Providence Athenaeum

“Inexhaustible collections are not capitalized by the athenaeum as the values are not readily determinable. New acquisitions of collection items are recorded as decreases in unrestricted net assets in the year in which the items are acquired, or as decreases in temporarily restricted net assets if the assets used to purchase the items were restricted by donors. Contributed collection items are also not reflected in the financial statements. The athenaeum's policy requires that the proceeds from the sales of collection items be used solely for acquisitions of other items for collection, or for care of collection items.”

“The providence athenaeum, founded as "the athenaeum" in 1836, is one of the city's oldest cultural centers and one of only 17 u.s. Membership libraries existing today. Its progenitors were two earlier libraries, the providence library company, founded in 1753, and the providence athenaeum, founded in 1831; it became "the providence athenaeum" by amendment to its charter in 1850. The library houses close to 175,000 circulating books, periodicals, and unique and rare books and manuscripts. Its special collections include the original founders' collection; incunabula and manuscripts dating back to the 1300s; significant arts and crafts, travel and exploration, r.i. Industry, and natural history collections; 18th- and 19th-century fiction; and early children's literature. The special collections and archives contain documents that reveal its rich architectural history and provide insights into the intellectual, cultural, economic, and political thinking in providence, new england, and america that help to inform the athenaeum's eclectic programming. As one of the oldest cultural institutions in the state, the athenaeum has long served as a place for citizens to meet and learn from one another. We are continuing to serve a broad public and determined to involve an even larger community at many more levels. The core values of vision 2020 speak to the athenaeum's belief that the active participation of a broad and diverse population is critical in fostering a democratic society. As of the fall of 2021, all our programs were open to the public.”

“The intended use of the endowment fund is to generate additional needed revenue to be used to further the purposes of the athenaeum's mission.”

“The athenaeum evaluates its uncertain tax positions using the guidance for contingencies as contained in generally accepted accounting principles. The athenaeum was not aware of any uncertain tax positions that were not provided for in the accompanying financial statements.”