Wethersfield Historical Society

“The Society collects manuscripts, books, maps, newspapers, photographs, portraits, and other works of art, as well as museum artifacts and historic landmarks that are related to the Town of Wethersfield, State of Connecticut and American history. The Society's collections are maintained for research, education and public exhibition in furtherance of public service rather than for financial gain. Collections are the most valuable assets of the Society and are protected, kept unencumbered, cared for, and preserved. As steward for many treasures relating to the towns, states and nation's history, the Society maintains meticulous records. Intellectual as well as physical control of all collections is maintained by an extensive paper trail including provenance of origin; accession date; terms of gift or purchase price, whichever is applicable; physical description and condition report; location; and conservation record. In conformity with the American Association of Museum guidelines, collections are de-accessioned rarely and in close adherence to specific steps, culminating in approval from either the Society's director or Board of Directors. Proceeds derived from the sale of any de-accessioned collections are applied to resources restricted to the purchase of library or museum collections. The Society does not include either the cost or the value of its collections in the statements of financial position, nor does it recognize gifts of collection items as revenues in the statements of activities. Because items acquired for collections by purchase are not capitalized, the cost of those acquisitions is reported as a decrease in net assets in the statement of activities.”

“The Society collects manuscripts, books, maps, newspapers, photographs, portraits, and other works of art, as well as museum artifacts and historic landmarks that are related to the Town of Wethersfield, State of Connecticut and American history. The Society's collections are maintained for research, education and public exhibition in furtherance of public service rather than for financial gain. Collections are the most valuable assets of the Society and are protected, kept unencumbered, cared for, and preserved. As steward for many treasures relating to the towns, states and nation's history, the Society maintains meticulous records. Intellectual as well as physical control of all collections is maintained by an extensive paper trail including provenance of origin; accession date; terms of gift or purchase price, whichever is applicable; physical description and condition report; location; and conservation record.”

“The Society has concluded that there are no uncertain tax positions that would require recognition in the financial statements. If the Society were to incur an income tax liability in the future, interest on any income tax liability would be reported as interest expense and penalties would be reported as income taxes. The Society's conclusions regarding uncertain tax positions may be subject to review and adjustment at a later date based on ongoing analysis of tax laws, regulations and interpretations thereof, as well as, other factors.”