Montana Historical Society Financial-Compliance Audit for the Two Fiscal Years Ended .. 1994

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The society has partially implemented the recommendation.
Page 4 Findings and Recommendations Recording Society Chapter 54, Laws of 1987, required the Department of Revenue, Assets on behalf of the state of Montana, to accept as in-kind payment, for certain inheritance and estate taxes, an ownership interest in the Moss mansion located in Billings. The mansion is considered a site of unique and significant historical interest to the state.
The law authorized the society to take title to the pro
...perty, in the name of the state of Montana, as tenants in common.
Accordingly the state is entitled to 61.5 percent ownership interest in the mansion. We estimate the value of the ownership interest to be $163,000.
Upon taking title, the law requires the society to record its ownership interest in the mansion. Also state accounting policy requires the society to record all its property on the accounting records. As of August 22, 1994, the society had not recorded its interest in the property on the state's accounting records.


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