Morgan County Foundation Inc.

“NOTE 8: COLLECTIONSCollections, which were acquired either through purchases or contributions, include historical and cultural artifacts that are of significance in understanding the history and culture of the Piedmont region of Georgia. The collections are held for educational, research, and curatorial purposes. The items are preserved, cared for, and activities verifying their existence and condition are performed regularly. Collection items are subject to a policy requiring that proceeds from deaccessions be used to acquire additional collection items. Collection items are not recognized as assets on the statement of financial position. Additions to the museum collection are not capitalized, but are reported as decreases in the appropriate class of net assets. Proceeds from the disposition of items and proceeds from insurance claims for lost or destroyed items are reported as increases in the appropriate class of net assets.”

“The Foundation's collections consist primarily of papers, works of art, and artifacts that have historical and or cultural significance to the Piedmont area of Georgia. The collections have a specific focus on the historical and cultural heritage of Morgan County, Georgia. These collections are maintained on display at the Foundation's headquarters for viewing by the general public. The Foundation also serves as a steward of these items. This stewardship preserves the historical and cultural legacy of the area for future generations.”

“The Foundation uses the endowment funds to derive both current investment income and long-term growth of the investments. This income and long-term growth is then used to subsidize the cost of the programming that the Foundation provides to the public. The Foundation has adopted a 4.5 percent spending policy to ensure that both current and long-term needs are met.”

“The Foundation is exempt from all federal and state income taxes under Section 501(c)(3) of the Internal Revenue Code. Accordingly, no provision for income taxes is made in the financial statements.The Foundation adopted the provisions of FASB ASC 740 Income Taxes including the guidance related to the recognition and measurement of uncertain income tax positions. The adoption of this guidance had no financial statement effect on the Foundation. The Foundation's income tax returns for years 2018 to present are still open to examination by the taxing authorities. The Foundation's income tax returns are generally open for examination by federal and state taxing authorities for three years from the later of the date the return is filed or the due date of the return.”