Cortland Free Library

“The Library's collections, which were acquired through purchases and contributions since the Library's inception, consist of approximately 90,000 items that are held for educational, research, entertainment and recreational 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 not recognized as assets in the statements of financial position. Purchases of collections items are recorded as expenses in the year in which the items are purchased. Contributed collection items are not reflected in the financial statements.”

“The Library's collections, which were acquired through purchases and contributions since the Library's inception, consist of approximately 90,000 items that are held for educational, research and special curatorial purposes. These items are available for public use.”

“Endowment funds are designated for the purchase of materials or programs not included in the normal budget of the Library and to help fund other operating expenses as deemed necessary.”

“The Library follows the standards for accounting for uncertainty in income taxes. This standard establishes a recognition threshold and measurement process for income tax positions recognized in an enterprises financial statements. At December 31, 2024, the Library did not have any unrecognized tax benefits or any related accrued interest or penalties. The tax years open to examination by the federal taxing authorities are 2022 through 2024.Significant management judgment is required in determining uncertain tax positions. While the Library bases its estimates on historical experience and various other assumptions that management believes to be reasonable under the circumstances, actual results may differ from these estimates, and, as a result, could have a material impact on the financial position.”