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 a not-for-profit organization exempt from income taxes under section 501(c)(3) of the internal revenue code. The library believes that it has appropriate support for any tax positions taken and as such, does not have any uncertain tax positoins that are material to the financial statements. Information returns filed for the years ended june 30, 2022, 2021, 2020, and 2019 remain subject to examination by the internal revenue service and the commonwealth of massachusetts. The library does not expect that the amounts of unrecognized tax benefits will change significantly within the next twelve months.”