Norton Museum of Art Inc.

“The norton has elected to exclude the value of objects in the permanent collection from the statement of financial position, as permitted by sfas no. 116. An addition of art to the permanent collection is made either by gift or through purchase using art acquisition funds. The acceptance and disposal or removal of works of art in the collection is performed in accordance with a formal policy adopted by the board of trustees in 2003. Purchases for the collection are recorded as expenditures for the acquisition of art objects in the statement of activities for the year in which the objects are acquired.”

“Ralph and elizabeth norton established the norton museum of art as the norton gallery and school of art in 1941. It was founded on the basis of their private collection comprised of a handful of old master paintings and far more extensive holdings of french and american painting, sculpture, and works on paper, most made after 1870. Before his death in 1953, norton expanded the collection to include chinese art, such as ancient bronzes and jades, ceramics, furniture, and textiles. His bequest added many more works in each of these categories of the collection. In subsequent decades, acquisitions from all sources have enriched the original collecting areas of european, american, and chinese art in terms of breadth and depth while conforming to the high qualitative standards established by the nortons. Today, the collection numbers approximately 7,000 objects. Among the most sought-after works for loans to exhibitions both here and abroad are monet's "gardens of villa moreno," gauguin's "christ in the garden of olives," pollock's "night mist," and our three o'keeffe paintings. The norton museum of art strives to preserve, develop, exhibit and interpret its outstanding collection and to educate the public through special exhibitions, publications and programs. As a recognized leader in the arts in the years since its founding, the norton museum of art brings a significant cultural and educational presence to the state of florida and reaches nationally and internationally through its programming and visitors, loans of works of art, and traveling exhibitions. A principal strength of the norton lies in its permanent collection since the quality, depth and breadth of its holdings are used as the basis for exhibitions, educational programs and scholarship. For example, school and summer camp tours introduce approximately 10,000 k-12 students to works in the museum's collection each year. Nine museum collection theme tours and five special exhibition tours are available for teachers to choose from, free of charge, on topics ranging from medieval and renaissance treasures to the art of science and african american art and culture. The norton collection is also the focus of educational programs for adults. Concerts and performances relate to special exhibitions and cultural themes represented by works in the galleries. Tours, and treasure of the month talks allow visitors to engage with docents and staff in the galleries in informal discussions of subjects in art and works on view. A closer look provides public access to lectures for docent candidates concerning specific works in the museum collection and the historical contexts and circumstances of their origin.”

“The norton's endowment is established for the purposes expressed in the mission of the norton.”

“The norton is exempt from federal and state income taxes under internal revenue code section 501(c)(3). Accordingly, no provision for income taxes has been recorded in the financial statements. The norton is required to operate in conformity with the provisions of the internal revenue code to maintain its exempt status. Under the provisions of fasb asc 740, uncertainty in income taxes, management analyzes tax positions in jurisdictions where it is required to file income tax returns. Interest and penalties attributable to income taxes, if any, are included in operating expenses. No such interest or penalties were recorded for the years ended september 30, 2014 and 2013. The norton is no longer subject to income tax examinations for years prior to september 30, 2011.”

“Inventory related cost of goods sold 238,275. Special events expenses 533,661. Rental expenses 94,669.”

“Charitable gift annuity payments 49,237.”

“Inventory related cost of goods sold 238,275. Special events expenses 533,661. Rental expenses 94,669.”

“Charitable gift annuity payments 49,237.”