Huntington Museum of Art Inc

“Collections: the value of art at the huntington museum of art, inc. Has been excluded from the statement of financial position. The art collection is insured for $24,000,000. The cost of objects purchased is reported as collection items purchased on the statement of activities. The proceeds from objects sold are reported as sale of collection items on the statement of activities. During the years ended june 30, 2024 and 2023, purchases of art objects amounted to $76,400 and $125,165, respectively, and the value of objects acquired by gift is unknown. Summary of collection objects american (7,792 objects) armament, armament accessory, basketry, book, canes, cartoon, ceramic, coins, collage, costume, doll/toy, drawing, furniture, glass, jewelry, leather, metal, mixed media, painting, photography, popular culture, print, sculpture, silver, textile, video, and wood. European (1,433 objects) armament, armament accessory, canes, ceramic, costume, doll, drawing, furniture, glass, icon, jewelry, metal musical, painting, paper, print, sculpture, silver, textile, and wood. Near eastern (860 objects) amulet, armament, armament accessory, manuscript, ceramic, coins, costume, furniture, glass, icon, jewelry, lacquer, metal, painting, print, scientific instrument, sculpture, silver, and textile. Asian (719 objects) armament, armament accessory, basketry, ceramic, construction, costume, doll, furniture, glass gem, lacquer, metal painting, print, sculpture, silver, textile, toy, and wood. Americas (635 objects) north american; north american/inuit; central american; south american; native american armament, basketry, ceramic, costume, drawing, furniture, glass, jewelry, metal, painting, paper, print, sculpture, silver, and textile. African (110 objects) armament, glass, jewelry, metal, and sculpture haitian collection (234 objects) painting; sculpture; and works on paper other collections (5,596 objects) archaeological (5,365), oceanic (8), and undesignated (223) total objects 17,379”

“Endowment funds are used for the benefit of the museum to promote excellence in education and visual arts and for the operation of the plant conservatory.”

“The museum follows the provisions of accounting standards codification (asc) topic 740, income taxes, relating to unrecognized tax benefits. This standard requires an entity to recognize a liability for tax positions when there is a 50% or greater likelihood that the position will not be sustained upon examination. The museum is liable for taxes to the extent of any unrelated business income as defined by irs regulations. The museum believes that it has not engaged in any unrelated business income as defined by irs regulations and that it is more likely than not that this position would be sustained upon examination. As such, there were no liabilties recorded for uncertain tax positions as of june 30, 2024 and 2023.”

“Cogs $-87,679 other $-5,801”

“Cogs $-87,679 other $-5,801”