Studebaker National Museum Inc.

“CollectionsAs of December 31, 2016, the Museum has in its possession the following categories of vehicles and artifacts: 1) The original collection of forty-three vehicles on loan from the City of South Bend. 2) A collection of fifty-eight vehicles from individual donors. 3) A collection of sixteen vehicles on loan from individual donors. 4) A collection of ten vehicles on loan for a special exhibit until June 2017,and other artifacts on loan from the City of South Bend and individual donors.In conformity with the practice followed by many museums, vehicles and other artifacts donated or purchased are not included in the Statements of Financial Position; expenditures or receipts are included in exhibits and restoration expense. Purchases of collection items are recorded as decreases in temporarily restricted net assets as net assets released from restrictions. Proceeds from deaccessions are reported as increases in temporarily restricted net assets, as the funds are to be used in a manner similar to the original restriction.”

“To operate a historical museum providing housing, display and restoration facilities for a collection of historical vehicles, archives and various artifacts related to the Studebaker Automobile Corporation and the city of South Bend, Indiana.”

“Income TaxesThe Museum's policy is to record an unrecognized tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the tax authorities. Interest and penalties related to gross unrecognized tax benefits would be included within the provision for income taxes. To the extent accrued interest and penalties do not ultimately become payable, amounts accrued would be reduced in the period that such determination is made and reflected as a reduction of the overall income tax provision. The Museum does not have any uncertain tax positions at December 31, 2016.The Museum is incorporated as a not-for-profit organization under the laws of Indiana, and is exempt from federal and state income taxes pursuant to provisions of Internal Revenue Code Section 501(c)(3) and a similar section of the Indiana tax law. Accordingly, federal and state income taxes are not reflected in the Statements of Activities. The Museum is no longer subject to examination by the federal and Indiana tax jurisdictions for income tax returns filed for the years ended prior to December 31, 2013.”

“Cost of goods sold $112830 Cafe Expenses $7297 Special Event Expenses $86801”

“Gift Shop Expenses $112830 Special Event Expenses $86801 Cafe Expenses $7297”