Historic Columbia Foundation

“Historic treasures consist of furniture and fixtures owned and borrowed that possess historic significance to the State and the people of South Carolina. The Foundation holds more than 4,165 objects considered to be historic treasures. The value of objects purchased by, or donated to, the Foundation are not included within its statements of financial position as they are held for public education and exhibition, are protected and preserved, and the proceeds from the sale of collection items are used to acquire and/or conserve other items in the collection. Additionally, certain historic treasures contain restrictions on their disposal.”

“Historic treasures consist of furniture and fixtures owned and borrowed that possess historic significance to the State and the people of South Carolina. The Foundation holds more than 4,165 objects considered to be historic treasures. They are held for public education and exhibition, are protected and preserved, and the proceeds from the sale of collection items are used to acquire and/or conserve other items in the collection. Additionally, certain historic treasures contain restrictions on their disposal.”

“Part of the Endowment Funds are temporarily restricted by donor purposes. The Board designated are restricted and intended to support the overall mission of the organization and assist with potential future capital repairs.”

“The Foundation is exempt from federal income taxes under Section 501(c) (3) of the Internal Revenue Code and therefore has made no provision for federal income taxes in the accompanying financial statements. Management is not aware of any transactions which would jeopoardize their tax-exempt status. Accounting principles generally accepted in the United States of America require management to evaluate tax positions taken by the Foundation and to recognize a tax liability (or asset) if the Foundation has taken an uncertain position that more likely than not would not be substantiated upon examination by the IRS. Management has analyzed the tax positions taken by the Foundation and has concluded that as of June 30, 2025 and 2024, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Foundation is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. U.S. state jurisdictions have statutes of limitations that generally range from three to five years.”