Reynolda House Inc.

“A conservation easement was effective at the beginning of the year on 4.84586 acres of reynolda woods block 3436, lot 112e, donated january 7, 2003 from the mary reynolds babcock foundation via the estate of betsy main babcock. The deed included imposed restrictions by the mary reynolds babcock foundation that the property shall be a public greenspace in perpetuity and never developed. On august 15, 2014, the organization received an irrevocable waiver and release of restrictions and quitclaim on the property from the mary reynolds babcock foundation.”

“The contribution of 4.84586 acres of reynolda woods block 3436, lot 112e, donated january 7, 2003 from the mary reynolds babcock foundation via the estate of betsy main babcock was recorded at $970,000 based on an appraisal performed april 5, 2001. Reynolda house pays property taxes on this property to forsyth county, north carolina. The organization reports the property on its balance sheet with land.”

“Reynolda house has various works of art and historical treasures (approximately 4,250 items), which include the original reynolda house (approximately 30,000 square feet) and its contents, as well as paintings and other items subsequently acquired. In accordance with accounting for contributions, an entity need not recognize such items in its financial statements if the items are added to collections held for public exhibition, education, or research in furtherance of public service rather than financial gain. If purchased, the collection items are expensed, and if donated, they are not reflected in the financial statements. Proceeds from deaccessions or insurance recoveries are reflected as increases in the appropriate net asset classes. The works of art and historical treasures are subject to a policy that requires proceeds from their sales to be used to acquire other items for works of art and historical treasures. Reynolda house's paintings are cataloged for educational, research, scientific, and curatorial purposes, and activities verifying their existence and assessing their condition are performed on an ongoing basis. There were no proceeds from sale of collection items or proceeds from insurance recoveries of collection items and there were no purchases of collection items in fiscal year 2015 or 2014.”

“Reynolda house is renowned for its collection of american art. In the mid 1960s the founding directors set out to obtain the best examples of work from american artists of major significance. Today, masterpieces from three centuries of painting and sculpture make up the collection, including works by such distinguished artists as albert bierstadt, mary cassatt, frederic church, john singleton copley, thomas eakins, jacob lawrence, georgia o'keeffe, and grant wood. The collection is extraordinary for its quality and provides audiences with a thorough survey of major developments in american art in a warm and welcoming setting.”

“The museum's endowment includes both donor-restricted endowment funds and funds designated by the board of directors to function as endowments. Net assets associated with endowment funds, including funds designated by the board of directors to function as endowments, are used to support the museum's mission.”

“Reynolda house is a tax-exempt organization as described in section 501(c)(3) of the internal revenue code (the "code") and is generally exempt from federal income taxes on related income pursuant to section 501(a) of the code. Accordingly, no provision for income taxes is recorded in the financial statements. During the year ended june 30, 2014, reynolda house was not subject to unrelated business income taxes. Management evaluated reynolda house's tax positions and concluded that reynolda house had taken no uncertain tax positions that require adjustment to the financial statements as of june 30, 2015 and 2014. Reynolda house is no longer subject to income tax examinations for years prior to june 30, 2012.”

“Direct fundraising expenses 65,994. Cost of goods sold 55,135.”

“Direct fundraising expenses 65,994. Cost of goods sold 55,135.”