the financial statements.”

“Cost of goods sold 271,224 collections expense -42,335 pension adjustment -95,833”

“Cost of goods sold 271,224 collections expense -42,335”

“Part iii, line 1a - collections footnote the museum's collection consists of fine art, folk art,decorative art, furniture, textiles, historic buildings, tools, toys, transportation vehicles, and historical artifacts. The collection is maintained under the care of the collections department staff and is held for research, education, and public exhibition in furtherance of public service, rather than for financial gain. As a matter of policy, proceeds from the sale of collection items are used to acquire other items for collection. In 2015, the museum changed its policy regarding accounting for collection items. Under the new policy, the museum does not include either the cost or the value of its collections in the statements of financial position, nor does it recognize gifts of collection items as revenues in the statement of activities. Since items acquired for collection by purchase are not capitalized, the cost of these acquisitions is reported as decreases in net assets in the statement of activities. Part iii, line 4 - collections and relation to exempt purpose shelburne museum was founded in 1947 by pioneering collector electra havemeyer webb whose lifetime passion for early american material culture forms the museum's core collections. Mrs. Webb was the daughter of sugar magnate h.o. Havemeyer and his wife louisine, who amassed one of the finest collections of impressionist and old master paintings. Mrs. Webb inherited their love of collecting; she began at age 19 and is recognized as a seminal collector of folk art and americana and as the only woman to create and endow a major art and history museum. She was a leading figure among a group of collectors that included henry and helen flint (historic deerfield) and abby aldrich rockefeller (colonial williamsburg) that was highly influential in reintroducing early american aesthetics and themes to the mainstream in the 20th century through their roles in the colonial revival and in creating the first museums to celebrate american material culture. Mrs. Webb collected cultural artifacts that best exemplified the ingenuity and craftmanship of 18th and 19th century america. The over 150,000 pieces held at shelburne museum today include quilts, weathervanes, rugs, tools, toys, furniture, circus figures, dolls, decoys, agricultural implements, trade signs, ship figureheads, paintings, prints and household artifacts spanning four centuries. In creating shelburne museum, mrs. Webb also took the innovative step of collecting historic new england buildings and relocating them to the museum. Of the 39 exhibiition structures at the museum, 25 are historic; these include houses, barns, a lighthouse, a schoolhouse, a covered bridge, a general store, a railroad station, a jailhouse and the national landmark steamboat ticonderoga.”