2024-09-10T20:49:34-05:00 2023-12-31 221914888 NISIVOCCIA LLP 200 VALLEY RD SUITE 300 MT ARLINGTON NJ 07856 990 2023-01-01 226074979 HISTORICAL SOCIETY OF PRINCETON HIST 6099216748 354 QUAKER ROAD PRINCETON NJ 08540 SARAH TAGGART EXECUTIVE DIRECTOR 6099216748 2024-09-09 1 0 CHRISTABEL VALLADARES CPA P02451559 9733281825 2024-09-09 2023 2024-08-08 14:25:15Z SARAH TAGGART 354 QUAKER ROAD PRINCETON NJ 08540 894033 0 X WWW.PRINCETONHISTORY.ORG X 1938 NJ HISTORICAL SOCIETY OF PRINCETON DEVELOPS SIGNATURE PROGRAMS OF LEARNING AND DISCOVERY TO CONNECT THE LESSONS OF THE PAST TO THE ISSUES WHICH INFORM OUR FUTURE. 14 14 12 15 0 0 600062 581074 132008 85853 59827 124622 5001 -4593 796898 786956 0 0 0 0 327561 423770 0 0 90559 397599 421828 725160 845598 71738 -58642 7478117 7792490 67360 191556 7410757 7600934 HISTORICAL SOCIETY OF PRINCETON DEVELOPS SIGNATURE PROGRAMS OF LEARNING AND DISCOVERY TO CONNECT THE LESSONS OF THE PAST TO THE ISSUES WHICH INFORM OUR FUTURE. 0 0 576983 90209 HISTORICAL SOCIETY OF PRINCETON OFFERS A WIDE VARIETY OF EDUCATIONAL PROGRAMS FOR CHILDREN AND ADULTS THROUGHOUT THE YEAR. THESE PROGRAMS INCLUDE HISTORY WALKING TOURS, SCHOOL FIELD TRIPS IN THE SOCIETY'S HISTORIC EXHIBITIONS, STIMULATING TALKS AND LECTURES, PUBLIC PROGRAMS FOR FAMILIES AND GROUPS, AND AN ANNUAL VIRTUAL HOUSE TOUR IN PRINCETON. THE SOCIETY ALSO OFFERS A VARIETY OF VIRTUAL PROGRAMS, INCLUDING LECTURES, DIGITAL TOURS, HISTORY BLOGS ON SOCIAL MEDIA, VIRTUAL SCHOOL FIELD TRIPS, AND OTHER PROGRAMS. THE SOCIETY ALSO PRESENTS LARGE, POPULAR COMMUNITY FUNDRAISING EVENTS, INCLUDING AN OUTDOOR CONCERT AT UPDIKE FARMSTEAD. 576983 1 1 0 0 0 0 1 1 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 12 1 0 0 0 0 0 0 0 0 0 0 0 0 X 14 14 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 NJ X SARAH TAGGART 6099216748 354 QUAKER ROAD PRINCETON NJ 08540 PAUL PESSUTTI PRESIDENT 6.00 X X 0 0 0 DOUGLAS CHIA VICE CHAIR/PRESIDENT 6.00 X X 0 0 0 SCOTT SALANTRIE TREASURER 4.00 X X 0 0 0 LIVIA WONG MCCARTHY SECRETARY 2.00 X X 0 0 0 MORGAN BATTLE TRUSTEE 2.00 X 0 0 0 KATHERINE HANRATTY CARR TRUSTEE 2.00 X 0 0 0 PETER GIBSON TRUSTEE 2.00 X 0 0 0 MATTHEW HENDERSON TRUSTEE 2.00 X 0 0 0 LESLIE JENNING ROWLEY TRUSTEE 2.00 X 0 0 0 RICHARD TALLO TRUSTEE 2.00 X 0 0 0 RIK DUGAN TRUSTEE 2.00 X 0 0 0 RACHANA SINGH TRUSTEE 2.00 X 0 0 0 SOL PERALTA TRUSTEE 2.00 X 0 0 0 JUSTIN LEE TRUSTEE 2.00 X 0 0 0 SARAH TAGGART EXECUTIVE DIRECTOR 40.00 X 120000 0 1884 120000 0 1884 1 0 0 0 0 109000 472074 581074 FACILITY FEE 611600 59800 59800 TOURS & PROGRAMS 611600 26053 26053 85853 113920 113920 46000 35298 10702 10702 10702 62830 71779 -8949 -8949 OTHER REVENUE 900099 4356 4356 4356 786956 90209 0 115673 121884 86123 19709 16052 235808 166628 38111 31069 3480 2459 563 458 35245 24905 5697 4643 27353 19328 4422 3603 21025 2384 18641 5434 616 4818 44197 3022 41175 10401 7387 1662 1352 44021 31106 7116 5799 2120 2120 1388 1388 135387 95667 21885 17835 22622 16406 3425 2791 REPAIRS AND MAINTENANCE 69012 63492 2760 2760 EXHIBITS AND MUSEUM 43863 43863 EQUIPMENT 7734 2578 2578 2578 PRINTING AND PUBLICATIO 6440 4550 1041 849 8184 6469 945 770 845598 576983 178056 90559 200534 100692 785654 903477 87436 84063 5105 5302 5660161 1635480 4135866 4024681 2256754 2585494 6768 88781 7478117 7792490 23853 70239 17000 17000 26507 104317 67360 191556 X 7254537 7445837 156220 155097 7410757 7600934 7478117 7792490 -58642 248819 0 X X 0 1 X 1 0 X 229291 448270 444856 600062 581074 2303553 79512 20766 117943 132008 85853 436082 308803 469036 562799 732070 666927 2739635 42675 85919 104149 42009 65785 340537 0 42675 85919 104149 42009 65785 340537 2399098 62846 261783 45613 54378 113920 538540 62846 261783 45613 54378 113920 538540 37807 10242 72430 5001 4356 129836 409456 741061 680842 791449 785203 3408011 0.70400 0.66600 0.15800 0.17130 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 1 1 1 1 0 X X X X 0 847611 847611 4709632 1564196 3145436 84930 71284 13646 17988 17988 4024681 EVENT SECURITY DEPOSITS 4700 DEPOSITS FOR FUTURE EVENTS 9950 LEASE LIABILITY 89667 104317 X 1120949 248819 13395 71779 333993 786956 0 786956 930772 13395 71779 85174 845598 0 845598 PART II, LINE 5: WRITTEN POLICY REQUIRES MONITORING OF THE CONSERVATION EASEMENT. PART II, LINE 9: THE SOCIETY DOES NOT REPORT CONSERVATION EASEMENTS IN ITS STATEMENT OF FINANCIAL POSITION OR STATEMENT OF ACTIVITIES. THE SOCIETY HAS 1 CONSERVATION EASEMENT AND IT IS NON-CERTIFIED. UNDER THE NEW JERSEY HISTORIC TRUST EASEMENT (THE "AGREEMENT") BETWEEN THE SOCIETY AND THE STATE OF NEW JERSEY BY THE DEPARTMENT OF COMMUNITY AFFAIRS, THE SOCIETY IS OBLIGATED TO PRESERVE THE UPDIKE FARMSTEAD, LOCATED IN PRINCETON, NEW JERSEY, IN ITS CURRENT STATE, WITH THE EXCEPTION OF ALLOWANCES FOR CERTAIN BUILDING STRUCTURES, AS DEFINED IN THE AGREEMENT. THE STATE OF NEW JERSEY PROVIDES GRANT MONIES TO FUND PRESERVATION COSTS. IF THE UPDIKE FARMSTEAD IS ALTERED OUTSIDE OF THE ALLOWED VARIANCES, OR IF THE PROPERTY IS NOT MAINTAINED IN GOOD CONDITION, THE STATE OF NEW JERSEY MAY REQUIRE REPAYMENT BY THE SOCIETY OF ALL MONIES RECEIVED UNDER THE AGREEMENT IN THE PRIOR YEARS, WHICH AMOUNTED TO $605,825. THE EASEMENT AGREEMENT EXPIRES SEPTEMBER 27, 2042. PART III, LINE 4: THE HISTORICAL SOCIETY OF PRINCETON ACTIVELY COLLECTS AND PRESERVES A DIVERSE ARRAY OF HISTORICAL MATERIAL, WHICH IT MAKES ACCESSIBLE TO THE PUBLIC THROUGH EXHIBITIONS, RESEARCH SERVICES, LOANS, AND PUBLIC PROGRAMS. IN SO DOING, HSP ENSURES HISTORICAL ARTIFACTS AND DOCUMENTS ARE PRESERVED FOR FUTURE GENERATIONS AND THAT HISTORICAL KNOWLEDGE IS DISSEMINATED, FURTHERING HSP'S EDUCATION AND PRESERVATION MISSION. IN CONFORMITY WITH THE PRACTICE FOLLOWED BY MANY HISTORICAL SOCIETIES, THE COST OR VALUE OF ART OBJECTS, ANTIQUES AND PRINCETONIAN MEMORABILIA PURCHASED AND DONATED IS NOT INCLUDED IN THE STATEMENTS OF FINANCIAL POSITION. THE COST OF OBJECTS PURCHASED FOR THE COLLECTIONS AND EXHIBITS IS REPORTED AS A SEPARATE PROGRAM EXPENSE IN THE STATEMENTS OF ACTIVITIES. THE SOCIETY'S POLICY ON DEACCESSIONS IS IN ACCORDANCE WITH THAT OF OTHER HISTORICAL SOCIETIES. THE SOCIETY WILL FOLLOW REGULATED PROCEDURES BY FIRST ADHERING TO THE DONOR'S RESTRICTIONS, IF ANY, AND THEN TO THE BOARD'S DESIGNATIONS AND PROCESS ON HOW THE DEACCESSION IS TO BE HANDLED, WHICH IS BASED ON A SLIDING SCALE DETERMINED BY THE VALUE OF THE OBJECT. PROCEEDS FROM THE DEACCESSION WILL BE INCLUDED IN THE STATEMENTS OF ACTIVITIES AND PLACED IN AN INVESTMENT ACCOUNT DESIGNATED BY THE BOARD OF TRUSTEES, WHICH ACCOUNT IS INCLUDED IN THE STATEMENTS OF FINANCIAL POSITION, TO BE USED FOR COLLECTION PURCHASES, CARE AND RESTORATION. THE SOCIETY FOLLOWS THE PROVISIONS OF ASU 2019-03, UPDATING THE DEFINITION OF COLLECTIONS (TOPIC 958). ALL PROCEEDS FROM DEACCESSIONED OBJECTS SHALL BE DEPOSITED IN A RESTRICTED ACCOUNT TO BE USED EXCLUSIVELY FOR ACQUISITIONS OR DIRECT CARE OF THE SOCIETY'S PERMANENT COLLECTION. IN ADDITION TO ACQUIRING NEW OBJECTS, DEACCESSION FUNDS CAN BE USED FOR DIRECT CARE WHICH THE SOCIETY DEFINES AS AN OBJECT NEEDING CONSERVATION WHICH WOULD REQUIRE A RECOMMENDATION BY THE CURATOR WITH FULL BOARD APPROVAL. PART X, LINE 2: THE SOCIETY IS A SOCIETY DESCRIBED UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (THE "CODE") AND IS THEREFORE EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(A) OF THE CODE. THE SOCIETY IS ALSO EXEMPT UNDER TITLE 15 OF THE STATE OF NEW JERSEY CORPORATIONS AND ASSOCIATIONS NOT FOR PROFIT ACT. ACCORDINGLY, NO PROVISION FOR FEDERAL OR STATE INCOME TAX HAS BEEN PRESENTED IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE SOCIETY FOLLOWS THE PROVISIONS OF FASB ASC, INCOME TAXES. THE STANDARD PRESCRIBES A MINIMUM RECOGNITION THRESHOLD AND MEASUREMENT METHODOLOGY THAT A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN IS REQUIRED TO MEET BEFORE BEING RECOGNIZED IN THE FINANCIAL STATEMENTS. IT ALSO PROVIDES GUIDANCE FOR DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURE, AND TRANSITION AS THEY RELATE TO THOSE TAX POSITIONS. THE SOCIETY DOES NOT EXPECT A SIGNIFICANT INCREASE OR DECREASE TO THE TOTAL AMOUNTS OF UNRECOGNIZED TAX POSITIONS DURING THE YEAR ENDED DECEMBER 31, 2023. HOWEVER, THE SOCIETY IS SUBJECT TO AUDIT BY TAX AUTHORITIES, INCLUDING A REVIEW OF ITS NONPROFIT STATUS, WHICH MANAGEMENT BELIEVES WOULD BE UPHELD UPON EXAMINATION. NONETHELESS, THE AMOUNTS ULTIMATELY PAID, IF ANY, UPON RESOLUTION OF THE ISSUES RAISED BY THE TAXING AUTHORITIES MAY DIFFER MATERIALLY FROM THE AMOUNTS ACCRUED FOR EACH YEAR. AS REQUIRED BY LAW, THE SOCIETY FILES INFORMATIONAL RETURNS WITH BOTH THE UNITED STATES FEDERAL AND STATE OF NEW JERSEY JURISDICTIONS ON AN ANNUAL BASIS- FORM 990 WITH THE INTERNAL REVENUE SERVICE, AND FORM CRI-300R WITH THE STATE. THESE RETURNS ARE SUBJECT TO EXAMINATION BY THESE AUTHORITIES WITHIN CERTAIN STATUTORILY DEFINED PERIODS FROM THE LATEST FILING DATE FOR FEDERAL AND FOR THE STATE OF NEW JERSEY. PART XI, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENTS DIRECT EXPENSES 71,779. PART XII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENTS DIRECT EXPENSES 71,779. FORM 990, PART VI, SECTION B, LINE 11B HISTORICAL SOCIETY OF PRINCETON HAS ITS FORM 990 PREPARED BY AN OUTSIDE ACCOUNTING FIRM AND HAS ESTABLISHED THE FOLLOWING REVIEW PROCESS TO ENSURE THAT THE INFORMATION REPORTED IS COMPLETE AND ACCURATE. WHEN THE FORM 990 HAS BEEN PREPARED, REVIEWED BY MANAGEMENT AND IS READY TO BE FILED WITH THE INTERNAL REVENUE SERVICE, IT IS PROVIDED TO THE MEMBERS OF THE ORGANIZATIONS GOVERNING BODY FOR ANY COMMENTS PRIOR TO ITS SUBMISSION. THE GOVERNING BODY IS PROVIDED WITH A REASONABLE AMOUNT OF TIME TO REVIEW THE FORM 990. ANY COMMENTS ARE THEN GROUPED, SUMMARIZED AND PROVIDED THROUGH MANAGEMENT TO THE OUTSIDE ACCOUNTING FIRM. ANY APPLICABLE ISSUES ARE ADDRESSED PRIOR TO RETURN BRING FINALIZED AND APPROVED FOR FILING. FORM 990, PART VI, SECTION B, LINE 12C HISTORICAL SOCIETY OF PRINCETON CURRENTLY HAS IN PLACE A CONFLICT OF INTEREST POLICY WHICH IT REGULARLY MONITORS AND ENFORCES. THE BOARD MANDATES THAT ALL MEMBERS OF MANAGEMENT AND THE GOVERNING BODY ANNUALLY SIGN A CONFLICT OF INTEREST POLICY AND DISCLOSE ANY POTENTIAL OR ACTUAL CONFLICTS THAT MAY EXIST. IF A POTENTIAL OR ACTUAL CONFLICT OF INTEREST EXISTS, GOVERNING BODY AND MANAGEMENT WILL INVESTIGATE THE ISSUE. IF A CONFLICT OF INTEREST IS DETERMINED TO EXIST MANAGEMENT AND THE GOVERNING BODY WILL BE NOTIFIED IMMEDIATELY. THE MEMBER WILL NOT BE ALLOWED TO VOTE OR BE A PART OF ANY DECISIONS ABOUT ANY SUCH TRANSACTIONS THAT HAVE TO DO WITH THE CONFLICT UNTIL SUCH TIME THAT THERE IS NO LONGER A CONFLICT. FORM 990, PART VI, SECTION B, LINE 15A THE COMPENSATION OF THE ORGANIZATIONS OFFICERS OR KEY EMPLOYEES IS REVIEWED AND APPROVED BY THE BOARD OF TRUSTEES, AN INDEPENDENT BODY. FORM 990, PART VI, SECTION C, LINE 19 HISTORICAL SOCIETY OF PRINCETON MAKES ITS FORM 990 AVAILABLE FOR PUBLIC INSPECTION AS REQUIRED UNDER SECTION 6104 OF THE INTERNAL REVENUE CODE UPON WRITTEN REQUEST AT THE ORGANIZATIONS OFFICE AT 354 QUAKER ROAD, PRINCETON, NJ 08540. IN ADDITION FORM 1023 AS WELL AS THE FINANCIAL STATEMENTS, AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON WRITTEN REQUEST AT THE ORGANIZATIONS OFFICE AT 354 QUAKER ROAD, PRINCETON, NJ 08540. FORM 990 PART XI, LINE 2C THERE WAS NO CHANGE FROM THE PRIOR YEAR.