Williamson County Historical Museum Inc.

“The museum's collections are made up of artifacts, documents, photographs, and works of art of historical significance to williamson county that are held for educational and curatorial purposes. Each of the items is cataloged, preserved, and cared for; and activities verifying their existence and assessing their condition are performed continuously. The collections are not recognized as assets in the financial statements. Purchases of collection items are recorded as decreases in unrestricted net assets in the year in which the items are acquired or as temporarily restricted net assets if the assets used to purchase the items are 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. Proceeds from sales of collection items are used to acquire other items for collections. During the fiscal years ended september 30, 2017, and 2016 the museum made payments of $12,500 and $37,500 for the moody statute.”

“Williamson county historical museum provides educational tours and events, as well as displays exhibits and collections of objects, documents, and photographs to celebrate the history and diversity of williamson county.”

“The most significant tax position of the museum is its assertion that it is exempt from income taxes and its determination of whether any amounts are subject tot unrelated business income tax (ubit). Management has determined that the museum had no activity subject to ubit during the years ended september 30, 2017 and 2016. All significant tax positions have been considered by management and it has determined that it is more likely than not that all tax positions would be sustained upon examination by taxing authorities.”