Fernbank Inc

“Fernbank Museum was created to encourage and advance the study and understanding of natural history by disseminating knowledge of the Earth and life upon it. We seek to develop a comprehensive collection for exhibition and education for students and visitors of all ages, as well as for research by curators and visiting scholars.As a natural history museum, we will collect and maintain a repository of biological, anthropological, geological and paleontological specimens that will be used to develop engaging exhibits, educational programs and resources to provide our visitors with opportunities to learn more about the earth and its inhabitants, both past and present.”

“The overall financial objectives of the endowment are to support the current and future operations of the Museum particularly with respect to Fernbank Forest and to preserve and enhance the purchasing power of the endowment. The endowment's investment policy is structured to achieve returns in excess of the rate of inflation to preserve the purchasing power of the temporarily restricted assets as well as emphasize growth of principal while avoiding excessive risk. The endowment's spending policy allows for distributions up to 4.5% of a trailing three-year average of the market value of the temporarily restricted endowment fund for specified organizational purposes.”

“$179,515 fundraising expenses $ 13,206 other audit vs tax differences ---------- $192,721 Total Adjustments”

“$179,515 fundraising expenses $ 13,206 other audit vs tax differences $ 90,431 bad debt expense ---------- $283,152 Total Adjustments”

“Fernbank, Inc. is a not-for-profit organization which is exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code. Accordingly, no provision for income taxes is reflected in the accompanying financial statements. The Organization annually evaluates all federal and state income tax positions. This process includes an analysis of whether these income tax positions the Organization takes meet the definition of an uncertain tax position under the Income Taxes Topic of the Financial Accounting Standards Codification. The Organization does not believe it has any uncertain tax positions as of December 31, 2024. In the normal course of business, the Organization is subject to examination by the federal and state taxing authorities. In general, the Organization is no longer subject to tax examinations for tax years ending before December 31, 2021.”

“In accordance with GAAP, donated collections are recorded at commercial market value, determined by independent appraisal. Purchased collection items are recorded at cost. Collections are not depreciated. --- The value of collections donated by individuals prior to the current method of recording donated collections, including the gem stone collection and other works of art, are not recorded. However, the Organization's gem stone collection is extensive and has substantial value based upon appraisals of the items at the time of their donation.”