Frontiers of Flight Museum Inc

“On october 4, 1989, the museum entered into an agreement with the university of texas at dallas (university) whereby the university loaned a portion of its history of aviation collection to the museum for the initial period of nine years, provided the museum remains at the dallas love field airport location. In 1997, the agreement was extended through october 18, 2038. The cost of the items in the collection is not recorded in the financial statements. The museum maintains a detailed inventory of all collection items that distinguishes between items owned and items on loan from the university.”

“Exhibited at the museum are priceless artifacts, documents, and photographs of the history of aviation collection donated to the university of texas at dallas by the legendary aviation historian george e. Haddaway. Since 1988, the museum has added to the collection extensive artifacts dealing with the history of aviation from earliest days through today's modern military, commercial, and aerospace vehicles. At the frontiers of flight museum, visitors see, hear and touch some of the rare artifacts that have contributed to the exciting history. On display is a world war i sopwith "pup" biplane along with hundreds of models, uniforms, decorations, engines and propellers. The collection allows visitors to bridge several lifetimes starting with the pioneers who realized their earliest dreams of flying; identifying with the aviators of the 20's and 30's, known as the "golden age of flight understanding the sacrifices of the fliers of world war ii; and progressing to the jet and rocket age of today.”

“The Museum is exempt from federal income taxes under Section 501(a) of the Internal Revenue Service Code (IRC) as an organization described in IRC section 501(c)(3). Accordingly, no provision for income taxes has been made related to the Museum. However, should the Museum engage in activities unrelated to the purpose for which it was created, taxable income could result. The Museum has not incurred any federal income tax for the year ended December 31, 2024.GAAP requires the evaluation of tax positions taken in the course of preparing the Museums tax returns and recognition of a tax liability (or asset) if the Museum has taken an uncertain position that more likely than not would not be sustained upon examination by the Internal Revenue Service. Management has analyzed the tax positions taken by the Museum and has concluded that as December 31, 2024, there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements.”

“Rent expenses $54291 cogs $138295”

“Rent expenses $54291 cogs $138295”