Wisconsin Maritime Museum Inc

“In order to save important oeuvres from destruction, we built a collection of objects and site works through donations and grants. The objects are regularly exhibited. Collection items capitalized prior to 2010 are depreciated over their estimated useful lives unless they have cultural, aesthetic, or historical value that is worth preserving perpetually, and the organization is protecting and preserving essentially undiminished the service potential of the collection item. Beginning in 2010, the collections, which were acquired through purchases and contributions, are not recognized as assets on the statement of financial position. Purchases of collection items are recorded as decreases in net assets without donor restrictions in the year in which the items are acquired, or as decreases in net assets with donor restrictions if the assets used to purchase the items were restricted by donors. Contributions of collection items are not recognized in the statement of activities. Proceeds from deaccessions or insurance recoveries can only be used for acquisition or direct care of collections. The organization considers the care of its collections to include not only the preservation and protection of its objects but also the maintenance of the full range of records and inventories of its holdings. Proceeds from deaccessions or insurance recoveries are reflected on the statement of activities based on the absence or existence and nature of donor-imposed restrictions. The value of additions to our collections during 2022 and 2021 have not been determined. During 2022 and 2021, there were no disposals of previously capitalized collection items.”

“The museum is home to a unique collection of: boats, an operating steam engine, vintage boats and yachts (including native american birchbark canoes, proto-type power boats) as well as manuscripts, including records, memorabilia, personal papers, and diaries and includes approximately 8,000 books and more than 40,000 photographs. Researchers and authors visit and use these collections more frequently each year. Because of the museum's credentials and reputation, the number of individuals who donate significant artifacts, documents, and photographs is also increasing each year.”

“The organization's endowment fund was established for the following purposes: 1. To support the operations, programs and mission of the wisconsin maritime museum. 2. To support, fund and/or finance the wisconsin maritime museum's present and future capital improvement projects whether new construction, maintenance, or otherwise. 3. To receive any real property or tangible or intangible personal property, including money given anonymously or otherwise, including by gift, grant, devise or bequest from any individual, foundation, entity (either privare or public), or governmental instrumentality for any purpose set forth in the endowment fund policy. 3. To carry out other purposes which are consistent with the purposes of the wisconsin maritime museum as stated in its bylaws and which are established by a majority of the members of the board of trustees then in office.”

“Rental expenses net with revenue on 990 7,178.”

“Rental expenses net with revenue on 990 7,178.”