The Works Ohio Center for History Art & Technology

“The endowment funds have been designated by the board to be invested in order to provide income for operations. The board has implemented a spend rate which is reviewed annually. Certain donors have designated funds which are permanently restricted to endowment subject to the spend rate.”

“Accounting for uncertainty in income tax clarifies the accounting for uncertainty in income taxes recognized in the organization's financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken, or expected to be taken, in a tax return. It also provides guidance on derecognition and measurement of a tax position taken, or expected to be taken, in a tax return. For the years ended 2024 and 2023, management determined that accounting for uncertainty in income tax did not have a material effect on the organization. The organization qualifies under section 501(c)(3) of the internal revenue code as an organization exempt from income taxes except for unrelated business taxable income under section 512 of the internal revenue code. The organization's information returns for tax years 2021 and beyond remain subject to examination by the internal revenue service. The organization did not have unrecognized tax positions as of december 31, 2024 and 2023 and does not expect this to change significantly over the next 12 months. In connection with accounting for uncertainty in income tax, the organization will recognize interest and penalties accrued on any unrecognized tax positions as a component of income tax expense. As of december 31, 2024 and 2023, the organization has not accrued interest or penalties related to uncertain tax positions. During 2024 and 2023, the organization received funds for leasing a parking lot that they own. Section 512 of the internal revenue code defines this type of income as "unrelated business taxable income." after deducting directly related expenses, this income is subject to federal income tax in the year it is received. Income tax was 1,935 for 2023 and estimated to be 2,040 for 2024. Income tax paid during the years ended december 31, 2024 and 2023 was 2,040 and 2,010, respectively.”

“Rental expense -160,268 event expense -78,116 cost of goods sold -12,738 pledges collected 10,771”

“Rental expenses 160,268 event expenses 78,116 cost of goods sold 12,738”