Kmac Museum Inc.

“Kmac maintains collections of items for exhibition purposes. The collections, which were acquired through purchases and contributions since kmac's inception, are not recognized as assets on the statement of financial position. Purchases of collection items are recorded as decreases in net assets without donor restrictions in the year in which the items are acquired, or as decreases in net assets with donor restrictions if the assets used to purchase the items were restricted by donors. Contributed collection items are not reflected on the financial statements. Proceeds from deaccessions or insurance recoveries are reflected as increases in the appropriate net asset classes. During the year ended june 30, 2023, various works of art with a fair value of $319,950 as determined by appraisal were donated to the kmac collection. Collections are held for public exhibition and education rather than for financial gain and are protected, kept unencumbered, cared for and preserved. Kmac's policy is to require proceeds from the sales of collection items to be used to acquire other collection items. All collection items are catalogued, and activities verifying the existence and assessing the condition of the collection are performed continuously.”

“The museum's collections are items held for public exhibition and education. The collection consists of pieces featuring artists who have developed a personal and highly critical dialogue with their chosen materials. The ideas and issues that are expressed in the works on view are nurtured through a diversity of material explorations related to pen and ink drawing, ceramics, woodworking, painting, photography, glassmaking, film, video, and found objects.”

“The endowment fund was established to provide funding for the organization's operating activities.”

“Kmac is exempt from federal, state and local income taxes as an organization under section 501(c)(3) of the internal revenue code (irc). Kmac files informational tax returns with the u.s. Federal jurisdiction and with the kentucky office of the attorney general. Income from certain activities not directly related to kmac's tax-exempt purpose may be subject to taxation as unrelated business income. Management does not believe that kmac has unrelated business income for the years ended june 30, 2023 and 2022. As of june 30, 2023 and 2022, kmac did not have any accrued interest or penalties related to income tax liabilities, and no interest or penalties have been charged to operations for the years then ended.”

“Special event expenses -114,801.”

“Special event expenses 114,801.”