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 Alliance 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. However, artifacts and artworks with a value of $250,000 or greater acquired specifically for incorporation into an exhibit and capitalized as part of that exhibit may be formally accessioned into the Museum's collections in order to be afforded the protections of the Museum's Collections Management Policy.”

“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 500 butterflies and other arthropods representing 75 species, Other spaces - 200 either individual animals or colonies of live animals throughout the Museum representing 80 species. Approximately one-half 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 119 individual donor restricted funds and 26 quasi-endowment funds used for a variety of purposes. These uses (as % of total value) include: Unrestricted/general operations - 18%, Exhibit construction and maintenance - 27%, Program support - 35%, Mixed use (primarily exhibits and programs jointly) - 13%, Other (including Library, Access, and Internships) - 8%”

“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. These activities generally include event and conference services revenue for events of a purely social nature, rental income from parking spaces in the Museum's garage, investment income from certain endowment investments, and ticket income from non-scientific offerings in the Museum's planetarium and Omni theater. Taxes paid for these activities are recorded in the accompanying financial statements as expenses of the department generating the associated unrelated income. The Museum accounts for the effect of any uncertain tax positions on the basis of whether it is more likely than not that positions taken, or expected to be taken, in a tax return will be 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 liability for all uncertain tax positions. The Museum considers 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 income tax positions, and has determined that such positions do not result in an uncertainty requiring recognition. The Museum is not currently under income tax examination by any jurisdiction. The Museum's Federal and state tax returns are generally open for examination for three years following the date filed. The Museum is also responsible for calculating, collecting, and remitting sales and liquor taxes in various jurisdictions.”

“Amortization of liability: 205,140; Change in value of split interests: 407,805; Change in accounting principle: 603,228; Rounding variances: -1.”

“Loss on disposal of capital assets on Line 7c(ii): -456,529; Fundraising expenses on Line 8b: -164,089; Cost of goods sold on Line 10b: -2,064,332.”

“Loss on disposal of capital assets reported in Part VIII, Line 7c(ii): 456,529; Fundraising expenses on Line 8b: 164,089; Cost of goods sold on Line 10b: 2,064,332.”