Laumeier Sculpture Park

“Laumeier is accredited by the american alliance of museums. Its collection is made up of art objects that are held for educational, research, and curatorial purposes. Items are catalogued, preserved, and cared for, and activities verifying their existence and assessing their condition are performed continuously. The collections, which were acquired through purchases and contributions since laumeier's inception, are not recognized as assets on the statement of financial position. Purchases of collections are recorded as decreases in net assets without donor restriction in the year in which the items are acquired, or as decreases in net assets with donor restriction if the assets used to purchase the items are restricted by donors. Contributed collection items are not reflected in the financial statements as increases in net assets without donor restriction, unless the donor includes an appraisal of the item. Proceeds from deaccessions or insurance recoveries are reflected as increases in the appropriate net asset class based on the absence or existence and nature of donor-imposed restrictions.”

“Laumeier's art holdings (the collection) focuses on significant artwork of late modernism through the artwork of today. With this collection the institution is able to create long-term and changing exhibitions within the park that create opportunities for guests to further their exposure to and knowledge about art. These opportunities are enhanced by staff, volunteers, events, library and publications. Laumeier also lends (and borrows) work to/from other institutions for use in a similar fashion. As an aam accredited museum and in accordance with the visual artists rights act of 1990, laumeier staff attends to the collection according to industry's established best practices as it preserves artwork in the collection for the future as part of a national and international cultural trust.”

“The organization's endowment fund is intended for the purchase of art, and/or the conservation and maintenance of art, or the installation, freight and related travel expenses in connection with art on loan or to be loaned to laumeier, in accordance with the endowment agreement. Begining in june 2011, 3% of the endowment is also available to pay the salary of staff who manage, consult, or conserve the collection.”

“Laumeier is exempt from federal and state income taxes under section 501(c)(3) of the internal revenue code. Accordingly, no provision for income taxes is reflected in the accompanying statements of activities. The organization has addressed the provisions of fasb asc 740, accounting for income taxes. In that regard the organization has evaluated its tax positions, expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings and believes that no provision for income taxes is necessary, at this time, to cover any uncertain tax positions.”