Belmont Mansion Association

“In accordance with professional standards, the association has elected that certain objects acquired through purchase and contributions since the association's inception not be valued in the accompanying statement of financial position. The cost of such objects purchased are reflected as program expenses and treated as decreases in unrestricted net assets in the year in which the items are acquired or as decreases in temporarily or permanently restricted net assets If the assets used to purchase the items are restricted by donors. proceeds from the sale of any deaccessioned items are classified as temporarily restricted net assets,To be applied toward future collection acquisitions. the value of collection items contributed each year by donors is not recorded in the financial statements but is disclosed at estimated fair value as a non-cash activity in the statement of cash flows.”

“The collection at the association consists of the original or replicas of the interior furnishings which were present in the mansion in the 19th century. each of the items is cataloged, preserved, and cared for, and activities verifying their existence and assessing their condition are performed continuously.”

“The endowment is held by the Belmont mansion foundation for the benefit of the Belmont mansion association the corpus is permanently restricted, with any earnings being restricted for the purpose of supporting the operations, restorations, conservation and/or acquisitions of the Belmont mansion association.”

“The Association is exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code, and accordingly, files U.S. Federal Form 990. Management performs an evaluation of all income tax positions taken or expected to be taken in the course of preparing the Association's income tax returns to determine whether the income tax positions meet a "more likely than not" standard of being sustained under examination by the applicable taxing authorities. Management has performed its evaluation of all income tax positions taken on all open income tax returns and has determined that there were no positions taken that do not meet the "more likely than not" standard. Accordingly, there are no provisions for income taxes, penalties, or interest receivable or payable relating to uncertain income tax positions in the accompanying financial statements.”

“Special Events 39,391. Rental Expense 28,631. Cost of Goods SOld 46,981.”

“Special Events 39,391. Rental Expense 28,631. Cost of Goods Sold 46,981.”