Akron Art Museum

“The museum maintains a permanent collection of artworks and art objects that is limited to art since 1850, with a special focus on contemporary art. Three areas of strength within the collection are american painting and sculpture since 1960, twentieth century american and european photography and the edwin c. Shaw collection of american impressionists and tonalist paintings. Other works include textiles, painting and sculpture prior to 1960, nineteenth century photography and decorative arts. The museum maintains an overall collection management policy that is approved by the board of trustees. The collection management policy contains policies related to loans, accessioning, deaccessioning, rights and reproductions and safe art handling practices. The policy is administered by the curator and the executive director of the museum. The collections, which were acquired through purchases and contributions since the museum's inception, are not recognized as assets on the statements of financial position. Purchases of collection items are recorded as decreases in unrestricted net assets in the year in which the items are acquired or as decreases in temporarily restricted net assets if the assets used to purchase the items are restricted by donors. Contributed collection items are not reflected on the financial statements. Proceeds from deaccessions or insurance recoveries are reflected as increases in the appropriate net asset classes. The proceeds are used to acquire other works of art.”

“The museum exhibits works in its collection and provides educational programs to promote awareness, understanding, and appreciation of modern and contemporary art through performances, festivals, adult , family, school, and student programs as well as displaying significant objects of high artistic merit.”

“The museum is exempt from income taxes under the current provisions of the internal revenue code, section 501(c)(3). The museum accounts for uncertainties in income taxes in accordance with accounting principles generally accepted in the united states of america, which provides for financial statement recognition and measurement of tax positions taken or expected to be taken in tax returns that have a greater than 50% chance of not being allowed under examination. No such positions have been recorded in the june 30, 2014 and 2013 financial statements. If such positions were taken, the resulting interest and penalties would be recognized as income tax expense. As of june 30, 2014, the museum's federal informational returns are subject to examination by the internal revenue service for the fiscal years 2011 and thereafter.”

“Form 990, part viii, line 10b: cost of goods sold 50,272. Form 990, part viii, line 8b 64,746. Form 990, part viii, line 6b 88,546.”

“Form 990, part viii, line 8b 64,746. Form 990, part viii, line 10b: cost of goods sold 50,272. Form 990, part viii, line 6b 88,546.”