Potsdam College Foundation Inc.

“The collection consists of paintings, sculptures, works on paper, sound recordings, musical instruments and artifacts. The collection furthers the organization's purpose by creating a center for visual arts at suny potsdam through the collection, exhibition, and interpretation of quality works of art from the 20th and 21st centuries, and offers a study collection of these and other works that are pre-20th century. It provides experiences that supplement and enhance classroom curriculum and promotes audience involvement in museum activities through exhibitions, publications and programming.”

“The primary intended use of the organization's endowment funds is to maintain a steady source of funding for student scholarships to suny potsdam students and grants, including funds for campus improvements and various other college programs.”

“Accounting principles generally accepted in the united states of america require the foundation to evaluate all significant tax positions. As of june 30, 2017, the foundation does not believe that it has taken any positions that would require the recording of any tax liability, nor does it believe that there are any unrealized tax benefits that should be recorded.”

“Collection items consist of art objects that are held for education and curatorial purposes. Each of the items is cataloged, preserved, and cared for, and kept unencumbered, and activities verifying their existence and assessing their condition are performed continuously. Collection items acquired either through purchase or donation are not capitalized. 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 statement of activities based on the absence or existence and nature of donor-imposed restrictions. If collection items are sold, the proceeds from the sale are used to purchase additional collection items.”