Old Westbury Gardens Inc.

“The conservation easements consist of development rights purchased by Nassau County through a bond act reserved for open space preservation.”

“Collection items consist of furniture and works of art that are held for educational and preservation purposes. In conformity with the practice followed by museums, collections such as art objects and furniture acquired and donated to the Gardens are not included in the statements of financial position. Purchases of collection items are recorded as decreases in unrestricted net assets in the year in which the items are acquired or as temporarily or permanently restricted net assets if the assets used to purchase the items are restricted by donors. Contributed collection items are not reflected in the financial statements. Proceeds from sales or insurance recoveries are reflected as increases in the appropriate net asset classes. There were no purchases or sales of collection items for the years ended December 31, 2016 or 2015. The above narrative applies to the organization's collection. The $2,650 of artwork on Part III, Lines 1b(i) and (ii) are not part of the collection. Therefore, the $2,650 is included in revenue and assets on the financial statements.”

“Westbury House retains furniture and works of art collected by JS Phipps and his wife Margarita over a period of 40 years. The interiors and furnishings not only exemplify the taste of the family but also popular trends in collecting between 1900 to 1940. Visitors experience fine Georgian furniture and English and Continental paintings from the 1820's through the mid-twentieth century in the same setting enjoyed by Mr. and Mrs. Phipps.”

“General Purpose Endowment The investment income from the general purpose endowment is placed into a temporarily restricted fund and annually, 4% of the tax basis of the endowment is taken from the temporarily restricted fund to support the operating budget. Dianne Wittlinger Tree Fund Endowment The investment income from the Dianne Wittlinger Tree Fund Endowment is placed into a temporarily restricted fund, and these funds can be released for specific projects relating to the green architecture of Old Westbury Gardens by the Board of Trustees. Education and Outreach Endowment The investment income from the Education and Outreach Endowment is placed into a temporarily restricted fund, and these funds can be released for specific projects relating to the environmental education projects of Old Westbury Gardens by the Board of Trustees.”

“The financial statement effects of a tax position taken or expected to be taken are recognized in the financial statements when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. Interest and penalties, if any, are included in expenses in the statements of activities. As of December 31, 2016 and 2015, the Gardens had no uncertain tax positions that qualify for recognition or disclosure in the financial statements. The Gardens files information tax returns in the U.S. and in New York. The Gardens is generally no longer subject to U.S. federal and state income tax examinations by tax authorities for years before 2013.”

“Rental expenses reported on Part VIII, Line 6b 18,380.”

“Rental expenses reported on Part VIII, Line 6b 18,380.”