Baltimore Museum of Industry Inc

“The conservation easements are included in land presented as property and equipment, net on the financial statements. All revenue and expenses associated with the easements are included in the statements of activities on the financial statements. The baltimore tug is a certified historical structure and is located on the easements. The baltimore tug is included in collections and exhibits presented as collections and exhibits, net on the financial statements. All revenue and expenses associated with the tugboat are included in the statements of activities on the financial statements.”

“The museum's collections date from the 18th century to the present, consisting of artifacts, equipment, papers, and periodicals of historical significance. The collections are composed of more than 50,000 objects, including: 5,000 books, 25,000 photographs and negatives, numerous textual collections, trade catalogs, literature, audio and video tapes and films. The museum's exhibit space contains several permanent galleries that replicate industrial workplace and development of historic baltimore industries including the lives and contributions of its workers, entrepreneurs, and investors. All of the collections are held for educational, scientific, and curatorial purposes. Collection items are catalogued and preserved for future generations to refer to and reflect. The collections are also subject to a policy that requires that the proceeds from any of their respective sales, where appropriate, are to be used to support the museum's collections.”

“The museum's collections date from the 18th century to the present, consisting of artifacts which are used by staff for educational and curatorial purposes or exhibited in the museum's permanent and temporary galleries. All collections items are cataloged and preserved to ensure they remain available for future generations. The collections are also subject to a policy that requires that the proceeds from any of their respective sales, where appropriate, are to be used to support the museum's collections.”

“Asc 740, income taxes (asc 740), prescribes the recognition and measurement of a tax position taken or expected to be taken in a tax return, as well as guidance on de-recognition, classification, interest and penalites and financial statement reporting disclosures. For these benefits to be recognized, a tax position must be more-likely-than not to be sustained upon examination by taxing authorities. The amount recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. The museum recognizes interest and penalties accrued on any unrecognized tax exposures as a component of income tax expense. The musuem does not have any amounts accrued relating to interest and penalites as of june 30, 2024 and 2023.”

“Special events expenses netted with income 54,107.”

“Special events expenses netted with income 54,107. Bad debt expense 14,664.”