Tudor Place Foundation Inc - Tax

“In accordance with the american alliance of museum's (aam) code of ethics, the foundation's collections (historic objects, archival items, books, historic buildings, landscape, and gardens) are not reported in the accompanying consolidated financial statements and are not treated as financial assets. Each of the items is cataloged, preserved, and cared for, and activities verifying their existence and assessing their condition are performed continuously. The foundation has no interest in disposing of the items comprising its collection, and recording their estimated cost would not be of significant relevance. Purchases of collection items funded by restricted contributions are released from restrictions and recorded as unrestricted acquisition expenses when made. Donated collection items are not recognized in the consolidated financial statements as revenue or assets. From time to time, the board authorizes certain items from the collections to be deaccessioned. The effects of deaccessioning items from the collections do not appear in the consolidated financial statements unless they are sold. If deaccessioned items from the collections are sold, revenue from those sales is allocated to the collections conservation fund or the collections acquisition fund, in accordance with the aam code of ethics and the policies of the organization.”

“The foundation's collections consist of historic objects, archival items, books, buildings, landscape, and gardens. Each item is cataloged, preserved, and cared for, and activities verifying their existence and assessing their condition are performed continuously. Tudor place educates the public about american history and culture through displaying the collections in the museum to provide patrons with special access to unique academic and cultural programs. Tudor place focuses on the historical development of the federal city and the nation's capital region from the 18th to the 20th century as seen through the lens of tudor place, home of martha washington's granddaughter and six generations of her descendants, the custis-peter family. The museum at tudor place also regularly collaborates with local organizations, schools, and museums to offer enriching programs.”

“Endowment funds are to be used for maintaining and preserving the tudor place buildings and grounds, and to support the operations of tudor place.”

“The income tax positions taken by the foundation for any years open under the various statutes of limitations are that the foundation continues to be exempt from income taxes and that they have properly reported unrelated business income that is subject to income taxes. The foundation believes that there are no tax positions taken or expected to be taken that would significantly increase unrecognized tax liabilities within 12 months of the reporting date. None of the foundation's federal or state income tax returns are currently under examination.”

“Direct fundraising expenses cost of shop merchandise”

“Direct fundraising expenses cost of inventories sold”