Suffolk County Historical Society

“In accordance with asu 2019-03, the society does not capitalize donated works of art or recognize them as revenues or gains on the statement of activities. That statement provides that 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 unemcumbered, 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. In addition, items acquired through purchase are not capitalized. Purchases of collection items are recorded as decreases in net assets without donor restriction if purchased with such assets and as decreases in net assets with donor restriction if purchased with donor restricted assets. Proceeds from the sale of collection items are presented as an increase in net assets. The society's collection's management policy establishes four broad categories of collections, general history, decorative arts, fine and folk arts, and ethnographic and natural history, which guide the society's collecting practices. Within these catagories there are smaller groupings of diverse historical objects that include items such as arms and armament, costumes, tools and equipment, ceramics, furniture, glass, textiles, paintings, drawings, sculpture, graphic arts, musical instruments,projectile points and stone tools,native american handiwork and wildlife specimens. The general history (costume, tools and equipment,dolls, toys and games)and the decorative arts (ceramics, furniture and textiles) are considered the "primary collections" of the society. The library and archival collections are divided into two broad categories, each with sub-groupings. The library collections include materials for general historical research, genealogical research and cultural resource publications. The archive includes personal papers, account books, diaries, maritime documents, photographs, maps and railroad materials. The photograph collections, and manuscript collections (original documents) are irreplaceable, and therefore are considered to be of greater importance relative to other collections.”

“Accounting standards require that management evaluate the accounting for uncertainty in tax positions. Companies are required to recognize in their financial statements the impact of a tax position if the position is more likely than not of being sustained on audit. The positon ascertained inherently requires judgment and estimates by management. For the years ended december 31, 2024 and 2023 the society does not believe that they have any material uncertain tax positions that would require them to measure and reflect the potential lack of sustainability of a position on audit in their financial statements. Mangement will continue to evaluate their tax positions to determine if measurement and recognition in the presentation of financial statements is required. The society believes it is no longer subject to examination prior to 2021. .”

“Inventory adjustment for cost of merchandise sold”

“Inventory adjustment for cost of merchandise sold”