Phoenix Art Museum

“The organization's fine art collection consists of purchased and donated works of art. The collection items are on display for the general public. The organization employs professional staff to ensure that the collection items are preserved and protected. Each of the items is cataloged, preserved, and cared for, and kept unencumbered, and activities verifying their existence and assessing their condition are performed continuously. Collection items acquired either through purchase or donation are not capitalized. The proceeds from deaccession of collection items may be used for acquisitions of new collection items or the direct care of existing collections. The organization adheres to the ethical principles and definition of direct care established by the american alliance of museums and considers direct care to entail actions that enhance the life, usefulness, or quality of the collection items to ensure they will continue to benefit the public. The organization's collection management policy includes conservation services, archival services, collections care investments identified through a conservation assessment and/or plan, and collection care training for staff and volunteers, as activities that are considered direct care of collection items. Purchases of collection items are recorded as decreases in net assets without donor restrictions if purchased with assets without donor restrictions and as decreases in net assets with donor restrictions if purchased with donor-restricted assets. Acquisitions of fine art for the year ended june 30, 2020 totaled $42,000. Contributions of collection items are not recognized in the statement of activities. Proceeds from deaccessions or insurance recoveries are reflected on the statement of activities based on the absence or existence and nature of donor-imposed restrictions.”

“See description at part iii, line 1a”

“The donor-restricted endowments are held by the related organization, phoenix art museum endowment fund, inc., to support phoenix art museum.”

“The organization follows accounting standards for uncertainty in income taxes, which require that tax positions initially need to be recognized in the financial statements when it is more likely-than-not that the positions will not be sustained upon examination by the tax authorities. As of june 30, 2020, the organization had no uncertain tax positions that qualify for either recognition or disclosure in the financial statements.”