Dallas Spark

“Collections are works of art comprised of welded metal doors, a welded metal ship, and floor and wall murals created for the organization. In accordance with gaap, the organization does not record donations of collection items and records purchases of collection items as reductions in net assets in the year in which the item is acquired. Accordingly, the organization's collections are not recognized as assets in the accompanying statements of financial position and donated collection items are not recognized in the accompanying statements of activities and changes in net assets. Professional standards require that collections 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. These works of art further the organization's exempt purpose by igniting the spark of creativity inherent in all children.”

“The organization is exempt from federal income taxes under section 501(c)(3) of the united states internal revenue code, except for income taxes on unrelated business income. The organization had no unrelated business income subject to taxes during the years ended december 31, 2017 and 2016 and accordingly, no provision has been made for federal income taxes in the accompanying financial statements. Management evaluates the organization's tax positions and has concluded that the organization has taken no uncertain tax positions that require reporting in the accompanying financial statements. No penalties or interest are reported in the accompanying statements of activities and changes in net assets. Should any penalties or interest be imposed on the organization related to its tax positions, the organization would report those items as income tax expenses when incurred. The organization's informational federal tax returns are generally subject to examination for three years after the later of the due date or date of filing. Accordingly, the organization is no longer subject to income tax examinations by tax authorities for years prior to 2014.”

“Special event expenses grouped on audit with expenses ($38,900)”

“Special event expenses grouped on audit with expenses ($38,900)”