1961-1962 - American Museum of Natural History

NOTES TO FINANCIAL STATEMENTS
1. The land, buildings and equipment utilized by the Museum are either
owned by the City of New York or were charged off at the time of
purchase and, therefore, are not reflected in the balance sheet. Land
and buildings owned by the Museum are not significant in amount.
No valuation of exhibits, collections, library, etc., has been established
for balance sheet purposes.
Investments are recorded at cost in respect of those purchased, and in
respect of those acquired by gift, bequest or otherwise, at market
valuations at the dates of acquisition, probate court valuations or
valuations established by the trustees.
2. The Museum owns an interest in certain mining properties acquired
through a bequest. No valuation has been recorded on the books for
the interest in these properties and, therefore, it is not reflected in
the balance sheet. However, the Museum receives royalties from this
source and such royalties are recorded, when received, as additions
to unrestricted funds functioning as endowment (as bequests) or to
current general funds. During the years ended in 1962 and 1961
royalties received, net of expenses, amounted to $50,323 and $91,763,
respectively, of which approximately $50,000 was credited to general
funds (other income) in each year.
3. The Planetarium Authority is operated under the supervision of the
Museum's management. Its financial statements and the auditors'
opinion with respect thereto are annexed. Interest income received
from the Planetarium amounted to $25,650 in each of the years ended
in 1962 and 1961. These amounts are included in other income of
the general funds.
4. Other income of the general funds for the years ended in 1962 and
1961 includes net income from magazine and book shop operations
of $6,569 and $16,357, respectively. Gross income from magazine and
book shop operations amounted to $1,024,241 and $1,005,819 for the
respective years.
5. The Museum has remaining commitments of unrestricted funds of
$140,000 and $47,100 representing the respective maximum amounts
which the Museum may be required to expend in connection with
completion of alterations to the existing electrical system and modernization
of the auditorium.
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