The Museum at Bethel Woods

“The Museum's collection of artifacts for exhibition purposes ("collections") are made available to the public to encourage the understanding, enjoyment, and interpretation of the 1960's and Woodstock. Through the leadership of its Trustees and staff, the Museum strives to establish, preserve and document a permanent collection of artifacts relevant to the content of the Museum. The Museum's collections, acquired through purchase, contribution or assignment from Bethel Woods Center for the Arts, Inc. ("BWCA"), are not recognized as assets on the accompanying statements of financial position. Purchases from deaccessions, resulting from donated artifacts, are reflected as increases in temporarily restricted net assets, and are used exclusively to acquire other items for the collection.”

“The following FIN-48 footnote is included in the audited financial statements of The Museum at Bethel Woods: The Museum follows guidance that clarifies the accounting for uncertainty in tax positions taken or expected to be taken in a tax return, including issues relating to financial statement recognition and measurement. This guidance provides that the tax effects from an uncertain tax position can only be recognized in the financial statements if the position is more likely than not to be sustained if the position were to be challenged by a taxing authority. The assessment of the tax position is based solely on the technical merits of the position, without regard to the likelihood that the tax position may be challenged. The Museum is exempt from income tax under IRC Section 501(c)(3), though it is subject to tax on income unrelated to its exempt purpose, unless that income is otherwise excluded by the IRC. The Museum has processes presently in place to ensure the maintenance of its tax-exempt status; to identify and report unrelated income; to determine its filing and tax obligations in jurisdictions for which it has nexus; and to identify and evaluate other matters that may be considered uncertain tax positions. The Museum has determined that there are no material uncertain tax positions that require recognition or disclosure in the accompanying financial statements.”

“The Museum at Bethel Woods collects printed and manuscript materials, maps, photographs, motion picture film, video and audio tapes, paintings, artifacts and other items which are relevant to the popular culture, music, politics, and social history of the 1960's, with a focus on the 1969 Woodstock Music and Art Fair and its legacy. The Museum's collection of artifacts for exhibition purposes is made available to the public to encourage the understanding, enjoyment, and interpretation of the 1960's and Woodstock. Through the leadership of its Trustees and staff, the Museum strives to establish, preserve, and document a permanent collection of artifacts.”

“The Museum's activities are included within the consolidated financial statements of its parent organization, BWCA. The Parts XI and XII reconciliations tie back to the standalone financial information of the Museum as presented in those audited financial statements.”