Sauder Village

“The collections, which were acquired through purchases and contributions since the organization's inception, are not recognized as assets on the statement of financial position. Purchases of collection items are recorded as decreases in unrestricted net assets in the year in which the items are acquired or as temporarily or permanently restricted net assets if the assets used to purchase the items are restricted by donors. Contributed collection items are not reflected on the financial statements. Proceeds from deaccessions or insurance recoveries are reflected as increases in the appropriate net asset classes. The Organization's collections are made up of artifacts of historical significance and objects that are held for educational, research, and curatorial purposes. Each of the items is cataloged, preserved, and cared for, and activities verifying their existence and assessing their condition are performed continuously. The collections are subject to a policy that requires proceeds from their sales to be used to acquire other items for collections.”

“The collections of Sauder Village include artifacts such as agricultural equipment, trade and craft equipment, and household items from the 1800-1950s, which assist the museum in demonstrating and preserving the daily life of rural Northwest Ohio from the 1800-1950s. Artifacts are displayed in museum exhibits and in living history settings, allowing visitors to learn and explore the history of Northwest Ohio.”

“Tax status: Sauder Village is exempt from Federal income taxes under Section 501(c)(3) of the Internal Revenue Code. Accordingly, no provision for Federal income taxes has been reported in the financial statements. Sauder Village adopted the accounting standard on accounting for uncertainty in income taxes, which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements . Under this guidance, Sauder Village may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. Examples of tax positions include the tax-exempt status of Sauder Village and various positions related to the potential sources of unrelated business taxable income (UBIT). The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also addresses de-recognition, classification, interest and penalties on income taxes and accounting in interim periods. At December 31, 2017 and 2016, there were no unrecognized tax benefits identified or recorded as liabilities.”

“Cost of Goods Sold 1,391,828. Rental Expenses 13,265.”

“Rental Expenses 13,265. Cost of Goods Sold 1,391,828.”