Vancouver National Historic Reserve Trust

“Collections and exhibits during 2005 the trust assumed operations of the pearson air museum and acquired related museum assets. These assets were used in the trust's aviation education programs and at the pearson field education center. The assets consisted of airplanes, exhibits and other collections. It was not practicial to estimate the fair market value of the assets and, as such, they were not been capitalized. Collections and exhibits acquired since january 1, 2006 were capitalized and recorded at fair value as of the date contributed or at cost, if purchased. Due to their nature, exhibits and collections were not depreciated. Upon the deaccession of collections and exhibits, the trust's policy is to use those proceeds for the acquisition of new collection items and the direct care of existing collections. Direct care costs include costs that enhance the life, usefulness or quality of the trust's collection and provide a benefit to the trust's collection. Effective january 2023, management of this program and all related assets were transitioned to airway science for kids. In june 2024, the oregon historical society transferred ownership of furniture to the trust which had been on loan and exhibited on-site since february 1988. The collection included sofas and mirrors among other furniture and was recorded at fair market value as of the date contributed.”

“Excerpt from the footnotes to the audited financial statements: the trust is organized as a washington nonprofit corporation and has been recognized by the internal revenue service (irs) as exempt from federal income tax under internal revenue code (irc) section 501(a) as an organization described in irc section 501(c)(3) qualifying to receive deductible charitable contributions and has been determined not to be a private foundation. The trust is annually required to file a return of organization exempt from income tax (form 990) with the irs. In addition, the entities are subject to income tax on net income that is derived from business activities that are unrelated to their exempt purposes. The trust has determined that 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. Management believes that the trust 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 trust 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. The trust's form 990 and other income tax filings required by federal, state or local tax authorities are no longer subject to examination for years before 2021.”

“Investment expenses netted with offsetting income 11,772.”

“Investment expenses netted with offsetting income 11,772.”