The Columbus Museum Inc.

“In conformity with the practice followed by many museums, art objects for the museum's permanent collection, although significant, are not included in the accompanying statements of financial position. For the year ended june 30, 2015, the accessions for the permanent collection are composed of the following: objects acquired by gift: $230,420 objects acquired by purchase: $996,043 financial statement presentation of contributed collections follows the recommendation of the financial accounting standards board in its statement of financial accounting standards (sfas) no. 116, "accounting for contributions received and contributions made". Under sfas no. 116, the museum does not capitalize collections and therefore does not record contributed collection items.”

“The columbus museum focuses on two primary areas of collecting: american fine and decorative art from the pilgrim era to the present, which speaks to the cultural and artistic development of our nation, and the history of the lower chattahoochee river valley, which addresses the development of human inhabitation of our region from native peoples in the woodland era through present day. The museum's permanent collections are the objects that support and reflect our activity in these two major areas of our mission and that have been collected and preserved over the past 62 years since the museum opened. All that we do to interpret these objects to the citizens of columbus and georgia, as well as our surrounding cities and states, falls into our intensive educational programming, including our partnership with the muscogee county school district. Our collections are the integral tools by which we make relevant these objects to our nation's past and our community's history.”

“Fin 48 footnote: gaap requires management to evaluate positions taken by the museum and recognize a tax liability if the museum has taken an uncertain tax position that more likely than not would not be sustained upon examination by the irs or state or local taxing authorities. Management has analyzed the tax positions taken by the museum and has concluded that as of june 30, 2015, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements. The museum is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. Management believes the museum is no longer subject to income tax examinations for fiscal years prior to 2012.”

“Change in value of split interest agreements 9,069. Direct fundraising expenses 89,024.”

“Direct fundraising exp 89,024.”