American Textile History Museum Inc

“The museum does not capitalize donated assets of historical significance or recognize them as revenues or gains as such donations need not be recognized if they are added to collections that are held for public exhibition, education, or research in furtherance of public service rather than financial gain; are protected, kept unencumbered, cared for, and preserved; and are subject to a policy that requires the proceeds from sales of collection items to be used to acquire other items for collections, which is the policy of the museum. The museum has many exhibits that demonstrate how textiles shaped peoples lives from colonial times to the present. In addition, the museum holds extensive historical equipment and textiles.”

“The american textile history museum seeks to collect, preserve, and interpret objects and information related to the production of textiles in america. The museum is dedicated to increasing the knowledge and understanding of the historical significance in american society of fiber preparation, cloth making, and cloth finishing. Toward this purpose, the museum maintains collections of both pre-industrial and industrial tools and machinery; textiles and textile objects made and/or used in america, including swatchbooks and other samples, handwoven and industrially produced flat textiles, costume and costume accessories, and other finished textile objects; published works, manuscripts, art, images, and ephemera; and other objects related to the textile industry dating from the seventeenth century to the present.”

“The endowment fund will be used to fund the operations of the museum, preserve its collections and textile artifacts, and maintain a research facility.”

“Accounting standards provide detailed guidance for the financial statement recognition, measurement and disclosure of uncertain tax positions recognized in an organization's financial statements and requires an organization to recognize the financial statement impact of a tax position when it is more likely than not that the position will not be sustained upon examination. Management has evaluated its significant tax positions against the criteria established and believes there are no such tax positions requiring accounting recognition. The museum's federal and state income tax returns are subject to examination by taxing authorities for the years ended december 31, 2013, 2012, 2011 and 2010.”

“Direct expense of fundraising events -39,528. Cost of goods sold -11,181.”

“Direct expense of fundraising events 39,528. Cost of goods sold 11,181.”