Heckscher Museum

“Collection items which have been acquired through purchases and contributions since the museum's inception, are not recognized as assets on the statement 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 decreases in temporarily restricted net assets if the assets used to purchase the items are restricted by donors. Objects in the original gift made by founder august heckscher are owned by the town of huntington, but managed by the museum. These works cannot be sold or traded without the expressed permission of the town of huntington. Collection items added to the permanent collection since the incorporation of the heckscher museum are owned by the museum.”

“Prior to 2012, the Museum was given permission by the Town of Huntington to deaccession certain artifacts that did not and never were going to be exhibited or used for educational purposes. These artifacts were part of the original legacy collection, and therefore were Town property. The Town authorized the Museum to dispose of these artifacts at public auction. Proceeds from any public auction were to be deposited into a segregated account in the Towns name (Town of Huntington Art Acquisition Fund) with the Museum acting as trustee. The funds are exclusively for the purchase of art to enrich the permanent collection of the Museum and any artwork purchased with these funds would belong to the Town. As of December 31, 2015, the Museum has a balance of $686,786, which is reflected as funds held in custody on the Statement of Financial Position.”

“In furtherance of the Museums charitable mission, and its commitment to the creation and development of a new endowment fund to support the programs and operation of the Museum in perpetuity, the Heckscher Board of Trustees, at its regular meeting on April 11, 2011, passed a formal resolution establishing a Board-designated quasi-endowment fund for the exclusive support of general operations. The Board transferred funds from the unrestricted Elizabeth Livingston Estate bequest, along with additional unrestricted funds, into a segregated account, titled the Heckscher Museum General Endowment Fund, to be invested for the long-term. A Board-approved percentage will be drawn from the new quasi-endowment on an annual basis in support of general Museum operations. Access to the corpus of the new endowment, in any amount in excess of the abovementioned Board approved percentage, can only be accessed by the approval of two-thirds (2/3) of the Trustees in order to revoke the restrictions on the use of funds as specified in the resolution. The value of the Heckscher Museum General Endowment Fund on December 31, 2015 was $2,425,642.Furthermore, at that same meeting on April 11, 2011, the Board of Trustees also passed a formal resolution directing subsequent unrestricted proceeds of all bequests, charitable remainder trusts, retirement plan beneficiary designations, life insurance beneficiary designations, gift annuities, and other unrestricted deferred transfers to the Heckscher Museum General Endowment Fund. In June 2014, the Board of Trustees authorized the establishment of a quasi-endowment fund with the Town of Huntington Art Acquisition Fund. Under the resolution, the funds will no longer be used for the purchase of art, but rather it will be a corpus of funds that increases over time and will generate art acquisition revenue to be used at the discretion of the Board for the purchase of art for the Permanent Collection. In addition, the Board of Trustees authorized the establishment of a quasi-endowment fund for a Capital Building Fund. Under the resolution, the funds will support future building operations and replacement needs. As unrestricted net assets become available, the Board will designate such net assets for these funds.”

“The museum has determined that there are no material uncertain tax positions that require recognition or disclosure in the financial statements. Periods ending december 31, 2012 and subsequent remain subject to examination by the applicable taxing authorities.”

“Fundraising expenses $45732”

“fundraising expenses $45732”