Martha'S Vineyard Museum Inc

“As allowed by accounting principles generally accepted in the united states of america and following the practices of many museums, the museum has not capitalized its collection of items of historical nature and other related objects purchased or donated. The collection is held for public exhibition, education, or research in furtherance of public service rather than financial gain. The museum continually reviews its collection and may de-access or acquire additional items. Expenditures for additional collection items are presented as a reduction in the appropriate class of net assets. Proceeds from de-accessions are reflected as increases in unrestricted net assets. The museum has established a policy that requires the proceeds from items de-accessed to be used to acquire other items for the collection.”

“Martha's vineyard museum consists of the former marine hospital/st.pierre camp property in tisbury and the edgartown campus including the cooke house, the pease house, the huntington library/foster gallery, the gay head lens, the carriage/boat shed and the tri works reproduction. Martha's vineyard museum also has a stewardship of the gay head, east chop and edgartown lighthouses. Martha's vineyard museum has permanent and changing exhibits that explore the history, culture, art, natural history and landscape of martha's vineyard island. The museum and gallery also offer a broad range of adult and children's educational programs, exhibits, and events to members and the general public.”

“The museum's endowment consists of national endowment for the humanities and donor restricted endowment funds established to support the various programs and projects that further the mission of the museum. The funds are currently held in mutual funds and a money market account. The museum has adopted spending policies for its endowment assets that attempt to provide a predictable stream of funding for its programs while seeking to maintain the purchasing power of the endowment assets. Under this policy, the board establishes a budgeted appropriation amount for expenditure during the year.”

“The museum qualifies as a tax-exempt nonprofit organization under section 501(c)(3) of the internal revenue code. Accordingly, no provision for federal income tax is required. Management annually reviews for uncertain tax positions along with any related interest and penalties and believes that the museum has no uncertain tax positions that would have a material adverse effect, individually or in the aggregate upon the museum's statement of financial position, or the related statements of activities or cash flows. The museum files income tax returns in the u.s. Federal jurisdiction.”

“Cost of goods sold 12,604. Fundraising event expense”

“Capital campaign expenses 628,000.”

“Cost of goods sold 12,604. Fundraising event expense”

“Capital campaign expenses 628,000.”