Mystic Seaport Museum Inc

“The organization follows the same method for recording easements as it does for its collections. Refer to response to schedule d part iii.”

“The museum does not capitalize collections. Such donations need not be recognized if they are added to collections that are held for public exhibition, education or research in furtherance of public service rather than financial gain; are protected, kept unencumbered, cared for and preserved; and are subject to a policy that requires the proceeds from sales of collection items to be used to acquire other items for collections. Accordingly, purchased collection items are expensed in the year of purchase and no revenue is recognized on donated collection items.”

“The museum's collections include 500 watercrafts (including 5 major vessels), 24 historic houses and buildings, 2000 ship models, 1100 scrimshaw pieces, 5000 video tapes, 1,500,000 feet of historic film and a collection of over 1,400,000 photographs, as well as significant collections of prints, navigational instruments, tools, marine paintings and other maritime memorabilia. In addition, the collection contains large quantities of nonnautical furnishings for the historic buildings, as well as ship and boat parts, engines and similar objects. The museum's library collection contains approximately 75,000 books and periodicals, 1,000,000 manuscripts, 10,000 maps, well over 200,000 ship plans, 2,000 rolls of microfilm and 600 oral history tapes.”

“The purpose of the endowment is to support the current and future mission of mystic seaport museum.”

“The museum was organized as a nonstock, nonprofit corporation as described under section 501(c)(3) of the internal revenue code and, as such, is not subject to federal and state corporation income tax except for certain unrelated business income. Management has analyzed the tax positions taken by the museum and has concluded that, as of december 31, 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 has no unrecognized tax benefits at december 31, 2024 and 2023. 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. If the museum had unrelated business income taxes, it would recognize interest and penalties 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 statements of financial position.”

“Change in value of split-interest agreements & trusts 872,722. Change in swap -71,840. Cost of goods sold 153,039. Rental expenses 656,888.”

“Cost of merchandise sold 153,039. Rental expenses 656,888.”