The Barack Obama Foundation

“The foundation acquires its collections by purchase or by donation. The foundation's collections management policy includes guidance on the foundation's collections stewardship responsibilities from intake and acquisition through preservation, access and use, and deaccessioning and disposal of materials that no longer support the foundation's public mission. This policy does not pertain directly to the management of the obama presidential archive, which is maintained as a separate collection property of the national archives and records administration and is not included in the statement of financial position of the foundation, nor is the foundation responsible for the maintenance or preservation of items in these collections. The value of the foundation's collections is not subject to reasonable estimate, and therefore are not recognized as assets in the statements of financial position. Purchases of collection items are recorded in the statement of activities and changes in net assets as decreases in net assets without donor restrictions in the period of acquisition, unless the items were purchased with donor restricted funds in which case they are shown as decreases in net assets with donor restrictions. Proceeds from the sale of deaccessioned materials will be utilized exclusively for the purchase of future collection acquisitions, including costs directly related to obtaining, conserving, or processing new acquisitions. Deaccessioning proceeds will not be used to pay for direct care of the collection beyond the initial cost of acquisition.”

“The museum collections document the history of president and mrs. Obama and the obama administration, frame these narratives in a broader historical context and with an emphasis on civic discourse, and connect these stories to the movements and milestones that have helped to shape the nation and the world over time. The museum collections will support and advance the public mission and purpose of the obama presidential center (opc), including the development of a core exhibition, special exhibitions program, and public programming; the opc exhibitions and public programming will, in turn, support and advance the broader foundation mission to empower, inspire, and connect people to change their world. The collection comprises artwork as well as historical materials. The goal in developing the collection's arts-related holdings is to uphold and expand upon the importance of the arts and the diverse representation of artists celebrated in the obama white house ("the people's house") in order to preserve and share works of enduring value that complement "the obama ethos of engagement and uplift".”

“The foundation's board of directors designated $1,000,000 to function as an endowment for future operations of the obama presidential center.”

“The foundation is exempt from federal income taxes under section 501(c)(3) of the internal revenue code and applicable state law. Accordingly, no provision for such taxes has been recognized in these financial statements. Us gaap requires tax effects from uncertain tax positions to be recognized in the financial statements only if the position is more likely than not to be sustained if the position were to be challenged by a taxing authority. Management has determined that there are no material uncertain positions that require recognition in the financial statements. Additionally, there is no interest or penalties recognized in the statements of activities and changes in net assets or statements of financial position.”

“Loss on disposal -1,100,947. Selling expenses -71,043.”

“Loss on disposal 1,100,947. Selling expenses 71,043. Uncollectible amounts and bad debt losses 8,674,553.”