The Morris Museum Inc

“In conformity with the practice followed by many museums, art objects purchased and donated are not included in the statement of financial position.”

“The museum collection consists of approximately 48,700 objects. Individual areas of the museum's distinguished collection include costumes and textiles, fine art, decorative art, dolls and toys, natural science, geology and paleontology, and ethnology. Objects from the collection are presented in permanent and changing exhibitions. In 2003, the museum was awarded the murtogh d. Guinness collection of mechanical musical instruments and automata. The museum holds its collections for public exhibition, education, and research rather than for financial gain. It protects, cares for, preserves, and keeps its collections unencumbered, subject to a policy that requires proceeds from their sales to be used solely for the benefit of the collection and to purchase new objects for the collection.”

“To augment funding for its program services”

“The museum is an organization described under section 501(c)(3) of the internal revenue code and is therefore exempt from federal income taxes under section 501(a) of the code. The museum is also exempt under title 15 of the state of new jersey corporations and associations not for profit act. Accordingly, no provision for federal or state income taxes has been presented in the accompanying financial statements. The museum follows the provisions of fasb accounting standards codification accounting for uncertainty in income taxes. The standard prescribes a minimum recognition threshold and measurement methodology that a tax position taken or expected to be taken in a tax return is required to meet before being recognized in the financial statements. It also provides guidance for derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition as they relate to those tax positions. The museum does not expect a significant increase or decrease to the total amounts of unrecognized tax positions during the fiscal year ended june 30, 2015. However, the museum is subject to audit by tax authorities, including a review of its nonprofit status, which management believes would be upheld upon examination. Nonetheless, the amounts ultimately paid, if any, upon resolution of the issues raised by the taxing authorities may differ materially from the amounts accrued for each year. As required by law, the museum files informational returns with both the united states federal and state of new jersey jurisdictions on an annual basis- form 990 with the internal revenue service, and form cri-300r with the state. The federal return is subject to examinations by those authorities within three years from the latest filing date.”

“Cost of goods sold 40,553. Fundraising expense 135,744. Rental expense 169,084.”

“Cost of goods sold 40,553. Fundraising expense 135,744. Rental expenses 169,084.”