Portland Art Museum

“The museum's collections comprise more than 53,750 objects and works of art, including works of european painting and sculpture, american painting and sculpture, silver, asian art, native american art, pre-columbian art, cameroon and other african art, contemporary art, sculpture, prints and drawings, and photography. The collections are maintained for public exhibition, education, and research in furtherance of public service, rather than for financial gain. The museum's collections, acquired through purchase and donation, are not recognized as assets in the accompanying financial statements. Purchases of collection items are recorded in the year in which the items were acquired as decreases in net assets with or without donor restrictions, depending on the source of the assets used to purchase the items and whether those assets were restricted by donors. Contributed collection items are not reflected in the financial statements. Pursuant to museum policy, proceeds from the sale of art and related insurance settlements are recorded as net assets with donor restrictions for the acquisition of works of art and are not available for the direct care of the existing collection.”

“The permanent collection is at the core of the museum's mission to collect and preserve a variety of art for the enrichment of present and future generations. Displayed in 112,000 square feet of galleries, the museum's collection of more than 50,000 objects reflects the history of art from ancient times to today. The collection is distinguished for its holdings of arts of the native peoples of north america, english silver, and the graphic arts. An active collecting institution, the museum devotes 90 percent of its galleries to the permanent collection.”

“The museum's endowments are used to fund certain curatorial and management positions, to purchase, preserve, and display specific types of art, to support education and the museum's center for an untold tomorrow activities and for the unrestricted support of overall museum operations.”

“Certain of the museum's earned revenue activities are not directly related to its public charity status and, hence, are subject to unrelated business income tax. The museum has adopted the recognition requirements for uncertain income tax positions, as required by generally accepted accounting principles. The museum has analyzed the tax positions taken in its filings with the internal revenue service and state jurisdictions where it operates. The museum believes that its income tax filing positions will be sustained upon examination and does not anticipate any adjustments that would result in a material adverse effect on the organization's financial condition, results of operations, or cash flows. Accordingly, the museum has recorded neither reserves nor related accruals for interest and penalties for uncertain income tax positions at the museum.”

“Cost of goods sold -498,397. Rental expenses -1,056,714.”

“Cost of goods sold 498,397. Rental expenses 1,056,714.”