Joslyn Art Museum

“Joslyn art museum's collection includes objects that offer a comprehensive vision of artists and cultures from antiquity to the present, including a highly regarded collection of greek pottery; paintings by several old masters such as titian and rembrandt van rijn; noteworthy nineteenth-century french paintings and impressionist masterpieces. The museum is internationally known for its collection of artists and explorers of the american west, including one of the major holdings of alfred jacob miller, and watercolors by swiss artist karl bodmer. The museum's collection also includes american indian artworks and artifacts. Contemporary art is represented with major paintings and sculptures by artists including helen frankenthaler and jackson pollock. The collection is maintained for public exhibition, education, and research in furtherance of public service, rather than for financial gain. In conformity with accounting policies generally followed by art museums, the value of the museum's art collection has been excluded from the consolidated statements of financial position, and gifts of art objects are excluded from revenue in the consolidated statements of activities. Purchases of art objects by the museum are recorded as decreases in net assets in the consolidated statements of activities. Pursuant to state law and museum policy, proceeds from the sale of art and related insurance settlements are recorded as temporarily restricted net assets for the acquisition of art.”

“Joslyn art museum's collections are described above in the response to part iii, line 1a. Works of art are displayed throughout the museum for the public's enjoyment and education.”

“Joslyn collaborated with three other museums to organize the exhibition wild spaces, open seasons: hunting and fishing in american art. Joslyn organized all loans of art objects and transportation of same to the museum venues. As part of this responsibility, joslyn is acting as agent, collecting agreed upon payments from the other museums and disbursing those funds to pay for related expenses. Amounts totaling $137,500 and $143,750 were collected during 2017 and 2016, respectively, and $25,027 and $1,000 was held as agent as of december 31, 2017 and 2016, respectively. During 2017, joslyn also collaborated with two other museums to bring the exhibition bijoux parisiens: french jewelry from the petit palais, paris to the united states. Joslyn served in a similar capacity for this exhibition, collecting $167,500 in 2017 from the other museums and disbursing those funds to pay for related expenses. Joslyn held $95,457 as agent as of december 31, 2017.”

“The endowment funds are to be used for the betterment of the joslyn art museum. The 2015 beginning of year endowment was restated in connection with the 2015 annual audit. It was reduced by $8,475,196.”

“The museum and foundation have been recognized as tax exempt, nonprofit organizations by the internal revenue service under section 501(c)(3) of the internal revenue code. Accordingly, a provision for federal or state income taxes has not been made in the accompanying financial statements. Management evaluated joslyn's tax positions and concluded that joslyn had maintained its tax exempt status and had taken no uncertain tax positions that require adjustment to the financial statements.”