Rehoboth Beach Historical Society

“Collections maintained by the society were acquired through purchases and contributions. They are not recognized as assets on the statement of net assets arising from cash transactions. Purchases of collection items are recorded as decreases in unrestricted net assets when acquired or temporarily or permanently restricted net assets if contributions made by donors used to purchase the collection items are restricted. Contributed collection items are not reflected in the financial statements. Proceeds from deaccessions or insurance recoveries are reflected as increases in the appropriate net asset class.”

“The society's collections consist of art, historical treasures, and other similiar assets that originated in rehoboth beach, delaware. The collection helps the society serve its mission because the society's mission is to preserve, protect and present the history of the city of rehoboth beach, delaware.”

“The endowment funds are to be held in perpetuity to support the museum's operating costs. Any earnings on the funds are able to be spent on operating expenses in the year received.”

“The society is a nonprofit entity that is exempt from income tax under section 501(c)(3) of the internal revenue code and, therefore, has made no provision for federal, state, or local income tax in the accompanying financial statements. In addition, the society has been determined by the internal revenue service not to be a private foundation within the meaning of section 509(a) of the internal revenue code. The society has adopted asc 740-10, income taxes, as it relates to uncertain tax positions. Management has reviewed its current and past federal, state and local income tax positions and has determined, based on clear and unambiguous tax law and regulations, that the tax positions taken are certain and that there is no likelihood that a material tax assessment would be made if the respective government agency examined tax returns subject to audit. Accordingly, no provision for the effects of uncertain tax positions has been recorded. Currently, the 2021, 2022 and 2023 tax years are open and subject to examination by the internal revenue service (irs). However, the society is not currently under audit nor has the society been contacted by this jurisdiction. Interest and penalties related to income taxes are included in income tax expense when incurred.”

“Fundraising events -41,749.”

“Fundraising events 41,749.”