Illinois Railway Museum Inc

“Exhibits and collections were acquired through purchases and contributions since the organizations inception, and are not recognized as assets on the statements of financial position. 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. Proceeds from deaccession or insurance recoveries are reflected as increases in the appropriate net asset class in the statement of activities based on the absence or existence and nature of donor imposed restrictions. Collection items are protected, kept unencumbered, cared for and preserved.”

“The illinois railway museum is composed of many collections representing different aspects of railroading in the united states. The largest group consists of rolling stock - locomotives and cars - but there are also artifacts such as buildings, signals, telegraph/communications, tools, signage, cap badges, uniforms, tickets, buttons and of special interest to researchers, an archive of technical, operations and management documents.”

“The museum has adopted investment and spending polices for endowment assets that attempt to provide a predictable stream of funding to programs supported by its endowment, while seeking to maintain the purchasing power of the endowment assets.”

“The organization qualifies for tax exempt status under section 501(c)(3) of the internal revenue code as an organization not organized for profit. The organization follows the authoritative guidance issued by the fasb which clarifies the accounting for uncertainty in income taxes recognized in an entitys financial statements and prescribes 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 and penalties, and disclosure. The organization files income tax returns for the united states and the state of illinois. In the normal course of business the organization is subject to examination by taxing authorities. The organizations tax returns for years subsequent to 2010 are open, by statute, for review by authorities. However, at present, there are no ongoing income tax audits or unresolved disputes with whom the organization currently files or has filed. The organization has determined that it does not have any significant risks related to income tax expense and therefore no amounts were reserved for uncertain tax positions as of september 30, 2014 and 2013.”

“Special event expenses netted on financial statement 479,523. Additional expenses listed under cogs on financial statment 4,580. Other netted items 671.”

“Special event expenses netted on financial statement 479,523. Additional expenses listed under cogs on financial statment 4,580. Other netted items 671.”