Royall House Association

“The association is exempt from federal income taxes under section 501(c)(3) of the internal revenue code (the "code"). The association is not classified as a private foundation and contributions made to the association are deductible by donors as provided in section 170 of the code. Generally accepted accounting principles 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 association 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 march 31, 2024 and 2023. The association'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 association 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.”

“The association holds title to the isaac royall house on 15 george street in medford massachusetts. The association's collections consist of the land, house and slave quarters, furnishings and other accessions of the 18th century. The property and collections are held and displayed for education and cultural purposes. The property and furnishings, which were acquired, are not recognized as assets on the statement of financial position. Purchases of property and furnishings are recorded as expenses in the year in which the items are acquired.”

“The association was established in 1906 to preserve the isaac royall house in medford, ma and to keep it open to the general public as a place of historical interest. The house was built in 1732 and has been designated a registered national historical landmark. The association holds title to the isaac royall house on 15 george street in medford massachusetts. The property, as well as historical artifacts, are not reflected as assets on the statement of financial position as no value was assigned at acquistion or is currently available.”