Smith Museum of Art and Information

“Description: shipping fees. Amount: 9,536. Description: purchase of artwork. Amount: 130,774. Description: bank and wire fees. Amount: 323. Description: registration fees. Amount: 78. Total to form 990-ez, line 16: 140,711.”

“Under subtopic 958-360 of the accounting standards codification (asc), not-for-profit organizations that maintain artwork or other historical treasures, are not required to capitalize these types of items provided they meed the definition of collections contained in the master glossary of the asc. Works of art, historical treasures, or similar assets that meet all of following criteria: held for public exhibition, education or research in furtherance of public service rather than financial gain; are protected, kept unencumbered, cared for, and preserved; are subject to an organizational policy that requires the use of proceeds of items sold to be used to acquire other items for collection. The museum following asc, does not record its collections on the balance sheet of the financial statement.”