National Duncan Glass Society Inc

“Museum collection in accordance with accounting standards update (asu) 2019-03, not-for- profit entities (topic 958): updating the definition of collections and the industry practice typically followed by museums, glass pieces purchased or donated are not included as assets in the accompanying statements of financial position. Purchases of collection items are recorded in the year acquired as decreases in net assets without donor restrictions. Donated items are not recorded. Even though not reported in the accompanying financial statements, the society's collection represents one of its most valuable assets.”

“The society's collection consists of glass, glass making equipment, and documents deemed by management to be of historical significance and is held for research, education, and public exhibition. The collection is kept under curatorial care, which includes conservation practices, and is subject to the society's policy that requires proceeds from the sale of collection items to be used for acquisition of additional collection pieces or direct care. The society defines direct care as actions that preserve and protect collections by enhancing their life, usefulness, or quality. Such costs include archival supplies, hardware and supplies for storage or exhibition, and other costs that management deems necessary for the preservation or restoration of its collection.”

“National duncan glass society, inc. Qualifies as a tax exempt organization under section 501(c)(3) of the internal revenue code and, therefore, no provision for income taxes has been recorded in these financial statements. In addition, the society has been determined by the internal revenue service not to be a "private foundation" within the meaning of section 509 (a) of the internal revenue code. There was no unrelated business income during the years ended december 31, 2024. The society has adopted financial accounting standards board (fasb) accounting standards codification (asc) 740 10, accounting for uncertainty in income taxes, which clarifies the accounting for uncertainty in income taxes by prescribing the recognition threshold a tax position is required to meet before being recognized in the financial statements. The standard also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Management has reviewed the impact of asc 740 10 on the accompanying financial statements and has determined that there are no material uncertain tax positions or unrecognized tax benefits and that there is no material impact on the financial statements. In addition, there were no penalties or interest recognized in the statements of activities. Management's asc 740 10 evaluation was performed for the tax years 2021 through 2024, which are the years that remain subject to examination by the internal revenue service and various state agencies as of december 31, 2024.”