Vincent Price Art Museum Foundation

“The collection includes various works of art in various media that are considered part of the museum. Within the overall collection are works of art that are the property of the college, the east los angeles college foundation, or the foundation. Works of art acquired through purchases and contributions by the foundation since its inception are not recognized as assets on the statement of financial position. Purchases of collection items are recorded as decreases in net assets without donor restrictions in the year in which the items are acquired, or as net assets with donor restrictions if the assets used to purchase the items are restricted by donors. Contributed collection items are not reflected in the financial statements. Proceeds from the sale of art collections, deaccessions or insurance recoveries are reflected as increases in the appropriate net asset classes.”

“The foundation provides financial support and assists in the program operations of the vincent price art museum (the museum), which is a public museum situated at east los angeles college (the college). The museum serves as a unique educational resource for the diverse audiences of the college and the community through the exhibition, interpretation, collection, and preservation of works in all media of the visual arts. The foundation supports the museum's stated mission to provide an environment to encounter a range of aesthetic expressions that illuminate the depth and diversity of artwork produced by people of the world, both contemporary and past. By supporting the museum's thoughtful, innovative, and culturally diverse exhibitions and its cross disciplinary programs on issues of historical, social, and cultural relevance, the foundation also seeks to promote knowledge, inspire creative thinking, and deepen an understanding of and appreciation for the visual arts. The museum is run by the college. Both the college and the foundation work together to promote the purpose of the museum.”

“The foundation has received tax-exempt status from the internal revenue service and california franchise tax board under section 501(c)(3) of the internal revenue code and under revenue and taxation code section 23701d, respectively. Since the foundation is exempt from federal and state income tax liability, no provision is made for current or deferred income taxes. The foundation uses the same accounting methods for tax and financial reporting. Management has considered its tax positions and believes that all of the positions taken in its federal and state exempt organization returns are more likely than not to be sustained upon examination. The foundation's returns are subject to examination by federal and state taxing authorities, generally for three years and four years, respectively, after they are filed.”