Boise Art Museum Incorporated

“The art collection items, which were acquired through purchases and contributions since the museum's inception, are not recognized as assets on the statement of financial position. Purchases of collection items 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 donors. Contributed collection items are not reflected in the year of acquisition as contributed revenue in the financial statements. Proceeds from deaccessions or insurance recoveries are reflected as increases in the appropriate net asset classes.”

“Boise art museum's permanent collection has been developed in support of the museum's mission to create visual arts experiences, engage people, and inspire learning through exceptional exhibitions, collections, and educational opportunities. The scope of the collection is primarily american modern and contemporary art, with additional focus areas of american, asian, european, and ethnic art. Bam's reputation as a high caliber visual arts venue and its status as the only nationally accredited collecting art museum in idaho have led to large gifts of art from nationally known collectors. The museum currently possesses 3,200 objects, including paintings, sculptures, drawings, prints, ceramics, photographs and ethnographic material. In order to provide opportunities for public exploration and understanding of the collection and its purpose as a cultural resource, the works in the permanent collection regularly form the basis for bam's exhibitions and serve as the backbone for the development of educational programs. Permanent collection exhibitions are featured regularly in lectures by artists and art experts, drop-in studio programs for children and adults, art classes and camps, as well as the museum's free school tour program. In addition, bam's free artreach program, which provides hands-on art lessons to students in rural classrooms, centers exclusively on artworks from the collection. These essential, mission-driven activities depend upon the long-term development and preservation of the collection, making this one of the museum's highest priorities.”

“The boise art museum endowment fund was created to provide perpetual financial support to the boise art museum. The primary goal of the endowment fund is to provide the boise art museum with a flow of income to defray the cost of operating the boise art museum. Funds may be withdrawn from the boise art museum endowment fund in accordance with the distribution policy recommended by the endowment committee and approved by a majority vote of the board of trustees; provided, however, that no funds may be withdrawn from that portion of the endowment fund consisting of the restricted or permanent endowment funds at any time when the value of the restricted (permanent) endowment funds is less than the sum of $1,005,000.”

“The museum is exempt from income taxes as defined by section 501(c)(3) of the internal revenue code. Accordingly, no provision has been made for income taxes in the accompanying financial statements. The museum believes that it has appropriate support for any tax positions taken affecting its annual filing requirements, and as such, does not have any uncertain tax positions that are material to the financial statements. The museum would recognize future accrued interest and penalties related to unrecognized tax benefits and liabilities in income tax expense if such interest and penalties are incurred. The museum is no longer subject to federal and state tax examinations by tax authorities for years before 2010.”

“Cost of direct benefits to donors -7,612.”

“Special event expenses included on part viii line 8b -117,813. Cost of goods sold included on part viii line 10b -55,567.”

“Special event expenses included on part viii line 8b 117,813. Cost of goods sold included on part viii line 10b 55,567. Collection items purchased but not capitalized 18,950.”

“Cost of direct benefits to donors 7,612.”