Country Music Foundation Inc

“The foundation's collections are made up of reference and archival materials and three-dimensional objects. The archival and reference materials include commercial and non-commercial audio and video recordings, films, photographs, posters, documents, books, and periodicals that are held for educational and curatorial purposes. In addition, the museum records and preserves its own programming, including podcasts, interviews, and performances. The object collection comprises instruments, stage wear, personal and promotional objects related to the music and careers of country music performers, songwriters, and industry professionals. These items are cataloged, preserved, and cared for, and activities verifying their existence and assessing their condition are performed continuously. In accordance with the provisions of gaap (generally accepted accounting principles), the foundation does not capitalize donated artifacts or recognize them as revenues or gains. Gaap provides that such donations need not be recognized if they are added to collections that are held for public exhibition, education, or research in furtherance of public service rather than financial gain; are protected, kept unencumbered, cared for, and preserved; and are subject to a policy that requires the proceeds from sales of collection items to be used to acquire other items for collections. During 2024, the museum acquired a significant collection of artifacts, instruments, original manuscripts, photographs, clothing, and other tangible items directly related to the tradition and history of country, american, rock and roots music. This has been underwritten by the generosity and leadership gifts of anonymous and non-anonymous donors. This collection will be held in the public trust for all time, receiving the highest level of care and management and being made accessible to generations of learners from all over the world. The estimated fair value of the artifacts donated, or acquired and underwritten by donors in 2024 is $16,603,000 ($1,796,000 in 2023).”

“The foundation's collections are made up of reference and archival materials and three-dimensional objects. The archival and reference materials include commercial audio and video recordings, films, photographs, posters, documents, books, and periodicals that are held for educational and curatorial purposes. In addition, the museum records and preserves its own programming, including podcasts, interviews, and performances. The object collection comprises instruments, stage wear, personal and promotional objects related to the music and careers of country music performers, songwriters, and industry professionals. These items are cataloged, preserved, and cared for, and activities verifying their existence and assessing their condition are performed continuously. These items further the foundation's mission of identifying and preserving the evolving history and traditions of country music and to educate its audiences.”

“The organization has an endowment policy and investment policy. The corpus is held and the earnings of a rolling 3 year average up to 5% are distributed to operations. Any restricted funding is used as designated. The endowment funds are funds that grow in value and provide a source of income primarily for the support of operating costs.”

“Management performs an evaluation of all income tax positions taken or expected to be taken in the course of preparing the foundation's income tax returns to determine whether the income tax positions meet a "more likely than not" standard of being sustained under examination by the applicable taxing authorities. Management has performed its evaluation of all income tax positions taken on all open income tax returns and has determined that there were no positions taken that do not meet the "more likely than not" standard. Accordingly, there are no provisions for income taxes, penalties or interest receivable or payable relating to uncertain income tax positions in the accompanying consolidated financial statements.”

“Cost of good sold reclass -5,225,777. Direct special event expenses -222,237.”

“Cost of goods sold reclass -5,225,777. Direct special event expenses -222,237.”