Amon Carter Museum of Western Art

“The collection of amon g. Carter, sr., which gave rise to the museum, is now owned by the amon g. Carter foundation (the "foundation"). The foundation's collection is displayed at the museum as a long-term loan. In addition to the foundation's collection, the museum has developed its own art and library collections, which were acquired through purchases and contributions. The museum has adopted a policy of not capitalizing the collection in its financial statements. Accordingly, the museum's collections are not recognized as assets on the museum's statements of financial position in accordance with generally accepted accounting principles. Purchases of collection items are reported in the year of acquisition as decreases in net assets without donor restrictions or in net assets with donor restrictions if the assets used to purchase the items were restricted to that use by donor stipulation. Contributions of collection items are not reported in the financial statements. Proceeds from disposal of and insurance recoveries related to collection items are reported as increases in the appropriate net asset classes. The musuem has a policy to use proceeds from deaccessioned items for the acquisition of new collection items.”

“The amon carter museum of american art (the carter) houses one of the nation's preeminent collections of american art, from works by the early nineteenth-century artist-explorers through those of the mid-twentieth-century modernists and up to the work of contemporary photographers. The carter also houses the single most important collection of works by frederic remington and charles m. Russell and the artist archives of eight american photographers. Comprised of 300,000 works of art, these collections are integral to the museum's mission to preserve, protect, and exhibit the finest examples of american art, and to serve an educational role through exhibitions, publications, and programs devoted to the study of american art.”

“The amon carter museum of western art's endowment consists of twelve individual donor-restricted funds established for a variety of purposes. These include acquisitions, conservation, educational programs and fellowship programs, as well as other purposes.”

“The museum is exempt from federal income taxes under section 501(c)(3) of the internal revenue code, except to the extent it has unrelated business income. The museum's estimate of the potential outcome of any uncertain tax issues is subject to management's assessment of relevant risks, facts, and circumstances existing at that time. The museum uses a more likely than not threshold for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. To the extent that the museum's assessment of such tax position changes, the change in estimate is recorded in the period in which the determination is made. The museum reports tax-related interest and penalties, if applicable, as a component of income tax expense, as incurred. As of september 30, 2023 and 2022, no uncertain tax positions have been identified by management and, therefore, no amounts have been recognized in the accompanying financial statements.”

“All funds raised from the sale of donated art, that was not chosen to be part of the collection, will be used to acquire additional art for the collection and not used for general operations.”