Ephraim Historical Foundation Inc.

“The foundation does not recognize its conservation easement as an asset, and no revenues are recognized related to the conservation easement. Expenses related to the easement incurred by the foundation are recognized on the statement of activities.”

“The foundation has a collection of historical items related to the history of the ephraim area. The collections are made up of artifacts of historical significance and art objects that are held for educational, research, and curatorial purposes. Each of the items is catalogued, preserved, and cared for, and activities verifying their existence and assessing their condition are performed continuously. Collection items acquired either through purchase or donation are not capitalized. The collections are subject to a policy that requires proceeds from their sales to be used to acquire other items for collections. Purchases of collection items are recorded as decreases in unrestricted net assets if purchased with unrestricted assets and as decreases in temporarily restricted or permanently restricted net assets if purchased with donor-restricted assets. Contributions of collection items are not recognized in the consolidated statement of activities. Proceeds from deaccessions or insurance recoveries are reflected on the consolidated statement of activities based on the absence or existence of donor-imposed restrictions.”

“The foundation has a collection of historical items related to the history of the ephraim area that has been either purchased by or donated to the foundation. The collection is on display and is used by individuals who are interested in studying this area of wisconsin. The foundation employs a curator to ensure that the collection is protected and preserved. This collection relates directly to the exempt purpose of the foundation to preserve and foster preservation of historical items.”

“The endowment fund is maintained by the ephraim foundation heritage fund, inc. To provide long-term support for the ephraim historical foundation, inc.”

“The foundation and fund are organized as wisconsin nonprofit corporations and have been recognized by the internal revenue service (irs) as exempt from federal income taxes under irc section 501(a) as organizations described in internal revenue code (irc) section 501(c)(3), qualify for the charitable contribution deduction under irc section 170(b)(1)(a), and have been determined not to be private foundations under irc section 509(a)(3). The entities are annually required to file a return of organization exempt from income tax (form 990) with the irs. In addition, the entities are subject to income tax on net income that is derived from business activities that are unrelated to their exempt purposes.”