Concord Free Public Library Corporation

“The special collections, which have been acquired through purchases and contributions since the organization's inception, are not recognized as assets on the statement of financial position. Purchases of collection items are recorded as decreases in net assets without donor restrictions in the year the items are acquired or as decreases in net assets with donor restrictions if the assets used to purchase the items are restricted by donors. Contributed collection items are not reflected on the financial statements. Proceeds from deaccessions are reflected as increases in the appropriate net asset classes.”

“The organization maintains a special collection of archives dating from 1635 to the present day. Collections include printed books (literary, historical and genealogical), manuscripts and archival collections, pamphlets, ephemera, pictorial holdings, broadsides, municipal records, printed town reports, directories, photographs, historic building files, artifacts, and works of art. The fair value of those collections is not included in the accompanying statement of financial position. The collections are available for use to groups through a variety of interpretational formats and to individual researchers. Items are sometimes loaned to other nonprofit institution for exhibition. Holdings are cataloged, preserved and securely stored. Activities of documenting individual items and collections, and of assessing their condition and preservation needs are performed continuously. The organization has a practice that would allow proceeds from sales of collections to be used for the purchase of other collection items or for unrestricted use.”

“The organization's endowment funds consist of resources that must be invested in perpetuity. The income from these restricted net assets can be used to support the organization's following activities, as restricted by the donor: -book purchases -general operations -scholarships -art acquisitions and preservation -children's room -repairs and maintenance”

“The organization is a nonprofit organization as described in section 501(c)(3) of the internal revenue code and is exempt from federal and state income taxes on trade or business profits generated by activities related to the organization's exempt function. The organization may be subject to federal and state income taxes for profits generated from trade or business activities unrelated to the organization's exempt function. As of june 30, 2024, management believes that the organization has not generated any unrelated business taxable income. The organization assesses the recording of uncertain tax positions by evaluating the minimum recognition threshold and measurement requirements a tax position must meet before being recognized as a benefit in the financial statements. The organization's policy is to recognize interest and penalties accrued on any uncertain tax positions as a component of income tax expense, if any, in its statements of activities. The organization has not recognized any liabilities for uncertain tax positions or unrecognized benefits as of june 30, 2024. The organization does not expect any material change in uncertain tax benefits within the next 12 months.”