Pennsbury Society

“The society owns a mid 17th century court cupboard, and mid 17th century chest with multiple drawers provenanced to william penn's first wife.”

“The society established an endowment trust for the benefit of the public to support pennsbury manor as a historic site, as a museum and as an educational resource. The society's efforts are to include, without limitation, the development, training and professional enhancement of its paid and volunteer personnel; historical research relevant to the purpose of pennsbury manor; acquisition, preservation and reproduction of historic artifacts; production and implementation of interpretive exhibits; acquisition and care of animals relevant to the manor's historic periods; encouragement and development of craft activities; publicity and publications; care and improvement of the gardens, grounds and building of pennsbury manor; and activities to further develop the potential of the site.”

“Generally accepted accounting principles prescribe a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. It requires that computations of current and deferred income taxes only consider tax positions that are more than likely than not to be sustained if the tax authorities examine the position. The society evaluates statutes of limitations, changes in tax law, and new authoritative rulings and accrues for liabilities if applicable. The society's analysis found no uncertain tax positions. Federal and state tax returns are subject to examination by the taxing authorities generally for a period of three years after they are filed. Any penalties and interest assessed by taxing authorities are included in operating expenses. No interest and penalties have been recorded for the years ended june 30, 2018 and 2017.”