Historic Fort Worth Inc

“Owner agrees at all times to preserve and maintain the facade in a first-class, good, and sound state of repair at owner's sole cost and expense and to perform such maintenance and make such repairs in compliance with the standards for rehabilitiation and guidelines for rehabilitating historic buildings (the "standards") issued by the national park service of the united states deartment of the interior. At least once every five (5) years, the owner shall provide to historic fort worth an inspection report of the condition of the facade and the structural elements of the building. Historic fort worth also has the right to require that the owner cause an inspection of the building from time to time, upon historic fort worth's belief that a special inspection is necessary to accomplish the purposes of the easement.”

“The organization follows the accounting practice of not including in its assets the cost or appraised value of any historic sites, which upon receipt may be retained by the organization. Related expenditures for restoration, stabilization, reconstruction, and development are charged to expense as incurred. Propertites accepted with the intent of sale are recognized as revenue at the time of donation based on estimated fair value less costs for historic evaluation, repair, and maintenance costs, and the impact of the easement. The historic sites, including objects and furnishings, owned by the organization with the intent of retention are not reported in the accompanying statement of financial position under the accounting policy stated above.”

“The organization owns, operates, maintains,and restores two historic properties in fort worth, texas that are classified as collection properties. They are the 1899 ball-eddleman-mcfarland house ("mcfarland") located at 1110 penn street, insured for approximately $5,100,000 and the 1903 wharton-scott house known as thistle hill located at 1509 pennsylvania avenue, insured for approximately $8,000,000. Both properties operate as museum space, as well as event space, for the benefit of the public. The ball-eddleman-mcfarland house also serves as a library for historic research in its preservation resource center located in the lower floor, all of which furthers the exempt purpose of historic fort worth, inc. To preserve fort worth, texas's unique historic identity through stewardship, education and leadership.”

“In 1996, texas heritage, inc. Established a $400,000 thistle hill endowment fund. On january 1, 2006, historic fort worth, inc. Received the property known as thistle hill and its endowment fund as gifts from texas heritage, inc. On the date of the transfer, the thistle hill endowment fund, managed by frost bank, totaled $217,311. The finance committee is authorized to spend up to 5% of the balance of the fund exclusively on thistle hill.this amount is calculated on the balance as of the previous year ended december 31. Funds are placed in the operating account to be used only for maintenance, improvements, or restoration of thistle hill main house or the carriage house. Any additional funds transferred from the thistle hill endowment fund will also be used only for maintenance, improvements, or restoration of thistle hill main house or the carriage house and will be recommended by the finance committee to the executive committee and/or the board.”