Delaware Museum of Nature and Science Inc.

“The museum does not capitalize donated collection items or recognize them as revenues or gains. Purchases of collection items are recorded as decreases in unrestricted net assets in the year in which the items are acquired or as decreases in temporarily restricted net assets if the assets used to purchase the items are restricted by donors. Proceeds from de-accessions or insurance recoveries are reflected as increases in the appropriate net asset class and must be used to acquire other collection items.”

“The collections are held for public exhibition, education, or research in furtherance of public service rather than financial gain. They are protected, kept unencumbered, cared for, and preserved, and are subject to a policy that requires the proceeds from sales of collection items to be used to acquire other items for collections. The museum's collections include statues; bird, mollusk, mammal, mineral, and bird egg specimens; art; and books.”

“The museum's board of trustees has designated the use of investments for selected transactions in museum operations. Under the board's direction, certain donations received since 1980 which were invested under trust arrangements will remain intact; however, the museum does not consider these board-designated endowments. Net proceeds from sales of donated land are similarly designated. Investment earnings and gains or losses from investment transactions are made available by the board, at its discretion, for use in the museum's operations. None of the invested contributions have been restricted as to their use by the donors. The investments are accounted for as unrestricted board designated net assets.”

“The museum, a publicly supported non-profit organization, is exempt from federal income tax under code section 501(c)(3) of the internal revenue code. The museum has adopted the provision of fasb interpretation no. 48 (fasb asc 740-10-50), accounting for uncertainty in income taxes. Management continually evaluates uncertain tax positions and expiring statues of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings, as applicable. Management's evaluation is that there is no income tax liability. This evaluation is based on settled and established positions within the internal revenue code and management believes there is no significant uncertainty related to its evaluation. The museum's policy is to expense all interest and penalties, if any, as incurred. No amounts of interest or penalties were recognized by the museum during the year ended december 31, 2013. No tax years prior to 2010 remain subject to examination by federal jurisdictions.”

“Gift shop expenses 108,637.”

“Investment draw, net of gains and income 1,089,166. Loss on disposal of assets -66,885.”

“Gift shop expenses 108,637.”