Panhandle-Plains Historical Society

“In accordance with fasb asc topic 958, collection items acquired either through purchase or donation are not capitalized. Purchases of collection items are recorded as decreases in unrestricted net assets if purchased with unrestricted assets and as decreases in temporarily restricted net assets if purchased with donor-restricted assets. Fasb asc topic 958 provides that the contribution of collection items need not be recognized if they are added to collections that are held for public exhibition, education, or research in futherance of public service rather than financial gain; are protected, kept unencumbered, cared for, and preserved; and are subject to a policy that requires the proceeds from sales of collection items to be used to support other items for collection.”

“The society collects and preserves historical materials relating to geology, paleontology-archeology, anthropology, ethnology, the general sciences, literature, and art of the panhandle-plains region of texas and the areas in the southwest related thereto by such material; to encourage and foster historical research and study; to acquire and preserve paintings, ceramics, and ojbects of art; to catalog, exhibit, and publish its acquisitions; to encourage and foster the study and preservation of the culture of the region; to do any and all things desirable and necessary to enlist the interest and support of the people and institutions of the area in its historical background and its cultural ideas; and to collect, preserve, and exhibit such materials.”

“The society is a not-for-profit organization that is exempt from federal income taxes under section 501(c)(3) of the internal revenue code and, therefore, has made no provision for federal income taxes in the accompanying financial statements. In addition, the society has been determined by the internal revenue service not to be a "private foundation" within the meaning of section 509(a)(2) of the internal revenue code. The society follows the provisions of fasb asc 740, income taxes, which requires extensive disclosures about uncertain income tax positions. This standard seeks to reduce the diversity in practice associated with certain aspects of the recognition and measurement related to accounting for income taxes. The society evaluates any uncertain tax positions using the provisions of fasb asc 450, contingencies. Accordingly, a loss contingency is recognized when it is probable that a liability has been incurred as of the date of the financial statements and the amount of the loss can be reasonably estimated. The amount recognized is subject to estimate and management judgment with respect to the likely outcome of each uncertain tax position. The amount that is ultimately sustained for an individual uncertain tax position or for all uncertain tax positions in the aggregate could differ from the amount recognized. The society does not believe that it has engaged in any activity that would result in an uncertain tax position. As a result, management does not believe that any uncertain tax positions currently exist and no loss contingency has been recognized in the accompanying financial statements. Federal income tax statutes dictate that tax returns filed in any of the previous three reporting periods remain open to examination. Currently, the society has no open examinations with the internal revenue service. There were no income tax related penalties or interest included in the accompanying financial statements.”

“Cost of sales 28,055. Programs 63,659. Wtamu in-kind 353,562.”

“Cost of sales 28,055. Programs 63,659. Wtamu in-kind 353,562.”