Per the Statement of Financial Accounting Standards (SFAS)
          no. 116, collection items need not be recognized in the
          financial statements if they meet each of the three
          following requirements:

          The must be:

            Held for public exhibition, education, or research to
          further public service rather than for financial gain,

            Protected, kept unencumbered, cared for, and preserved,
          and

            Subject to an organizational policy that requires the
          proceeds from any sales of collections items to be used to
          acquire other items for collections.

          SFAS 116 applies to all not-for-profit organizations.


          Chris Kibre
          California Academy of Sciences
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