Evanston History Center

“Collections are works of art held for display at the center. The center does not capitalize collections as allowed under u.s. Gaap. The collections, which were acquired through purchases and contributions since the center's inception, are not recognized as assets in the statement of financial position.the center has a formal policy regarding collection acquisitions and deaccessions. Purchases of collection items are recorded as decreases in unrestricted net assets in the year in which the items are acquired or as temporarily or permanently restricted net assets if the assets used to purchase the items are restricted by the donors. Contributed collection items are not reflected in the financial statements. Proceeds from deaccessions or insurance recoveries are reflected as increases in the appropriate net asset classes. The collections are subject to a policy that requires proceeds from their sales to be used to acquire, or care for, other items for collections. Many of the items in the collections are cataloged, preserved, and cared for, and activities verifying their existence and assessing their condition are performed continuously.”

“The objectives of the evanston history center in operating its museum, archives and the dawes house are to collect, preserve, study, interpret, and exhibit significant materials relating to evanston and charles gates dawes; and to provide related educational services for the purpose of increasing and enriching public knowledge. The organizations collection includes artifacts, archives, dawes collection and costumes.”

“Intended use of organizations endowment funds is as follows: (1) board designated endowment fund was established to support achieving the long-term charitable goals of the organization, future programs and maintenance, (2) permanently restricted endowment funds was established to support achieving specific donor stipulations, (3) term endowment fund was established to support preservation of charles gates dawes collection and maintenance of dawes house as a historical center to display such collection.”

“The Center is generally exempt from income taxes under the provisions of Section 501(c)(3) of the Internal Revenue Code and similar state statutes. Accordingly, no provision for income tax expense is included in the accompanying financial statements. The Center follows the accounting standard for uncertainty in income taxes, which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under this guidance, the Center may recognize the tax benefit from and uncertain tax position only if it is more-likely-than-not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. Examples of tax positions include the tax-exempt status of the Center, and various positions related to the potential sources of unrelated business taxable income (UBIT). The tax benefits recognized in the financial statements are measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also addresses de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods. As of June 30, 2017 and 2016, there were no unrecognized tax benefits identified or recorded as liabilities.The Center has adopted the provision of ASC Topic 740, Income Taxes, relating to the accounting for uncertainty in income taxes. The Center files income tax returns in the U.S. federal jurisdiction, and the State of Illinois. Management is not aware of any uncertain tax positions.”

“Special event expense $9611”

“Special event expense $9611”