Chenango County Historical Society

“The Organization does not capitalize collections. Accessions are expensed at cost if purchased and at appraised or fair value at date of accession if received by donation. Gains and losses on deaccessions of donated collections are recorded based on the presence or absence of donor restrictions placed on items at date of donation.”

“The historical society has collections related to local and nys history. These collections are rotated in exhibits for the public to view during the museum operating hours. In addition the collections are available for historical research. The collections further the organizations purpose of preserving local history and educating the public about local history.”

“Income Taxes and Uncertainty in Income Taxes - The Organization is exempt from federal income taxes on income generated from activities related to its exempt purpose and federal unemployment insurance under Section 501(c)(3) of the Internal Revenue Code. The Organization files informational returns in the U.S. federal jurisdiction and New York State jurisdiction. With few exceptions, the Organization is no longer subject to U.S. federal or state income tax examinations by tax authorities for years before 2012. The Organization has not been informed of any income tax examinations by either the Internal Revenue Service (IRS) or any state tax authorities for any tax years not barred by statute of limitations. The Organization has adopted the provisions of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) No. 740, Income Taxes, as amended by FASB Accounting Standards Update (ASU) No. 2009-06, Implementation Guidance on Accounting for Uncertainty in Income Taxes and Disclosure Amendments for Nonpublic Entities. Management has determined there were no liabilities for unrecognized tax benefits as a result of the implementation of FASB ASC No. 740, as amended. Furthermore, management has estimated that there are no material unrecognized tax benefits for either the U.S. federal jurisdiction or New York State jurisdiction for which it is subject to income tax as of December 31, 2015. The Organization has not recognized any interest or penalties related to unrecognized tax benefits in the statement of activities nor has it accrued any in the statement of financial position as of December 31, 2015.”