Millicent Rogers Museum Inc.

“The Museum maintains the museum collections for exhibition and research purposes, to further its mission and as a public service, and not for financial gain. Therefore, the Museum does not capitalize such items. Proceeds from the disposition of collection items, if any, are designated for collection acquisition and care. There were deaccessions on the collection of $6,971 and $8,080 at December 31, 2015 or 2014, respectively. Acquisitions to the collections are recorded at cost of purchase on the statement of activities and changes in net assets. Acquisitions were $520 and $10,235 at December 31, 2015 and 2014, respectively. The Museum did receive $54,000 and $375,525 of contributed collections to its museum collection during 2015 and 2014, respectively. The Museum does not recognize contributions of donated items that are added to its collection in its financial statements. The Museum has an employee that is responsible for the overall stewardship of the collection, along with the Board of Trustees. The Executive Director and the designated employee of the Museum oversee the day-to-day management of the collections to ascertain that the collections are adequately documented, protected, and conserved with the resources available to do so. The stewardship policies that the Museum has in place include: Acquisitions and deaccessions Collections care and management Outgoing loans Incoming loans Access to collections”

“The Museum exhibits and preserves its collections of historic Hispanic, Native American and Anglo objects for the benefit of the public and community. In addition, museum collections are regularly used by scholars and students (K-16) for research and publication purposes. General museum educational programs, supported by the collection, are targeted to the general public and consist of lectures, demonstrations, family events, and through publications.”

“The board of trustees has adopted investment and spending policies for the endowment assets. The goal is to maintain the real value of the endowment investments in perpetuity, while allowing for appropriate expenditures.”

“The Museum is exempt from income tax under Section 501(c)(3) of the Internal Revenue Code and as such, is not subject to income taxes on its normal activities. The Internal Revenue Service has determined that the Museum is not a private foundation. The Museum applies the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 740, Income Taxes. FASB ASC 740 provides detailed guidance for the financial statement recognition, measurement, and disclosure of uncertain tax positions in an enterprise's financial statements. Uncertain income tax positions must meet a more-likely-than-not recognition threshold at the effective date to be recognized upon the adoption of FASB ASC 740 and in subsequent periods. The provisions of FASB ASC 740 have been applied to all Museum income tax positions commencing from that date. The Museum's policy is to classify income tax penalties and interest according to their natural classification in its financial statements. During the years ended December 31, 2015 and 2014, the Museum incurred no interest and penalties. As of December 31, 2015 and 2014, management does not believe the Museum has any uncertain tax positions that would require financial statement recognition, measurement, or disclosure under FASB ASC 740. Due to statutes of limitation, the Museum is no longer subject to examinations by tax authorities for years prior to 2012.”

“Fundraising Expense 66,479.”

“fundraising expense 66,479.”