[BCMA] Accounting Question

Tue Mar 10 14:27:39 PDT 2020

I discussed this with our auditor at KPMG last year.  You do not HAVE to account for your entire collection (we do not); but if you wanted to add your collection to your balance sheet you MUST do it this (2019) fiscal.

The only advantage that I saw was to your balance sheet.  You would have an asset that did not depreciate.

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Tracy Calogheros
CEO
Cell: 2509815910  |  Fax:250.562.6395
tracy.calogheros at theexplorationplace.com<mailto:tracy.calogheros at theexplorationplace.com> | www.theexplorationplace.com<http://www.theexplorationplace.com/>
The Exploration Place is a Northern BC non-profit organization and registered charity whose mission is to preserve our local history and foster lifelong learning in the areas of science, technology, heritage and culture.
We would like to acknowledge that the Museum is  located on the traditional territory of the Lheidli T’enneh Nation

From: bcma-bounces at lists.vifa.ca <bcma-bounces at lists.vifa.ca> On Behalf Of Moderated BCMA subscriber listserv.
Sent: Monday, March 09, 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: (250) 493-2928<tel:%28250%29%20493-2928>
Email: curator at pentictonartgallery.com<mailto:curator at pentictonartgallery.com>
Web: www.pentictonartgallery.com<http://www.pentictonartgallery.com/>

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

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