Arizona Aerospace Foundation

“The foundation's collections, represent aircraft and related artifacts which were acquired by donation, purchase, or provided on loan from various military branches and agencies of the united states government, other museums and non-profit organizations, and individuals. The accounting standards division of the aicpa distinguishes between inexhaustible museum collections and exhaustible collections such as exhibits with a determined display life. The foundation maintains both inexhaustible and exhaustible collections. It was the foundation's policy to capitalize and record the fair market value of collection costs incurred prior to november 1, 2006. The cost of collections incurred prior to november 1, 2006 is being amortized over 20 years. Amortization expense of $35,911 was recorded for the years ended october 31, 2021 and 2020, respectively. Purchases of collection items subsequent to november 1, 2006 are recorded as decreases in net assets without donor restriction in the year in which the items are acquired on the foundation's statement of functional expenses. While collections expense includes the periodic acquisition of planes or other inexhaustible pieces, the collection expense also includes operational items such as transportation, spare parts, and restoration expense for pieces not yet received. Proceeds from deaccessions or insurance recoveries are reflected as increases in the appropriate net asset classes. No proceeds from deaccession or insurance recoveries noted for october 31, 2021 and 2020. Direct restoration costs are expensed as incurred.”

“The arizona aerospace foundation (the "foundation"), dba pima air & space museum in tucson and the titan missile museum in sahuarita, was formed in 1967 as the tucson air museum foundation. The foundation opened its first facility on valencia road in 1976. Membership-supported and substantially volunteer-operated, the foundation's first efforts consisted almost entirely of collecting, preserving, and displaying historic aircraft. Over its 44-year history, the pima air & space museum has grown to become one of the largest private aerospace museums in the world, displaying more than 300 aircraft and 125,000 artifacts in five hangars across 80 acres. Visitors come from all over the world to view objects that span more than 100 years of aviation history, including an exquisite replica of the 1903 wright flyer, president john f. Kennedy's air force one, and the fastest airplane ever built, the sleek sr-71 blackbird. The museum maintains its own aircraft restoration center and is also the exclusive provider of tours of the aerospace maintenance and regeneration group known as the "boneyard" located at davis-monthan air force base. Additionally, the 390th bombardment group (heavy) memorial museum is located on the grounds of the pima air & space museum. In 1985, the pima air & space museum became the home of the arizona aviation hall of fame("aahof"). Established by a joint proclamation of the governor of arizona, the pima county board of supervisors, and the city of tucson and located in the dorothy finley space gallery, aahof exhibits the histories of more than 80 arizona men and women who have made significant contributions to the field of aviation and aerospace. Aahof inductees include such luminaries as senator barry goldwater, senator john mccain, and astronaut frank borman. Opened in 1986, the titan missile museum is a unique facility that is comprised of two parts: the count ferdinand von galen titan missile museum education and research center and the titan missile national historic landmark. The education and research center opened in november 2003. It houses the click family exhibits gallery, the jim and maxine greenwood aerospace education center, and a state-of-the art archival area devoted to the historical documents and artifacts of the titan ii intercontinental ballistic missile ("icbm") program.”

“The foundation currently has one endowment, the mach 3 society endowment fund to support the general operations of the foundation. The foundation's management of this fund is subject to compliance with the uniform prudent management of institutional funds act, as adopted by the state of arizona. Based on this guidance, the mach 3 society endowment is classified as permanently restricted to the extent of the original value of gifts donated to the fund. Any earnings on the fund are to be accounted for as unrestricted funds by the foundation.”

“The foundation is organized as an arizona non-profit 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), qualify for the charitable contribution deduction under section 170(b)(1)(a)(vi), and has been determined not to be a private foundation under sections 509(a)(1). The foundation is annually required to file a return of organization exempt from income tax (form 990) with the irs. In addition, the foundation is subject to income tax on net income that is derived from business activities that are unrelated to its exempt purpose. The foundation 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. The foundation believes that it has appropriate support for any tax positions taken affecting its annual filing requirements, and as such, does not have any uncertain tax positions that are material to the financial statements. The foundation would recognize future accrued interest and penalties related to unrecognized tax benefits and liabilities in income tax expense if such interest and penalties are incurred.”

“Cost of goods sold 847,190.”

“Cost of goods sold 847,190.”