Bob Jones University Museum & Gallery Inc

“The bob jones university museum & gallery houses one of the most important collections in america of european old master paintings, which date from the 14th through 19th centuries and beautifully trace the artistic, religious, and cultural history of western europe. In addition to works by major artists (such as rubens, tintoretto, botticelli, cranach, van dyck, dore, honthorst, etc.) and their students, the collection also has furniture, decorative arts, and textiles from the same countries and eras as well as includes antiquities from the middle east and russian and greek icons. The breadth of the cultures and centuries represented by the collection provide an excellent resource for meeting our mission of sharing the collection through exhibits, events, and programming to touch and enrich the whole person--mind, heart, and soul.”

“Temporarily restricted net assets are for payment of annuities, restoration of paintings, and purchase of art other than paintings.”

“M&g is a nonprofit organization that is exempt from income taxes as an entity described in section 501(c)(3) of the internal revenue code. M&g does pay income tax on certain unrelated business activities. M&g has adopted the provisions of the accounting for uncertainty in income taxes topic of fasb asc. This guidance addresses the accounting uncertainty in income taxes recognized in an organizations financial statements and prescribes a threshold of more-likely-than-not for recognition and derecognition of tax positions taken or expected to be taken in a tax return. It also provides related guidance on measurement classification, interest and penalties, and disclosure. As a result of the implementation of this guidance, m&g has determined that it has no uncertain tax positions requiring accrual and disclosure.”