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. Each of the items is cataloged, preserved, and cared for, and kept unencumbered, and activities verifying their existence and assessing their condition are performed continuously. Collection items acquired either through purchase or donation are not capitalized. The proceeds from deaccession of collection items may be used for acquisitions of new collection items or the direct care of existing collections. The museum adheres to the ethical principles and definition of direct care established by the american alliance of museums and considers direct care to entail actions that enhance the life, usefulness, or quality of the collection items to ensure they will continue to benefit the public. The museum's collection management policy includes conservation services, archival services, collections care investments identified through a conservation assessment and/or plan, and collection care training for staff and volunteers, as activities that are considered direct care of collection items. Purchases of collection items are recorded as decreases in net assets without donor restrictions if purchased with assets without donor restrictions and as decreases in net assets with donor restrictions if purchased with donor-restricted assets. Contributions of collection items are not recognized in the statement of activities. Proceeds from deaccessions or insurance recoveries are reflected on the statement of activities based on the absence or existence and nature of donor-imposed restrictions. The collection items sold during the years ended december 31, 2024 and 2023 were not material to the financial statements.”

“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 2024 or 2023. 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 2021.”

“Direct expense museum store and cafe expense 467,579. Event refreshments and event support 17,499.”

“Direct expense museum store and cafe expense 467,579. Event refreshments and event support 17,499.”