Wings Over the Rockies Air & Space

“The museum's collections, which were acquired through purchases and contributions, are not recognized as assets in the statement of financial position. The museum's collections are made up of aircrafts and artifacts of historical significance, and objects that are held for educational and curatorial purposes. The collection housed by the museum includes aircraft from the earliest days of flight to the space age. The collection exhibits the heritage of military, civil and commercial aviation and space-age involvement in the state of colorado, the rocky mountain region and the world. Each of the items is cataloged, preserved, and cared for, and activities verifying their existence and assessing their condition are performed continuously. Purchases of collection items are recorded as decreases in unrestricted net assets in the year in which the items are acquired. Contributions of 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. During 2024, there were no material costs incurred to acquire collection items.”

“The collection housed by the museum includes aircraft from the earliest days of flight to the space age. The collection exhibits the heritage of military, civil and commercial aviation and space-age involvement in the state of colorado, the rocky mountain region and the world.”

“The museum's endowment is to be maintained in perpetutity. The earnings on the endowment are intended to be used to advance the museum's "spreading wings" educational outreach mission and inspiration of young people.”

“The museum is organized as a colorado nonprofit corporation and has been recognized by the internal revenue service (irs) as exempt from federal income taxes under section 501(a) of the internal revenue code as an organization described in section 501(c)(3), qualifies for the charitable contribution deduction under section 170(b)(1)(a)(vi), and has been determined not to be a private foundation under section 509(a)(1). The museum is annually required to file a return of organization exempt from income tax (form 990) with the irs. In addition, the museum is subject to income tax on net income that is derived from business activities that are unrelated to its exempt purpose. The museum has determined it is not subject to unrelated business income tax and has not filed an exempt organization business income tax return (form 990-t) with the irs.”

“Rental costs netted with income on the 990 -554,901.”

“Rental costs netted with income on the 990 554,901.”