The Newberry Library

“The value of The Newberry Library's collection is excluded from the statements of financial position. An addition to The Newberry Library's collection is made either by a donation from a benefactor or through a purchase from library acquisition funds. The Newberry Library acquisition funds may be classified as permanently restricted, for which only the income earned on principal balances may be used for acquisitions; temporarily restricted, for which both the principal and earned income may be used for acquisitions; or unrestricted, representing funds designated by the board to be used for acquisitions. The sale of holdings from The Newberry Library's collection is performed in accordance with The Newberry Library policy. Proceeds from the sale of collection items are classified as unrestricted, temporarily restricted for purchase of additional collection items, or added to the permanently restricted endowment for the purchase of collection items. The Newberry Library's collection is protected, cared for, and preserved; and is subject to strict policies governing its use. The value of The Newberry Library's collection is not subject to reasonable estimation.”

“Our collections include 1.6 million books, 5 million manuscript pages and 0.6 million historic maps. These non-circulating collections are free and open to the public for use in scholarly research and span the history and culture of Western Europe and the Americas (Middle Ages - WWII). Collections specialize in cartography, American Indians, Chicago, Europe, literature, printing and genealogy.”

“There are endowments that support the purchase of library materials, support for certain divisions of the Library and support for unrestricted purposes.”

“The Newberry Library is exempt from federal income taxes under Internal Revenue Code (IRC) section 501(c)(3) as a public charity. The Newberry Library is also exempt from Illinois income tax. The Newberry Library files Form 990 (Return of Organization Exempt from Income Tax) annually. When this return is filed, it is highly certain that positions taken would be sustained upon examination by the taxing authorities. Examples of tax positions common to nonprofit organizations include such matters as the following: the tax exempt status of the entity, the continued tax exempt status of bonds issued and various positions relative to potential sources of unrelated business taxable income (UBIT). The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes that it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes. At June 30, 2015 no such positions were recognized. Forms 990 are subject to examination by the Internal Revenue Service (IRS) up to three years from the extended due date of each return.”

“Fundraising Expenses 141,858. Deferred Giving Arrangements 103,327.”

“Fundraising Expenses 141,858.”