Sons of the Revolution in the State

“The society's collections are made up of artifacts of historical significance and art objects that are held for educational exhibit and curatorial purposes. Accession and de-accession of items for the collections are subject to the fraunces tavern museum collections management policy, most recently approved by the board of managers on may 21, 2018. Proceeds from de-accessions or insurance recoveries are used to acquire or preserve other items for collection. Contributions for the purchase of items for the collection are classified as temporarily restricted net assets until acquisitions are made. The society's collections and exhibits are not capitalized in the statement of financial position. Purchases of items are expensed in the year that the items are acquired. The cost of these items is reported as a separate program expense. Contributed collection items are not reflected in the financial statements.”

“Board designated funds consist of amounts that are designated by the board and its assets are pooled with the society's investments. The board designated funds consist of the following: the reserve fund was established to set aside all initiation and life membership fees, and all donor, patron and fellow subscriptions which may be made to the society. The flag fund was established for the acquisition by the society of reproductions of flags, colors and standards carried by the continental troops in the war of the revolution. The permanent fund was established from the contributions and from other monies as may be from time to time received by the society and which are directed by the board of managers to be credited to such fund, the same to remain forever to the use of the society, the income only of which shall be expensed. The museum endowment fund was segregated for the museum endowment aspect of the capital campaign, and the designated amounts are available for programs and activities conducted by the fraunces tavern museum. The deaccession collections fund consists of proceeds from the sale of the society's collection and other works of art and may be used for direct care and/or preserving the society's existing collection or to buy additional items for the collection and/or other works of art. Permanently restricted net assets, which consist of gifts to the society, the principal of which is permanently restricted. The permanently restricted net assets consist of the following: shelby c. Davis fund - established through a gift made by the shelby c. Davis foundation. The principal portion cannot be expended. The value of the shelby c. Davis fund as of september 30, 2024 and september 30, 2023 was $3,000,000. Earnings are reflected as temporarily restricted net assets until released from restrictions or appropriated for expenditures, as approved by the board of managers. Building maintenance endowment fund - the building maintenance endowment fund is to remain forever to the use of the society, the income only of which shall be expended solely for the maintenance of the buildings comprising the fraunces tavern museum complex, as determined by the board of managers. The value of the building maintenance endowment fund was $1,072,525 and $907,142 as of september 30, 2024 and september 30, 2023, respectively. Earnings are reflected as temporarily restricted net assets until released from restrictions or appropriated for expenditures, as approved by the board of managers.”