The Fabric Workshop and Museum

“The organization does not capitalize donated works of rare art 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 unencumbered, 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 Fabric Workshop and Museum (FWM) is the only museum of its kind in the world, and the permanent collections document its unique history of artistic activity with emerging and established contemporary artists. Numbering over 5,500 objects, the collections trace many major movements in the field since 1977, and include significant works by such artists as Louise Bourgeois, Felix Gonzalez-Torres, Ann Hamilton, Reverend Howard Finster, Anish Kapoor, Robert Kushner, Glenn Ligon, Robert Morris, Robert Venturi, Denise Scott Brown, and Carrie Mae Weems, among others. The objects in the collection are used by FWM for rotating exhibitions at FWM and for loans to other art museums around the world, for use in their exhibitions. In addition to completed works of art, the collections also include important documentation and process materials relating to the creative development of projects by artists-in-residence. These photographic, video, and process materials are available for loan and research and provide a valuable window into the conceptual and technical development of works of contemporary art. The collections fall into three categories: Commissioned works of art created in the Artists-in-Residence program, which range from large-scale installations and sculptures to drawings and paintings to silk-screen printed fabric garments and textiles. Artist Boxes, which are assembled at the completion of each artist's residency and include samples, prototypes, swatches, and other material related to the creative process. Photography and Video Archives of still images and videos documenting the creative process of the artists' residencies, artist and curator lectures, exhibitions, special fabrication techniques, and educational activities.”

“Museum shop expenses $132,042”

“Museum shop expenses $132,042”

“GAAP requires entities to evaluate, measure, recognize and disclose any uncertain tax positions. GAAP prescribes a minimum recognition threshold that a tax position is required to meet in order to be recognized in the financial statements. The Organization believes that it had no uncertain tax positions.”