De Ette Holden Cummer Museum Foundation

“The museum's collections are made up of paintings, prints, artifacts of historical significance, and other art objects that are held for educational, research and curatorial purposes. Each of the items is cataloged, preserved, and cared for, and activities verifying their existence and assessing their condition are performed continuously. Collection items are subject to a policy that requires proceeds from their sales to be used to acquire other items for collections. The value of the art objects in the permanent collection is not subject to reasonable estimation, and therefore, is excluded from the statements of financial position. Additions to the permanent collection are made either by gifts, bequests, or through purchases using the foundation's acquisition funds. All works of art are held for public exhibition, education, or research in furtherance of public service rather than financial gain; are protected, kept unencumbered, cared for, and preserved, and are subject to strict policies governing their use.”

“The museum's collections are made up of paintings, prints, artifacts of historical significance, and other art objects that are held for public exhibition, educational, research and curatorial purposes in furtherance of public service.”

“The foundation's endowment consists of approximately 30 individual funds established by donors to provide annual funding for specific activities and general operations. The goals of the foundation's investment policies are to: (a) provide funding for the operation and support of the museum, (b) maintain purchasing power of the investment assets, (c) prudently manage the investment assets to provide additional funding for future operation and support, (d) pay all investment related expenses, (e) minimize risk and preserve capital, and (f) achieve a competitive rate of return.”

“The museum is exempt from federal income taxes under section 501(a) of the internal revenue code as an organization described in section 501(c)(3). The museum is also exempt from state income taxes on related income pursuant to chapter 220 of the florida statutes. However, income from certain activities not directly related to the museum's tax-exempt purpose is subject to taxation as unrelated business income. The museum has determined that there are no material uncertain tax positions that require recognition 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. The museum believes it is no longer subject to income tax examinations for years prior to 2021.”

“Rental expense 184,098. Change in value of split interest agreements 17,129.”

“Loss on pledge receivable 651,127.”

“RENTAL EXPENSE 184,098.”