The Owls Head Transportation Museum

“The Museum has elected not to capitalize its Museum-owned collections of aircrafts, ground vehicles, engines, and ephemera, all of which are significant to the Museum's operation and mission. The estimated value of the Museum-owned collection, not included in the accompanying financial statements, is $9,889,000 for December 31, 2024 and 2023. Presently, the Museum owns over 100 aircraft, automobiles, motorcycles, and other vehicles. The Museum also owns almost 16,000 additional items including art, archival documents, and other artifacts supporting the history of transportation. The vehicles and engines in the collection are significant because of their ability to show development of winged and wheeled transport from their beginnings to the 1930s. The collection also contains some newer examples for comparison. During 2024 and 2023, there were no deaccessions.”

“To meet its mission, the museums collections include aircraft, vehicles and supporting ephemera. Presently, the museum owns over 100 aircraft, automobiles, motorcycles, and other vehicles. The museum also owns almost 16,000 additional items including art, archival documents, and other artifacts supporting the history of transportation.”

“The goal and policy of the Museum's endowment funds is to generate income to help cover operating expenses, including depreciation and fixed and capital assets, and to fund board allocated funds for Museum preservation. Nearly 100% of the Museum's endowment funds are unrestricted. The Museum has, from time to time, received temporarily restricted donations, and requires written authorization from the donor, and keeps a detailed record of the donations and why, where, and how they are spent.”

“The Museum is exempt from federal and state income taxes under Section 501(c)(3) of the Internal Revenue Code whereby only unrelated business income, as defined by Section 512(a)(1) of the Code, is subject to federal income tax. Accordingly, no provision for income taxes has been recorded in the financial statements. In certain circumstances, tax-exempt organizations may be required to record an obligation for income taxes as the result of a tax position they have historically taken on various tax exposure items including unrelated business income or tax status. Under guidance issued by the Financial Accounting Standards Board (FASB), assets and liabilities are established for uncertain tax positions taken or positions expected to be taken in income tax returns when such positions are judged to not meet the "more-likely-than-not" threshold, based upon the technical merits of the position. Management has evaluated the Museum's tax positions and concluded that the Museum has maintained its tax-exempt status, does not have any significant unrelated business income and has taken no uncertain tax positions that require adjustment to the financial statements.”

“Fundraising expenses 306,386. Gaming expenses 81,449.”

“Loss on sale of fixed assets -6,921. Grant income included with expenses 10,314.”

“Fundraising Expenses 306,386. Gaming Expenses 81,449.”

“Loss on sale of fixed assets -6,921. Grant income included with expenses 10,314.”