Historic Richmond Foundation

“Fees are not collected and no revenue is associated with holding easements. Related expenses are expensed in the current year.”

“The organization maintains a collection of historical artifacts on display and in storage. Collection items are not capitalized. Proceeds from the sale of collection items are restricted and must be used to acquire other items for the collection or for the direct care of existing collection items. The organization considers direct care to entail actions that enhance the life, usefulness, or quality of the collection items to ensure they will continue to benefit the public. The cost of storing collection items is included in the organization's definition of direct care.”

“The organization's collections include furniture, household furnishings, ephemera, fine art and other historical artifacts. The collections enhance the history and public appreciation of the architectural history and time period of the buildings.”

“Permanent endowment funds are maintained indefinitely. The organization maintains board designated endowment funds to 1) support its ongoing operations to help it fulfill its mission and maintain the properties that it holds 2) support the costs of administering the production and sales of publications and 3) support the purchase, maintenance and improvement of revolving fund properties.”

“The organization recognizes the effect of income tax positions only when they are more likely than not of being sustained. Management has determined that there are no uncertain tax positions that would require financial statement recognition or disclosure.”

“Investment expenses = -60,477 change in value of beneficial interest in trust held by third party = 2,994”

“Cost of goods sold = -2,931”

“Cost of goods sold = 2,931”

“The organization maintains a permanent file on each easement property that includes a copy of the recorded deed with the easement language or deed of easement. The organization inspects the property on a regular basis to ensure that features of the property that are subject to the easement are maintained and the conservation value of the property is preserved. Inspection procedures include the following: a) visual inspections. B) photographs of each property are maintained and catalogued in a separate easement file. C) photographs are taken to illustrate any conditions that may require follow-up by the organization. D) property owners are contacted with items identified during the inspection that are considered to be significant violations of the terms of the easement. A violation is defined as any action, event or lack of maintenance that has caused or has the potential to cause harm to the preservation values and features of the property that are subject to the easement terms. When a significant violation is identified, the organization contacts the property owner outlining in written form the nature of the violation and, if possible, recommendations on how to correct the violation.”