Holocaust Museum La

“Collection items acquired either through purchase or donation are not capitalized. Purchases of collection items are recorded as decreases in unrestricted net assets if purchased with unrestricted asset and as decreases in temporarily restricted or permanently restricted net assets if purchases with donor-restricted assets. Contributions of collection items are not recognized in the statement of activities. Proceeds from deaccessions or insurance recoveries are reflected on the statement of activities based on the absence or existence and nature of donor-imposed restrictions.”

“The principal is to be held in perpetuity and the income derived from such investments is to be used for the general support of the organization.”

“Lamoth is exempt from federal income taxes under section 501(c)(3) of the internal revenue code and is exempt from california franchise tax under section 23701(d) of the state revenue and taxation code. The accounting standard on accounting for uncertainty in income taxes addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under that guidance, the organization may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities based on the technical merits of the position. Examples of tax positions include the tax-exempt status of the organization and various positions related to the potential sources of unrelated business taxable income (ubit). The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. There were no unrecognized tax benefits identified or recorded as liabilities for the year ended december 31, 2011. The organization files its forms 990 in the u.s. Federal jurisdiction and the office of the state attorney general for the state of california. The organization is generally no longer subject to examination by the internal revenue service for years before 2008.”