Collings Foundation Inc

“The Accounting Policy footnote to the Audited Financial Statements states that "Contributions of non-financial assets generally include collection items and are recorded at estimated fair value at the date of the donation based upon the value that would be received for selling the items in the principal market considering their condition and utility for use or display at the time the items are donated."”

“The Foundation has a significant collection of military and historical vehicles, including tanks, automobiles, aircraft, and naval vessels. The American Heritage Museum is housed in a 67,000+ square foot facility on property bordering the towns of Stow and Hudson, Massachusetts. The concept of the American Heritage Museum began when the Foundation was selected to receive a massive collection of tanks, armored vehicles and military artifacts from the Military Technology Foundation in 2013. Receiving this historically important and extensive collection was a tremendous honor for the Collings Foundation. Exhibiting these artifacts in the most meaningful way was the Foundation's goal. The Museum was designed to fully engage visitors in understanding America's turbulent past. In this remarkable place, American history is explored, studied, and most of all, remembered. Through educational interpretation and a chronologically arranged series of dioramas and exhibits, the American Heritage Museum brings the history of American military veterans to life.”

“The Museum is recognized as an organization exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code (the "Code") whereby only unrelated business income, as defined by Section 512 (a)(1) of the Code is subject to federal income tax. The Museum did not have any unrelated business income during the year ended November 30, 2024. The Museum recognizes and measures its unrecognized tax positions and assesses the likelihood, based on their technical merit, that tax positions will be sustained upon examination based on the facts, circumstances and information available at the end of each period. The measurement of unrecognized tax positions is adjusted when new information is available, or when an event occurs that requires a change. Interest and penalties associated with unrecognized tax positions, if any, would be classified as interest expense and additional income tax expense, respectively, in the statement of activities. The Museum did not identify any uncertain tax positions at November 30, 2024. The Museum is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any periods in progress or pending.”

“The audited financial statements did not present the gift shop cost of inventory sold as a reduction of revenues but instead presented the $177,421 as an expense on the Statement of Functional Expenses (in the Retail column).”

“Same explanation as relates to Line 2d.”