Marquette County Historical Society Inc

“Terms for not reporting assets per asc 958 - in conformity with common industry practice, artifacts are not included in the statements of financial position. Artifacts are inventoried on an annual basis. The most recent self-appraisal of the centers collection of artifacts resulted in an estimated value of approximately 2,154,000. Substantially all artifacts are donated or borrowed and maintained excusively for educational, research and curatorial purposes. Each of the items is cataloged, preserved and cared for, and activities verifying their existence and assessing their condition are performed continuously. Artifact dispositions are subject to the centers collection management policy, adopted by the board of trustees in 1986. This policy requires proceeds from any artifact sale to be designated for the acquistion, restoration, or preservation of other collection items.”

“Collections and relation to exempt purpose - the organizations collections contain artifacts from the prehistoric copper culture through contemporary times. The jm longyear research library contains more than 16,000 titles plus extensive archival materials, nearly 100,000 photographs and hundreds of historic maps. These collections further our exempt purpose because through their use we are able to preserve and interpret local history and heritage in keeping with our mission.”

“Intended uses for endowment funds - the board designated endowment funds are available for the daily operations of the museum.”

“THE CENTER IS A NONPROFIT CORPORATION EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501 c3 OF THE INTERNAL REVENUE CODE IS CLASSIFIED AS AN ORGANIZATION OTHER THAN A PRIVATE FOUNDATION. THE CENTER FILES FORM 990 WITH THE INTERNAL REVENUE SERVICE. GENERALLY THE PRIOR THREE YEARS REMAIN OPEN TO EXAMINATION. THE CENTER BELIEVES THAT ITS INCOME TAX FILING POSITIONS WILL BE SUSTAINED UPON EXAMINATION AND DOES NOT ANTICIPATE ANY ADJUSTMENTS THAT WOULD RESULT IN A MATERIAL ADVERSE EFFECT ON THE CENTERS FINANCIAL CONDITION, RESULTS OF OPERATIONS, OR CASH FLOWS.”

“Certain expenses are disclosed on part viii that are not netted against revenues on the audited financial statements. Those expenses are rental expenses of 17,600 fundraising expenses of 4,862 and cost of goods sold of 22,372 for total expenses 44,834.”

“ROUNDING ADJUSTMENT”

“Certain expenses are disclosed on part viii that included with expenses on the audited financial statements. Those expenses are rental expenses of 17,600 fundraising expenses of 4,862 and cost of goods sold of 22,372 for total expenses 44,834.”

“ROUNDING ADJUSTMENT”