2010 Annual Report - the Seashore Trolley Museum

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New England Electric Railway Historical Society However, each significant collection item is catalogued, preserved and cared for, and activities verifying their existence and assessing their condition are performed. The collections are subject to a policy that requires proceeds from their sales to be used to make betterments to other existing items or to acquire other items for collections. Income Taxes - The Society is exempt from Federal and State income taxes under the provisions of the Internal Revenue Code as an entity described in Section 501(c)(3). In addition, the Society qualifies for the charitable contribution deduction under Section 170(b)(A) and has been classified as an organization other than a private foundation under Section 509(a)(2). The Federal (and State of Maine) income tax returns of the Society are subject to examination, generally for three years after they were filed. The Society does not believe that there are any uncertain tax positions taken in preparation of the tax returns that would impact these financial statements. Concentration of Credit Risk - The Society maintains its cash equivalents in local financial institutions which provide Federal Deposit Insurance Corporation coverage up to $250,000 and in investment accounts which provide Securities Investor Protection Corporation protection up to $500,000. Unsecured cash equivalents as of December 31, 2010 and 2009 are $366,988 and $321,376, respectively. Unsecured investments as of December 31, 2010 are $40,953. There were no unsecured investments as of December 31, 2009. Advertising Costs - The Society uses advertising to promote its programs among the audiences it serves. Advertising costs are expensed as incurred. Advertising expense for the years ended December 31, 2010 and 2009 was $18,366 and $19,227, respectively. Functional Expenses - The costs of providing various programs and other activities have been summarized on a functional basis in the statements of activities and changes in net assets and the schedule of functional expenses. Accordingly, certain costs have been allocated among the programs and supporting services benefitted. Note 3 - Fair Values of Assets Effective January 1, 2008, the Society adopted Statement of Financial Accounting Standards, Fair Value Measurements, which provides a framework for measuring fair value under Generally Accepted Accounting Principles. Fair Value Measurements defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Fair Value Measurements requires that valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. Fair Value Measurements also established a fair value hierarchy, which prioritizes the valuation inputs into three broad levels. There are three general valuation techniques that may be used to measure fair value, as described below: 1. Market approach - Uses prices and other relevant information generated by market transactions involving identical Statement of Financial Position For the years ended December 31 2010 2009 Assets: Cash and cash equivalents: Unrestricted $ 399,249 $ 403,827 Restricted 766,978 698,600 Investments: Unrestricted 90,197 27,588 Restricted 451,019 466,740 Other receivable: Unrestricted 2,913 1,954 Restricted 8,353 40,728 Prepaid expenses: Unrestricted 21,308 20,285 Restricted 90 90 Inventories Unrestricted 66,346 60,195 Restricted 1,649 Pledges receivable: Restricted 44,814 74,691 Property and equipment net 1,250,490 1,261,642 Total assets $ 3,103,406 $ 3,056,340 Liabities and Net Assets Liabilities: Accounts payable $ 19,574 $ 15,401 Accrued payroll and taxes 5,685 6,794 Current portion of long-term debt 11,191 6,913 Deferred revenue 3,100 4,990 Other accrued liabilities 73,858 87,181 Long-term debt 63,426 47,600 Total liabilities 176,834 168,879 Net assets: Unrestricted: Board designated 266,019 169,488 Undesignated 211,777 229,995 Designated - property and equipment 1,175,873 1,207,129 Temporarily restricted 875,746 921,261 Permanently restricted 397,157 359,588 Total net assets 2,926,572 2,887,461 Total liabilities and net assets $ 3,103,406 $ 3,056,340 See accountant's report and accompanying notes to financial statements. or comparable assets or liabilities. Prices may be indicated by pricing guides, sale transactions, market trades, or other resources; 2. Cost approach - Based on the amount that currently would be required to replace the service capacity of an asset (replacement cost); and 3. Income approach - Uses valuation techniques to convert future amounts to a single present amount based on current market expectations about the future amounts (includes present value techniques, and option-pricing 26
Statement of Activities and Changes in Net Assets 2010 Annual Report December 31,2010 December 31,2009 Tempor- Perman- Tempor- Permanarily ently arily ently Unrestricted Restricted Restricted Total Unrestricted Restricted Restricted Total Revenue: Earned revenue: Admissions $ 104,917 $ 4,341 $ - $ 109,258 $ 90,328 $ 925 $ - $ 91,253 Annual membership dues 30,461 - - 30,461 29,457 - - 29,457 Life memberships 3,600 - - 3,600 900 - - 900 Revenue from auxiliary operation 96,081 22,545 - 118,626 82,064 267,443 - 349,507 Total earned revenue 235,059 26,886 - 261,945 202,749 268,368 - 471,117 Contributed support: Grants 250 3,011 - 3,261 - 47,117 - 47,117 Contributions & bequests 151,646 163,422 7,830 322,898 79,615 149,267 3,996 232,878 Contributions-in-kind 23,942 22,473 - 46,415 24,166 56,463 - 80,629 Contributed Services 26,658 - - 26,658 12,004 - - 12,004 Total contributed support 202,496 188,906 7,830 399,232 115,785 252,847 3,996 372,628 Other revenue: Interest and dividend income 4,085 3,466 9,132 16,683 4,423 8,511 9,619 22,553 Realized and unrealized gains (losses) on investments 6,409 8,094 37,688 52,191 4,246 19,140 52,566 75,952 Miscellaneous income 39,242 8,634 - 47,876 20,976 7,953 - 28,929 Total other revenue $ 49,736 $ 20,194 $ 46,820 $ 116,750 $ 29,645 $ 35,604 $ 62,185 $ 127,434 Net assets released from restrictions: 298,582 (281,501) (17,081) - 714,246 (698,617) (15,629) - Total support and revenue 785,873 (45,515) 37,569 777,927 1,062,425 (141,798) 50,552 971,179 Expenses: Program services Curatorial and exhibits 389,934 - - 389,934 622,916 - - 622,916 Supporting services Membership 16,509 - - 16,509 21,926 - - 21,926 General & administrative 226,051 - - 226,051 184,156 - - 184,156 Fundraising 2,954 - - 2,954 4,296 - - 4,296 Auxiliary operation 103,368 - - 103,368 88,525 - - 88,525 Total support services 348,882 - - 348,882 298,903 - - 298,903 Total expenses $ 738,816 $ - $ - $ 738,816 $ 921,819 $ - $ - $ 921,819 Change in net assets 47,057 (45,515) 37,569 39,111 140,606 (141,798) 50,552 49,360 Net assets, beginning of year 1,606,612 921,261 359,588 2,887,461 1,466,006 1,063,059 309,036 2,838,101 Net assets, end of year 1,653,669 875,746 397,157 2,926,572 1,606,612 921,261 359,588 2,887,461 See accountant's report and accompanying notes to financial statements. 27
Page 1 and 2: New England Electric Railway Histor
Page 3 and 4: Letter to Members The year 2010 was
Page 5 and 6: the elementary and middle school le
Page 7 and 8: The State Transportation Library, l
Page 9 and 10: uses to the Americal Civic Center i
Page 11 and 12: Lowell Operations Report Roger E. S
Page 13 and 14: Above: Eric Gilman drills a hole to
Page 15 and 16: where the car ran on the Wheeling s
Page 17 and 18: finishing systems, motor testing, a
Page 19 and 20: scheduled in June featuring many pi
Page 21 and 22: ment of Transportation for transpor
Page 23 and 24: 2010 Annual Report Administrative M
Page 25 and 26: Donations of $100 to $250 Arnold, W
Page 27: Financial Report Notes to Financial
Page 31 and 32: Statement of Cash Flows For the yea
Page 33 and 34: Pledges Receivable 2010 In one year
Page 35 and 36: Trustee Recognition Awards Each Spr

2010 Annual Report - the Seashore Trolley Museum

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