Kmac Museum Inc

“Kmac maintains collections of items for exhibition purposes. Thecollections, which were acquired through purchase and contributions since kmacs inception, are not recognized as assets on the statement offinancial position. Purchase of collection items are recorded as decreases in net assets without donor restrictions in the year whichthe items are acquired, or as decreases in net assets with donorrestrictions if the assets used to purchase the items were restricted bydonors. Contributed collection items are nt reflected on the financial statements. Proceeds from deaccession or insurance recoveries are reflected as increases in the appropriate net asset classes. During the year ended june 30, 2024, various works of art with a fairvalue of $11,000 as determined by appraisal were donated to the kmac collection. Collection are held for public exhibition and education rather than forfinancial gain and are protected, kept unencumbered, cared foe and preserved. Kmacs policy is to require proceeds from the sales of collection items to be used to acquire other collection items. Allcollection items are catalogued, and activities verifying the existence and assessing the condition of the collecion are preformed continuously.”

“The museums collections are items held for public exhibition andeducation. The collection consist of peices featuring artists who havedeveloped a personal and highly critical dialogue with their chosenmaterials. The ideas and issues that are expressed in the works on vieware nurtured through a diversity of material explirations related to penand ink drawings, ceramics, woodworking, painting,photography, glassmaking, film, video, and found objects.”

“The endowment fund was established to provide funding for the organizations opreating activities.”

“Special event expenses -122,088”

“Special event expenses 122,088”

“Kmac is exempt from federal, state and local income taxes as anorganization under section 501(c) (3) of the internal revenue code (irc).kmac files information tax returns with the us federal jurisdictionand with kentucky office of the attorney general. Income from certainactivities bit directly related to kmacs tax-exempt purpose may besubject to taxation as unrelated business income. Management does not believe that kmac has unrealted business income for the years endedjune 30, 2024 and 2023.as of june 30, 2024 and 2023, kmac did not have any accrued interest or penalty related to income tax liabilities, and no interest or penalties have been charged to operations for the years then ended.”