South Florida Museum and Bishop Planetarium Inc

“The collections, which were acquired through purchases and contributions since the organization's inception, are not recognized as assets on the statement of financial position. Purchases of collection items are recorded as decreases in unrestricted net assets in the year in which the items are acquired, or as temporarily or permanently restricted net assets if the assets used to purchase the items are restricted by donors. Contributed collection items are not reflected on the financial statements. Proceeds for deaccessions or insurance recoveries are reflected as increases in the appropriate net asset classes.”

“The organization's collections are made up of artifacts of historical significance, scientific specimens, and art objects that are held for educational, research, scientific, and curatorial purposes. Each of the items is catalogued, preserved, and cared for, and activities verifying their existence and assessing their condition are performed continuously. The collections are subject to a policy that requires proceeds from their sales to be used to acquire other items for collections.”

“The corpus of the endowment is to be held in perpetuity, with the income contributing to meeting the operational needs of the organization.”

“The bishop museum of science and nature, inc. (the bishop) is a tax-exempt organization under internal revenue code section 501(c)(3), as such, there was no provision for income taxes for the year ended december 31, 2024. The bishop considers items that may be subject to tax as unrelated trade or business income each year and files the appropriate exempt organization business income tax return each year. The activities primarily subject to such consideration are the gift shop and rental income. During 2024, there was no unrelated business income tax due for these activities. The museum adopted accounting standards codification 740 related to accounting for uncertainty in income taxes. Management has reviewed their tax positions, including the bishop's exempt status, and concluded no liability or uncertain tax positions, or any interest or penalties related to uncertain tax positions should be recognized in the bishop's consolidated financial statements. The preceding three years' tax returns remain open to inspection by the internal revenue service.”

“Revenue of endowment (id #65-0458897) 1,597,861. Expenses included in part i not on rev. Section of audit for special events 81,443. Expenses included in part i not deducted from rev. Section of audit for cogs 90,822. Revenue of real estate (id #82-3061626) 20.”

“Special event expenses (not included in line 17 total expenses) 81,443. Cost of goods sold (not included in line 17 total expenses) 90,822. Expenses of real estate (id #82-3061626) 864,202.”

“Expense eliminated in consolidated financial statements 72,750.”