Newburyport Maritime Society Inc

“The organization has designated a portion of its endowment for building renovations and improvement costs and the remainder can be utilized for any purpose as determined by the board of directors.”

“The organization has adopted the application of the provisions of FASB ASC 740-10 (formerly FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes). The primary tax positions made by the organization are the existence of Unrelated Business Income Tax and the organizations status as an exempt organization under Section 501 (c) (3) of the Internal Revenue Code. The organization currently evaluates all tax positions, and makes determinations regarding the likelihood of those positions being upheld under review. For the year presented, and as a result of adoption, the organization has not recognized any tax benefits or loss contingencies for uncertain tax positions based on its evaluations. The organizations Forms 990, Return of Organization Exempt from Income Tax, for the years ending December 31, 2024, 2023, 2022, and 2021 are subject to examination by the IRS, generally for 3 years after they are filed.”

“The organization maintains various collections and galleries of maritime art, model clipper ships, displays of famous shipwrecks, the history of the Coast Guard, and more. The collections help the organization in protecting, preserving, and communicating the maritime heritage of the Merrimack Valley and its role in American History.”

“Collection items acquired through purchases and contributions since the Organizations inception are not capitalized. Purchases of collection items are recorded as decreases in net assets without donor restrictions, or net assets with donor restrictions if purchased with donor-restricted assets. Contributions of collection items are not recognized in the Statement of Activities. It is the Organizations policy that proceeds from the sale of collections can utilized for any purpose, unless expressly restricted by a donor. The organization maintains various collections and galleries of maritime art, model clipper ships, displays of famous shipwrecks, the history of the Coast Guard, and more. The collections help the organization in protecting, preserving, and communicating the maritime heritage of the Merrimack Valley and its role in American History.”