Skirball Cultural Center

“The center does not capitalize its collections. The collections are made up of artifacts of historical significance and art objects that are held for educational and curatorial purposes. Each of the items is catalogued, preserved and 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 their sales to be used to acquire other items for collections.”

“The center is a national educational and multi-arts institution intended to interpret the american jewish experience, to nurture american jewish identity, and to strengthen the fabric of american society. The collections are made up of artifacts of historical significance and art objects that are held for educational and curatorial purposes.”

“The center's endowment includes donor-restricted funds and funds designated by the board of trustees to function as endowments. As required by accounting principles generally accepted in the united states of america, net assets associated with endowment funds, including funds designated by the board of trustees to function as endowments, are classified and reported based on the existence of donor-imposed restrictions. The center has interpreted the state of california uniform prudent management of institutional funds act ("upmifa") as requiring the preservation of the fair value of the original gift as of the gift date of the donor-restricted endowment funds absent explicit donor stipulations to the contrary. As a result of this interpretation, the center classifies 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 center in a manner consistent with the standard of prudence prescribed by upmifa. In accordance with upmifa, the center considers the following factors in making a determination to appropriate or accumulate donor-restricted endowment funds: (1) the duration and preservation of the various funds, (2) the purposes of the center and donor-restricted endowment funds, (3) general economic conditions, (4) the possible effect of inflation and deflation, (5) the expected total return from income and the appreciation of investments, (6) other resources of the center, and (7) the center's investment policies.”

“The skirball is a not-for-profit organization exempt from income taxes under section 501(c)(3) of the internal revenue code ("irc") and section 23101(d) of the revenue taxation code of california and is a publicly supported organization as described in section 509(a) of the irc. The skirball has no unrecognized tax benefits at june 30, 2021. The skirball's federal and state income tax returns prior to the 2018 and 2017 fiscal years, respectively, are closed and management continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. If applicable, the skirball recognizes interest and penalties associated with tax matters as part of income tax expense and includes accrued interest and penalties with accrued expenses in the statement of financial position.”

“Cost of goods sold 130,438.”

“Cost of goods sold 130,438.”