American Academy of Arts and Sciences

“The academy does not capitalize collections that have been acquired through purchase or donation. Purchases of collection items are recorded as decreases in unrestricted assets in the year in which the items are acquired. Purchases, sales and insurance recoveries when applicable are considered investing items in the consolidated statement of cash flows.”

“The american academy of arts and sciences' collection of works of art, historical documents and objects chronicle the academy's history, membership, programs and publications for more than 240 years. The collection includes publications, works of art, scientific instruments and manuscripts dating from the earliest years of the country.”

“Academy-designated endowments have no external restrictions but have designated limitations initiated by the academy. These limitations may be canceled at the direction of the academy's board of directors. These endowments include, among other things, "fund for major repairs" which is an academy-designated reserve fund for major property and equipment additions and repairs. Temporarily restricted endowments represents amounts received or committed with donor restrictions, which have not yet been expended for their designated purpose. Temporarily restricted endowments also include a building fund and the appreciation on certain permanently restricted endowments. Permanently restricted endowments are typically restricted against expenditures of principial. Consistent with the massachusetts uniform prudent management of institutional funds regulations, the academy has a policy that permits spending from underwater endowment funds depending on the degree to which the fund is underwater, unless otherwise precluded by donor intent. Income earned on the principal will be used for certain specific purposes, if restrictions apply. Otherwise, the income earned on principal may be used for general purposes. The endowment funds are used to generate income, based on an approved spending policy of the board of directors, to support program and administrative activities of the academy.”

“The academy accounts for uncertainty in income taxes in accordance with asc topic, income taxes. This standard clarifies the accounting for uncertainty in tax positions and prescribes a recognition threshold and measurement attribute for the consolidating financial statements regarding a tax position taken or expected to be taken in a tax return. The academy has determined that there are no uncertain tax positions which qualify for either recognition or disclosure in the consolidating financial statements at june 30, 2024. The academy's information return is subject to examination by the federal and state jurisdictions and generally remain open for the most recent three years.”

“Distribution income 120,000. Increase in perpetual trust 172,450.”