Rebecca Residence

“The Organization's collection is comprised of artifacts of historical significance, works of art and antiques. The collections were acquired through purchases and contributions since the Organization's inception and are recognized as assets on the balance sheet. Items purchased are recorded at cost and contributed items are recorded at their appraised fair market value. Purchases of collection items are recorded as decreases in unrestricted assets in the year in which the items are acquired, or as temporarily or permanently restricted net assets if the assets used to purchase the items are restricted by donors. Proceeds from sales or insurance recoveries are reflected as increases in the appropriate net asset classes. The collections are classified as non-depreciable property since their value is expected to appreciate.”

“The Organization's collection is comprised of artifacts of historical significance, works of art and antiques. The collections were acquired through purchases and contributions since the Organization's inception and are recognized as assets on the balance sheet. Items purchased are recorded at cost and contributed items are recorded at their appraised fair market value. Purchases of collection items are recorded as decreases in unrestricted assets in the year in which the items are acquired, or as temporarily or permanently restricted net assets if the assets used to purchase the items are restricted by donors. Proceeds from sales or insurance recoveries are reflected as increases in the appropriate net asset classes. The collections are classified as non-depreciable property since their value is expected to appreciate.”

“The Organization is a not-for-profit corporation and is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code. Accordingly, no provision for income taxes has been provided. The Organization adopted the standard for accounting for uncertainty in income taxes recognized in an organization's financial statements that prescribes a recognition threshold of more-likely-than-not to be sustained upon examination by the appropriate taxing authority. Measurement of the tax uncertainty occurs if the recognition threshold has been met. The standard also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, and disclosure. Management has determined that the adoption of the standard did not have a material effect on the consolidated financial statements. The Organization's policy is to recognize interest related to unrecognized tax benefits in interest expense and penalties in operating expenses. There were no interest or penalties recognized on the consolidated statement of operations as a result of the adoption. Generally, tax returns for years ended June 30, 2011, and thereafter remain subject to examination by federal and state tax authorities.”