Virginia Aquarium & Marine Science Center

“In accordance with industry practice, the foundation's animal population are not capitalized and recognized as assets in the statements of financial position. The foundation holds its animal population for public exhibition, education and research rather than for financial gain. It protects, cares for, preserves and keeps its animal population unencumbered. Additionally, it is impracticable to attempt to assign values to the animal population because the animals have certain attributes, such as species, sex, age, breeding potential, and relationship to others in the ecosystem that make it difficult to determine an objective basis for valuation. The cost of animal population items purchased by the foundation is reported in the accompanying statements of activities as animal population. Contributed animal population items are not reflected in the financial statements. The foundation does not deaccession their animal population.”

“The city of virginia beach owns and operates the virginia aquarium infrastructure and facilities. The virginia aquarium & marine science center foundation, inc. Owns the aquarium exhibits, conducts educational programs, directs research and conservation efforts, and conducts fundraising activities for the aquarium. Financial results from the aquarium funds are reported in accordance with the requirements of the governmental accounting standards board. Since its opening in 1986, virginia aquarium & marine science center's mission has been to increase the public's knowledge and appreciation of the marine environment and inspire commitment to preserve its existence. Recognizing that marine conservation extends well beyond virginia's shores, the aquarium announced in 2011 that it would expand its focus to inspire conservation of the marine environment through education, research, and sustainable practices. The animal population enables the foundation to attract the public to buy tickets in order to inspire conservation of the marine environment through education, research, and sustainable practices. The association of zoos and aquariums-sanctioned breeding programs for endangered species, such as tomistoma crocodiles, and enables staff to conduct important research for international conservation.”

“The foundation is an organization described in section 501(c)(3) of the internal revenue code and is exempt from federal and state income taxes. Exempt organizations are subject to tax on income from regularly conducted trade or business activities that are not substantially related to the organization's exempt purpose. Returns are generally subject to examinations for three years from the date filed. This period of limitations has expired for returns filed for tax years prior to 2020. Management continually evaluates tax positions reflected in the foundation's tax filings and does not believe that any material uncertain tax positions exist.”

“Gain on disposition of depreciable assets $461.”