The Kansas African American Museum Inc

“The organization owns through acquisition or donation a number of art objects. These items collectively are referred to as art for the museum. The purpose of the art for the museum is to support the educational aspects of the organization's mission. New items are acquired, and existing items may be deaccessed based on the changing needs of the organization. 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 directors. The organization did not make any purchases of items for inclusion in the art for the museum for the years ended december 31, 2024 and 2023 respectively.”

“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 has been determined not to be a private foundation under sections 509(a). 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 determined it is not subject to unrelated business income tax and has not 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.”

“Special event expenses 88,866.”

“Special event expenses 88,866.”