| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| ACCOUNTING FEES | 4,325 | 1,500 |
| Description of Property | Date Acquired | Cost or Other Basis | Prior Years' Depreciation | Computation Method | Rate / Life (# of years) |
Current Year's Depreciation Expense | Net Investment Income | Adjusted Net Income | Cost of Goods Sold Not Included |
|---|---|---|---|---|---|---|---|---|---|
| OFFICE EQUIPMENT | 1996-07-01 | 5,429 | 5,429 | SL | 7 | ||||
| EQUIPMENT | 1986-06-30 | 6,047 | 6,047 | SL | 5 | ||||
| OFFICE EQUIPMENT | 1997-06-30 | 2,678 | 2,678 | SL | 7 | ||||
| BUILDING | 1998-12-31 | 230,516 | 83,816 | SL | 40 | 5,763 | |||
| PAINTINGS | 1998-04-15 | 1,300,142 | L | ||||||
| PAINTINGS RECOVERE | 2000-12-15 | 13,651 | L | ||||||
| PAINTING | 2002-10-28 | 15,000 | L | ||||||
| PAINTING | 2003-12-31 | 10,189 | L | ||||||
| PAINTINGS | 1986-06-30 | 3,016 | L | ||||||
| PAINTING | 4,350 | L | |||||||
| PAINTING | 2011-12-31 | 3,915 | L | ||||||
| PAINTING | 2013-10-31 | 10,000 | L |
| Identifier | Return Reference | Explanation |
|---|---|---|
| FMV - OTHER ASSETS | PART II - BALANCE SHEETS - FAIR MARKET VALUE OF OTHER ASSETS | Other assets consist of works of arts that are regularly exhibited to the general public, both at the Organization's gallery and other venues. It is the Organization's intent to maintain these works of arts in furtherance of its exempt purpose, i.e., to improve the understanding of the arts, and to not liquidate them. Due to the limited marketing of these works of arts, fair market value is determined to be the same as their book value. |
| PERSONS WHO BECAME SUBSTANTIAL CONTRIBUTORS | PERSONS WHO BECAME SUBSTANTIAL CONTRIBUTORS | THE FOLLOWING PERSONS BECAME SUBSTANTIAL CONTRIBUTORS DURING THE YEAR ENDED DECEMBER 31, 2014: STEFANO VALERA VIA CALISTO DA LODI,3 MILAN, ITALY 20156 . PRIMA VERA SP. A. VIA GIOVANNI DA UDINE, 15 MILAN, ITALY 20156 . ELDA GABRIELLINA MANGIAROTTI VI CESARE CORRENTI, 2 MILAN, ITALY 20123 . STEFANO MORRI VIA BOSCHETTI, 1 MILAN, ITALY 20121 . MARIA MONETTI VIALE AGUGGIARI, 10 VARESE, ITALY 21100 . MERCEDES H. EICHOLZ TRUST C/O LOEB & LOEB 10100 STA. MONICA BOULEVARD, STE 2200 LOS ANGELES, CA |
| Category/ Item | Cost/Other Basis | Accumulated Depreciation | Book Value | End of Year Fair Market Value |
|---|
| Category / Item | Cost / Other Basis | Accumulated Depreciation | Book Value | End of Year Fair Market Value |
|---|---|---|---|---|
| OFFICE EQUIPMENT | 5,429 | 5,429 | ||
| EQUIPMENT | 6,047 | 6,047 | ||
| OFFICE EQUIPMENT | 2,678 | 2,678 | ||
| BUILDING | 230,516 | 89,579 | 140,937 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| LEGAL FEES | 1,688 |
| Description | Beginning of Year - Book Value | End of Year - Book Value | End of Year - Fair Market Value |
|---|---|---|---|
| ARTWORK | 1,350,263 | 1,360,263 | 1,360,263 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| ADMINISTRATIVE | 8,988 | 449 | 8,539 | |
| SUPPLIES | 588 | 294 | 294 | |
| TELEPHONE | 2,499 | 125 | 2,374 | |
| POSTAGE AND COURIERS | 251 | 13 | 238 | |
| PHOTO EXPENSES | 1,279 | 640 | 639 | |
| UTILITIES | 1,518 | 76 | 1,442 | |
| COMMUNICATION AND CORPORATE IM | 2,330 | 117 | 2,213 | |
| MISCELLANEOUS | 3,168 | 158 | 3,010 |
| Description | Beginning of Year - Book Value | End of Year - Book Value |
|---|---|---|
| LOAN PAYABLE | 175,000 | 175,000 |
| Category | Gross Sales | Cost of Goods Sold | Net (Gross Sales Minus Cost of Goods Sold) |
|---|---|---|---|
| SALE OF BOOKS, POSTERS, ETC. | 8,646 | 8,646 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| IRAP TAXES (ITALY) | 7,148 | 357 |