Cincinnati Museum Center

“The center owns collections of works of art, historical treasures, and similar assets that it and its predecessor organizations acquired over the years. Such collections are protected, cared for and held in the center's museums and facilities for public exhibition, education, and research. Such collections have not been capitalized and contributions of such items are not recognized as support/revenue in the center's financial statements. Purchases of collection items are recorded as decreases in unrestricted net assets in the year in which the items are acquired and proceeds from deaccessions are reflected as increases in temporarily restricted net assets.”

“Cincinnati museum center collections contain approximately two million objects, specimens and archive documents. Nearly 90% of the items in our collections are from the ohio valley region. Several collections date from the early 1800s and have been further developed over time by the cincinnati museum of natural history and the cincinnati historical society. Cmc collections are the basis of museum exhibits, scholarly research, and educational programs within our museums. Collections are made available to the community though an active incoming and outgoing loan program for both exhibit and scientific research purposes. Cmc collections provide the foundation for delivery of our educational mission.”

“Cincinnati museum center has adopted investment and spending policies for endowment assets that emphasize long-term appreciation of the assets and consistency of total portfolio returns. Cmc has adopted a policy of appropriating no more than 5% of the previous twelve quarter moving average of endowment fund assets for operating support. There are a number of separately identified endowment funds intended to support specific program area, such as invertebrate paleontology, vertebrate paleontology, archaeology, and science collections. The remaining assets are intended for general operating support in carrying out the organizations mission.”

“The financial accounting standards board has issued guidance which clarifies generally accepted accounting principles for recognition, measurement, presentation and disclosure relating to uncertain tax positions. This guidance clarifies the accounting and recognition for income tax positions taken or expected to be taken in the center's income tax returns. The center's income tax filings are subject to audit by various taxing authorities. The years of filings open to these authorities and available for audit are fiscal years june 30, 2012, 2013 and 2014. The center's policy with regards to interest and penalties is to recognize interest through interest expense and penalties through other expense. In evaluating the center's tax provision and tax exempt status, interpretations and tax planning strategies were considered. The center believes their estimates are appropriate based on the current facts and circumstances.”