Williams Grove Old Timers

“The Organization has accumulated a collection of donated artifacts and other memorabilia. Items are currently on display in the Organization's museum. The Organization presently ensures that the collections are protected and preserved. Collection items have not been capitalized. Contributions of collection items have not been recognized in the statement of activities.”

“The organization has a collection of donated artifacts and memorabilia that are on display in the organization's museum. These items further the organization's exempt purpose by displaying items that increase the awareness of and preserve the history of open wheel automobile racing.”

“The Organization established the Eastern Museum of Motor Racing Memorial Endowment Fund as a board designated endowment fund in order to provide a permanent and perpetual fund, the principal of which is to be retained and not used except in circumstances to prevent insolvency, bankruptcy or financial impairment of the Organization.”

“The Organization follows the provisions of Risks and Uncertainties Topic of the ASC which requires an assessment of the Association's exposure to income taxes at the entity level as a result of uncertain tax positions taken in current and previously-filed tax returns. Examples of tax positions taken at the entity level include continuing qualification as a tax-exempt organization and whether there is any taxable unrelated business income activities conducted. Any tax benefits associated with uncertain tax positions that are in excess of a realization threshold must be recorded as a liability for unrecognized tax benefits in the financial statements, along with any associated interest and penalties. Presently, management believes that it is more likely than not that its tax positions will be sustained upon examination, including any appeals and litigation, and therefore believes that the Organization has no exposure to income taxes from uncertain tax positions.”