Friends of Historic Kingston

“The organization acquires its collections by purchase or donation. Collections are held for public exhibition, education, or research. The organization's collections management policy includes guidance on the preservation, care, and maintenance of the collections and procedures relating to the accession/deaccession of collection items. In conformity with the practice generally followed by museums, no value is assigned to the collections in the statement of financial position. Purchases of collection items are recognized as reductions in the appropriate net asset class in the period of acquisition. Proceeds from deaccessions or insurance recoveries for lost or destroyed collection items are recognized as increases in net assets without donor restrictions and designated for future collection acquisitions. Noncash deaccessions of collection items result from the exchange, donation, or destruction due to deterioration, a lack of mission relation, or duplicate other objects. Items that are acquired with the intent to sell, exchange, or otherwise be used for financial gain are not considered collection items and are recorded as other assets at their fair value at the date of acquisition.”

“We own and administer: the fred j. Johnston house, the friends of historic kingston gallery, and the louw bogardus ruin at frog alley. We offer programs and exhibits from may to the end of october. We oversee two other sites in kingston: the sharp burying ground and the post office memorial at montrepose cemetery.”

“The organization is exempt from federal income taxes under section 501(c)(3) of the internal revenue code. The organization has evaluated any uncertain tax positions and related income tax contingencies and determined uncertain positions, if any, are not material to the financial statements. Penalties and interest assessed by income taxing authorities are included in operating expenses, if incurred. None of the organization's returns are currently under examination.”