The Shaker Heritage Society

“The society's collections include original shaker furniture, artifacts and documents of historical significance and art objects that are held for educational, research and curatorial purposes, which have an indeterminable value. Each of the items are cataloged, preserved and cared for, and activities verifying their existence and assessing their condition are performed continuously. The collections are subject to a policy that requires the proceeds from their sales to be used to acquire other items for collections. The collections, which were acquired through purchases and contributions since the society's inception, are not recognized as assets on the statement of financial position. Purchases of collection items are recorded as decreases in unrestricted net assets if the assets used to purchase the items are restricted by donors. Contributed collection items are not reflected on the financial statements. Proceeds from insurance recoveries are reflected as increases in the appropriate net asset classes.”

“Tax status the internal revenue service has determined that the society is exempt from federal income tax under section 501(c)(3) of the internal revenue code. The society does not conduct unrelated business activities and, therefore, has made no provision for income taxes in the accompanying financial statements. The society has adopted the provisions of asc 740-10, accounting for uncertainty in income taxes. Management has evaluated the society's tax positions, including interest and penalties attributable thereto, and concluded that the society has taken no tax positions that required adjustment to its financial statements as of december 31, 2024 and 2023. The society's information return filings are subject to audit by various taxing authorities. The society is no longer subject to examinations by taxing authorities for the years ending before december 31, 2019, and currently, there are no examinations in process nor has the society been informed of any pending examination.”