Virginia Aquarium & Marine Science Center Foundation Inc.

“Revenue: rental expense of $48,268 reported on part viii line 6b, net of financial service fees of $16,294 reported on part ix line 24e. Expenses:rental expense of $48,268 reported on part viii line 6b, net of financial service fees of $16,294 and net of animal collection of $7,462, both items reported on part ix line 24e.”

“In accordance with industry practice, the Foundation's collections of marine animals are not capitalized and recognized as assets in the statements of financial position. The Foundation holds its collections for public exhibition, education and research rather than for financial gain. It protects, cares for, preserves and keeps its collections unencumbered. Additionally, it is impracticable to attempt to assign values to the collection 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 value of collection items purchased by the Foundation is reported in the statement of activities as collections. Contributed collection items are not reflected in the financial statements.”

“The city of virginia beach owns and operates the virginia aquarium facility. The virginia aquarium & marine science center foundation, inc. Owns the aquarium exhibits, conducts educational programs, directs research and conservation efforts, and fund raising activities for the aquarium. Financial results from the aquarium fund 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 virginia's 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. At a news conference held in honor of its 25th anniversary, the aquarium unveiled its plans for future expansion and development in 1200 acres along owls creek. The proposed design includes a marine animal care center to the north of the aquarium's marsh pavilion, for which the city of virginia beach has already secured two and a half acres, as well as extended wetland trails in the marshview area to the west of owls creek. With the expansion, the virginia aquarium is uniquely positioned to become a major research facility in the international area of climate change and sea level rise. The collection of animals 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. Aza-sanctioned breeding programs for endangered species, such as tomistoma crocodiles, enables staff to conduct important research for international conservation, and they are one of the "signature" collection animals which encourage visitors to contribute directly to conservation at point of purchase.”

“Management continually evaluates tax positions reflected in the Foundation's tax filings and does not believe that any material uncertain tax positions exist.”