Eagle Watch Inc

“The Center's collections are made up of artifacts that are held for exhibits, research, educational, and curatorial purposes. Each of the items are 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 or to assist in the preservation and conservation of the collections. The collections, which were acquired through purchases and contributions since the Center's inception, are not recognized as assets on the statement of financial position as allowable under U.S. GAAP. 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 net assets with donor restrictions if the assets used to purchase the items are restricted by donors. Contributed collection items are not reflected on the financial statements. Proceeds from deaccessions or insurance recoveries are reflected as increases in the appropriate net asset classes.”

“Currently, the Center has the endowment funds invested in a local financial institution. The intent of the Center is to grow the funds. The Center has a spending policy to not spend any of the endowment.”

“The Center is exempt from federal and state income taxes under Section 501(c)(3) of the Internal Revenue Code and similar state income tax laws. The Center is not a private foundation and contributions to the Center qualify as a charitable tax deduction by the contributor. The Center has evaluated for uncertain tax positions. Management has expressed that there are no uncertain tax positions as of June 30, 2020. The Center's tax returns are subject to possible examination by the taxing authorities. For federal tax purposes the tax returns essentially remain open for possible examination for a period of three years after the date on which those returns are filed. The Center believes it is no longer subject to federal and state income tax examinations for the years prior to 2017. For the years ended June 30, 2020 and 2019, the Center has not incurred any interest or penalties on its tax returns.”