B&O Railroad Museum Inc

“Historic buildings and collections: the museum's collection is made up of artifacts of historical significance, including historical buildings, locomotives, rolling stock, historic vehicles, manuscripts, books, fine art, photographs, and other decorative and archival materials. The museum's collection, which was acquired through purchases and contributions since the museum's inception and consists of various artifacts of historical significance, is not recognized as an asset on the statement of financial position. Purchases of collections items are recorded as decreases in unrestricted net assets in the year in which the items are acquired or as temporarily or permanently restricted net assets if the net assets used to purchase the items are restricted by donors. Contributed collection items are not reflected on the financial statements. Proceeds from deaccessions or insurance recoveries are reflected as increases in the apppropriate net asset classes.”

“The museum's collection consists of artifacts of historial significance, including historical buildings, locomotives, rolling stock, historic vehicles, manuscripts, books, fine art, photographs, and other decorative and archival materials. This collection is on public display and is used for educational and research purposes in accordance with the organizations mission. (see form 990 part 1 question 1)”

“The museums board designated net assets are composed of an endowment that consists of multiple funds established for a variety of purposes and other assets that the board of directors have designated for certain purposes. The endowment includes funds designated by the board of directors to function as endowments.”

“The museum is exempt from federal and state income taxes under internal revenue code (irc) 501(c)(3). Income that is not related to exempt purposes, less applicable deductions, is subject to federal and state income taxes. The museum had no unrelated business income for the years ended december 31, 2013 and 2012. Accordingly, no provision for income taxes is reflected in these financial statements. The museum's federal exempt organization tax returns are subject to examination by the irs, generally for a period of three years after the returns are filed.”

“Cost of goods sold shown net on t/r. 208,801. Fundraising expenses shown net on t/r 68,502.”

“Cost of goods sold shown net on t/r 208,801. Fundraising expenses shown net on t/r 68,502.”