Percussive Arts Society Inc

“Collection items consist of art objects that are held for educational and curatorial purposes. Each of the items is cataloged, preserved, and cared for, and kept unencumbered, and activities verifying their existence and assessing their condition are performed continuously. Collection items acquired either through purchase or donation are not capitalized. The proceeds from deaccession of collection items may be used for acquisitions of new collection items or the direct care of existing collections.”

“Percussive arts society, inc. Is a not-for-profit organization under the laws of the state of indiana and is exempt from federal income taxes under section 501(c)(3) of the internal revenue code. Accordingly, no provision for income taxes is included in the financial statements for the years ended december 31, 2023 and 2022. Management has determined that there are no uncertain tax positions that would require recognition in the financial statements. If the organization were to incur an income tax liability in the future, interest on any income tax liability would be reported as interest expense, and penalties on any income tax would be reported as penalties. Management's conclusions regarding uncertain tax positions may be subject to review and adjustment at a later date based on ongoing analysis of tax laws, regulations, and interpretations thereof, as well as other factors. The organization is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The organization files income tax returns in the u.s. Federal jurisdiction and in indiana. The organization is no longer subject to u.s. Federal or state income tax examinations by tax authorities for the years prior to 2020. Such tax examinations could include questioning the organization's tax-exempt status and compliance with federal, state, and local tax laws. No tax-related interest or penalties have been recorded in these financial statements. Gaap requires an entity to recognize the financial statement impact of a tax benefit position when it is more likely than not that the position will not be sustained upon examination. The organization does not believe it is taking any uncertain tax benefit positions.”