Yakima Valley Museum & Historical Assoc

“The Association's Museum and the Gilbert House contain numerous collections, artifacts, and historical treasures relating to the development and history of the surrounding geographic area. The Association's management believes these items are of significant value and maintains records to account for all items. No value is recorded in the Association's financial statements for these items due primarily to the inability to determine fair value. All collections purchased are charged to operations at the time of purchase. Proceeds from de-accessions are reflected as increases in the appropriate net asset category and are to be used for the purchase of additional appropriate items for the collection and/or for management and direct care of the permanent collection items. Direct care includes preventative care and conservation of the collections. There were no significant disposals of collections during the years ended September 30, 2024 and 2023.”

“Art objects purchased or donated to the Museum are not included in the accompanying statement of financial position. Such collections are made up of artwork, artifacts, and books; all with historical significance and are held for educational, exhibit, research, and curatorial purposes. Each of the items is cataloged, preserved, and cared for, and activities verifying their existence and assessing their condition are performed continuously.”

“THE INTENDED USE OF THE ENDOWMENT FUNDS ARE FOR OPERATING THE GILBERT HOUSE, AND MAINTAINING AND ACQUIRING COLLECTIONS, ARTIFACTS, AND HISTORICAL TREASURES RELATED TO THE development AND HISTORY OF THE SURROUNDING GEOGRAPHICAL AREA.”

“The Association is exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code except to the extent of unrelated business taxable income as defined under IRC Sections 511 through 515. The Association had no unrelated business taxable income for the years ended September 30, 2024 and 2023. The Association follows FASB ASC Section 740, which clarifies the uncertainty in income taxes. Management has evaluated the Association's tax positions and has concluded that the Association has taken no uncertain tax positions that require adjustments to the financial statements, or that call into question the Association's tax status.”