Great Lakes Museum of Science

“On loan from the smithsonian: skylab 3 module, space suits, skylab model on loan from the johnson space center: moon rock on loan from nasa jet propulsion laboratory: opportunity test landing bags on loan from nasa glenn research center: shuttle wind tunnel model”

“The purpose of the endowment is to provide a financial supplement to the operating and contributed income of the science center in the future, and to serve as an additional source of funding for emergency needs should unanticipated circumstances develop which would adversely impact the financial position (operating or capital) of the science center.”

“The science center is tax-exempt, under section 501(c)(3) of the internal revenue code of 1986. No provision for federal income taxes has been reported in its financial statements. The science center has not been classified as an organization that is a "private foundation" within the meaning of section 509(a) of the irc. In accordance with the "income taxes" topic of the fasb asc, uncertain income tax positions are evaluated at least annually by management. Any penalties and interest would be shown as income tax expense on the statement of functional expenses. As of september 30, 2024, the science center has identified no uncertain income tax positions and has incurred no amounts for income tax penalties and interest for the year then ended. The science center files its federal form 990 in the u.s. Federal jurisdiction and a state registration at the office of the state's attorney general for the state of ohio.”

“Special event expenses -139,353.”

“Special event expenses 139,353.”

“The science center contributed to a multi-employer defined benefit pension plan (the "plan") under the terms of a collective bargaining agreement that covered its projectionist union-represented employees. Contributions to the plan were based upon the collective bargaining agreement. Effective december 30, 2014, the plan was terminated through a mass withdrawal of all contributing employers. As a result of this action, no additional employer contributions will be required in the future. However, the science center is subject to a pension withdrawal liability in the amount of $513,811 as of september 30, 2024. Although the pension withdrawal liability is a legal obligation, the science center is currently only required to pay monthly installments of approximately $561 into perpetuity. This amount is comprised of entirely interest expense; therefore, no reduction will be made to the withdrawal liability principal. While the present value of scheduled payments could change in the future based on actuarially calculated adjustment, changes to other employers' obligations, or settlements reached with the plan, it is quite possible that the outstanding pension withdrawal liability (i.e., the principal) will never be paid.”