B&O Railroad Museum Inc

“The museum's collection is made up of artifacts of historical significance, including locomotives, rolling stock, historic vehicles, manuscripts, books, fine art, photographs, and other decorative and archival materials. Historic buildings include the mt. Clare station (1851), the passenger car shop (the roundhouse) (1884), the annex (1884), the north passenger car shop (1869) and the south passenger car shop (1870). 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 collection items are recorded as decreases in net assets without donor restrictions in the year in which the items are acquired or as decreases in net assets with donor restrictions 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 appropriate net asset classes.”

“The museum's collection consists of artifacts of historical 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 to preserve the physical legacy and experience of american railroading, and to interpret and present its history to the widest possible audience. The collection is intended to develop programs which broaden and deepen public appreciation of the past, present and future significance of the railroad industry in the development of american life, especially in the city of baltimore, state of maryland, and the region.”

“The museum's 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.”

“Asc 740, income taxes, prescribes the recognition and measurement of a tax position taken or expected to be taken in a tax return. It also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. For those 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 museum does not have any amounts accrued relating to interest and penalties as of june 30, 2024 and 2023.”

“Gift shop cost of goods sold netted with sales 111,056.”

“Gift shop cost of goods sold netted with sales 111,056.”