Grounds for Sculpture Inc.

“Collections consist of sculptures and other contemporary art pieces. Collections acquired either through purchase or donation are not capitalized. Purchase of collection items are recorded as decreases in unrestricted net assets if purchased with unrestricted assets and as decreases in temporarily restricted or permanently restricted net assets if purchased with donor-restricted assets. Contributions of collection items are not recognized in the statement of activities. Proceeds from deaccessions or insurance recoveries are reflected on the statement of activities based on the absence or existence and nature of donor-imposed restrictions. Donations and acquisitions of collections are not required to be recognized since they are added to collections that are held for public exhibition and education in furtherance of public service rather than financial gain; are protected, kept encumbered, cared for, and preserved; and are subject to a policy that requires the proceeds from sales of collection items to be used to acquire other items for collections.”

“The artwork that is exhibited is owned by the organization or is on loan from artists, galleries and a foundation that owns and produces works. GFS produces a rich and diverse roster of art and cultural programs built upon the foundation of the sculpture collection and gallery exhibitions. The more than 300 works are eclectic and wide-ranging; consistent with the vision of enabling the broadest possible public to engage in a self-directed journey that leads from the familiar and comfortable to the new and challenging. Exhibitions strive for a high degree of diversity in media, content, materials, style, culture, ethnicity and place of origin.”

“Schedule D, Part XII, Line 2d.: These are expenses not included in the 990 expense sections but are netted against revenues in 990, Part VIII. Line 6b Rental expense, 182,526; Line 8b Direct Expenses of fundraising,112,208; Line 10b Cost of Goods sold, 476,944 for a total of 771,678.”

“Grounds For Sculpture, Inc. is exempt from Federal income taxes under Section 501(c)(3) of the Internal Revenue Code. Accordingly, the financial statements do not reflect a provision for Federal income taxes related to Grounds For Sculpture, Inc. There were no uncertain tax positions at December 31, 2016. Additionally, the entity had no income tax related interest or penalties for the year.”