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.”

“The museum has adoppted asc topic 740 (formerly fasb interpretation no. 48, accounting for uncertainty in income taxes), which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under this guidance, the museum may recognize the tax benefit from an uncertain tax position only if it is more-likely-than-not that the tax position will be sustained on examination by taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statementes from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlemnet. In addition, the guidance on asc topic 740 addresses de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods. Management has determined that the effects of the adoption of this pronouncement to be insignificant, therefore no adjustments have been recorded and no further disclosure is required. With few exceptions, the museum is no longer subject to income tax examinations by tax authorities for years before 2011.”