Lowell Art Association D/B/A Whistler House Museum of Art

“The museum maintains collections of paintings and other works of art for public exhibition and education. Each of the items in the collection is catalogued, preserved, and cared for. Activities verifying their existence and assessing their condition are performed continuously. In accordance with gaap, the museum has been capitalizing its collections prospectively since 7/1/1997. Donated art objects received since that date have been recorded at their fair market values at the time of donation, and purchased objects have been recorded at their cost. Proceeds from the sale of items in the collection are used to purchase other items for the collection.”

“The museum is a non-profit organization, exempt from taxation under internal revenue code section 501(c)(3). Management has determined that all of the museum's income, expenditures and activities relate to its exempt purpose; therefore, no provision for federal and state income taxes has been made in the accompanying statements. Accounting standards provide detailed guidance for the financial statement recognition, measurement and disclosure of uncertain tax positions recognized in an organization's financial statements. Under these standards, an organization is required 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. The museum 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 informational tax returns may be subject to examination by taxing authorities for the years ended june 30, 2016, 2015, 2014 and 2013.”