Discovery Place Inc.

“Donated collections received since discovery place's inception are not recognized as assets on the statement of financial position.”

“Collection of natural history objects which include rocks and minerals, shells, fossils, and taxidermy objects used in public exhibitions in the museum and for reference materials in education programs conducted by the museum.”

“The intended purpose of the endowments is to support the operations of the museum. Any disbursements received from the endowments are used to subsidize operating expenses.”

“Discovery place is exempt from income tax under the provisions of section 501(c)(3) of the internal revenue code (irc). The financial accounting standards board (fasb) issued guidance on accounting for uncertainty in income taxes. Management evaluated discovery place's tax positions and concluded that discovery place had taken no uncertain tax positions that require adjustment to the financial statements to comply with the provisions of this guidance.”

“Gift shop cost of goods sold -23,640. Direct fundraising expenses -71,981.”

“Gift shop cost of goods sold 23,640. Direct fundraising expenses 71,981.”

“Discovery place, inc. Entered into a non-cancelable operating lease agreement with the city of charlotte for the discovery place buildings, including the main building, the omnimax dome theater, the parking deck and the annex building. Discovery place, inc. Pays $1 annually for the lease, which includes structural repairs. Discovery place, inc. Has recognized the present value of the building rental and services provided by the lease agreement as a temporarily restricted net asset. The present value of the contribution is being amortized over the 50 year lease term due to the fact that it is probable that the lease will be renewed. Discovery place, inc. Entered into non-cancelable operating lease agreements with the city of rockingham for the discovery place kids rockingham museum and with the town of huntersville for the discovery place kids museum. Discovery place pays $1 annually for each lease, which includes utilities and structural repairs. Discovery place, inc. Has recognized the present value of the building rental and services provided by the lease agreements as a temporarily restricted net asset. The present value of the contribution for rockingham is being amortized over the 10 year initial lease term due to the fact that the lease renewal is based on specific attendance and operating criteria which the probability of meeting cannot be determined. The present value of the contribution for huntersville is based on 30 years due to the fact that it is probable that the lease will be renewed. Discovery place, inc. Entered into a non-cancelable operating lease agreement with bank of america, national association for the stem development center. Discovery place, inc. Pays $1 annually for the lease subject to certain program performance goals and metrics. Discovery place, inc. Has recognized the present value of the building rental by the lease agreement as a temporarily restricted net asset. The present value of the contribution is being amortized over the 4 year lease term. The entire deferred commitment of these leases is being adjusted for on schedule d of the 990 as a gift in kind of donated services and use of facilities.”