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        <ExplanationTxt>In conformity with accounting policies generally followed by art museums, the values of the Museums collections have been excluded from the statement of financial position. Purchases of collection items, proceeds from the sale of collection items, and proceeds from insurance recoveries of lost or destroyed collection items are reported on the statements of activities and changes in net assets. The collections are subject to a policy that requires proceeds from their sales to be used to acquire other items for the collections.</ExplanationTxt>
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        <ExplanationTxt>Museum collections include American paintings and other fine arts from the colonial period to the present day. The collections are made up of artifacts of historical significance and art objects that are held for educational, research, and curatorial purposes. Each of the items are cataloged, preserved, and cared for and activities verifying their existence and assessing their condition are performed continuously.</ExplanationTxt>
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        <ExplanationTxt>The Museum follows the guidance of FASB ASC Topic 740, Income Taxes, which specifies the accounting for uncertainty in income taxes recognized in an entitys financial statements. Based on its evaluation, the Museum has concluded that there are no significant uncertain tax positions requiring disclosure, and there are no material amounts of unrecognized tax benefits.</ExplanationTxt>
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