Door County Maritime Museum & Lighthouse Preservation Society Inc

“Collection items acquired either through purchase or donation are not capitalized. The collections are comprised of artifacts of historical significance and art objects that are held for educational, research, and curatorial purposes. The collection items are mainly maritime related. 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 sale to be used to acquire other items for collections. Purchases of collection items are recorded as decreases in unrestricted net assets if purchased with unrestricted net assets and as decreases in temporarily restricted net assets if purchased with donor-restricted assets. Contributions of collection items are not recognized in the statement of activities. Proceeds from deaccessions or insurance recoveries are reflected on the statment of activities based on the absence or existence and nature of donor-imposed restrictions.”

“U.s. Gaap requires management to evaluate tax positions taken by the organization and recognize a tax liability (or asset) if the organization has taken an uncertain position that more likely than not would not be sustained upon examination by a taxing authority. Management has analyzed the tax positions taken by the organization and has concluded that as of december 31, 2024 and 2023, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The organization is subject to routine audits by taxing jurisdictions, however, there are currently no audits in progress for any tax period. The organization will recognize future accrued interest and penalties related to unrecognized tax benefits in income tax expense if incurred.”

“Cost of goods sold - gift shop 183,288. Special event expenses 74,182. Cost of goods sold - admissions 1,006.”

“Cost of goods sold - gift shop 183,288. Special event expenses 74,182. Cost of goods sold - admissions 1,006. Rounding 2.”

“Collection items acquired either through purchase or donation are not capitalized. The collections are comprised of artifacts of historical significance and art objects that are held for educational, research, and curatorial purposes. The collection items are mainly maritime related. Each of the items is cataloged, preserved, and cared for, and activities verifying their existiance and assessing their condition are performed proceeds from their sale to be used to acquire other items for collections. Purchases of collection items are recorded as decreases in unrestricted net assets if purchased with unrestricted net assets and as decreases in temporarily restricted net assets if purchased iwth donor-restricted assets. Contributions of collection items are not recognized in the statement of activities. Proceeds from deaccessions or insurance recoveries are reflected on the statement of activities based on the absence or existence and nature or donor-imposed restrictions.”