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Date: | Thu, 8 Feb 1996 04:20:41 PST |
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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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