Brooklyn Historical Society

DISSOLUTIONON JUNE 13, 2023, THE BROOKLYN PUBLIC LIBRARY WAS FORMALLY MERGED WITH THE BROOKLYN HISTORICAL SOCIETY (THE "SOCIETY") UNDER THE CHARTER OF THE NEW YORK STATE BOARD OF REGENTS. BROOKLYN PUBLIC LIBRARY, THE SURVIVING ENTITY, WILL CONTINUE TO ADMINISTER THE PURPOSES OF THE MERGED ENTITIES. PRIOR TO THE MERGER, ON OCTOBER 1, 2020, THE LIBRARY ENTERED INTO AN AFFILIATION AGREEMENT WITH THE SOCIETY WHEREBY THE SOCIETY RE-ORGANIZED ITS CORPORATE STRUCTURE AS A MEMBERSHIP ORGANIZATION AND WHEREBY THE LIBRARY BECAME THE SOLE CORPORATE MEMBER OF THE SOCIETY ON THE DATE OF THE AFFILIATION AGREEMENT. IN ACCORDANCE WITH ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA ("U.S. GAAP"), THE LIBRARY ACCOUNTED FOR THE AFFILIATION AGREEMENT AS THOUGH THE LIBRARY ACQUIRED THE SOCIETY, AS OF THE AFFILIATION DATE, AND IN DOING SO, THE LIBRARY RECOGNIZED $15,819,686 IN NET ASSETS ON THE DATE OF THE AFFILIATION AGREEMENT AT FAIR VALUE.