C Burr Artz Library

“Collections are held for rotating exhibition to the public and are protected, cared for and preserved. The paintings are subject to a policy that states that any proceeds from the sale of collection items will be reinvested in other collection items. The most recent appraised value of the thomas johnson portrait is $2,250,000 and $224,190 for porcelain, paintings and other collectibles.”

“The collection includes a portrait of thomas johnson and various porcelain, paintings and other collectibles. The collection items are held for rotating exhibition to the public.”

“The endowment funds were established as a result of a private bequest, incorporated under the laws of maryland. The trust is organized exclusively to support the operations of c. Burr artz central library, a branch of the frederick county public library system. The endowment also includes a split-interest in the kolb perpetual trust which is administered by a third party.”

“The trust previously adopted the recognition requirements for uncertain income tax provisions as required by generally accepted accounting principles, with no cumulative effect adjustment required. Income tax benefits are recognized for income tax positions taken or expected to be taken in a tax return, only when it is determined that the income tax position will more-likely-than-not be sustained upon examination by taxing authorities. The trust believes that income tax filing positions will be sustained upon examination and does not anticipate any adjustments that would result in a material adverse affect on the trust's financial condition, results of operations or cash flows. Accordingly, the trust has not recorded any reserves, or related accruals for interest and penalties for uncertain income tax positions at june 30, 2021.”