Polk Museum of Art Inc

“Collection items consist of art objects that are held for educational and curatorial purposes. Each of the items is cataloged, preserved, and cared for, and kept unencumbered, and activities verifying their existence and assessing their condition are performed continuously. Collection items acquired either through purchase or donation are not capitalized. Purchases of collection items are recorded as decreases in net assets without donor restructions if purchased with assets without donor restructions and as decreases in net assets with donor restrictions if purchased with donor-restricted assets. Contributions of collection items are not recognized in the statement of activities. Proceeds from deaccessions or insurance recoveries are reflected on the statement of activities based on the absence or existence and nature of donor-imposed restrictions. If collection items are sold, the proceeds from the sale are used to purchase additional collection items.”

“The organization's collection addresses the goal to acquire unique, and culturally diverse collections to further its exempt purpose as an educational institution.”

“In september 1986, the museum entered into a trust agreement with the division of cultural affairs, state of florida, department of state, whereby the state of florida granted $240,000 to the museum, to be matched with $360,000 of museum funds, to make an endowment totaling $600,000. The museum may expend the investment proceeds of the endowment only for operating costs related to fine art activity. The trust agreement imposes operating and financial reporting requirements on the museum. The grant will revert to the state of florida if the museum ceases to operate, is no longer a qualified sponsoring organization, files for bankruptcy, expends a portion of the endowment principal, or willfully violates provisions of the trust agreement. In october 2000, the museum entered into a trust agreement with the division of cultural affairs, state of florida, department of state, whereby the state of florida granted $240,000 to the museum, to be matched with $360,000 of museum funds, to make an endowment totaling $600,000. The museum may expend the investment proceeds of the endowment only for cultural activity operating costs. The trust agreement imposes operating and financial reporting requirements on the museum. The grant will revert to the state of florida if the museum ceases to operate, is no longer a qualified sponsoring organization, files for bankruptcy, expends a portion of the endowment principal, or willfully violates provisions of the trust agreement. The museum's endowed foundation consists primarily of funds established by the board of trustees in prior years through donations and the growth of those funds over the years. As required by u.s. Generally accepted accounting principles, net assets associated with endowment funds, including funds designated by the endowment committee to function as endowments, are classified and reported based on the existence or absence of donor imposed restrictions. As noted above, the two trust agreements with the division of cultural affairs, totaling $1,200,000, are classified as net assets with donor restrictions. Income, realized and unrealized gains and losses and contributions without donor restrictions have been classified as net assets without donor restrictions designated by the board of trustees for endowment.”

“The museum has adopted the standard for accounting for uncertain tax positions. The standard prescribes a recognition threshold and measurement principles for the financial statement recognition and measurement of tax positions taken or expected to be taken on a tax return that are not certain to be realized.”

“Additional direct fundraising event costs 33,484. Costs of goods sold 56,034.”

“Costs of goods sold 56,034. Additional direct fundraising event costs 33,484.”