Shippensburg Historical Society Inc

“The organization's collections, which were acquired through purchases and contributions since the organization's inception, are not recognized as assets on the statements of assets, liabilities and net assets - modified cash basis. Purchases of collection items are recorded as decreases in unrestricted net assets in the year in which the items are acquired or as decreases in temporarily or permanently restricted net assets if the assets used to purchase the items are restricted by donors. Contributed collection items are not recorded in the financial statements. Proceeds from deaccessions or insurance recoveries are reflected as increases in the appropriate net asset classes.”

“The organization acts as an intermediary to facilitate collections of charitable contributions for other beneficiary organizations. One beneficiary is focused on the restoration of locust grove cemetery, and the other provides a scholarship. Upon the receipt of assets received from donors, the organization recognizes a liability to the beneficiary organization. Assets and liabilities are measured at fair value on the dates of receipt.”

“Management has assessed the organization's exposure to income taxes at the entity level as a result of uncertain tax positions taken in the current and previously filed tax returns. Examples of uncertain tax positions taken at the entity level include the continuing validity of the organization's exempt status and the prospect of being subject to the filing requirement for unrelated business income. Presently, management believes that it is more likely than not that the organization's tax positions will be sustained upon examination, including any appeals and litigation, and consequesntly, management, believes that the organization has no exposure to income tax liabilities arising from uncertain tax positions. The organization is subject to routine audits by taxing jurisdictions; however, no audits for any tax periods are currently in progress.”