Dubuque County Historical Society

“The conservation easements are reported in property and equipment on the Balance Sheet. The facade easement includes a restriction which preserves the entire exterior of the building, including the front, sides, rear, and height of the building and prohibits any change in the exterior of the building which in inconsistent with the historical character of such exterior. A written agreement was entered into with the donor certifying that the donee organization has the resources to manage the historic preservation property and is committed to do so.”

“The Society's collections are made up of artifacts of historical significance, art objects and similar assets that are held for educational, research, and curatorial 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 collections, which were acquired through purchases and contributions since the Society's inception, are not recognized as assets on the statement of financial position. Purchases of collection items are recorded as decreases in unrestricted 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 River Museum and Historical Society have collections that interpret the dynamic story of life on the Mississippi River, the rivers of America, and Dubuque, Iowa. They include buildings, boats, artifacts, tools, trade items, settlement artifacts, paintings, original manuscripts, books, and other materials which help interpret the history of Dubuque, the Mississippi River, and the Nation.”

“The board has stipulated the allocation of investment income in excess of 5% annual return be added first, to permanently restricted investments, with the excess to operating investments. As it is the society's policy not to spend down the endowment funds, the society believes that the current spending policy, despite occasional adverse market conditions, will allow it to meet its objectives. This is consistent with the society's objective to maintain the purchasing power of the endowment assets held in perpetuity or for a specified term as well as to provide additional real growth through new gifts and investment returns.”

“Management believes that the Organization 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 Organization 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.”

“COGS Reclassed to Revenue -449,272. Special Event Expenses Reclassed to Revenue -33,582. Insurance Claim 883.”

“COGS Reclassed to Revenue 449,272. Special Event Expenses Reclassed to Revenue 33,582. Insurance claim -883.”