Newton Historical Society Inc.

“Collections the organization's collections consist of historic buildings, landscapes and artifacts of historical significance that are held for educational, research, and curatorial purposes. The historical collections are not capitalized by the organization. In addition, the organization does not capitalize repairs or improvements to inexhaustible collections. All purchases of collection items, restoration or improvements to inexhaustible collections are recorded as decreases in unrestricted net assets in the year in which the expenditure is made. The organization maintains a collection policy that addresses collections upkeep, accession and de-accession policies and other aspects of collections management. In accordance with the policy of not recording collections in the financial records, donated collection items received during the year are not reflected in the statement of activities.”

“Income from the board designated endowment funds will be used for funding the organization's mission. Income from the permanent endowment is restricted for the purpose of a museum educator.”

“The organization is exempt from income taxes as a public charity under section 501(c)(3) of the internal revenue code. Management believes that the organization operates in a manner consistent with their tax-exempt status at both the state and federal levels. The organization annually files irs form 990 - return of organization exempt from income tax, reporting various information that the irs uses to monitor the activities of tax-exempt entities. These informational tax returns are subject to review by the taxing authorities generally for a period of three years after they were filed. The organization currently has no tax examinations in progress.”