[BCMA] Accounting Question

[Moderated BCMA subscriber listserv.]

Hi

 

We have never been asked for a valuation of our collection, and the time and cost associated for an appraisal company would be prohibitive for us.

 

Regards

 

Peter



 

From: bcma-bounces at lists.vifa.ca [mailto:bcma-bounces at lists.vifa.ca] On Behalf Of Moderated BCMA subscriber listserv.
Sent: March 9, 2020 10:49 AM
To: bcma at lists.vifa.ca
Subject: Re: [BCMA] Accounting Question

 

We have not been told this by our accounting firm, and they're currently working on our 2019 year end statements. Did your firm indicate who required this information?


 

Bulkley Valley Museum

PO Box 2615

1425 Main Street

Smithers, BC

V0J 2N0

 

250-847-5322

info at bvmuseum.org <mailto:info at bvmuseum.org> 

 

 

On Mon, Mar 9, 2020 at 10:38 AM Moderated BCMA subscriber listserv. <bcma at lists.vifa.ca <mailto:bcma at lists.vifa.ca> > wrote:

Hi friends … 

I am wondering if anyone else has been told by their accounting firms that as of 2019 Museums and Galleries now have to account for the value of their permanent collections when doing their yearend? 

We were told we have three options:

1) get the whole collection appraised 
2) include the value of all the tax receipts given and purchases made 
3) provide a nominal value per item and multiply the entire value by the number of items in the collection. 

I am wondering if anyone else has heard of this change and if so what are the thoughts of the community as we have never accounted for the value of our permanent collection on our books previously.

Thank you for your time and input.

I look forward to your reply.

Paul F. Crawford

Director/Curator

Penticton Art Gallery

199 Marina Way

Penticton, B.C. 

V2A 1H5 Canada 

Phone:  <tel:%28250%29%20493-2928> (250) 493-2928
Email: curator at pentictonartgallery.com <mailto:curator at pentictonartgallery.com>  

Web:  <http://www.pentictonartgallery.com/> www.pentictonartgallery.com 

On the unceded territory of the Syilx (Okanagan) Peoples.

 

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