Mingei International Inc.

“The permanent collection of the museum consists of paintings,sculpture, installations, works on paper (including photography), video and other media. The cornerstone of any museum is its collection. Acquisition and preservation of objects are the primary responsibilities of the board of trustees, the executive director and the curatorial staff. The collections, which were acquired through purchases and contributions since the museum's inception, are not recognized as assets on the statement of financial position. Purchases of collection items are recorded as decreases in net assets without donor restrictions in the year in which the items are acquired. Contributed collection items are not reflected in the financial statements. Proceeds from deaccessions or insurance recoveries are reflected as increases in the appropriate net asset classes.”

“Mingei international museum is dedicated to furthering the understanding of 'art of the people' (mingei) from all eras and cultures of the world. This art shares a direct simplicity and reflects a joy in making, by hand, useful objects of timeless beauty that are satisfying to the human spirit. The museum collects, conserves and exhibits these arts of daily life - by unknown craftsmen of ancient times, from traditional cultures of past and present, and by historical and contemporary designers. The museum's collection now comprises of approximately 27,000 objects of folk art, craft and design from 141 countries.”

“The museum's endowment consists of six individual funds established for particular purposes. Its endowment includes both donor-restricted funds and funds designated by the board of trustees to function as endowments.”

“The Museum is exempt from federal income tax pursuant to Section 501(c)(3) of the Internal Revenue Code and Section 23701(d) of the California Revenue and Taxation Code and is also exempt from state income tax. The Financial Accounting Standards Board (FASB) issued Accounting Standards Codification No. 740-10, Accounting for Uncertainties in Income Taxes, which sets a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The Museum has reviewed its positions for all open tax years and has determined that it has no uncertain tax positions requiring accrual or disclosure.”

“Special event expense $68143 cost of goods sold $230079”

“Special event expense $68143 cost of good sold $230079”