Yerkes Future Foundation Inc

“The organization has elected not to depreciate its art collection in accordance with accounting standards codification (asc) 958-360, property, plant, and equipment. Asc 958-360 permits not-for-profit entities to avoid depreciation for collections of works of art if certain conditions are met. The organization's policy is to maintain its collection in perpetuity, and as such, the useful lives of these assets are considered to be indefinite. The art collection is subject to regular maintenance and restoration to preserve its value, and, as a result, no depreciation expense has been recorded. The collection consists of a piece of art acquired during the year ended december 31, 2023. It is the organization's intent to acquire more pieces of art for its collection in the future. It is also the organization's belief that the art collection is held for the purpose of exhibition, education and further research of its mission. The collection is valued based on historical acquisition costs, which are $126,308 as of december 31, 2023. The total cost of the collection includes purchase prices and related costs incurred during acquisition, such as transportation and installation. The organization periodically assesses the collection for any significant changes in value. Any revaluation will be disclosed in the financial statements if material. It is the policy of the organization that should they sell collection objects, any financial proceeds realized shall be used solely for the acquisition of new collection items and/or the direct care of existing collections”

“The observatory holds collections required for ongoing contemporary astronomy research by astrophysicists and academics, relating to the history of the observatory and science used to interpret the observatory and astronomy for the general public, and of aesthetic interest for the engagement of the general public in understanding science, scientific process, astronomy and the landscape. All of these activities further our mission.”

“To further the organization's mission.”

“The organization is exempt from federal income tax under section 501(c)(3) of the u.s. Internal revenue code. The organization is not considered a private foundation by the internal revenue service. The organization does not consider any of its support and revenues to be unrelated business income and, accordingly, no provision for income taxes has been provided in the accompanying financial statements. The organization has implemented accounting for uncertainty in income taxes in accordance with u.s. Gaap. This standard describes a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return and also provides guidance on various related matters such as derecognizing, interest, penalties and disclosures required. Management of the organization evaluates the uncertain tax positions taken, if any, and consults with outside counsel as deemed necessary. The organization recognizes interest and penalties, if any, related to unrecognized tax liabilities in income tax expense. In management's opinion, the organization has not taken any uncertain tax positions and, accordingly, has not reported a corresponding liability in the organization's financial statements.”