Riverside Art Museum

“Collection items consist of art objects that are held for educational and curatorial purposes. Each of the items is cataloged, preserved, cared for, and kept unencumbered. Activities verifying their existence and assessing their condition are performed continuously. Collection items acquired either through purchase or donation are not capitalized. Purchases of collection items are recorded as decreases in unrestricted net assets if purchased with unrestricted assets and as decreases in temporarily restricted or permanently restricted net assets if purchased with donor-restricted assets. Contributions of collection items are not recognized in the statement of activities. Proceeds from deaccessions or insurance recoveries are reflected on the statement of activities based on the absence or existence and nature of donor-imposed restrictions. If collection items are sold, the proceeds from the sale are used to purchase additional collection items.”

“Ram's role as a repository and steward of the art created and collected in its region is critical to its identity. Ram currently stewards over 1,500 works in its permanent collection, which includes regional artwork as well as works of art from all over the world spanning numerous time periods. Ram's collection supports its mission to "integrate art into the lives of people in a way that engages, inspires, and builds community by presenting thought-provoking exhibits."”

“The museum maintains perpetual endowment funds with purpose restrictions (for youth art scholarships to our programs) and without purpose restrictions. These endowment funds are retained permanently either by explicit donor stipulation or by spmifa. The museum has adopted investment and spending policies for endowment assets that attempt to provide a predictable stream of funding to programs supported by its endowment while seeking to maintain the purchasing power of the endowment assets. Endowment assets include those assets of donor-restricted funds that the museum must hold in perpetuity or for a donor-specified period(s). Under this policy, as approved by the board of directors, the endowment assets are invested in a manner that is intended to preserve the real (i.e. Inflation-adjusted) purchasing power of the endowment, and are restricted to investments in certificates of deposit, passbook and money market accounts, and mutual funds. Actual returns in any given year will vary due to market fluctuation.”

“Management believes that ram 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. Ram 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.”