Dixon Gallery and Gardens

“DUe to the ACCOUNTING PROCEDURE for AUDITED FINANCIAL STATEMENTS, THE end of year ENDOWMENT TOTAL SHOWN ON SCHEDULE D, PART V, LINE 1G INCLUDES NET ASSETS WITH DONOR RESTRICTIONS AS WELL AS permanently RESTRICTED ASSETS.”

“The Collections of the Gallery are comprised of more than 2000 works of art, including nineteenth and early twentieth-century European and American paintings, sculpture, and works on paper, eighteenth and nineteenth-century German and English porcelain, and eighteenth, nineteenth and twentieth-century European and American pewter. The Collections were acquired through bequests, gifts, and purchases since the museum's founding in 1976. Each object is catalogued and cared for, its existence is verified, and its condition is assessed on a regular basis. The collections are maintained for public exhibition, education, and research in furtherance of public service, rather than for financial gain. In conformity with accounting practices generally followed by art museums, the value of the Gallery's collections are not recognized as assets on the statement of financial position, and gifts of works of art are excluded from revenue in the statement of activities. Purchases of works of art by the Gallery are recorded as decreases in net assets in the statement of activities. Pursuant to Gallery policy, proceeds from the sale of works of art and related insurance settlements are recorded as temporarily restricted net assets for the acquisition of art.”

“The dixon gallery and gardens endowment fund (the "endowment fund") was incorporated for the purpose of accepting contributions, honorariums, memorials and bequests, whether in cash or in kind, which are received or allocated with specific reference thereto, for the benefit of the dixon gallery and gardens (the "gallery"). Although the endowment fund's board has not expressed the intention to do so, it may, at its discretion, distribute funds to other not-for-profit organizations.”

“The Gallery is exempt from income tax under Section 501(c)(3) of the Internal Revenue Code; accordingly, the accompanying financial statements do not reflect a provision or liability for federal and state income taxes. The Gallery has determined that it does not have any material unrecognized tax positions as of December 31, 2024 and 2023.”