Science Museum of Minnesota

“Written policies are in place regarding monitoring, inspecting, responding to violations and enforcing conservation easements. Our easements contain provisions granting us the right of access to the property for purposes of inspecting the easement. The policy regarding response to violations and enforcement set forth procedures regarding the identification, documentation, and classification of responses to easement violations. It also includes a process for addressing violations.”

“The museum does not record any value for conservation easements in its revenue and expense statement or balance sheet.”

“The museum's collections are not recognized as assets on the statement of financial position. Purchases of collections are recorded as decreases in unrestricted net assets in the year in which the items are acquired or as temporarily restricted net assets if a donor makes a contribution intended to fund the subsequent purchase of collections. Contributions of collections are not reflected on the financial statements.”

“The science museum of minnesota has a collection of nearly two million artifacts and specimens from the disciplines of anthropology, biology, paleontology and geology. These objects are used as the basis for research and scholarly publications by science museum curators, as well as visiting scientists. The collections enable collaboration with other members of the scientific community through loans and trades of casts and specimens with other institutions. The museum's stewardship of this collection ensures the physical integrity of its individual pieces, as well as preparing artifacts and specimens for public exhibition.”

“The museum typically spends 4-6% of the endowment's assets every year to fund general operations of the museum or donor specified purposes which are aligned with the mission of the museum. Any excess earnings are reinvested to augment the endowment and to compensate for inflation and recessions in future years.”

“The museum has received notification that it qualifies as a tax-exempt organization under section 501(c)(3) of the internal revenue code and corresponding provision of state law. Accordingly, the museum is not subject to federal income taxes except to the extent it derives income from certain activities not substantially related to its tax-exempt purposes (unrelated trade or business activities). Tax receivables of $53,604 were recorded for the year ended june 30, 2021, and tax payables of $37,270 were recorded for the year ended june 30, 2022, relating to the museum's unrelated business income. During the years ended june 30, 2022 and 2021, the museum incurred unrelated business income relating to their alternative investments. As a result, the museum has recorded income tax expense of $97,175 and $17,710 for the years ended june 30, 2022 and 2021 respectively, which has been netted against investment income in the accompanying statement of activities. The museum follows the accounting standards for contingencies in evaluating uncertain tax positions. This guidance prescribes recognition threshold principles for the financial statement recognition of tax positions taken or expected to be taken on a tax return that are not certain to be realized. No liability has been recognized by the museum for uncertain tax positions as of june 30, 2022 and 2021. The museum's tax returns are subject to review and examination by federal and state authorities.”

“Change in value of beneficial interest in trusts -141,927. Unrealized loss on interest rate swaps 577,395. Change in split interest agreements -9,091. Museum store direct expenses 475,726. Direct rental property expenses 211,611.”

“Direct rental property expenses 211,611. Museum store direct expenses 475,726.”