San Mateo County Historical Association

The association's collections are made up of objects that are held for exhibition and various other program activities. Each of these items is cataloged, preserved, and cared for and activities verifying their existence and assessing their condition are performed continuously. Collection items acquired either through purchases or donation are not capitalized. Purchases of collection items are recorded as decreases in net assets without donor restrictions if purchased with assets without restrictions and as a decrease in net assets with donor restrictions if purchased with donor-restricted assets. Contributions of collection items are not recognized in the statement of activities. The association's insurance policy of museum collections expired in november 1995. The board of directors has determined that it is not feasible to obtain similar coverage on the collections due to the high premium cost.