Mark Arts Inc.

“Mark arts owns through acquisition or donation a number of art objects. These items collectively are referred to as the study collection. The purpose of the study collection is to support the educational aspects of the organization's mission. While many of the works have been held since the inception of mark arts it is important to recognize that the organization is not a museum and does not maintain this collection on a permanent basis. The organization has a significant collection of spanning media. Including american artists with pieces of decorative art purchased at the wichita national show. Mark arts employs a gallery and a program director to ensure that the study collection is protected and preserved. New items are acquired, and existing items may be deaccessed based on the changing educational needs of mark arts. All such activities are undertaken only after a thorough review completed by the study collection committee and require the approval of the board of trustees. In conformity with the practice followed by many art galleries, art objects purchased and donated are not capitalized in the accounting records or included in the statement of financial position. Purchases of collection items reduce net assets in the period when purchased. Proceeds from deaccessioned art objects or insurance recoveries are recorded as increases in net assets when received in the statement of activities. Funds received from deaccession of an art object or the proceeds of an insurance settlement for an art object are required by policy to be used for the furtherance of the organization's mission with the direction of the board of trustees.”

“The collection consists of american and european paintings and decorative arts. This furthers mark arts's mission to be a vibrant art hub in wichita and the region by providing opportunities to appreciate and create art in an atmosphere of lifelong learning.”

“The organization is organized as a kansas nonprofit corporation and has been recognized by the internal revenue service (irs) as exempt from federal income taxes under section 501(a) of the internal revenue code as an organization described in section 501(c)(3). The organization is qualified to receive deductible charitable contributions under section 170(b)(1)(a)(vi) and (viii), and has been determined not to be a private foundation under sections 509(a)(1) and (3). The organization is annually required to file a return of organization exempt from income tax (form 990) with the irs. In addition, the organization is subject to income tax on net income that is derived from business activities that are unrelated to their exempt purposes. The organization has filed an exempt organization business income tax return (form 990-t) with the irs. The organization believes that it has appropriate support for any tax positions taken affecting its annual filing requirements, and as such, does not have any uncertain tax positions that are material to the financial statements. The organization would recognize future accrued interest and penalties related to unrecognized tax benefits and liabilities in income tax expense if such interest and penalties are incurred.”

“FUNDRAISING COSTS”

“FUNDRAISING COSTS”