Museum of Contemporary Art

“Schedule D, Part III, Line 1 - In conformity with the practice commonly followed by most American art museums, the value of the Museum's collection is not included in the financial statements. Contributions for the purchase of art objects, the proceeds from deaccessions of art and the cost of art objects purchased are reported as other changes in net assets in the statement of activities. The Museum's policy is to maintain and continue to acquire significant works of contemporary art (principally 1945 to present). From time to time, objects may be sold in accordance with the Museum's collection management policy. Deaccessions may result if one of the following conditions has been met: (a) physical condition has deteriorated to a point beyond display or study; or (b) an object is believed to be no longer pertinent to the scope of the Museum's collection. All proceeds realized from deaccessions are allocated to purchase other works of art. Proceeds from deaccessions amounted to $6,980 and $521,995 for the years ended June 30, 2014 and 2013, respectively.”

“The collection is comprised of approximately 6,024 objects in all media created during the twentieth and twenty-first centuries. Through exhibitions, preservation and research, the collection supports the museum's mission to be an innovative and compelling center of contemporary art where the public can directly experience the work and ideas of living artists, and understand the historical, social, and cultural context of the art of our time.”

“The endowment funds are used to support the Museum's operations, subject to a spending policy. The Museum draws 5.0% of the average market value of assets over a 12 quarter period ending with the prior 12/31.”

“The Museum's application of GAAP USA regarding uncertain tax positions had no effect on its financial position as management believes the Museum has no material unrecognized income tax benefits, including any potential risk of loss of its not-for-profit tax status. The Museum would recognize interest and penalties related to unrecognized tax positions in interest and income tax expense, respectively. However, the Museum has no amounts accrued for interest or penalties as of June 30, 2014 and 2013. There are no ongoing federal, state, or local tax audits; however, the Museum's tax returns for 2010 and subsequent years remain open to examination.”

“Investment Spending Policy Draw $3,225,000; Rental Expenses $534,353; COGS (Store) $2,604,107; Miscellaneous Expenses $11,063.”

“Dividends and Interest $130,763; Realized Gains $948,551”

“Rental Expenses $534,353; COGS (Store) $2,604,107; Miscellaneous Expenses $11,061.”