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<p class="MsoNormal">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.
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<p class="MsoNormal">The only advantage that I saw was to your balance sheet. You would have an asset that did not depreciate.<o:p></o:p></p>
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<p class="MsoNormal" align="center" style="text-align:center"><b><span style="color:#595959">Connect with us:<o:p></o:p></span></b></p>
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<p class="MsoNormal"><a href="https://ca.linkedin.com/company/the-exploration-place"><span style="color:#1F497D;text-decoration:none"><img border="0" width="24" height="24" style="width:.25in;height:.25in" id="Picture_x0020_5" src="cid:image006.png@01D5F6C2.64F6EC90"></span></a><span style="color:#1F497D"><o:p></o:p></span></p>
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<p class="MsoNormal"><span style="color:#1F497D">Tracy Calogheros<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">CEO<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">Cell: 2509815910 | Fax:250.562.6395<o:p></o:p></span></p>
<p class="MsoNormal"><a href="mailto:tracy.calogheros@theexplorationplace.com">tracy.calogheros@theexplorationplace.com</a><span style="color:#1F497D"> |
</span><a href="http://www.theexplorationplace.com/">www.theexplorationplace.com</a><span style="color:#1F497D"><o:p></o:p></span></p>
<p class="MsoNormal"><i><span style="font-size:10.0pt;color:#1F497D;background:white">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.<o:p></o:p></span></i></p>
<p class="MsoNormal"><i><span style="font-size:10.0pt;color:#1F497D;background:white">We would like to acknowledge that the Museum is located on the traditional territory of the Lheidli T’enneh Nation<o:p></o:p></span></i></p>
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<p class="MsoNormal"><b>From:</b> bcma-bounces@lists.vifa.ca <bcma-bounces@lists.vifa.ca>
<b>On Behalf Of </b>Moderated BCMA subscriber listserv.<br>
<b>Sent:</b> Monday, March 09, 2020 10:49 AM<br>
<b>To:</b> bcma@lists.vifa.ca<br>
<b>Subject:</b> Re: [BCMA] Accounting Question<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">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?<br clear="all">
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<p class="MsoNormal">Bulkley Valley Museum<o:p></o:p></p>
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<p class="MsoNormal">PO Box 2615<o:p></o:p></p>
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<p class="MsoNormal">1425 Main Street<o:p></o:p></p>
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<p class="MsoNormal">Smithers, BC<o:p></o:p></p>
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<p class="MsoNormal">V0J 2N0<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">250-847-5322<o:p></o:p></p>
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<p class="MsoNormal"><a href="mailto:info@bvmuseum.org" target="_blank">info@bvmuseum.org</a><o:p></o:p></p>
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<p class="MsoNormal">On Mon, Mar 9, 2020 at 10:38 AM Moderated BCMA subscriber listserv. <<a href="mailto:bcma@lists.vifa.ca">bcma@lists.vifa.ca</a>> wrote:<o:p></o:p></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;margin-bottom:12.0pt"><span lang="EN-CA">Hi friends …
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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?
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We were told we have three options:<br>
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1) get the whole collection appraised <br>
2) include the value of all the tax receipts given and purchases made <br>
3) provide a nominal value per item and multiply the entire value by the number of items in the collection.
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<br>
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.<br>
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Thank you for your time and input.<br>
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I look forward to your reply.<o:p></o:p></span></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-CA">Paul F. Crawford<o:p></o:p></span></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-CA">Director/Curator<o:p></o:p></span></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-CA">Penticton Art Gallery<o:p></o:p></span></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-CA">199 Marina Way<o:p></o:p></span></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-CA">Penticton, B.C.
<o:p></o:p></span></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;margin-bottom:12.0pt"><span lang="EN-CA">V2A 1H5 Canada
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-CA">Phone:
<a href="tel:%28250%29%20493-2928" target="_blank"><span style="color:windowtext">(250) 493-2928</span></a><br>
Email: <a href="mailto:curator@pentictonartgallery.com" target="_blank">curator@pentictonartgallery.com</a>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-CA">Web:
<a href="http://www.pentictonartgallery.com/" target="_blank"><span style="color:windowtext">www.pentictonartgallery.com</span></a>
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On the unceded territory of the Syilx (Okanagan) Peoples.<o:p></o:p></span></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-CA"> <o:p></o:p></span></p>
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<p class="MsoNormal">_______________________________________________<br>
BCMA mailing list<br>
<a href="mailto:BCMA@lists.vifa.ca" target="_blank">BCMA@lists.vifa.ca</a><br>
<a href="http://lists.vifa.ca/mailman/listinfo/bcma" target="_blank">http://lists.vifa.ca/mailman/listinfo/bcma</a><o:p></o:p></p>
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