Milwaukee County Historical Society Inc

“In accordance with industry practice, the Organizations collection of historical items, are not capitalized and recognized as assets on the statement of financial position. The Organization holds its collections for public exhibition, education, and research rather than for financial gain. It protects, cares for, preserves and keeps its collections unencumbered, subject to a policy that requires proceeds from sales of historical items to be used to purchase additional historical items. The collection is made of library and governmental archives, paintings and furniture.”

“The Milwaukee County Historical Societys collections, encompassing both artifacts and archival materials, provide meaningful and impactful benefitto the public through an active program of experience development, educational initiatives, exhibits, public presentations, publications, and research. Comprising over 1 million items, the collection covers the full spectrum of Milwaukee County history. Collection areas of particular prominence include census and naturalization records, beer and brewing,County records, politics, photographs, urban planning and development, motor sports, and civic organizations.”

“The GMF endowment fund is set up to support the operations of the Organization. The Organizations finance committee, a standing committee acting on behalf of the Board of Directors, determines how a distribution is appropriated. Historically, the distributions have been used for scholarships, as well as sustaining support.”

“The Organization is exempt from income tax under Section 501(c)(3) of the Internal Revenue Code and is classified as other than a private foundation. However, income from certain activities, primarily Brew City MKE, is not directly related to the Organizations tax-exempt purpose and is subject to taxation as unrelated business income. Management has reviewed all tax positions recognized in previously filed tax returns and those expected to be taken in future tax returns. The Organization had no amounts related to unrecognized income tax benefits and no amounts related to accrued interest and penalties. The Organization does not anticipate any significant changes to unrecognized income tax benefits over the next year.”

“Cost of goods sold are netted from sales on Part VIII of the 990.”

“Cost of goods sold are netted from sales on Part VIII of the 990.”