Wadsworth Atheneum Museum of Art

“The wadsworth atheneum museum of art reflects expenditures relating to its easements in its operating revenue and expenditures.”

“In accordance with accounting policies generally followed by museums, collections of works of art acquired through purchase or donation since the museum's inception are not reflected in the accompanying statement of financial position. Each of the items is cataloged, preserved and cared for. The museum's policy requires that proceeds from the sale of collection items or insurance proceeds be used solely for acquisition of other art objects or the direct care of existing collections. If assets used to purchase collection items are sourced from restricted funds, proceeds from the sale of those items are shown as increases in net assets with donor restrictions until an acquisition is made.”

“The museum's mission is to hold its collection in trust for all people and is dedicated to advancing and inspiring everyone to experience and appreciate excellence in art and culture. The museum values artistic excellence, innovation and leadership on a local and global level. As part of its role as connecticut's flagship visual arts institution, the museum is a cultural meeting place for the sharing of ideas and experiences. Founded in 1842, the museum is home to a collection of nearly 50,000 works of art spanning 5,000 years, from antiquities to contemporary art. Annually, the museum hosts several major exhibitions and multiple smaller special exhibitions. The museum offers tours, concerts, films, gallery talks, lectures, symposiums, school and family programs, workshops and art history courses.”

“The organization's endowment funds are used for museum operations, exhibitions, and programming as well as the acquisition of works of art.”

“Management has analyzed the tax positions taken by the museum and have concluded that, as of june 30, 2024 and 2023, there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The museum's federal information returns prior to fiscal year 2021 are closed and management continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. The museum files federal and state of connecticut income tax returns for unrelated business income, which reperesent the major tax jurisdictions of the museum. If the museum had unrelated business income taxes, it would recognize interest and penalities associated with any tax matters as part of the income tax provision and include accrued interest and penalties with the related tax liability in the statement of financial position.”

“Cost of good sold 95,029. Change in perpetual trust 747,698.”

“Fundraising expenses -395,415.”

“Cost of goods sold 95,029. Fundraising expenses 395,415.”