Nevada Museum of Art

“The museum's permanent collections are acquired through purchases and contributions, and consist of art, archive, and library resources. Pursuant to a change in accounting policy adopted by the board of trustees during 2019, the permanent collections are no longer recognized as assets on the statements of financial position. This change in policy was made to bring the museum's financial statements into alignment with its peers and with the principles of its accrediting body. Purchases of permanent collection items are recorded as decreases in net assets without donor restrictions in the year in which the items were acquired. Contributed permanent collection items are not reflected in the consolidated financial statements. Proceeds from the deaccessioning process are reflected as increases in net assets without donor restrictions and are used exclusively to acquire other items for the permanent collections.”

“The earnings from the endowment funds are intended for various purposes including the preservation and enhancement of the facilities and art collections, to increase exposure to the arts, and to maintain financial reserves.”

“Management annually reviews the Museum's tax positions, which are summarized as follows: The Museum has not engaged in activities that would jeopardize its tax-exempt status; The Museum has not engaged in any activities that would result in unrelated business income tax; The Museum has determined that there are no material uncertain tax positions that require recognition in the financial statements. Accordingly, no provision for income taxes has been made. In addition, the Museum does not expect any material change in its tax positions within the next 12 months. The Museum's policy is to recognize interest and penalties accrued on any unrecognized tax benefits. As of December 31, 2024 and 2023, the Museum did not have any unrecognized tax benefits; therefore, the Museum did not have any interest or penalties expense related to unrecognized tax benefits for the years ended December 31, 2024 and 2023. The Museum is not subject to federal income tax examinations for years before 2020.”

“Fundraising Expense included in Revenue for Tax Purposes 120,135.”

“Rental Expenses Included in Revenue for Tax Purposes -45,596. Cost of Goods Sold Included in Revenue for Tax Purposes -246,549.”

“Rental Expenses Included in Revenue for Tax Purposes 45,596. Cost of Goods Sold Included in Revenue for Tax Purposes 246,549.”

“Fundraising Expense included in Revenue for Tax Purposes -120,135.”