Royall House Association

“The association holds title to the isaac royall house on 15 george street in medford, massachusetts. The association's property and collections consists 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 collections, which were acquired through purchases and contributions since the association's inception, are not recognized as assets on the statements of financial position. Purchases of property and collections are recorded as expenses in the year in which the items are acquired.”

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

“The association accounts for uncertainty in income taxes in accordance with asc topic income taxes. This standard clarifies the accounting for uncertainty in tax positions and prescribes a recognition threshold and measurement attribute for the financial statement regarding a tax position taken or expected to be taken in a tax return. The association has determined that there are no uncertain tax positions which qualify for either recognition or disclosure in the financial statements at march 31, 2014 and 2013. The association's information returns are subject to examination by the federal and state jurisdictions and generally remain open for the most recent three years.”