Catawba County Historical Association Inc.

“Collection items acquired either through purchase or donation are not capitalized. Purchases of collection items are recorded as decrease in unrestricted net assts if purchased with unrestricted assets and as decreases in temporarily restricted or permanently restriced net aseets if purchased with donor restricted assets. Contributions of collection items are not recognized in the statement of activities. Proceeds from deaccessions or insurance recoveries are reflected on the statement of activities based on the absence or existence and nature of donor imposed restrictions.”

“The collection is made up of nearly 60,000 artifiacts that local residents of the past used in their daily lives. Artifacts range in size and fragility from nineteenth century correspondence to twentieth century mechanical farm equipment. Additionaly, the collection includes 30 historic structures that date from 1812 to 1953. Each item directly contributed to the economy and/or culture of catawba county and its role in the development of the western piedmont of north carolina. Through exhibitions, programming and research, ccha's collection supports the organization's exempt purpose through the advancement of education as well as maintaining public buildings, monuments, or works.”

“Fasb asc 740-10, accounting for uncertainty in income taxes, clarifies the accounting for uncertainty in income tax positions. Based on an evaluation of uncertain tax positions, management is required to measure potential tax liabilities that could have a risk of greater than a 50% likelihood of being realized upon settlement. As of june 30, 2017, management has determined that the foundation has no such risk and therefore no liabilities have been recorded for uncertain tax positions.the associations is exempt from federal income taxes under section 501(c)(3) of the internal revenue code, except on net income derived from unrelated business activities. The foundateion believes that it has appropriate support for any tax positions taken, and as such, does not have any uncertain tax positions material to the financial statements.the association's return of organizatin exempt from income tax (form 990) for 2013,2014, and 2015 are subject to examination oby the irs, generally for three years after the return is filed.”