Dallas Museum of Art

“Form 990, schedule d, part iii, line 1a: all works of art acquired by the museum either through purchase or gift on or after october 1, 1984 are owned by the museum. However, this does not include works of art on loan from private owners, the foundation for the arts, the munger fund, or the mcdermott foundation. Pursuant to a contract between the foundation for the arts and the museum, the art owned by the foundation for the arts is for the sole use of the museum. All works of art acquired prior to october 1, 1984, are owned by the city of dallas, texas (the "city"). Works of art are not recognized as assets on the consolidated statements of financial position. Purchases of works of art are recorded as decreases in unrestricted net assets in the year in which the items are acquired or as temporarily or permanently restricted net assets if the assets used to purchase the items are restricted by the donors. Contributed works of art are not reflected on the consolidated financial statements. Proceeds from deaccessions or insurance recoveries are reflected as increases in the appropriate net asset class. The museums works of art 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. Works of art are subject to a policy that requires proceeds from their sales to be used to acquire other items for collections.”

“Form 990, schedule d, part iii, line 4: the museum maintains an encyclopedic collection of art to provide art exhibits, educational services, lectures and other programs to further its exempt purpose of collecting, preserving, presenting and interpreting works of art of the highest quality.”

“Form 990, schedule d, part v, line 4: the museums endowment funds provide funding for exhibitions, educational programs, preservation, art acquisitions, museum operations, salaries and related expenses, property and buildings, and special projects.”

“FORM 990, SCHEDULE D, PART X, LINE 2: FOLLOWING IS THE TEXT FROM THE FOOTNOTES OF THE DMA'S AUDITED CONSOLIDATED FINANCIAL STATEMENTS: DMA, THE LEAGUES, AND DMA'S WHOLLY-OWNED TAXABLE SUBSIDIARIES ARE EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(A) OF THE INTERNAL REVENUE CODE OF 1986 ("IRC"), AS AMENDED, AND AS A PUBLIC CHARITY DESCRIBED IN SECTION 501(C)(3) OF THE IRC. HOWEVER, INCOME GENERATED FROM ACTIVITIES UNRELATED TO THE MUSEUM'S EXEMPT PURPOSE IS SUBJECT TO TAX UNDER THE IRC SECTION 511. THE MUSEUM HAS CONCLUDED THAT IT DOES NOT HAVE ANY UNRECOGNIZED TAX BENEFITS RESULTING FROM CURRENT OR PRIOR PERIOD TAX POSITONS. ACCORDINGLY, NO ADDITIONAL DISCLOSURES HAVE BEEN MADE IN THE CONSOLIDATED FINANCIAL STATEMENTS REGARDING UNCERTAIN TAX PROVISIONS. THE MUSEUM, INCLUDING ITS UNDERLYING SUBSIDIARIES, DOES NOT HAVE ANY OUTSTANDING INTEREST OR PENALTIES, AND NONE HAVE BEEN RECORDED IN THE CONSOLIDATED STATEMENTS OF ACTIVIES and changes in net assets FOR THE YEAR ENDED JUNE 30, 2024 AND 2023. HOWEVER, THE CONCLUSIONS REGARDING ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES ARE SUBJECT TO REVIEW AND MAY BE ADJUSTED AT A LATER DATE BASED ON FACTORS INCLUDING, BUT NOT LIMITED TO, ONGOING ANALYSIS OF TAX LAWS, REGULATIONS, AND INTERPRETATIONS THEREOF. THE MUSEUM'S RETURNS ARE GENERALLY SUBJECT TO EXAMINATION FOR THREE YEARS AFTER THE LATER OF THE DUE DATE OR DATE OF FILING.”

“Form 990, schedule d, part xi, line 2d: reclass of cost of goods sold to net with revenue: $443,446 removal of art-facts, inc. Income: $ 36,371 total: $479,817”

“Form 990, schedule d, part xii, line 2d: reclass of cost of goods sold to net with revenue: $443,446 removal of art-facts, inc. Expense: $ 9,725 other adjustment ($ 4,318) total: $448,853”