Georgia O'Keeffe Museum

“The museum's collections are made up of artwork and research collections that are held for public exhibition, educational, and research in furtherance of public service rather than financial gain. The value of the art objects in the permanent collection is excluded from the accompanying consolidated statements of financial position. All works of art and collections are protected, kept unencumbered, cared for, and preserved, and are subject to strict organizational policies governing their use. All collection objects were insured with blanket insurance coverage. The collection is subject to a museum policy established by the museum's board of trustees (board). The policy currently requires any proceeds for the sale of deaccessioned items from the collection be designated to acquire other items for the collection or for the direct care of works in the collections. Direct care includes costs associated with the conservation, preservation, registration, maintenance, storage, and safeguarding of collections, including analysis, treatment, inventory, research, framing, documentation, the related information technology to assure full documentation, and the provision of safe and secure, climate-controlled storage and museum spaces. The amount of direct care for the years ended december 31, 2024 and 2023 was $1,385,092 and $1,360,448, respectively. An addition of a work of art to the permanent collection is made either by donation from a benefactor or through a purchase funded by the museum's art acquisition fund. The art acquisition fund is a board-designated fund for acquisitions, where both the principal and earned income may be used for art acquisitions. Proceeds from deaccessions of collection items are reflected as increases to the board-designated art acquisitions fund. During 2024 and 2023, the museum purchased artwork for $766,464 and $5,872,738, respectively.”

“The georgia o'keeffe museum is dedicated to perpetuating the artistic legacy of georgia o'keeffe and to the study and interpretation of american modernism through the institution's collections, exhibitions, research center, publications, and educational programs. It contributes to scholarly discourse and serves diverse audiences. The museum houses the world's largest collection of artwork by georgia o'keeffe and provides an overview of her achievements during the eight decades (1901-1984) that she was active as an artist. The collection includes works in charcoal, oil, pastel, pencil, watercolor, and bronze, which represent most of the many subjects o'keeffe addressed in her art. The museum is committed to making its exhibitions and programs available to the broadest possible audience. Its active, changing exhibition schedule includes exhibitions displaying works by o'keeffe, other american modernists, and select living american artists.”

“The museum endowments and other donor-restricted funds must be spent according to the donor-designated purpose. In addition, endowment funds require the preservation of the historic dollar value. The board of the museum has interpreted the uniform prudent management of institutional funds act (upmifa) as requiring the maintenance of the long-term purchasing power of the donor-restricted endowment funds absent explicit donor stipulations to the contrary. Donor-restricted funds include the following: the general operations endowment's purpose is to support the general operations of the museum. The historic properties endowment fund is a donor-restricted endowment to be used for the operation, preservation and maintenance of the abiquiu and ghost ranch properties. The research center endowment is to support the study center (now referred to as the research center) and for funding the director of the research center position. The carney exhibition endowment is to support expenditures related to exhibitions installed at or curated by the museum. The thoma exhibition endowment is to be used to support exhibition research, planning, implementation and installation.”

“The museum is a not-for-profit organization and qualifies as a tax-exempt organization under section 501(c)(3) of the internal revenue code. The fasb issued authoritative guidance relating to the accounting for the uncertainty in income taxes. The guidance clarifies the accounting for uncertainty in income taxes recognized in consolidated financial statements in accordance with gaap. The guidance also requires the evaluation of tax positions taken or expected to be taken in the course of preparing the museum's information returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. In addition, guidance on derecognition, classification, interest and penalties, accounting in interim periods, and disclosure and transition was also provided. As of december 31, 2024 and 2023, the museum performed a comprehensive review of its material tax positions in accordance with recognition and measurement standards established by gaap. As a result of this review, the museum had no unreported income derived from unrelated business activities and did not identify any entity level tax positions that would not meet the more likely than-not threshold.”