The Academy of Model Aeronautics Inc

“Museum collection - the academy does not capitalize its museum collection held for public exhibition and education. The academy's policy requires the collection to be protected, unencumbered, preserved and the proceeds from sales of collection items are used to acquire other items for the collection. Contributed collection items or gains from the sale of collection items are not recognized as revenue. The academy has insured its collection for $1,668,800, which management estimates is approximately its replacement cost.”

“Part of the mission of the organization is to remember and care for aeromodeling history through preserving the physical legacy of the sport. The collection includes three dimensional objects relating to aeromodeling that help convey the story, evolution, and importance of the aeromodeling experience. The colleciton contains approximately 8,000 artifacts including model airplanes, radio systems, engines, building tools and equipment. The museum collects and preserves the historic, scientific, technical and artistic legacy of model aviation and educates the public utilizing exhibits and programming.”

“The income from these funds are expendable for scholarships, sites and improvements.”

“Accounting standards require the evaluation of tax positions taken, or expected to be taken, in the course of preparing the academy's and foundation's tax returns, to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. This statement provides that a tax benefit from an uncertain tax position may be recognized in the consolidated financial statements only when it is "more-likely-than-not" the position will be sustained upon examination, including resolution of any related appeals or litigation processes, based upon the technical merits and consideration of all available information. Once the recognition threshold is met, the portion of the tax benefit that is recorded represents the largest amount of tax benefit that is greater than 50 percent likely to be realized upon settlement with a taxing authority. Based on its review, management does not believe the academy or foundation have taken any material uncertain tax positions, including any position that would place the academy's or foundation's exempt status in jeopardy, as of december 31, 2024.”

“ROUNDING 2.”

“ROUNDING 1.”

“Grant expense eliminated 52,145.”