Museum of Science

“Collections footnote: The Museum's collections consist of approximately 30,000 artifacts used primarily for educational activities, encompassing interpretations, discovery spaces, exhibits, lectures, classes, demonstrations, reference services, or other programs. The Museum also has a historical and archival collection that documents the history of the institution. The composition of the Museum's collections by artifact type is as follows: Natural Sciences - 20,000 items; Cultural/Physical Science - 5,000 items; Artwork - 2,000 items; Institutional History - 3,000 items; Archives - 1,100 linear feet. The Museum's Collections Management Policy stipulates that the Museum will only acquire objects useful in fulfilling the educational purpose stated in its mission. The Museum accepts only those objects that can be immediately put on display in an exhibit, used in educational programs, or used in future programming. Items may be de-accessioned from the collections if they are determined to be no longer useful or relevant in assisting the Museum in fulfilling its mission. Consistent with the American Association of Museums' Code of Ethics, Museum policy specifies that proceeds from the de accessioning of an item may only be used for the conservation or acquisition of other collections items. In accordance with current practice generally followed by museums, collections are not recorded as assets in the accompanying financial statements. Purchased additions to the collections are recorded as expenses at the time acquired. Although artifacts from the collections may from time to time be incorporated into exhibits, the Museum's exhibits themselves are not considered part of its collections and may be capitalized under the Museum's property, plant, and equipment policies.”

“The Museum's collections are used primarily for educational activities, encompassing interpretations, discovery spaces, exhibits, lectures, classes, demonstrations, reference service, or other programs. The Museum also has a historical and archival collection that documents the important and rich history of the institution. The Collections Department provides professional stewardship for artifacts that are temporarily in the custody of the Museum through loans and/or temporary exhibitions. Collections consist of: Natural Sciences - 20,000 items; Cultural/Physical Science - 5,000 items; Artwork - 2,000 items; Institutional History - 3,000 items; Archives - 1,100 linear feet. Live animals include: Butterfly Garden - approximately 300 butterflies representing 50 species, Other spaces - 120 either individual animals or colonies of live animals throughout the Museum presenting 50 species. Fifty of these are on exhibit and the rest live in the Live Animal Care Center.”

“The Museum's endowment includes both donor-restricted endowment funds and funds designated by the Board of Trustees to function as endowments ("quasi-endowments"). The endowment consists of 114 individual donor restricted endowment funds and 28 quasi-endowment funds used for a variety of purposes. The relative uses of the endowment (as measured by fair value) include: Unrestricted/general operations - 26%, Exhibit construction and maintenance - 30%, Program support - 18%, Mixed use (primarily exhibits and programs jointly) - 17%, Other (including Library, Access, and Internships) - 9%”

“The Museum's footnote disclosure with respect to FIN 48 is as follows: The Museum is exempt from income taxation on activities related to its charitable purposes under the provisions of Section 501(c)(3) of the Internal Revenue Code and is qualified to receive tax-deductible gifts and bequests under the U.S. tax code. The Museum is subject to tax on income from any business it conducts which is unrelated to its charitable purposes. The Museum's unrelated business income tax is limited and no tax provision has been made in the accompanying financial statements. The Museum accounts for the effect of any uncertain tax positions based on a "more-likely-than-not" threshold applied to the likelihood of positions taken or expected to be taken in a tax return being sustained upon examination by the relevant taxing authority. If a tax position or positions are deemed to result in uncertainties of those positions, the unrecognized tax benefit is estimated based on a "cumulative probability assessment" that aggregates the estimated tax liability for all uncertain tax positions. The Museum has identified its status as a tax-exempt entity and the determination of income as related or unrelated to its exempt purpose to be its only significant tax positions and has determined that such tax positions do not result in an uncertainty requiring recognition. The Museum is not currently under examination by any taxing jurisdiction. The Museum's Federal and state tax returns are generally open for examination for three years following the date filed.”

“Amortization of liability: 205,140; Rounding variances: -1.”

“Loss on disposal of capital assets (see Part VIII): -1,031,902; Fundraising expenses on Line 8b: -279,064; Cost of goods sold on Line 10b: -3,834,583.”

“Capitalized bond fees: 2,417; Fundraising expenses reported in Part VIII: 279,064; Cost of goods sold reported in Part VIII: 3,834,583; Loss on disposal of capital assets (see Part VIII): 1,031,902; Rounding variances: -1.”