The Schubert Club

“The organization's collections, which were acquired through purchases and contributions since the organization's inception, are not recognized as assets on the balance sheet. Purchases of collection items are recorded as decreases in unrestricted net assets in the year in which the items are acquired or as temporarily restricted net assets if the assets used to purchase the items are restricted by donors. Contributed collection items are not reflected on the financial statements. Proceeds from de-accessions or insurance recoveries are reflected as increases in the appropriate net asset classes. The organization's collections are made up of historical musical instruments, manuscripts, and related materials that are held for educational and performance purposes. Each of the items is cataloged, preserved and cared for, and activities verifying their existence and assessing their condition are performed continuously. The collections are subject to a policy that requires proceeds from their sales to be used to acquire other items for collections.”

“The schubert club museum in landmark center holds a collection of historically important instruments from around the world and manuscripts from great composers. Recognized for its integration of exhibits and performances, individual tours, and the opportunity to play reproductions of historical intruments, the museum has been expanded to include three collections: keyboard collection - more than 100 instruments, dating from 1542 to the present; kugler collection of musical instruments -from around the world and indonesian gamelan orchestra instruments; and gilman ordway manuscript collection - over 100 original documents written by great composers including beethoven, mozart, haydn and schubert.”

“The organization holds endowment funds to support general operations, performance, education (including scholarships), and museum programs.”

“The organization has a tax exempt status under section 501(c)(3) of the internal revenue code and minnesota statute. It has been classified as an organization that is not a private foundation under the internal revenue code and charitable contributions by donors are tax deductible. The organization is liable for federal and state income tax on any unrelated business income. The organization has adopted the provisions of accounting for uncertainty in income taxes. This standard clarifies the accounting for uncertainty in income taxes recognized in an entity's financial statements and prescribes a recognition threshold 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. The implementation of this standard had no impact on the organization's financial statements. The organization's tax returns are open to examinations for the years ending june 30, 2011 through 2013.”

“Excess endowment investment gain 59,596.”