Daughters of Hawaii

“The historical collection consists of artifacts and documents held for display in the queen emma summer palace museum and in the hulihe'e palace museum. The collection is continuously cataloged, perserved, and cared for. The items in the collection, which were acquired through purchases and contributions, are not recognized in the accompanying financial statements because they have no alternative use. Purchases of collection items are recorded as decreases in unrestricted net assets in the period in which the items are acquired or as temporarily or permanently restricted net assets if they are purchased with donor-restricted funds. Contributed collection items are not reflected on the financial statements. The proceeds, if any, from the disposition of the collection items are reflected as increases in the appropriate net asset classes.”

“The organization's collections consist of historic artifacts and furnishings augmenting the educational message of queen emma summer palace and hulihee palace museums.”

“The intended use of the organization's endowment funds is to support the operation of the queen emma summer palace museum and hulihe`e palace museum.”

“Management has evaluated the tax positions of the daughters of hawaii for the years ended june 30, 2014 and 2013 by reviewing its income tax returns and conferring with its tax advisors, and determined that the daughters of hawaii had no uncertain tax positions required to be reported in accordance with accounting principles generally accepted in the united states of america. With few exceptions, the daughters of hawaii is no longer subject to examination by taxing authorities for tax years ending on or before june 30, 2010, due to the expiration of the statutes of limitations.”

“Cost of sales -254,453. Decrease in temporarily restricted net assets -40,781. Increase in permanently restricted net assets 71,847.”

“COST OF SALES 254,453.”