Ohio Historical Society Foundation

“"income taxes; the organization is exempt from federal income taxes under section 501(c)(3) of the internal revenue code. However, certain business activities of the organization may be subject to federal income taxes. No provision for federal taxes was necessary for the years ended june 30, 2024 and 2023. Generally accepted accounting principles require the organization to evaluate the level of uncertainty related to whether tax positions taken will be sustained upon examination. Any positions taken that do not meet the more-likely-than-not threshold must be quantified and recorded as liability for unrecognized tax benefits in the accompanying statements of financial position along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Management believes that none of the tax positions taken would materially impact the financial statements and no such liabilities have been recorded. With few exceptions, the organization is no longer subject to income tax examinations by the u.s. Federal, state or local authorities for the years ended june 30, 2024 and prior."”

“The ohio historical society foundation does not maintain collections of art, historical treasures and similar assets. All such collections are maintained by the ohio historical society, inc. The following is a description of the footnote from the consolidated financial statements for the ohio historical society foundation and the ohio historical society, inc: "historic collections, exhibits and properties: the organization does not capitalize its artifacts and collections. The organization's historical collections consist of approximately 1,900,000 artifacts and properties divided into three broad categories: archaeology, natural history, and history. The archaeological collections contains objects form all prehistoric cultures in the midwest. The natural history collections preserve representative specimens of mineral, flora, fauna and fossils from the region that is now ohio. The history collection documents, the people, events and activities of ohio's historic period from 1650 to the present. The library contains one of the largest collections of ohio-related records, newspapers, photographs, films, videos and recordings. The organization has a formal collection policy that addresses the acquisition, use and disposition of objects as well as guidelines for making and receiving loans. The organization had no material deaccessions during the years ended june 30, 2024 and 2023."”

“The ohio historical society foundation has three types of endowments. These include the endowment fund and the quasi-endowment which are then tracked in further detail on the organization's books. The permanent endowment funds are intended to provide for long-term needs and requirements of the ohio historical society by providing a reasonable stable and predictable flow of funds from the endowment to support the ohio historical society's annual operating budget. It is also the intention that there is no erosion of the principal of the endowment fund. The quasi-endowment funds consist of the following funds; mabry, museum collections, friends of ohio history endowment, and william laidlaw memorial quasi-endowment. The mabry fund consists of a significant amount of unrestricted estate funds that were received over multiple years. The temporarily restricted endowments consist of restricted funds designated by donors for either specific site locations or specific operation expenses.”