Massachusetts Historical Society

“The collections, which were acquired through purchases and contributions since the society's inception, are not recognized as assets on the statements of financial position. Purchase of collection items are recorded as decreases in net assets without donor restrictions if purchased with net assets without donor restrictions and as decreases in net assets with donor restrictions if purchased with donor-restricted assets. Contributions of collection items are not recognized in the statement of activities or as assets. Proceeds from deaccessions are reflected in the statement of activities based on absence or existence and nature of donor-imposed restrictions.”

“The society's collections are made up of manuscripts, rare books, pamphlets, reference works, art objects, and other artifacts of historical significance that are held for educational, research, historic, and curatorial purposes. Each of these items is cataloged, preserved, and cared for, and activities verifying their existence and assessing their condition are performed continually.”

“The society classifies as net assets with donor restrictions (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's gift instructions at the time the accumulation is made to the fund. The society has a policy of appropriating for distribution each year a percentage of invested assets computed on a trailing 12-quarter quarterly average of its endowment asset market values. In establishing this policy, the society considered the long-term expected returns on its endowment assets. Accordingly, over the long-term, the society expects the spending policy to allow its endowment to grow at a rate in excess of inflation. This is consistent with the society's objective to maintain the purchasing power of the endowment assets. The cumulative net unspent appreciation on investments with donor restrictions is accounted for as net assets with donor restrictions and together with unspent appreciation on unrestricted endowment funds is not available for distribution, except by the express appropriation action of the board of trustees.”

“The society is exempt from federal income tax under section 501(c )(3) of the internal revenue code. The society is also exempt from massachusetts income taxes. However, income from certain activities not directly related to the society's tax-exempt purpose may be subject to taxation as unrelated business income at both the state and federal levels. In addition, the society qualifies for the charitable contribution deduction under section 170(b)(1)(a) and had been classified as an organization other than private foundation under section 509(a)(2). The society evaluates all significant tax positions. As of june 30, 2024, the society does not believe that it has taken any tax positions that would require the recording of any additional tax liability nor does it believe that there are any unrealized tax benefits that would either increase or decrease within the next 12 months. The society's income tax returns are subject to examination by the appropriate taxing jurisdictions; however, there are no examinations in process.”

“Purchase of collections -66,016.”

“Reclass of rental expenses -8,074. Reclass of fundraising expenses -159,432.”

“Reclass of rental expense 8,074. Reclass of fundraising expenses 159,432.”

“Purchase of collections 66,016.”