Rose Island Lighthouse and Fort Hamilton

“The organization enforces through the use of volunteers and staff, the natural habitat of the island. 90% of rose island is off limits to people at all times.”

“In 1986, the city of newport formally appointed the foundation as the city's agent and charged it with the responsibility of rehabilitating and maintaining rose island lighthouse. The resolution states that any income in excess of costs of repairs, rehabilitation and restoration and maintenance would be used by the city of newport for public historic preservation, parks or recreational purposes. The majority of the island is preserved as a bird and wildlife santuary. A conservation easement exists on the 18 acres that is rose island. Its purpose is to assure that the premises will be retained forever in its open, natural, historic, scenic, ecological and educational condition and to prevent any use of the premises that will significantly impair or interfere with the conservation values of the premises. The balance sheet shown in part x reports the value of all land and land improvements at cost as well as the costs of refurbishment to the island structures. Due to the conservation easements and other restricted covenants, these costs are considered to estimate fair value.”

“The foundation's collections and historical treasures consist of the rose island lighthouse and all its memorabilia and artifacts displayed as well as the refurbished fort hamilton barracks on the island. In 1986, the city of newport formally appointed the foundation as the city's agent and charged it with the responsibility of rehabilitating and maintaining rose island lighthouse. The resolution states that any income in excess of costs of repairs, rehabilitation and restoration and maintenance would be used by the city of newport for public historic preservation, parks or recreational purposes. The majority of the island is preserved as a bird and wildlife santuary. A conservation easement exists on the 18 acres that is rose island. Its purpose is to assure that the premises will be retained forever in its open, natural, historic, scenic, ecological and educational condition and to prevent any use of the premises that will significantly impair or interfere with the conservation values of the premises. The balance sheet shown in part x reports the value of all land and land improvements at cost as well as the costs of refurbishment to the island structures. Due to the conservation easements and other restricted covenants, these costs are considered to estimate fair value.”

“A single bequest received in 2007 was put aside with the intention of creating a long term investment fund of which the only the income would be spent. Currently, all earnings on that bequest have been added to the fund.”

“The organization believes it has appropriate support for any tax positions taken, and as such does not have any uncertain tax positions that are material to the financial statements.”

“Other land, buildings and equipment: lighthouse restoration and improvements $ 762,309 fort hamilton barracks 424,980 northwest bastion 39,598 firehouse cistern 8,012 rose island pier and non historical structures 125,156 ----------- total other structures and improvments $1,360,055”