Hunterdon Art Museum

“The permanent collection of the Hunterdon Art Museum concentrates on works on paper. The growing collection emphasizes prints, but also includes drawings and paintings. Dating from the 1930s to the present, the collection consists of work by internationally recognized artists as well as artists from the region. Highlights include prints by Mark DiSuvero, Philip Guston, Alex Katz, and Ad Reinhardt. Purchase prizes from the Museum's Annual National Juried Print Exhibition make up the Anne Steele Marsh Collection, which is part of the permanent collection. The Museum also has outdoor sculpture which is on permanent display. The collection furthers the Museum's exempt purpose of serving as a cultural and educational resource for the northwestern region of New Jersey and the surrounding communities”

“The Museum has received grant funds from the New Jersey Cultural Trust (a part of the State of New Jersey Department of State) to establish a permanent endowment fund, the principal of which is to remain intact in perpetuity and which is invested and held for the exclusive use of the Museum, the income of which may be expended by the Museum for purposes consistent with its mission. As a condition of the grant from the New Jersey Cultural Trust, the Board of Trustees has permanently restricted $395,091 as the principal amount of the Board-designated permanently restricted endowment fund. This amount is part of a bequest which was originally received during the year ended June 30, 2002. The restriction is pursuant to a resolution of the Board which was adopted on January 13, 2005. The resolution is binding on all future Boards and may not be repealed or modified without the consent of the New Jersey Cultural Trust.In addition, the Museum received a bequest of $50,000 in 2003 which is permanently restricted by the donor. Income which is received from this amount may be expended only for maintenance, repairs and improvements of the Museum building.”

“The Museum evaluates all significant tax positions as required by the general standards of accounting for uncertainty in income taxes established by the Financial Accounting Standards Board. The Museum does not believe that it has taken any tax positions that would require the recording of any additional tax liability nor does it believe that there are any unrealized tax benefits that would increase or decrease within the next twelve months.The Museum files returns in the federal and New Jersey jurisdictions. The returns filed within the last four years are generally open for examination by those jurisdictions.”