Worcester County Mechanics Association DBA Mechanics Hall

“As allowed by accounting principles generally accepted in the united states of america and in conformity with the practices followed by many museums, the association has not capitalized its collection of art objects and other collection items purchased or donated. The collection is held for public exhibition and education rather than for financial gain. The association continually reviews its collection and may deaccession or acquire additional items. Expenditures for additional collection items are presented as a reduction in the appropriate class of net assets. The association has established a policy whereby proceeds from items deaccessed are utilized to acquire other items for collection.”

“Twenty-five portraits of historical men and women and over twenty pieces of fine furniture and decorative art.”

“The association's endowment consists of four individual donor restricted funds established for a variety of purposes. Its endowment includes both donor restricted endowment funds and funds designated by the association to function as quasi-endowments and endowments. As required by generally accepted accounting principles, net assets associated with endowment funds are classified and reported based on the existence or absence of donor-imposed or legal restrictions. Endowment funds included invested gifts. As required by generally accepted accounting principles, the association classifies as donor restricted net assets (a) the original value of gifts donated to the permanent endowment, (b) the original value of subsequent gifts to the permanent endowment, and (c) accumulations to the permanent endowment made in accordance with the direction of the applicable donor gift instrument at the time the accumulation is added to the fund. The remaining portion of the donor-restricted endowment fund that is not classified as non-expendable net assets is classified as expendable net assets until those amounts are appropriated for expenditure by the association in a manner consistent with the standard of prudence prescribed by state law. Further, the association can designate donor restricted net assets as quasi-endowment when large gifts are restricted for a specific purpose and the gift is in excess of the association's current needs. The resources from the quasi-endowment are available to support expenditures for the specified purpose even if the governing board does not appropriate them. In accordance with the uniform prudent management of institutional funds act, the association may consider the following factors in making a determination to appropriate or accumulate donor-restricted endowment funds: the duration and preservation of the fund; the purposes of the association and the donor-restricted endowment fund; general economic conditions; the possible effect of inflation and deflation; the expected total return from income and the appreciation of investments; other resources of the association; and the investment policies of the association. The association has adopted investment and spending policies for its board-designated and other endowment assets that strive to provide a stream of funding to support designated programs and expenses by maximizing long-term returns with a focus on capital appreciation to maintain the purchasing power of those endowment assets over the long-term. Endowment assets are invested in a well-diversified asset mix, which includes equity and fixed income securities, intended to result in a consistent inflation-protected rate of return that has sufficient liquidity to make annual distributions as required by vote of the board of trustees. Investment risk is measured in terms of the total endowment fund. Investment assets and allocation between asset classes, and strategies are managed so as not to expose the fund to unacceptable levels of risk. To satisfy its long-term rate-of-return objectives, the association relies on a total return strategy in which investment returns are achieved through both capital appreciation (realized and unrealized) and current yield (interest, dividends and net rental income). The association has invested in debt and equity securities that target a diversified asset allocation that places a greater emphasis on equity-based investments to achieve its long-term return objectives within prudent risk constraints. The association may also receive annual distributions of up to a maximum of 5% of the trailing twelve quarters of income earned by the fund held and managed by greater worcester community foundation. The board of trustees has voted to take a distribution up to the maximum allowed based upon the operating requirements of the association. From time to time, the fair value of assets associated with individual donor-restricted endowment funds may fall below the level that th”

“Management annually reviews for uncertain tax positions along with related interest and penalties and believes that the association has no uncertain tax positions that would have a material adverse effect, individually or in the aggregate, upon the association's statement of financial position, or related statements of activities or cash flows.”

“Return on beneficial interest in assets held by gwcf 16,884. Additional special event expenses 41,953.”

“BOX OFFICE 29,838.”

“Additional special event expenses 41,953.”

“BOX OFFICE 29,838.”