Andover Historical Society

“Collections consist entirely of historical artifacts. In accordance with gaap, the society does not capitalize donated or purchased collections. Such donations and acquisitions need not be recognized, since they are added to collections that are held for public exhibition, education and research in furtherance of public service rather than financial gain; are protected, kept encumbered, 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.”

“Artifacts of local historical signifigance.”

“The endowment funds are comprised of unrestricted and restricted funds derived from monetary gifts made to the society, transfers from operations and the income and capital appreciation derived from the funds themselves. Unless otherwise restricted, both the principal and income of the funds are available for the operating, capital and other needs of the society.”

“Gaap requires the society to evaluate and disclose tax positions that could have an effect on its financial statements. The society reports its activities to the internal revenue service and to the commonwealth of massachusetts on an annual basis. These informational returns are generally subject to audit and review by the governmental agencies for a period of three years after filing, which includes the informational returns for the fiscal years ending june 30, 2021, 2022, 2023 and 2024. Substantially all of the society's income, expenditures and activities relate to its exempt purpose, therefore, management has determined that the society is not subject to unrelated business income taxes and will continue to qualify as a tax-exempt not-for-profit entity.”