Penmar Development Corporation

“Historical Collections: The Corporation's collections, which were acquired through the acquisition of Fort Ritchie, are not recognized as assets in the Statements of Financial Position. Purchases of collection items are recorded as decreases in unresricted net assets in the year in which the items are acquired or as decreases in temporarily or permanently restricted net assets if the assets used to pruchase the items are restricted by donors. Contributed collection items are not recorded in the financial statements. Proceeds from deaccessions or insurance recoveries are reflected as increases in the appropriate net asset classes. The Corporation's historical collections include, but are not limited to, newspapers, papers, photographs, slides, surveys, and artifiacts from the late 1800s to the late 1900s.”

“Penmar development corporation's historic collection includes, but is not limited to, newspapers, papers, photgraphs, slides, surveys, and artifacts from the late 1800s to the late 1900s.”

“Management has assessed the Corporation's exposure to income taxes at the entity level as a result of uncertain tax positions taken in current and previously filed tax returns. Examples of tax positions taken at the entity level include the continuing validity of its exempt organization status, potential filing requirement for unrelated business income and other tax positions that could result in income tax liabilities to the Corporation upon examination by taxing authorities. Presently, management believes that it is more likely than not its tax position will be sustained upon examination, including any appeals and litigation, such that the Corporation has no exposure to income tax liabilities from uncertain tax positions. The Corporation is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. Management believes the Corporation is no longer subject to income tax examinations for years prior to June 30, 2013.”