Old York Historical Society

“In conformity with the practice followed by many museums, the artifacts, books, manuscripts, and historical buildings purchased and donated are not included in the statement of financial position. These collections are not held for financial gain. The society employs a curator to ensure the collections are protected, cared for and preserved. Any proceeds from the sale of collection items would be reinvested in other collection items.”

“The society's endowment consists of donor-restricted funds established for a variety of purposes. As required by generally accepted accounting principles, net assets associated with endowment funds are classified and reported based on the existence or absence of donor-imposed or legal restrictions. The board of directors has interpreted state law as allowing the utilization of appreciation on permanently restricted assets unless explicit donor stipulations specify how net appreciation must be used. As a result of this interpretation, the society classifies as permanently restricted net assets (a) the original value of gifts donated to the permanent endowment, (b) the original value of subsequent gifts to the permanent endowment, and (c) accumulations to the permanent endowment made in accordance with the direction of the applicable donor gift instrument at the time the accumulation is added to the fund. The remaining portion of the donor-restricted endowment fund that is not classified in permanently restricted net assets is classified as temporarily restricted net assets until those amounts are appropriated for expenditure by the society in a manner consistent with the standard of prudence prescribed by state law. In accordance with the uniform prudent management of institutional funds act, the society can consider the following factors in making a determination to appropriate or accumulate donor-restricted endowment funds; general economic conditions; the possible effect of inflation and deflation; the expected total return from income and the appreciation of investments; other reources of the society; the investment policies of the society. The society has adopted investment and spending policies for its endowment assets that attempt to provide a predictable stream of funding for its programs while seeking to maintain the purchasing power of the endowment assets. Under this policy, as approved by the board, the society's investment committee shall seek to invest the endowment funds in such a manner that the investments will provide a spendable return consistent with a long-term goal of preserving the funds in real terms. Actual returns in any given year may vary from this amount. To satisfy its long-term rate-of-return objectives, the society relies on a total return strategy in which investment returns are achieved through both capital appreciation(realized and unrealized) and current yield(interest and dividends). The society has invested in mutual funds that target a diversified asset allocation that places a greater emphasis on equity-based investments to achieve its long-term return objectives within prudent risk constraints.”

“Management annually reviews for uncertain tax positions along with any related interest and penalties and believes that the organization has no uncertain tax positions that would have a material adverse effect, individually or in the aggregate upon the organization's statements of financial position, or the related statements of activities, or cash flows. The organization files income tax returns in the u.s. Federal jurisdiction.”

“Change in beneficial interest in charitable trust 151,420. Museum shop cost of goods sold direct cost of fundraising events 34,675.”

“Museum shop cost of goods sold direct cost of fundraising events 34,675.”