Harry and Della Burpee Museum Association

“The Association's collection is 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. The collection is subject to a policy that requires proceeds from sales of collection items to be used to acquire other items for the collection or provide for the direct care of the existing collection.In accordance with the practice generally followed by museums, the value of objects in the collection is excluded from the financial statements. The collection was acquired through purchases and contributions since the Association's inception. Purchases of collection items are recorded as decreases in unrestricted net assets in the year in which the items are acquired or as decreases in temporarily restricted net assets if the assets used to purchase the items are restricted by donors. Contributed collection items are not reflected on the financial statements. Proceeds from de-accessions or insurance recoveries are reflected as increases in net assets.”

“The Association's collection is made up of artifacts of historical, cultural or scientific significance. The collection helps further the Association's mission because it is held for educational, research, scientific and curatorial purposes.”

“Endowments provide earnings for the organization to use in its operations as deemed necessary.”

“The Association follows the authoritative guidance of the Financial Accounting Standards Board clarifying the accounting for uncertainty in income taxes recognized in an entitys financial statements and prescribing a recognition threshold of more-likely-than-not to be sustained upon examination. Measurement of the tax uncertainty occurs if the recognition threshold has not been met. This guidance also addresses de-recognition, classification, interest, penalties, disclosure and transition. The Association does not believe any uncertainties exist.The Association conducts business solely in the United States and as a result, files informational returns for the U.S. and Illinois. In the normal course of business the Association is subject to examination by taxing authorities. Returns for fiscal years subsequent to 2011 are open, by statute, for review. However, at present there are no ongoing income tax audits or unresolved disputes with the various taxing authorities the Association currently files or has filed with.”

“Special event exp netted $-955 f/r expense netted $3064”