Elmhurst Art Museum

“The art collections, which were acquired through purchases and contributions since the museum's inception, are not recognized as assets on the statement of financial position. Purchases of art collection items are recorded as decreases in unrestricted net assets in the year in which the items are acquired or as 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 deaccessions or insurance recoveries are reflected as increases in the appropriate net asset classes. If art is not part of the collections, it is recorded as an asset. The museum maintains a collection of visual art materials or objects, supporting archive materials, a teaching collection and a resource library. The collection is eclectic in scope with a concentration of, but not limited to, later 20th century american art. Each of the items is cataloged, preserved, and cared for, and activities verifying their existence and assessing their condition are performed continuously. The collections are subject to a policy that requires proceeds from their sales to be deposited to the credit of "collection management and development funds." the museum does not accept any acquisitions with any donor imposed restrictions. The value of the museum's permanent collection is not generally subject to a reasonable estimation.”

“The organization maintains a collection of visual art materials or objects, supporting archive materials, a teaching collection and a resource library. The collection is eclectic in scope with a concentration of, but not limited to, later 20th century american art. Each of the items is cataloged, preserved, and cared for, and activities verifying their existence and assessing their condition are performed continuously. The collections are subject to a policy that requires proceeds from their sales to be deposited to the credit of "collection management and development funds."”

“The permanently restricted net assets, which are also known as the elmhurst art museum endowment fund, prohibit the expenditure of principal or corpus, but permit a limited spending of income (dividends, interest, realized and unrealized gains/losses income). Income, up to five percent of fair market value of investments on the december 31 valuation date, is to be distributed to the general operating fund (unrestricted net assets). Any income in excess of the five percent of fair market value of investments shall be reinvested as a permanent addition to principal.”

“The museum has been determined by the internal revenue service to be exempt from income tax under section 501(c)(3) of the internal revenue code. Accordingly, no provision for income tax has been established. The museum files informational returns in the u.s. Federal jurisdiction and illinois. With few exceptions, the museum is no longer subject to u.s. Federal, state and local, or non-u.s. Income tax examinations by tax authorities for fiscal years before 2021. The museum does not expect a material net change in unrecognized tax benefits in the next twelve months.”

“Cost of goods sold 36,152. Fundraising expenses 98,901.”

“Cost of goods sold 36,152. Fundraising expenses 98,901.”