American Swedish Historical Foundation

“The museum does not capitalize donated works of art or artifacts nor recognize them as revenues or gains. Fasb asc 958-605, revenue recognition, provides that such donations need not be recognized if they are added to collections that are held for public exhibition, education, or research in furtherance of public service rather than financial gain; are protected, kept encumbers, 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 and/or the direct care and preservation of the museum's existing collections.”

“The ashm actively collects objects relevant to its mission and goals. Every object in the permanent collection, and every object considered for acquisition for the permanent collection, should support the goals of the ashm to create an awareness and understanding of the contributions of swedes and all scandinavians, and to preserve, exhibit, or interpret the history and current contrivutions of swedes and all scandinavian people for the benefit of the public.”

“The ashm's investment objective is to achieve stable long-term growth while providing steady income from its investment portfolio; to provide ongoing support for operational costs of the museum; and to provide a source for funding of capital projects and initiatives as requested by the ashm board. The museum annually receives general contributions and contributions restricted to specific purposes, like salaries, building improvements, and library materials. Most of these restrictions are fulfilled quickly. The museum also maintains a permanently restricted endowment, a percentage of which supports operations and capital projects each year, as the board determines as necessary or the restriction indicates.”

“The museum is exempt from federal and state income taxes under section 501(c)(3) of the internal revenue code (irc) as described in section 509(a)(2) of the irc and similar state statutes; therefore, no provision for income taxes is included in the accompanying financial statements. For the year ended june 30, 2025, the museum did not identify any uncertain tax positions taken or expected to be taken, which would require adjustment or disclosure in the financial statements. The museum is potentially subject to federal, state, and local examinations for years subsequent to june 30, 2021.”

“Rental expenses 58,751. Cost of goods sold 57,728. Fundraising expenses 11,667.”

“Rental expenses 58,751. Cost of goods sold 57,728. Fundraising expenses 11,667.”