Catalina Island Museum

“The collections are comprised of artifacts of historical significance that are held for educational, research, and curatorial purposes. Each of the items is cataloged, preserved, cared for, and activities verifying their existence and assessing their condition are performed continuously. The collections are subject to a policy that requires proceeds from any sale to be used to acquire other items for collections.”

“The Museum's collection is comprised of historical and cultural items from and about Santa Catalina Island, supporting its statement of purpose by fostering awareness and appreciation of our Island's heritage through their use in research, exhibitions and educational programs. Over the years, the museum has built collections, almost exclusively through donation, which can be divided into these areas of history, archaeology and natural history. The collections, totaling approximately 165,000 items fall into the following categories - archaeology, photographs, ephemera, newspapers, archives, postcards, three-dimensional historical collections, natural history, library, oral history, audio/visual, and art.”

“The Museum's endowment consists of donor-restricted funds classified as permanently restricted net assets (a) the original value of gifts donated to the permanent endowment, (b) the original value of subsequent gifts to the permanent endowment, and (c) accumulations to the permanent endowment made in accordance with the direction of the applicable donor gift instrument at the time the accumulation is added to the fund. The remaining portion of the donor-restricted endowment fund that is not classified in permanently restricted net assets is classified as temporarily restricted net assets until those amounts are appropriated for expenditure by the Museum. During the 2020-21 fiscal year, the Board of Trustees agreed on a resolution to designate $3,566,722 of the Museum's assets without donor restrictions to function as a quasi-endowment. The board designated $3,216,022 as a quasi-endowment, and $350,700 to capital improvements. As of February 28, 2025, the board designated quasi-endowment balance is $2,600,180.”

“The Museum is exempt from taxation under Internal Revenue Code Section 501(c)(3) and California Revenue and Taxation Code Section 23701d. The Museum is the sole member of Sunnyslope Property Management Company, LLC, a single-member limited liability company formed in California. For federal and state income tax purposes, Sunnyslope Property Management Company, LLC is treated as a disregarded entity, and therefore its activities are reported as part of the Museum. Sunnyslope Property Management Company, LLC was organized exclusively for charitable purposes and to further the Museum's mission. Sunnyslope Property Management Company, LLC commenced operations within the final two months of the fiscal year, during which time applicable taxable activities, if any, were limited in duration and not regularly carried on. Accordingly, no provision for unrelated business income tax has been recorded for the year ended. Generally accepted accounting principles provide accounting and disclosure guidance about positions taken by an organization in its tax returns that might be uncertain. Management has considered its tax positions and believes that all of the positions taken by the Museum in its federal and state exempt organization tax returns are more likely than not to be sustained upon examination. The Museum's returns are subject to examination by federal and state taxing authorities, generally for three and four years, respectively, after they are filed.”

“Anciliary - cost of goods sold 152,307. Rent expense 51,420. Event expenses 5,410.”

“Rent expense 51,420. Event expenses 5,410.”