American Antiquarian Society

“As allowed by accounting principles generally accepted in the united states of america and following the practices of many libraries and museums, the society has not capitalized its collection of items of historical nature and other related objects purchased or donated. The collection is held for public education or research in furtherance of public service rather than financial gain. The society continually reviews its collection and may sell or acquire additional items. Expenditures for additional collection items are presented as a reduction in the appropriate class of net assets.”

“The collections of the aas include printed materials of what is now the united states of america from the first european settlement through the year 1900. The mission of aas is to collect, preserve and make available for study these printed records.”

“The society's endowment consists of individual donor-restricted funds established for a variety of purposes. Its endowment includes both donor-restricted endowment funds and funds designated by the society to function as 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. As required by generally accepted accounting principles, the society 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 society in a manner consistent with the standard of prudence prescribed by state law. In accordance with the uniform prudent management of institutional funds act, the society 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 society 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 society; and the investment policies of the society. The society has adopted investment and spending policies for its council-designated and other endowment assets that attempt to provide a predictable stream of funding for its programs while seeking to maintain the purchasing power of the endowment assets. Under this policy, as approved by the council, the endowment assets are invested in a manner that is intended to produce results that exceed the price and yield results of the s&p 500 index while assuming a moderate level of investment risk. The society expects its endowment funds, over time, to produce an average rate of return of approximately 8% annually. Actual returns in any given year may vary from this amount. To satisfy its long-term rate-of-return objectives, the society relies on a total return strategy in which investment returns are achieved through both capital appreciation (realized and unrealized) and current yield (interest and dividends). The society has invested in a portfolio that targets 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 society has a policy of appropriating for distribution each year 5% of its endowment fund's average fair value over the prior twelve quarters through may 31 of the year preceding the year in which the distribution is planned. In establishing this policy, the society considered the long-term expected return on its endowment. This is consistent with the society's objective to maintain the purchasing power of its endowment. From time to time, the fair value of assets associated with individual donor-restricted endowment funds may fall below the level that the donor imposed restrictions require the society to retain as a fund of perpetual duration. There were no deficiencies as of august 31, 2025 and 2024.”

“The society is exempt from federal income taxation under section 501(c)(3) of the internal revenue code (irc), though it would be subject to tax on income unrelated to its exempt purposes (unless that income is otherwise excluded by the irc). Contributions to the society are tax deductible to donors under section 170 of the irc. The society is not classified as a private foundation.”