Evansville Museum of Arts History

“In conformity with practices followed by many museums, art objects purchased by or donated to the museum are not capitalized on the statement of financial position. The museum's collections consist of scientific specimens, paintings, drawings, prints, sculptures, and other art and historical objects dating from the first century b.c. To the present. Each item is catalogued, preserved, and cared for. Activities verifying their existence and assessing their condition are performed continuously. The musuem's collection management policy outlines the musuem's policy and procedures for aquisitions, deaccessions, incoming and outgoing loans, are of collections, and access to collections.”

“The museum's collection consists of scientific specimens, paintings, drawings, prints, sculptures and other art and historical objects dating from the first century b.c. To the present. The museum uses the collections in exhibits and as outgoing loans to other organizations. The museum's federal form 990 (federal form 990-t) and indiana form np-20 (indiana from it-20np) are generally no longer subject to examination by taxing authorities for years before 2016”

“Current earnings on endownment funds are to fund current operations of the museum in accordance with donor wishes. The original gift (principal) amounts are maintained into perpetuity. The museum adopted and operates under investment and spending policiesfor endowment assets that attempts to provide a predictable stream of funding to programs supported by its endownment, while seeking to maintain the purchasing power of the endownment assets.”

“The museum is exempt from federal income taxes under code 501(c)(3) of the internal revenue code. However, income from certain activities not directly related to teh museum's tax-exempt purpose is subject to taxationas unrelated business income. In addition, the museum qualifies for the charitable contribution deduction under section 107(b)(1)(a0 and has been classified as an organization other than a private foundation under section 509(a)(2).”