Malden Public Library

“Because the values of the existing inexhaustible collections held by the library, including various 19th century furniture, books, and artwork, are not readily determinable, the library does not capitalize these collections. Collections, which were acquired through purchases and contributions since the library's inception, are not recognized as assets on the statement of financial position. Purchases of collection items are recorded as decreases in with donor restricted or without donor restricted net assets in the year in which the items are acquired, depending on if the assets used to purchase the items are restricted by the donors. Any collection item purchased with donor restricted funds cannot be sold without the prior approval of the massachusetts attorney general. Without donor restricted contributed collection items can be sold at the discretion of the library's management and board of trustees. Since inception, the library has rarely sold collected items, and no such sales occurred in the current year. Contributed and purchased collection items are not reflected in the financial statements.”

“The organization uses its collections for continuous upkeep of the facility in order to provide open access to information and to promote love of reading and lifelong learning to malden residents and all citizens of massachusetts. The collection includes various 19th century furniture, books and artwork.”

“The library uses the income from the with donor restricted (permanently restricted) net asset funds in accordance with donor restricted objectives.”

“The library is exempt from federal income taxes as provided under internal revenue code (irc) section 501(c)(3) and is not classified as a private foundation. Contributions made to the library are deductible by donors as provided in irc section 170. Accounting principles generally accepted in the united states of america prescribe the threshold a tax position is required to meet before being recognized in the financial statements. A liability for uncertain tax positions is recognized and recorded as a component of current income tax expense for differences between financial and income tax reporting positions which do not meet this threshold. Any interest and penalties related to uncertain tax positions are recorded as a component of income tax expense. The library has reviewed its tax positions that remain subject to examination by tax authorities and has not identified any material uncertain tax positions and thus has not recorded any liability at june 30, 2025 and 2024. The library's federal and state tax returns are subject to possible examination by taxing authorities until the expiration of the related returns statutes. In general, the federal and state tax returns have a three-year statute of limitation from the date the tax returns were due or filed, whichever is later. The library is no longer subject to examinations by tax authorities for years prior to 2021, and has no open examinations as of the date of these financial statements.”