New Mexico Museum of Natural History

“New mexico museum of natural history foundation, inc. (the "foundation") capitalizes its art collection. If purchased, items accessioned into the collection are capitalized at cost, and if donated, they are capitalized at their appraised or fair value on the accession date (the date on which the items are accepted by the foundation). Gains and losses on the deaccession of the collection items are classified in the statements of activities as net assets without restriction or net assets with restriction depending on donor restrictions, if any, placed on the item at the time of accession. No depreciation has been recorded for those works of art. The art collection also includes certain pottery that was donated to the foundation. The foundation intends to sell the pottery but does not expect the pottery to sell in the immediate future.”

“The art, artifacts, and other collections held and maintained by the foundation are on public display as part of exhibits that are the main attraction for guests of the museum. Maintaining current, chronologically diverse, and culturally relevant collections is vital to the ongoing operations of the museum to attract guests, and is therefore a necessary component of the foundation's operations.”

“The foundation will accumulate and invest funds with the goal of distributing a portion of the investment earnings in support of the foundation or museum.”

“The foundation is a not-for-profit organization described in 501 (c)(3) of the internal revenue code. Accordingly, it is exempt from federal and new mexico income taxes. The foundation has been classified as a publicly supported organization that is not a private foundation under the internal revenue code. Financial accounting standards board (fasb) accounting standards codification (asc) 740, income taxes, requires the foundation to evaluate and disclose uncertain tax positions. The foundation does not believe any such positions existed at june 30, 2024 and 2023, that would require accrual or disclosure in the financial statements. The foundation's policy, when applicable, is to classify interest and penalties as a miscellaneous expense. During the years ended june 30, 2024 and 2023, the foundation recorded no penalties and interest associated with tax positions. Due to statutes of limitation, the foundation is no longer subject to examinations by tax authorities for fiscal years prior to june 30, 2021.”

“Cost of goods sold 300,064 fundraising in-kind services 72,540 fundraising in-kind services -72,540”

“Cost of goods sold 300,064”