Jefferson County Historical Society

“The Organization has adopted the provisions of Financial Accounting Standards Board Codification, Income Taxes. In determining the recognition of uncertain tax positions, the Organization applies a more-likely-than-not recognition threshold and determines the measurement of uncertain tax positions considering the amounts and probabilities of the outcomes that could be realized upon ultimate settlement with taxing authorities. The Organization recognizes potential liabilities associated with anticipated tax audit issues that may arise during an examination. Interest and penalties that are anticipated to be due upon examination are recognized as accrued interest and other liabilities with an offset to interest and other expense. The Organization analyzed its tax positions taken on their Federal and State tax returns for the open tax years 2013, 2014, and 2015. Based on our analysis, the Organization determined that there were no uncertain tax positions and that the Organization should prevail upon examination by the taxing authorities.”

“Part xiv - supplemental financial information part iii, line 1a - collections - the collections, which were acquired through purchase and contributions since the historical society's inception, are not recognized as assets on the statement of financial position. Purchases of collection items are recorded as unrestricted expenses in the year the items are acquired. The amount of any purchase using temporarily restricted funds is reflected on the statement of activities as net assets released from restriction. Contributed collection items are not reflected in the financial statements.”