Massillon Museum

“Collection items - in accordance with the accounting for contributions received and contributions made topic of the fasb asc, the museum does not capitalize donated or purchased collections. Such donations and acquisitions need not be recognized since they are added to collections that are held for public exhibition, education and research in furtherance of public service rather than financial gain; are protected, kept unencumbered, cared for and preserved; and are subject to a policy that requires the proceeds from sales of deaccessioned collections items to be used to acquire other items for collections.”

“The museum collects and exhibits local and regional art, including local historical artifacts.”

“Temporarily restricted net assets are available for various specified program services. Permanently restricted net assets consist of endowment fund investments to be held indefinitely, the income from which is expendable to support program services.”

“Preparation of financial statements in conformity with u.s. Gaap requires the museum to report information regarding exposure to various tax positions taken by the museum. The museum has determined whether any tax positions have met the recognition threshold and has measured its exposure. Management believes that the museum has adequately addressed all relevant tax positions and that there are no unrecorded tax liabilities. Federal and state authorities generally have the right to examine the previous three years of tax returns filed. Any interest and penalties assessed would be recorded in operating expenses. None has been recorded in the accompanying financial statements. The museum's federal form 990 for tax years 2011, 2012 and 2013 are subject to examination by irs, generally for three years after they were filed.”

“Small employer health insurance premium credit 3,905.”