Owsley Brown Frazier Historical Arms

“The organization qualifies as a tax-exempt organization under section 501(c)(3) of the internal revenue code and operates as other than a private foundation. Accordingly, no income taxes have been provided in the accompanying financial statements. The organization 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.”

“Rental expenses 785,391. Fundraising event expenses 159,091. Cost of goods sold 305,047.”

“Rental expenses 785,391. Fundraising event expenses 159,091. Cost of goods sold 305,047.”

“The museum's collections are made up of historical artifacts that are held for exhibition and various other programs. Items are cataloged, preserved and cared for, and activities verifying their existence and assessing their condition are performed continuously. The collections are subject to a policy that requires proceeds from their sale to be used to acquire other items for collections. Collection items acquired either through purchase or donation are not capitalized. Purchases of collection items are recorded as decreases in unrestricted net assets if purchased with unrestricted assets and as decreases in temporarily restricted or permanently restricted net assets if purchased with donor-restricted assets. Contributions of collection items are not recognized in the statement of activities. The museum received no donations of collection items during the years ended june 30, 2024 and 2023. Proceeds from deaccessions or insurance recoveries are reflected on the statement of activities based on the absence or existence and nature of donor-imposed restrictions. During the years ended june 30, 2024 and 2023, respectively, the museum received proceeds from deaccessions in the amount of $531,025 and $70 which will be used for the purchase of new collection items or the care and maintenance of existing collection items. The value of the collection is indeterminable as of june 30, 2024 and 2023.”

“The organizations collection is made up of historical artifacts that are held for exhibition and various other programs. Items are cataloged, preserved and cared for, and activities verifying their existence and assessing their condition are performed continuously. Collection items acquired either through purchase or donation are not "capitalized." the museum maintains the preservation, display and safe-keeping of a vast collection of historic artifacts. Timely review, preparation, and preservation are put into the historic collection and other objects that are under consideration for adding to the museum's collection, which at times can be costly, in order to build an authentic and noteworthy historical collection.”

“The intended use of the endowment funds is to support museum operations and educational programs.”

“Frazier history museum (the museum) qualifies as a tax-exempt organization under section 501(c)(3) of the internal revenue code and operates as other than a private foundation. Accordingly, no income taxes have been provided in the accompanying financial statements. The organization 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.”