Harry and Della Burpee Museum Association

“The association's collections are made up of artifacts of historical, cultural or scientific significance that are held for educational, research, scientific and curatorial purposes. Each of the items is catalogued, preserved and cared for and activities verifying their existence and assessing their condition are performed continuously. In accordance with practice generally followed by museums, collection items acquired either through field collecting or excavation expeditions, direct purchase, or donations are not capitalized. Purchases of collection items are recorded as decreases in net assets without donor restrictions in the year acquired if purchased with net assets without donor restrictions or as decreases in net assets with donor restrictions if the assets used to purchase the items are restricted by donors. Contributions of collection items are not recognized in the statement of activities and changes in net assets. Proceeds from deaccessions or insurance recoveries are reflected in the statement of activities and changes in net assets based on the absence or existence and nature of donor-imposed restrictions. Donations and acquisitions of collections are not required to be recognized since they are added to collections that are held for public exhibition and education in furtherance of public service rather than financial gain; and are subject to a policy requiring proceeds from sales of collection items to be used to acquire other items for the collections or provide for the direct care of the existing collections. Direct care includes those expenditures or investments that directly enhance the life, usefulness, or quality of artifacts within the association's collections, as well as ensuring the longevity of the association's collections availability to the public.”

“The organization's endowments were established as a permanent set-aside of contributions with the purpose of creating a long-term source of earnings that could be used to supplement and support the mission and programs of the association.”

“The association is incorporated as a nonprofit corporation and qualifies for tax-exempt status under section 501(c)(3) of the internal revenue code as other than a private foundation, and as such, is normally not liable for income taxes. Accordingly, no provision for income taxes has been made in the accompanying financial statements. The association accounts for income taxes in accordance with financial accounting standards board (fasb) asc 740, income taxes. Fasb asc 740 provides detailed guidance for the financial statement recognition, measurement and disclosure of uncertain tax positions recognized in an enterprise's financial statements and requires an entity to recognize the financial statement impact of a tax position when it is more likely than not that the position will be sustained upon examination. The association recorded no liabilities for uncertain tax positions or unrecognized tax benefits. The association's federal and state returns remain open to examination by taxing authorities through their statutory periods.”

“Unrealized loss on endowment, net of fees and appropriated amounts 9,864.”