Kurt Vonnegut Memorial Library Inc.

“Collections consist of books, movies, and magazines written by, with contributions by, or about Kurt Vonnegut. Collections acquired either through purchase or donation are not capitalized. Purchases of collection items are recorded as decreases in unrestricted net assets if purchased with unrestricted assets and as decreases in temporarily restricted or permanently restricted net assets if purchased with donor-restricted assets. Contributions of collection items are not recognized in the statement of activities. Proceeds from deaccessions or insurance recoveries are reflected on the statement of activities based on the absence or existence and nature of donor-imposed restrictions. Donations and acquisitions of collections are not required to be recognized since they are added to collections that are held for public exhibition and education in furtherance of public service rather than financial gain; are protected, kept unencumbered, cared for, and preserved; and are subject to a policy that requires the proceeds from sales of collection items to be used to acquire other items for collections.”

“KVML is a not-for-profit corporation and has been recognized as tax-exempt pursuant to Section 501(c)(3) of the Internal Revenue Code (IRC). As such, KVML is generally exempt from income taxes. However, KVML is required to file Federal Form 990 Return of Organization Exempt from Income Tax, which is an informational return only. Accounting principles generally accepted in the United States of America require management to evaluate tax positions taken by KVML and recognize a tax liability if KVML has taken an uncertain position that more likely than not would not be sustained upon examination by various federal and state taxing authorities. Management has analyzed the tax positions taken by KVML and has concluded that as of December 31, 2016, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the accompanying financial statements. KVML has filed its federal and state income tax returns for periods through December 31, 2015. These income tax returns are generally open to examination by the relevant taxing authorities for a period of three years from the later of the date the return was filed or its due date (including approved extensions). KVML is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.”

“cost of goods sold 49,332.”

“cost of goods sold 49,332.”