Plains Art Museum

“Footnote from Audited Financial Statements regarding Financial Statement treatment of donated works of art: The Museum does not capitalize donated works of art or recognize them as revenues or gains. Donations need not be recognized if they are added to collections that are held for public exhibition, education, or research in furtherance of public service rather than financial gain; are protected, kept unencumbered, cared for, and preserved; and are subject to a policy that requires the proceeds from sales of collection items to be used to acquire other items for collections. Gifts received in 2020 were valued at approximately $20,000 and no gifts were received in 2019. Collection items are recorded at cost if purchased.”

“The Plains Art Museum's collections consist of 5,000 fine art and ethnographic objects in both the museum's permanent and educational collections. The museum regularly exhibits and interprets objects from its permanent and education collections in one of the museum's primary galleries on a permanent, annual rotating basis. Additionally, temporary and/or traveling exhibitions hosted by the museum are often augmented and greatly enhanced by objects from our permanent and education collections. The museum also provides access to its collections to both scholarly endeavors and the greater public by actively participating with the general public, academia and the greater museum community by lending works and/or entire exhibitions from its collections to appropriate and approved lenders world-wide.”

“The income from the endowment account is to be utilized for the exhibition, development, and curatorial projects that benefit or create opportunities for emerging and mid-career artists, for acquisitions of art by emerging and mid-career artist's for the permanent collection, and for publications and catalogs supporting or documenting exhibitions or contemporary projects by emerging or mid-career artists. The William Randolph Hearst endowment fund income is used for education purposes. Included in the $2,599,019 endowment net assets are permanently restricted net assets of $2,299,746, and temporarily restricted net assets of $299,273.”

“The Museum believes that it has appropriate support for any tax positions taken affecting its annual filing requirements, and as such, does not have any uncertain tax positions that are material to the financial statements. The entities would recognize future accrued interest and penalties related to unrecognized tax benefits and liabilities in income tax expense if such interest and penalties are incurred.”

“Investment Management Fees included with Revenue on Financials -16,877.”

“Form 990, Part VIII COGS included with Expenses for Financials -1,735. Rental Expenses included with Expenses for Financials -16,763. Fundraising Expenses included with expenses for Financials -2,897.”

“Form 990, Part VIII COGS included with Expenses for Financials 1,735. Rental Expenses included with Expenses for Financials 16,763. Fundraising expenses included with expenses for Financials 2,897.”

“Investment Management Fees included with Revenue on Financials 16,877.”