Munson-Williams-Proctor Arts Institute

“The collections are made up of net assets and artifacts of historical significance that are held for education, research, and curatorial purposes. Each of the items is catalogued, preserved, and cared for, and activities verifying their existence and assessing their condition are performed continuously. The collections are subject to an internal policy that requires proceeds from their sales to be used to acquire other items for collections. Works of art are not capitalized and carried on the statement of financial position; as such, purchases of works of art are recorded as decreases in unrestricted net assets. Similarly, proceeds from deaccessions are now recorded as increases to net assets. The management of the institute believes this policy is preferable because works of art are carried for public interest, public exhibition, education, or research, rather than financial gain, and therefore should not be included in the statement of financial position.”

“The museum of art consists of more than 18,000 paintings, drawings, prints & sculptures. The museum provides exhibitions, lectures, and a lending library. These works of art serve diverse audiences by advancing the appreciation, understanding, and enjoyment of the arts.”

“To provide income for the maintenance of the institute.”

“The institute is exempt from income taxes under section 501(c)(3) of the internal revenue code and therefore has made no provision for federal income taxes in the accompanying financial statements. In addition, the institute has been determined by the internal revenue service not to be a "private foundation" within the meaning of section 509(a) of the internal revenue code. Accounting standards requiree that a tax position be recognized or derecognized based on a more likely than not threshold. This applies to positions taken or expected to be taken in a tax return, including maintenance of tax-exempt status. The institute does not believe its financial statements include any uncertain tax positions. Its tax returns are subject to examination by taxing authorities, generally for a period of three years from the date they are filed. As of june 30, 2015, tax years ended june 30, 2012 and thereafter remain subject to examination by major taxing jurisdictions.”