Liberty Memorial Association DBA

“The museum is exempt from federal income taxes under section 501(c)(3) of the internal revenue code and none of its present or anticipated future activities are subject to taxation as unrelated business income. Therefore, no provision for income taxes has been made in the accompanying financial statements. The museum follows the provisions of asc 740-10-25, income taxes, requiring disclosure of uncertain tax positions. The museum's accounting policy is to provide liabilities for uncertain income tax provisions when a liability is probable and estimable. The museum had no uncertain income tax positions for the years ended december 31, 2024 and 2023, and is not aware of any violation of its tax status as an museum exempt from income taxes. The museum is subject to audits for federal or state purposes for the statutory period.”

“COLLECTION PURCHASES”

“The grand opening of the expanded nwwimm, designated by the united states congress as the national world war i museum in 2004, took place on december 2, 2006. The expanded museum houses and displays a significant portion of the museum's collection of objects and artifacts. This rich collection has grown to more than 380,000 artifacts as of december 31, 2024. Pursuant to the guidelines of the american association for state and local history (aaslh), the collection has not been capitalized because the aaslh believes that collections are not financial assets, but constitute a separate category of resource directly fulfilling institutional missions, legal responsibilities and fiduciary obligations. The nwwimm has agreed to follow the aaslh's "statement of professional standards and ethics", which specifically concludes that collections shall not be capitalized nor treated as financial assets. Accessions to the collection, which often include multiple artifacts, totaled 205 and 294 in 2024 and 2023, respectively.”

“The nwwimm's collection of over 380,000 objects and artifacts, including vehicles, uniforms, firearms, photographs and military records promote and cultivate the history of world war i through public exhibition, educational programming and scholarly research.”

“The nwwimm's permanently restricted net assets consist of a permanent endowment fund established in connection with the award of a $500,000 national endowment for the humanities (neh) challenge grant to the nwwimm and related matching contributions of $1,500,000. The income from the $2,000,000 endowment is to be used 90% for educational programming and 10% for artifact acquisition. The nwwimm seeks to create various endowed funds to support all aspects of museum operations, care and upkeep of the memorial and upkeep of the grounds. A comprehensive fundraising campaign "a second century" is supporting these initiatives. Board-designated reserve consists of a fund established in 2009 to provide resources to support the nwwimm's operations.”