Ormond Memorial Art Museum Inc

“The museum has adopted a policy of not capitalizing collections in its financial statements. Accordingly, artwork that has been donated to the museum with the stipulation that it be held in perpetuity, is treated as collection items,: and as such is not reflected on the financial statements of the museum. In addition, the museum does not capitalize purchased artwork that is added to its collections. Purchases of collection items reduce net assets in the period when purchased. Proceeds from the sales or insurance recoveries are recorded as increases in net assets when received. Although the financial statements do not disclose the cumulative cost of collection, each of the collection items are cataloged for educational, research, and curatorial purposes, and activities verifying their existence and assessing their condition are performed continuously.”

“The museum hosts several exhibitions each year featuring work in a variety of mediums by national and international artists, in addition to annual shows highlighting art by area students. Also on display is a rotating selection of spiritual oil paintings from the malcolm fraser permanent collection in the reception gallery, and a special installation of neo-pop art by john wilton in the stairwell gallery. Each month, omam engages with their community by providing free art pop-ups and other outreach events, including programs designed for underserved children, families, and veterans, as well as patients, caregivers, and survivors.”

“The objectives of the investments in the endowment funds are to financially support the mission, enable the expansion of innovative programs for which no specific capital has been granted by state, local, or private funding sources, and to enhance the existing programs by supporting current needs and/or unforseen expenses.”

“Income taxes are not provided for in the financial statements since the museum is exempt from federal and state income taxes under section 501(c) (3) of the internal revenue code and similar state provisions. The museum is treated as a public supported museum, and not as a private foundation. Management is not aware of any activities that would jeopardize the museums tax-exempt status. The museum accounts for uncertain tax positions, if any, in accordance with asc section 740. In accordance with these professional standards, the museum recognizes tax positions only to the extent that management believes it is more likely than not that its tax positions will be sustained upon irs examination. Management believes that it has no uncertain tax positions that qualify for either recognition or disclosure in the financial statements for the year ended september 30, 2025. The museum believes that its income tax filing positions will be sustained upon examination and does not anticipate any adjustments that would result in a material adverse effect on the museum 's financial condition, results of operations, or cash flows. Accordingly, the museum has not recorded any reserves, or related accruals for interest and penalties for uncertain income tax positions at september 30, 2025. 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 fiscal years ending prior to september 30, 2022. The museums policy is to classify income tax related interest and penalties in interest expense and other expenses, respectively.”