Spnea Connecticut Inc

“In may 2015, the fasb issued asu 2015-07, fair value measurement (topic 820): disclosures for investments in certain entities that calculate net asset value per share (or its equivalent). This asu removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. This asu also removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value practical expedient. Rather, these disclosures are limited to investments for which the entity has elected to measure the fair value using the practical expedient. The asu is effective for fiscal years beginning after december 31, 2016, with early adoption permitted. Management has elected to adopt the asu early and has applied the asu retrospectively to all periods presented. During 2016, the society affected a change in accounting estimate with respect to the classification of its historic properties. The change was initiated during a review of the society's collection policy. The society concluded that the use of these properties satisfies the definition of a collection item as outlined in its collection policy and as defined by generally accepted accounting principles. Prior to this review of the estimated use of these properties, the society had capitalized all historic properties as buildings used to house their collection rather than as collection items themselves. In accordance with its accounting policy, collection items are not capitalized and the recorded value of these properties has been written off. The change resulted in a decrease in net assets of $253,146.”

“Spnea connecticut is a museum of cultural history, the purpose of which is to preserve, protect and interpret through public programs connecticut heritage properties and collections. The organization's heritage properties in connecticut include the bowen house/roseland cottage located in woodstock, ct. And, the harrison house located in branford, ct. The museum properties offer tours for the public,help to keep history alive and, provide a deeper understanding and enjoyment of new england life and appreciation for its preservation. Spnea connecticut's properties are part of historic new england's collections which comprise the largest assemblage of new england art and artifacts in the country. These collections help people understand the region's heritage through the possessions of those who lived here, and appreciate the ingenuity, craftsmanship, and style of the region.”

“Management annually reviews for uncertain tax positions along with any related interest and penalties, and believes that the organization has no uncertain tax positions that would have a material adverse effect, individually or in the aggregate upon the organization's statement of financial position, or the related statements of activities, or cash flows.”