Western Pennsylvania Conservancy

“The conservancy acquires, protects, and holds land for conservation purposes. Land is valued at cost or, in the case of donated land, at fair value on the date of the contribution. The conservancy capitalizes certain costs incurred during the time the land is being acquired and protection activities are underway. These costs include due diligence, demolition of structures, legal fees, and miscellaneous other items to return the land to its natural state. Grants received as reimbursement for land costs on projects where the conservancy does not intend to hold the land for the long-term reduce the cost basis of the land. The conservancy holds certain conservation easements and deed restrictions (easements), each representing a legal interest in land owned by another person or entity. The easements grant the conservancy the right to use, control, and/or protect the land for conservation purposes. Easements can be acquired by donations from landowners or by the sale of a piece of land owned by the conservancy, where part of the agreement is that the conservancy retains the easement on the land after sale. The conservancy has also obtained easements from third parties under which a third party creates the easement at the time of its conveyance of the property. Easements acquired through donation, easements established by retention of rights, and easements created by third parties are not recorded in the financial statements. Additionally, the conservancy obtains easements through purchases directly from owners. Purchased easements are recorded at cost and reduced to a carrying value of $1 by the amount of any restricted grants received specifically for the easement purchases and by expensing the amount of the easement purchase funded by revenue without donor restrictions.”

“Fallingwater was designed in 1935 by frank lloyd wright as a weekend house for the edgar j. Kaufmann family of pittsburgh. Constructed between 1936 and 1939, it combined innovative engineering and design with modern materials in a way that helped instill modernism as a powerful movement in america. Dramatically cantilevered over the waterfall of bear run, the house was constructed of reinforced concrete and native sandstone quarried on the site. It is comprised of a series of reinforced concrete trays stacked one upon the other and separated by stone piers. The first floor consists of the living, dining and kitchen areas; the second and third levels have a total of four bedrooms each with a bath and terrace. Climbing the hill behind the house is the guest house and servants quarters. Fallingwater's art collection is comprised of close to 2,000 works of fine and decorative art including prints, paintings, sculpture, furniture, ceramics, art glass, and miscellaneous household objects. Of particular significance in the collection are the 169 pieces of original walnut furniture, custom designed by frank lloyd wright for fallingwater. These pieces represent one of the most complete ensembles of wright designed, site-specific furniture. The remaining artifacts on display represent an eclectic range of objects collected by the kaufmann family. They underline the family's belief in the power of good design to enrich the quality of modern life, a belief shared by frank lloyd wright. In addition to works of art, there are more than 3,500 family books, including an important collection of architectural books. The fallingwater archives contain: 800 photographs (1880-1963) of the bear run region, fallingwater and surrounding property, construction of the house, and members of the kaufmann family, and their friends and family; 1,000 photographs of western pa by regional photographer luke swank; 25 boxes of photographs (1964-present) of fallingwater and the surrounding property, events, preservation and conservation projects, staff, and collection, including 12,360 slides and negatives; 1,100 documents (1934-1989) relating to the kaufmann family's ownership and association with fallingwater; 20 maps of the surrounding area, 3 original pencil drawings by victor hammer; 224 copies of drawings produced by wright for the kaufmanns (the originals were placed at columbia university's avery library by edgar kaufmann, jr. Prior to his gift of fallingwater to the wpc); 110 publications related to the house and family; 62 film reels including 60 minutes of black and white film footage that includes home movies of the family, the bear run property, and the contruction of fallingwater; 414 video tapes and audio cassettes relating to fallingwater and its history, including 25 oral history interviews of former kaufmann employees and friends, approximately 4,000 pieces of original kaufmann correspondence; approximately 1,550 architectural drawings of fallingwater and other bear run buildings; 231 reports and other projects relating to fallingwater. A national historic landmark since 1976, fallingwater is an international treasure. In 2000, the state of pennsylvania named fallingwater a commonwealth treasure, and a survey of the american institute of architects' members voted fallingwater the building of the century, by a 3-to-1 margin. In 2019, fallingwater was inscribed on the unesco world heritage list as part of "the 20th-century architecture of frank lloyd wright." it is the only major wright-designed building to have come into the public domain intact, complete with the building, landscape, original wright-designed furnishings, and family's art collection. Fallingwater and its collections are an invaluable public resource. With close to 145,000 visitors annually, the museum serves as an educational and cultural institution for the global community.”

“The conservancy's endowment consists of various investment funds established primarily for the financial needs of the organization and its purpose. The endowment includes only donor-restricted endowment funds and accumulated income thereon. Certain endowment earnings are donor restricted for a particular program. In accordance with state law, on an annual basis, the board, in writing, elects a spending rate of between 2% and 7%.”

“The conservancy has been granted an exemption from federal income taxes under section 501(c)(3) of the internal revenue code. The internal revenue service (irs) has classified the conservancy as other than a private foundation. The conservancy is subject to income tax on certain income that is considered unrelated business income, if earned. The conservancy annually files a form 990 and, when required, a form 990-t for unrelated business income.”

“Adjustment in charitable gift annuities -60,669. Cost of goods sold 1,102,815. Rental expenses 165,457.”

“Rental expenses 165,457. Cost of goods sold 1,102,815.”