Fuller Craft Museum Inc.

“The museum displays an exceptional collection of works from across america that includes exhibits of craft in glass, metal, ceramic, fiber and wood. The museum's collection is kept unencumbered, cared for, preserved, and maintained for public exhibition and education rather than for financial gain. Proceeds from the sale of any item in the collection are used to acquire other collection items. The museum does not include either the cost or the value of its collection in the combined statement of financial position, nor does it recognize gifts of collection items as revenues in the combined statement of activities. Since items acquired for its collection by purchase are not capitalized, the costs of those acquisitions are reported as decreases in net assets in the combined statement of activities. The proceeds from collection items disposed of are reported as increases in the appropriate class of net assets in the combined statement of activities.”

“Accounting principles generally accepted in the united states of america require the museum to evaluate tax positions taken and recognize a tax liability (or asset) if the museum has taken an uncertain position that more likely than not would be sustained upon examination by taxing authorities. The museum has analyzed the tax positions taken and concluded that, as of june 30, 2014, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the combined financial statements. The museum is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The museum believes it is no longer subject to income tax examinations for years prior to 2011.”