Roberson Museum and Science Center

“In accordance with accounting policies generally followed by museums, the value of The Museums collections is not reflected in the combined Statement of Financial Position. The Museums collections policy requires that the proceeds from the sale of collection items be used for acquisitions to the collections. If the assets used to purchase collection items are sourced from restricted funds, proceeds from the sale of those items are recorded as increases in temporarily restricted net assets in that fund until an acquisition is made.The Museum changed its policy for collections during the year ended June 30, 2018. The change in policy is due to the re-chartering of the Museum under the Department of Education. The Museum has previously carried its collections on the statement of financial Position and considered them to be temporarily restricted net assets. The New York State Board of Regents under section 3.27, Chartering and Restoration of Museums and Historical Societies with Collections, specifically states that collections shall not be capitalized. See Note 17 for the effect of the prior period adjustment. The Value is estimated to be $1,445,136.”

“Roberson is one of only 5% of all museums in the united states to earn accreditation with the american alliance of museums (aam), a distinction it has held since 1973. Roberson adheres to aam's best practices for collections stewardship and uses its collections for exhibitions and educational programming for school children as well as the general public. Roberson's science programs utilize collections, laboratory facilities and its digital planetarium. Roberson is a member of the association of science-technology centers.”

“The Organization has received exemption from federal income tax under the provisions of Section 501(c)(3) of the Internal Revenue Code. Roberson Memorial, Inc. D/B/A Roberson Museum and Science Center files an annual informational return to the Internal Revenue Service (Form 990) and to New York State Department of Law (Office of the Attorney General) (Form CHAR500). No provision for federal or state income taxes has been recorded. The Organization has not been informed of any tax examinations by either the Internal Revenue Service or New York State. Roberson Memorial, Inc. D/B/A Roberson Museum and Science Center has adopted the provisions of the Financial Standards Board (FASB)”