Akin Hall Association

“The reviewed financial statements contain the following footnote: "collection items acquired through either purchase or donation are not capitalized. Purchases of collection items are recorded as decreases in unrestricted net assets if purchased with unrestricted assets and as decreases in temporarily restricted or permanently restriced net assets 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 museum of natural history contains a variety of preserved specimens - insects, birds, mammals, as well as rocks and minerals. There are also cultural exhibits, including musical instruments from various countries. The historical museum contains local artifacts of hand tools, furniture, dishes, books, journals, newspapers and photographs.”

“The association is a not-for-profit organization as described in section 501(c)(3) of the internal revenue code and is exempt from federal and state income taxes. Management is not aware of any violations of its tax exempt status, nor any exposure to unrelated business income tax. The association has not recognized any benefits from uncertain tax positions. Additionally, the association believes it has no uncertain tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within 12 months from the statement of financial position date. As of june 30, 2014 the association's federal tax filings for the tax years 2011 and beyond remain subject to examination by the applicable taxing jurisdictions.”