Anchorage Museum Association

“The Museum's collection of art, artifacts and archival materials are under the care of the Association but are assets of the Municipality of Anchorage. The Association makes purchases for additions to the collection as guided by the Collections committee, an advisory group comprised of members of the community, board members and staff. The cost of items added to the collection for the years ending December 31, 2024 was $44,725. The purchased items accessioned into the collections include items purchased through projects (as an example the SEED lab), capital projects (as an example the Alaska Exhibition), and also may include artworks that were paid in a previous tax year. Donations are brought to the Acquisitions committee, which recommends acceptance or refusal. The value of items added to the collection from such donations is not recorded in the support or expenses of the Association. The Acquisitions committee also has the responsibility for recommending to the Association's Board of Directors and the Municipality of Anchorage items that need to be removed or de-accessioned from the collection. Proceeds received from the sale of de-accessioned items are restricted for the purpose of acquiring items for the collection in the future and would be included in temporarily restricted net assets. There were no proceeds from the sale of de-accessioned items in the year ending December 31, 2024.”

“The Anchorage Museum's collections consist primarily of archival materials, artwork, and artifacts of the circumpolar north with an emphasis on the art, ethnography, and history of Alaska. The collections are maintained for public exhibition, scholarly research, preservation for future generations, and to support educational programming. The Museum has a significant portion of its collection on public display at all times.”

“The Association applies the provisions of Topic 740 of the FASB Accounting Standards Codification relating to accounting for uncertainty in income taxes. The Association annually reviews its tax positions taken in accordance with the recognition standards. The Association believes that it has no uncertain tax positions which would require disclosure or adjustment in these financial statements. The Association's federal and state income tax returns for tax years 2021, 2022, and 2023 are subject to examination by federal, state and local taxing authorities, generally for three years after they are filed.”

“Expenses from fundraising events, store, and facilities shown on the audited financials whereas shown as net on the 990. Other Supporting Services $ 592,025 Fundraising Events 93,773”

“Expenses from fundraising events, store, and facilities shown on the audited financials whereas shown as net on the 990. Other Supporting Services $ 592,025 Fundraising Events 93,773”