Fort Worth Art Association

“The art and library collections, which were acquired through purchases and contributions since the association's inception, are not recognized as assets in the statement of financial position. Purchases of collection items are recorded as art and library accessions in the year of acquisition. Contributed collection items are not reflected in the financial statements. Proceeds from deaccessions or insurance recoveries are reflected as increases in the appropriate net asset classes and must be used only to acquire other collection objects.”

“The collections are made up of artifacts of literary and art objects 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 friends of art endowment fund - this fund consists of investments, the income from which may only be used to acquire works of fine art. The general operations fund - this fund consists of investments, a portion of which may be used solely for the operations of the association. The anne marion endowment fund - this fund consists of investments which may be used at the sole discretion of anne marion for the benefit of the museum. The burnett foundation endowment fund - this fund consists of investments, the income from which may be used to acquire works of fine art and for the compensation of certain association staff. The sid w. Richardson foundation fund - this fund consists of investments, the income from which may be used for the operations of the association and/or to acquire works of fine art. The perry and nancy lee bass endowment fund - this fund consists of investments which may be used for the capital maintenance and replacement of the building systems of the modern art museum building. The general acquisitions fund - this fund consists of investments, the income from which may only be used to acquire works of fine art.”

“The association and the museum association are exempt from federal income taxes under section 501(c)(3) of the internal revenue code (the "code"), as organizations other than a private foundation. The association and the museum association file a form 990 in the united states federal jurisdiction. Management of the association and museum association believe that it has not taken a tax position that, if challenged, would have a material effect on the association's financial statements. No tax returns are currently under examination by any tax authorities.”