The Henry Morrison Flagler Museum Inc

“The museum's collection includes whitehall, a railcar, period artwork, and furnishings, all of which depict the life and times of henry morrison flagler. In conformity with the practices followed by many museums, collection items that are (a) held for public exhibition and education; (b) protected, cared for and preserved; and (c) subject to a policy that requires proceeds of items that are sold to be used to acquire other items for the collection, are not capitalized or reported as an asset in the statement of financial position. The fair value of collection objects acquired by gift is not recorded as a contribution in the statement of activities because the collections are not capitalized. Proceeds from the sale of collection items are reported as an increase in temporarily restricted net assets. The museum sold from their collection the former dining room furniture set. They deaccessioned the former dining room furniture from their collection at the may 13, 2019 trustees meeting, and then hindman auction house collected the furniture in october 2019, for their november 21, 2019 auction. The museum received the 1st payment of $325.75 on december 2019. More revenue to be received in 2020.”

“The museum is exempt from federal and state income taxes under internal revenue code section 501(c)(3). Accordingly, no provision for income taxes has been recorded in the financial statements. The museum is required to operate in conformity with the provisions of the internal revenue code (irc) to maintain its exempt status. Irc section 170(b)(1)(a)(vi) allows donors a deduction for contributions. Management analyzes tax positions in jurisdictions where it is required to file income tax returns. Interest and penalties attributable to income taxes, if any, are included in operating expenses. No such interest or penalties were recorded for the years 2019 or 2018. Based on its evaluation, management did not identify any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease. The museum is no longer subject to income tax examinations for years prior to 2016.”

“Direct expense museum store and cafe expense 435,662. Event refreshments and event support 21,638.”

“Direct expense museum and cafe expense 435,662. Event refreshments and event support 21,638.”