Adirondack Historical Association

“Text of financial statements footnote related to collections: the association is the steward of an important and extensive collection of art, material culture, photography, library and archival holdings. Each of the items is catalogued, preserved and cared for, and activities verifying their existence and assessing their condition are performed continuously. Collections include tools for trades and industries; land and water vehicles; objects from domestic and community life as well as sport and recreation; books and documents; historic photographs and film; works of fine art and folk art. The association is known for its art collection representing major nineteenth and twentieth century artists including thomas cole, winslow homer, arthur fitzwilliam tait, frederic remington, harold weston, and rockwell kent. The extensive freshwater boat collection includes many examples of the region's signature artifact, the guide boat. The adirondack rustic furniture and decorative arts collection features unique regional examples. The collections, which were acquired through purchases and contributions since the association's inception, are not recognized as assets on the statement of financial position. Purchases of collection items are recorded as decreases in net assets without donor restriction in the year in which the items are acquired, or as releases from restriction if net assets with donor restrictions are used to purchase the items. Contributed collection items are not reflected on the financial statements. The association has a policy that requires proceeds from deaccessions to be used to acquire other items for its collection, the direct care of the association's existing collections, or both. Direct care inclues preservation, protection, or care of collections. If the assets used to purchase collection items or to provide diret care are sourced from retricted funds, proceeds from deaccession of those items are recorded as increases in net asets with donor restrictions until an qcquisition is made or direct care provided.”

“Intended use of endowment funds: the board has designated funds for capital improvement, school membership programs, collections and improvements, and capital and operations. Negative figures in part v, line 1b represent net repayment of debt.”

“Fasb asc 740 text of financial statements footnote related to uncertain tax positions: under accounting standards codification (asc) section 740, the tax status of tax-exempt entities is an uncertain tax position since events could potentially occur that jeopardize tax-exempt status. Management is not aware of any events that could jeopardize the association's tax-exempt status. Association management believes that it has appropriate support for any tax positions taken, and as such, does not have any uncertain tax positions that are material to the financial statements.”