Verde Valley Archaeology Center

“The center collects artifacts that illustrate the cultural heritage of the verde valley region from prehistoric times. Many of the center's collections come directly from area archaeological excavations or donations. The collections support the center's mission through their use in interpretive and educational exhibits, programs, and research opportunities to promote a better understanding of the dynamic environment and heritage of the verde valley. The collections were accumulated through public donation and from excavations of local ruins. The collections are held for educational, research, scientific and curatorial purposes. Each of the items are cataloged, preserved, and cared for and activities verifying their existence and assessing their condition are performed on a recurring basis. During the year ended september 30, 2021, there were no purchased acquisitions or de-accessions of collection items. The center's collections, which were acquired through purchases and contributions since the center's inception are not capitalized and not recognized as assets on the statement of financial position. Purchases of collection items are recorded as a change in net assets without donor restrictions in the year purchase, or as with or without donor restricted net assets if the asset used to purchase the item are restricted by donors. Contributions of collection items are not reflected in the financial statements. Proceeds from deaccessions or insurance recoveries are reflected as change in the appropriate net assets class. Proceeds from sold collection items are used to acquire new collection items or for direct care of the existing collection. Direct care includes excavation and survey expenses, conservation supplies, display costs and wages and professional fees required to maintain the collection.”

“The center has been organized exclusively for charitable and educational purposes as defined under section 501 (c)(3) of the internal revenue code ("irc") and, accordingly, there is no provision for income taxes. However, income from certain activities not directly related to the center's tax-exempt purpose are subject to taxation as unrelated business income. Currently, the center has no obligation for any unrelated business income tax ("ubit"). The center files information returns with state and federal agencies. The center's federal returns of organizations exempt from income tax (form 990) for 2018, 2019, and 2020 are subject to examination by the internal revenue service ("irs"), generally for three years after they were filed. The center evaluates its uncertain tax positions, if any, on a continual basis through review of its policies and procedures, review of its regular tax filings, and discussions with outside experts. At september 30, 2021 management believes the center did not have any uncertain tax positions.”