Charles W Bowers Museum Corporation

“The museum is a california nonprofit corporation and is exempt from taxation under section 501(c)(3) of the internal revenue code (irc) and is also exempt from state franchise taxes. In accordance with asc topic no. 740, uncertainty in income taxes, the museum recognizes the impact of tax positions in the financial statements if that position is more likely than not to be sustained on audit based on the technical merits of the position. During the year ended june 30, 2024, the museum performed an evaluation of uncertain tax positions and did not identify any matters that would require recognition in the financial statements, or which may have an effect on its tax-exempt status and to date has not recorded any uncertain tax positions. The museums income tax filings are subject to routine audits by taxing jurisdictions; however, there are no audits for any tax periods in progress. The museum believes that it is no longer subject to examinations for fiscal years prior to 2021.”

“Gallery store - cost of goods sold 382,481. Rental expenses 82,227. Direct fundraising expenses 254,186.”

“Gallery store - cost of goods sold 382,481. Rental expenses 82,227. Direct fundraising expenses 254,186.”

“The museum's permanent art collection is owned partly by the city and partly by the museum. In conformity with industry practice, art objects donated are not included in the museum's financial statements. Purchase of objects for permanent collection are expensed in the year acquired. The cost of all objects purchased is reported as curatorial expense. During the year ended june 30 2024, purchases of art were not material.”

“The museum maintains a collection of approximately 90,000 objects. Over the years, the museum has acquired significant holdings of north american indian, pre-columbian, african, and oceanic cultural art and artifacts. Activities surrounding the collection include restoration, preservation, and registration of all relevant data on a computerized database. Ongoing research and cataloging efforts have produced numerous publications and articles. The museum has established a website and has ambitious plans to make available over the internet, images and information of interest to the general public and scholars.”

“The museum is a california nonprofit corporation and is exempt from taxation under section 501(c)(3) of the internal revenue code (irc) and is also exempt from state franchise taxes. In accordance with asc topic no. 740, uncertainty in income taxes, the museum recognizes the impact of tax positions in the financial statements if that position is more likely than not to be sustained on audit based on the technical merits of the position. During the year ended june 30, 2024, the museum performed an evaluation of uncertain tax positions and did not identify any matters that would require recognition in the financial statements, or which may have an effect on its tax-exempt status and to date has not recorded any uncertain tax positions.”