Springfield Museum of Art

“The springfield museum of art is a not-for-profit museum accredited by the american alliance of museums. The museum's purpose is to encourage the appreciation, study, and participation in visual arts and steward a permanent collection of amercian art from the late 18th century to the present with an emphasis on art of ohio artists and conduct changing exhibitions and art education throughout the year. The museum's collections consist of painting and other art pieces. Collections acquired either through purchase or donations are not capitalized. Purchases of collection items are recorded as decreases in unrestricted net assets if purchased with unrestricted assets and as decreases in temporarily restricted or permanently restricted net assets if purchased with donor-restricted net assets. Contributions of collection items are not recognized in the statement of activities. Proceeds from deaccessions or insurance recoveries are reflected on the statement of activities based on the absence or existence and nature of donor imposed restrictions. Management estimates the value of collections to be $5.7 million.”

“The museum collection consist of paintings and other art pieces. Part of the museum's purpose is to steward a permanent collection of amercian art from the late 18th century to the present with an emphasis on art of ohio artists. The museum's purpose is also to encourage the appreciation, study, and participation in visual arts. The museum conducts various art exhibitions and art education programs throughout the year.”

“To provide funds for the programs of the springfield art museum and to purchase art for the permant collection.”

“The museum is exempt from income tax under section 501(c)(3) of the internal revenue code, though it is subject to tax on income unrelated to its exempt purpose, unless the income is otherwise excluded by the code. The museum has processes presently in place to ensure the maintenance of its tax-exempt status; to identify and resport unrelated income; to determine its filing and tax obligations in jurisdictions for which it has nexus; and to identify and evaluate other matters that may be considered tax positions. The museum has determined that there are no material uncertain tax positions that require recognition or disclosure in the financial statements.”