Honolulu Academy of Arts

“Art collection the museum's art collection comprises works of art, which are held for exhibition, research, and educational purposes. Each of the items is cataloged, 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 the collection. Works of art in the museum's collection are not recognized as assets in the accompanying statement of financial position. Purchases of art are recorded as decreases in unrestricted net assets in the year in which the items are acquired.”

“Endowment funds the museum uses its permanently restricted portion of the endowment consistent with the donor's restrictions. The unrestricted portion of the endowment is used to provide a predictable and constant stream of current income for operating needs. Earnings from the endowment funds are to be used for the following intended purposes: general operations and gallery maintenance $58,213,274 (78%) art acquisitions $ 7,644,560 (10%) curatorial and conservation $ 3,566,818 (5%) education $ 3,502,708 (5%) exhibitions $ 1,554,583 (2%) ----------------- $74,481,943 (100%) the allocation of endowment fund amounts between the intended purposes is the best estimate of the organization as of the due date of the return.”

“Fin 48 footnote the museum is exempt from income taxes under section 501 (c)(3) of the internal revenue code and the hawaii revised statutes. The museum is also exempt from hawaii general excise tax on income directly related to its mission. The museum recognizes the effect of income tax positions only if it is more-likely-than-not that the tax position will be sustained upon examination by taxing authorities, based on the technical merits of the position. The tax effects recognized in the financial statements from such a position are measured based on the largest amount that has a greater than 50 percent likelihood of being realized upon ultimate settlement. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Any interest or penalties related to any unrecognized tax benefit/liability are classified as management and general expenses. The museum has evaluated its tax positions and determined that there were no uncertain tax positions at june 30, 2015 and 2014.”

“Change in values of split-interest agreements -1,355,662. Art sale commissions -31,654.”

“Purchases for resale -577,587. Rental expense -23,122. Fundraising expense -540,813. Other revenues included in expenses 464,221.”

“Purchases for resale 577,587. Rental expense 23,122. Fundraising expense 540,813.”

“Art sale commissions 31,654. Other expenses included in revenues 464,220.”

“Definition of collections the museum's two principal accessioned collections are designated as the primary (or main) and secondary (or study) collections. The majority of the museum's holdings are in the primary collection. The secondary collection is comprised of works of all media that may be of lesser quality but are needed to represent a particular period, style or technique, of objects whose attribution require further research, and for research purposes. The third category exists of works set aside for use as equipment in offices or that were given to the museum for purposes of sale. These objects are not formally accessioned into the collection. The value of these objects is reported in part iii, items 2a and 2b.”

“Organizations maintaining collections of art, historical treasure or other the museum has an internationally-renowned, encyclopedic collection of over 50,000 works of art that began with mrs. Cooke's gift of 4,000 artworks in 1927. This collection lies at the core of our educational mission and is a remarkable mirror of hawai'i's ethnic diversity. The collection is the foundation for the museum's programs and a vehicle through which the museum carries out its mission to serve hawaii. The primary rationale for collecting is to develop a body of visual and intellectual material that documents and interprets world culture in an encyclopedic format. The museum is known for its asian collection, including comprehensive holdings in chinese, indian, japanese, korean, and southeast asian art. The crown jewel of the museum's asian art collection is the james a. Michener collection of over 10,000 japanese ukiyo-e woodblock prints, the third largest collection of its kind in the united states. The museum's permanent collection also excels in european and american painting, graphic art, and decorative arts. Nineteenth and twentieth century paintings are represented by such masters as monet, renoir, cezanne, gauguin, van gogh, modigliani, leger, picasso, braque, and matisse. Major american and modern and contemporary holdings are represented by such masters as james mcneill whistler, john singer sargent, gaston lachaise, alexander calder, isamu noguchi, louise nevelson, and lee bontecou. The largest single part of the permanent collection comprises over 15,000 examples of european and american work on paper, ranging in date from the renaissance to the contemporary era. The museum's collection of contemporary art includes works gifted by the contemporary museum, honolulu in july, 2011. The integrated contemporary collection now includes works from 1970 to the present. This includes artists such as donald judd, sol lewitt, frank stella, tom wesselmann, jim dine, andy warhol, robert motherwell, sam francis, robert arneson, joseph cornell, h. C. Westermann, jennifer bartlett, kara walker, kiki smith, william kentridge, vik muniz, bruce conner, terry allen, william wiley, david hockney, robert graham, ed and nancy reddin kienholz, thomas ruff, and thomas struth. Particular strengths are in ceramics and ceramic sculpture, wood, glass, metal, and fiber. The museum's textile collection is especially strong in works from asia, and also includes important textiles from the near east, africa, europe, and the americas. The arts of hawaii comprise both examples of indigenous hawaiian art, and post-european contact paintings, and works on paper. Through the development of strong curatorial and professional staff, the museum promotes its collections by focusing on exhibitions that engage residents and visitors to hawaii. The museum makes its permanent collections available in its renovated galleries and on its website, a major component of improved visibility that has positive consequences for attendance and collection growth.”

“The <$949,051> of current year net investment earnings, gains, and losses reported on part v, line c represents $<1,328,619> of net investment earnings, gains and losses, and a $379,568 prior period adjustment. The amounts in part v, columns b, c, d, and e, reflect the amounts reported on prior year returns.”