Ganna Walska Lotusland

“In accordance with gaap, the organization does not capitalize donated or purchased collections or recognize them as revenues or gains. Gaap provides that such donations need not be recognized if they are added to collections that are held for public exhibition, education, or research in furtherance of public services, rather than financial gain, and are protected, kept unencumbered, cared for, and preserved and are subject to a policy that requires the proceeds from sales of collection items to be used to acquire other items for collections.”

“Lotusland's botanical collections and horticulture: lotusland boasts an extraordinary array of rare and unusual plant specimens, meticulously assembled into numerous theme gardens open to visitors. Our botanical collections are a testament to the rich diversity and beauty of the plant kingdom. These gardens are meticulously maintained by a dedicated team of horticultural professionals, ensuring that each specimen thrives and contributes to the overall splendor of lotusland. Art and artifact collections: in addition to our living collections, lotusland preserves a valuable assortment of books, statuary, tile, art, and various personal effects of madame ganna walska, the visionary founder of lotusland. These collections provide insight into her life and legacy, and preserve the history and mission of lotusland's creator and her collections and archives.”

“The organization is a california nonprofit public benefit corporation, which is exempt from income taxes under internal revenue code section 501(c)(3) and state of california revenue and taxation code section 23701(d); therefore, no provision for income taxes is required. The organization qualifies for the charitable contribution deduction under section 170(b) (1) (a) and has been classified as an organization that is not a private foundation under section 509(a) (1). The organization evaluates uncertain tax positions, whereby the effect of the uncertainty would be recorded if the outcome was considered probable and reasonably estimable. As of december 31, 2024, the organization had no uncertain tax positions requiring accrual. The organization files tax returns in california and u.s. Federal jurisdictions. The organization is no longer subject to u.s. Federal and state examinations by tax authorities for years before 2021 and 2020, respectively.”

“Garden shop cost of goods sold -77,064.”

“Garden shop cost of goods sold 77,064.”