Edmundson Art Foundation Inc.

“The collections, which were acquired through purchases and contributions since the Foundation's inception, are not recognized as assets on the statements of financial position. Purchases of collection items are recorded as decreases in net assets in the year in which the items are acquired. 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.”

“The mission of the Foundation is to engage diverse local and international audiences with the art of today and to add scholarship to the cultural record. To do so, the Foundation collects works of art in all media from the 19th, 20th, and 21st centuries and provides a setting for public engagement. It focuses on acquiring a seminal work by a significant artist to represent that artist's contributions to the art of our time. The permanent collections comprise over 5,700 works of art, including 3,500 are works on paper spanning seven centuries. Highlights of the collections include exemplary artworks by Francis Bacon, Alberto Giacometti, Edward Hopper, John Singer Sargent, Cecily Brown, Ai Wei, and El Anatsui, among many others. The Foundation stores the objects in its collection in secure, climatecontrolled storage areas and maintains policies and procedures addressing the collections upkeep, as well as other aspects of its management, including accession and deaccession policies. In addition, the Foundation presents approximately 12 exhibitions a year with objects from its permanent collections as well as with artworks on loan. These include one-person or thematic projects that are often accompanied by scholarly publications that place the art and the artists within the dialogues surrounding the art of our time. Exhibition projects regularly travel to other museums across the country.”

“The Foundation's endowment consists of several individual funds established for a variety of purposes and includes both donor restricted endowment funds and funds designated by the board of trustees (the Board) to function as endowments. As required by GAAP, net assets associated with endowment funds, including funds designated by the Board to function as endowments, are classified and reported based on the existence or absence of donor imposed restrictions.”

“The Foundation is a tax exempt organization as described in Section 501(c)(3) of the Internal Revenue Code. As such, the Foundation is subject to federal and state income taxes only on unrelated business income under the provisions of Section 511 of the Internal Revenue Code. The Foundation recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Interest an penalties on unrecognized tax benefits are classified as other noninterest expense. As of December 31, 2019, the Foundation had no material unrecognized tax benefits.”

“Direct costs netted against revenues, including cost of goods sold, special events direct expenses, and rental expenses.”

“Direct costs netted against revenues, including cost of goods sold, special events direct expenses, and rental expenses.”