Historic Richmond Foundation-The William Byrd Branch of Apva Preser

“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 are made on an annual basis. b) Photographs of each property are maintained and catalogued in a separate easement binder. 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 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 potential violation is identified, the organization contacts the property owner in person or by certified mail outlining in written form the nature of the violation and, if possible, with recommendations on how to correct the violation.”

“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.”

“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. Tax years from 2011 through the current year remain open for examination”

“Investment expenses = -$38,724”

“Change in value of interest in charitable lead unitrust = $1,535”

“Cost of goods sold = -$8,132”

“Rental expenses = -$5,566”

“Cost of goods sold = $8,132”

“Rental expenses = $5,566”