Proprietors of the Boston Athenaeum

“The collections which were acquired through purchases and contributions since the athenaeum's inception are not recognized as assets on the consolidated statement of financial position. Purchases of collection items are recorded as decreases in net assets without donor restrictions in the year in which the items are acquired and as releases of restricted net assets if the assets used to purchase the items were used to fund the purchase. Contributed collection items are not reflected as revenue in the consolidated financial statements. Proceeds from de-accessions or insurance recoveries are reflected as increases in net assets. The athenaeum's collections are made up of books, artifacts of historical significance and art objects that are held for educational, research, scientific and curatorial purposes. Each of the items is cataloged, preserved and cared for, and activities verifying their existence and accessing their condition are performed continuously.”

“The athenaeum's collections comprise over half a million volumes, extensive holdings of paintings, sculptures, prints, and photographs. Particular strengths are in boston history, new england state and local history, biography, english and american literature, and the fine and decorative arts. The athenaeum supports a dynamic exhibition program and sponsors a lively variety of events such as lectures and concerts. It also serves as a stimulating center for discussions among scholars, bibliophiles, and a variety of community-interest groups.”

“The athenaeum's endowment consists of 500 endowment funds established for a variety of purposes. Its endowment includes both donor-restricted endowment funds and funds designated by the board to function as endowments. Net assets associated with endowment funds are classified and reported based on the existence or absence of donor-imposed or legal restrictions. The board has interpreted the uniform prudent management of institutional funds act ("upmifa") as enacted in massachusetts as requiring the tracking of the original gift amounts of donor-restricted endowment funds absent explicit donor stipulations to the contrary. The athenaeum tracks in perpetuity: (a) the original value of gifts donated to the permanent endowment, (b) the original value of subsequent gifts to the permanent endowment and (c) any accumulations to the permanent endowment made in accordance with the direction of the applicable donor gift and instrument at the time the accumulation is added to the fund, as applicable.”

“The athenaeum accounts for the effect of any uncertain tax positions based on a "more likely than not" threshold to the recognition of the tax positions being sustained based on the technical merits of the position under scrutiny by the applicable 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 athenaeum has identified its tax status as a tax exempt entity and its treatment of income as related or unrelated as its only significant tax positions; however, the athenaeum has determined that such tax positions do not result in an uncertainty requiring recognition. The athenaeum is not currently under examination by any taxing jurisdictions. The athenaeum's federal and state tax returns are generally open for examination for three years following the date filed.”