J B Speed Art Museum

“In conformity with the practice followed by most museums, art objects are not included in the accompanying statement of financial position. Accordingly, the fair values of the objects acquired by gift are not included in the statement of activities. The costs of objects purchased are included as expense in the statement of activities. For the years ended september 30, 2020 and 2019, the museum received gifts of art work in the amount of $284,316 and $1,487,408, respectively, and purchased artwork in the amount of $587,870 and $1,515,565, respectively. Deaccessions were not significant for the years ended september 30, 2020 and 2019. The museum has a significant collection of art including approximately 13,000 pieces. The collection spans 6,000 years and ranges from ancient egyptian to contemporary art. The museum has distinguished collections of 17th century dutch and flemish paintings; 18th century french art; renaissance and baroque tapestries; and significant holdings of contemporary paintings and sculptures. Works by kentucky artists, including furniture, paintings and decorative arts are represented in the museum's collection. African and native american works are also represented.”

“The museum has a significant collection of art including approximately 13,000 pieces. The collection spans 6,000 years and ranges from ancient egyptian to contemporary art. The museum has distinguished collections of 17th century dutch and flemish paintings; 18th century french art; renaissance and baroque tapestries; and significant holdings of contemporary paintings and sculptures. Works by kentucky artists, including furniture, paintings and decorative arts are represented in the museum's collection. African and native american works are also represented.”

“The intended use of the organization's endowment funds are to support its operations.”

“The museum qualifies as a tax-exempt organization under section 501(c)(3) of the internal revenue code and is classified as other than a private foundation. Accordingly, no income taxes have been provided in the accompanying financial statements. The museum recognizes uncertain income tax positions using the "more-likely-than-not" approach as defined in the asc. No liability for uncertain tax positions has been recorded in the accompanying financial statements.”

“Fundraising expenses 257,985. Cost of good sold 50,099.”

“Change in funds held in trust by others 42,585. Impact of adoption of asu 2014-09 268,994.”

“Fundraising expenses 257,985. Cost of goods sold 50,099.”