Alf Engen Ski Museum Foundation Inc

“The collection, which was acquired through purchases and contributions since the foundation's inception, is not recognized as an asset on the statement of financial position. Purchases of collection items are recorded as decreases in net assets in the year acquired. Contributed collection items are not reflected in the financial statements.”

“The foundation's museum collection is made up of artifacts and education exhibits which highlight the many contributions made in ski area development, athletic competition, snow safety, ski innovation, and ski teaching methods. All of the items are cataloged, preserved, and cared for, and activities verifying their existence and assessing their condition are performed continuously. The collections are subject to a policy that requires proceeds from their sales to be used to acquire other items for the collection.”

“The foundation has an endowment fund that was received from a single donor with the requirement that the principle amount be held in perpetuity while the earnings can be used as needed for operation of the museum. During the year ended december 31, 2014, the requirements of the endowment fund were amended. The amendment allowed for 20,000 of the endowment fund principal to be permanently released for use toward the cost of a new exhibit installed in 2014, and any earnings and/or increase in value of the investments are now temporarily restricted for use toward future "directed projects" as determined by the board or directors. During the year ended december 31, 2016, an additional amendment was made to allow for 10,000 of the endowment fund principal to be permanently released for use toward the cost of a new exhibit to be installed in 2017. The board of directors interprets state law as requiring prudence in the investment management of endowment funds. To meet this objective, the board of directors and management periodically assess the performance and earnings of the investments purchased with endowment funds in order to ensure that the intent and purpose of the endowment funds are being carried out and maintained. The foundation does not have a formal investment policy relating to the endowment fund, however, the foundation has invested the funds in relatively low-risk investments.”