Frank Lloyd Wright Building Conservancy

“All easements held by the conservancy are historic preservation easements of frank lloyd wright designed historic buildings. Such easements protect the facades of these buildings, and in some cases, the interior features. The land on which these buildings stand is not protected under the easement. In most cases the conservancy does not know the acreage of the property on which the building stands.”

“The conservancy has acquired, through duly recorded deeded donor preservation gifts and easements of frank lloyd wright designed buildings. Capitalization of such gifts is optional under financial accounting standards board accounting standards codification (asc) no. 958-605. The conservancy's management has decided not to include the appraised value of these permanently restricted deeded preservation gifts and easements on their financial statements based on the fact that these permanently restricted deeded preservation gifts and easements are held for preservation purposes only, and the conservancy cannot sell or encumber these permanently restricted deeded preservation gifts and easements for financial benefit. During 2018, easement monitoring services were provided by in-kind contributions of knowledge and expertise from individuals qualified to provide such services.”

“The lewis-haines revolving fund was established to provide emergency financial assistance to acquire or protect frank lloyd wright-designed structures threatened with loss or destruction. Interest income and other earnings realized on this fund can be used to offset administrative costs incurred by the conservancy in the course of executing the objectives of this fund. However, at no time may the balance of this fund fall below the original contributed amount of $504,343. The legacy fund is a quasi-endowment fund. The primary purpose the legacy fund is to accommodate planned giving donations that will be used to fund an endowment that supports the conservancy's general operations. However, the conservancy's board reserves the right to utilize donations to the legacy fund for board-approved special projects and initiatives, or to loan money to lewis-haines and easement monitoring reserve funds if needed.”

“Flwbc's management has determined that fin 48, which addresses accounting for uncertainty in income taxes, has no effect on its financial statements due to flwbc's tax-exempt status.”