2026-07-20T11:50:26-05:00 2024-12-31 330700332 VASQUEZ COMPANY LLP 655 N CENTRAL AVE STE 1550 GLENDALE CA 91203 990 2024-01-01 330786070 MUSEUM OF LATIN AMERICAN ART MUSE 5624371689 628 ALAMITOS AVENUE LONG BEACH CA 90802 DR LOURDES RAMOS-RIVAS PRESIDENT/CEO 5624371689 2026-07-17 1 1 REGINA PRINCE CPA P00576936 2138731700 2024 2025-03-06 01:10:19Z X DR LOURDES RAMOS-RIVAS 628 ALAMITOS AVENUE LONG BEACH CA 90802 5139213 0 X WWW.MOLAA.ORG X 1999 CA THE MUSEUM OF LATIN AMERICAN ARTS EXPANDS KNOWLEDGE AND APPRECIATION OF MODERN AND CONTEMPORARY LATIN AMERICAN AND LATINO ART THROUGH ITS COLLECTION, GROUND-BREAKING EXHIBITIONS, STIMULATING EDUCATIONAL PROGRAMS, AND ENGAGING CULTURAL EVENTS. 14 14 65 110 0 0 3891243 2474205 308697 208274 295158 336619 652889 576045 5147987 3595143 0 0 0 0 2932210 3295823 120000 170810 554929 3019630 3420517 6071840 6887150 -923853 -3292007 42188150 39604821 758642 513400 41429508 39091421 X THE SPECIFIC PURPOSE OF THIS CORPORATION IS TO: EXPAND KNOWLEDGE AND APPRECIATION OF MODERN AND CONTEMPORARY LATIN AMERICAN TINE ART THAT HAS BEEN CREATED SINCE WORLD WAR II; TO OPERATE A MUSEUM; TO COLLECT AND DISPLAY LATIN AMERICAN CONTEMPORARY ART; TO PROVIDE EDUCATION AND RESEARCH SERVICES REGARDING MODERN AND CONTEMPORARY LATIN AMERICAN TINE ART. 0 0 2648490 EXHIBITIONS: IN 2024, THE MUSEUM OF LATIN AMERICAN ART (MOLAA) ORGANIZED FIVE MAJOR EXHIBITIONS, WELCOMING OVER 65,000 VISITORS. KEY EXHIBITIONS INCLUDED ARTENICA: ART, SCIENCE, AND TECHNOLOGY IN LATIN AMERICA TODAY, A GETTY-SUPPORTED SHOW HIGHLIGHTING PIONEERING AND CONTEMPORARY LATIN AMERICAN DIGITAL ARTISTS; AND THE ENDLESS SPIRAL BY BETSABE ROMERO, AN EXHIBITION PRESENTED AS A COLLATERAL EVENT AT THE 60TH VENICE BIENNALE EXPLORING THEMES OF MIGRATION AND DISPLACEMENT. CROSS-BORDER WOMEN BY ALEJANDRA PHELTS FOCUSES ON EVERYDAY EXPERIENCES THAT LINK INTIMACY, AFFECTIVE RELATIONSHIPS, AND ATTITUDES OF FEMALE EMPOWERMENT. ANOTHER MAJOR EXHIBITION, VERMILLION LIKE EMBERS BY INDIGENOUS BRAZILIAN ARTIST ANDREY GUAIAN ZIGNNATTO, EXPLORED MEMORY, ANCESTRAL KNOWLEDGE, AND RESISTANCE THROUGH SCULPTURAL INSTALLATIONS ROOTED IN NATIVE TRADITIONS AND URBAN EXPERIENCES. IMPORTANTLY, THE CURATORIAL TEAM WORKED TO CONTINUE THE GROWTH OF ITS PERMANENT COLLECTION OF OVER 1,600 WORKS.BY SHOWCASING BOTH HISTORICAL AND CONTEMPORARY VOICES, MOLAA FOSTERS GREATER GLOBAL UNDERSTANDING OF THE REGION'S CULTURAL RICHNESS, COMPLEXITY, AND ONGOING CONTRIBUTIONS TO THE WORLD OF ART. 1273886 119261 EDUCATIONS: IN 2024, MOLAA SERVED OVER 15,000 K12 STUDENTS THROUGH ITS APRENDE TOUR AND WORKSHOP PROGRAM, OFFERING FREE AND LOW-COST IN-PERSON AND VIRTUAL EXPERIENCES ALIGNED WITH CALIFORNIA VISUAL ARTS STANDARDS. USING VISUAL THINKING STRATEGIES (VTS), APRENDE FOSTERS VISUAL LITERACY, CRITICAL THINKING, AND LANGUAGE DEVELOPMENT WHILE INCREASING ACCESS TO LATIN AMERICAN AND LATINO ART FOR UNDERSERVED COMMUNITIES.MOLAA EXPANDED ITS EDUCATIONAL IMPACT THROUGH INITIATIVES LIKE THE G.R.I.T. SERIES AND THE MOLAA ZOOM PROJECT, SUPPORTING HIGH SCHOOL STUDENTS IN CREATIVE EXPRESSION, COLLEGE AND CAREER READINESS, AND EXPLORATION OF ARTISTIC RESEARCH. ADDITIONAL PROGRAMMING INCLUDED FIVE ANNUAL CULTURAL FESTIVALS, 30+ CORPORATE INCLUSION PROGRAMS, AND 20+ YOUTH INTERNSHIPS.RECOGNIZED AS A MODEL FOR MUSEUM EDUCATION, MOLAA RECEIVED THE 2024 SUPERINTENDENT AWARD FOR EXCELLENCE IN MUSEUM EDUCATION FROM THE CALIFORNIA DEPARTMENT OF EDUCATION AND THE CALIFORNIA ASSOCIATION OF MUSEUMS. MOLAA ALSO CONTRIBUTED TO NATIONAL ARTS EDUCATION BY PUBLISHING A CURRICULUM AND SERVING AS A PEER REVIEWER FOR SCHOLASTIC ARTS MAGAZINE. 514944 163037 PUBLICATIONS: IN 2024, MOLAA CONTINUED TO EXPAND ITS PUBLICATIONS AND EXHIBITION CATALOG SERIES, SUPPORTING ARTISTS WHILE ENHANCING PUBLIC ACCESS TO AND UNDERSTANDING OF LATIN AMERICAN AND LATINO ART. THESE SCHOLARLY PUBLICATIONS SERVE AS LASTING RECORDS OF EXHIBITIONS AND INDIVIDUAL ARTISTS, SUPPORTING ACADEMIC RESEARCH AND INCREASING RECOGNITION AND VALUE OF THE ART AND ARTISTS REPRESENTED. RECENT AND UPCOMING TITLES INCLUDE VERMILLION LIKE EMBERS (ANDREY GUAIAN ZIGNATTO), MEMORIAS DE NUESTRA TIERRA (JUDY BACA), CROSS BORDER WOMEN (ALEJANDRA PHELTS). WORK ALSO PROGRESSED ON THE MOLAA COLLECTION BOOK, A COMPREHENSIVE VOLUME HIGHLIGHTING THE MUSEUM'S PERMANENT COLLECTION.THROUGH THESE EFFORTS, MOLAA CONTRIBUTES TO GLOBAL ART DISCOURSE AND THE LONG-TERM VISIBILITY AND APPRECIATION OF LATIN AMERICAN AND LATINO ART. 4437320 1 1 0 0 0 0 0 1 0 1 1 0 0 0 0 1 1 0 0 0 0 0 0 1 1 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 185 0 1 65 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 14 14 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X CEDRIC WOOLFORK 5624371689 628 ALAMITOS AVENUE LONG BEACH CA 90802 MIKE DEOVLET CO-CHAIR 5.00 X X 0 0 0 ROBERT BRAUN MD CO-CHAIR 5.00 X X 0 0 0 SOFIA RILEY VICE CHAIR 4.00 X X 0 0 0 TIM DEGANI TREASURER 2.00 X X 0 0 0 ZACH HOROWITZ SECRETARY 2.00 X X 0 0 0 TIFFANY L BARBARA DIRECTOR 1.00 X 0 0 0 MARIANNE GASTELUM DIRECTOR 1.00 X 0 0 0 RICHARD A NERI DIRECTOR (UNTIL JUNE 2024) 1.00 X 0 0 0 PAULA-ROSE WIHONGI DIRECTOR 1.00 X 0 0 0 MARK TAYLOR DIRECTOR 1.00 X 0 0 0 BURKE GUMBINER DIRECTOR 1.00 X 0 0 0 CASTULO DE LA ROCHA DIRECTOR 1.00 X 0 0 0 CELIA S DE BIRBRAGHER DIRECTOR 1.00 X 0 0 0 LYNNE OKON SCHOLNICK DIRECTOR 1.00 X 0 0 0 LISA MILTON DIRECTOR 1.00 X 0 0 0 MARIO CORDERO DIRECTOR 1.00 X 0 0 0 KIKI LIZARRAGA DIRECTOR 1.00 X 0 0 0 LOURDES RAMOS-RIVAS CEO 40.00 X 333250 0 8000 CEDRIC WOOLFORK CFO/COO 40.00 X 179256 0 0 GABRIELA URTIAGA CHIEF CURATOR 40.00 X 165000 0 4855 JENNIFER CARR VP OF DEVELOPMENT 40.00 X 175000 0 0 DINA BARAKAT DIR. OF BANQUETS & SPECIAL EVENTS 40.00 X 159963 0 0 ALISON HENEY VP OF LEARNING & PUBLIC PROGRAMS 40.00 X 120000 0 3496 SOLIMAR SOLAS VP CONTENT/INNOVATION & OUTREACH 40.00 X 127330 0 3799 1259799 0 20150 5 0 1 0 T DE ENRIQUE NORTEN ARQUITECTOS SC CUERNACAC 114 PB COL CONDESA CUAHTEMOC CUAHTEMOC MX 06140 ARCHITECTURAL SERVICES 310466 HURON CONSULTING SERVICES LLC PO BOX 71223 CHICAGO IL 606941223 CONSULTING SERVICES 170810 GARDINER & THEOBALD INC 535 FIFTH AVENUE 3RD FLOOR NEW YORK NY 10017 CONSTRUCTION CONSULTING SERVICES 156206 ISTITUZIONE FONDAZIONE OPERA BEVILACQUA DORSODURE 2826 VENICE IT 30123 EXHIBITION BOOTH RENTAL 141831 SOUTHERN CALIFORNIA EDISON CO PO BOX 300 ROSEMEAD CA 917720001 ELECTRICAL SERVICES 129157 6 46573 375565 871136 1180931 2474205 EDUCATION REVENUE 712110 119261 119261 ADMISSIONS 712110 89013 89013 208274 276482 276482 1107097 506995 600102 600102 600102 737095 676958 60137 60137 60137 101820 375565 260765 -158945 -158945 173376 99352 74024 74024 COMMISSION INCOME 561990 49566 49566 MISC. INCOME 712110 11298 11298 60864 3595143 282298 0 838640 X 1025323 664501 249284 111538 1834252 1188760 445957 199535 216557 140348 52651 23558 219691 142379 53413 23899 20819 20819 55798 55798 170810 170810 38782 38782 704454 215765 487016 1673 120876 108788 12088 351719 228033 99770 23916 785307 549715 235592 70890 60257 10633 65433 55618 9815 6907 6907 495970 447127 48843 4264 2985 1279 EXHIBITIONS 419676 398692 20984 EDUCATION 78362 74444 3918 BAD DEBTS 72976 58380 14596 RECRUITMENT 59379 59379 68905 55839 13066 6887150 4437320 1894901 554929 3058625 1375737 202517 104603 1640996 515442 87783 57820 57796 45073 47606 46488 33711410 8850916 24710358 24860494 12329196 12549164 53273 50000 42188150 39604821 686645 430589 54587 82811 17410 758642 513400 X 13664676 11802125 27764832 27289296 41429508 39091421 42188150 39604821 -3292007 953920 0 X 0 1 X 1 0 X 1782409 2373869 4294982 3891243 2474205 14816708 1782409 2373869 4294982 3891243 2474205 14816708 4850178 9966530 831207 862620 1129560 867376 876584 4567347 180067 89508 270379 427535 336060 1303549 20687604 1277421 0.48180 0.49980 X 0.49980 0.22930 SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: INCOME FROM FUNDRAISING - 2020 AMOUNT: $ 140,828. 2021 AMOUNT: $ 82,042. 2022 AMOUNT: $ 101,250. 2023 AMOUNT: $ 174,231. 2024 AMOUNT: $ 101,820. LOAN FORGIVEN - 2022 AMOUNT: $ 125,000. OTHER INCOME - 2020 AMOUNT: $ 39,239. 2021 AMOUNT: $ 7,466. 2022 AMOUNT: $ 10,876. 2023 AMOUNT: $ 15,836. 2024 AMOUNT: $ 11,298. COMMISSION INCOME - 2022 AMOUNT: $ 33,253. 2023 AMOUNT: $ 47,494. 2024 AMOUNT: $ 49,566. SALE OF EDUCATIONAL MATERIALS - 2023 AMOUNT: $ 189,974. 2024 AMOUNT: $ 173,376. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 51070 50000 X 0 25522340 1304614 1041000 25785954 25079494 1942846 1500000 25522340 27385116 -455622 1850000 25079494 27003276 1953840 1572000 27385116 26729032 1974244 1700000 27003276 0.00000 1.00000 0.00000 0 0 3037092 3037092 12029272 17221505 8192177 21058600 916148 658739 257409 507393 507393 24860494 X 4885922 894024 382548 59896 1336468 3549454 38782 6907 45689 3595143 7224009 382548 382548 6841461 38782 6907 45689 6887150 PART X, LINE 2: THE MUSEUM IS RECOGNIZED AS A TAX-EXEMPT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC) AND SECTION 23701D OF THE CALIFORNIA REVENUE AND TAXATION CODE. THE MUSEUM IS CLASSIFIED AS A PUBLIC CHARITY UNDER IRC SECTIONS 509(A)(1) AND 170(B)(1)(A)(VI). ACCORDINGLY, THE MUSEUM IS GENERALLY EXEMPT FROM FEDERAL AND STATE INCOME TAXES ON INCOME DERIVED FROM ACTIVITIES SUBSTANTIALLY RELATED TO ITS EXEMPT PURPOSES. AS SUCH, NO PROVISION FOR FEDERAL OR STATE INCOME TAXES HAS BEEN RECORDED IN THE ACCOMPANYING FINANCIAL STATEMENTS. TO MAINTAIN ITS TAX-EXEMPT STATUS, THE MUSEUM MUST CONTINUE TO SATISFY THE ORGANIZATIONAL AND OPERATIONAL REQUIREMENTS OF IRC SECTION 501(C)(3), INCLUDING OPERATING EXCLUSIVELY FOR CHARITABLE PURPOSES, REFRAINING FROM PROHIBITED POLITICAL OR LOBBYING ACTIVITIES, AND ENSURING THAT ITS RESOURCES ARE USED TO FURTHER ITS EXEMPT PURPOSES. MANAGEMENT MONITORS THE MUSEUM'S ACTIVITIES AND FINANCIAL OPERATIONS AND BELIEVES THAT THE MUSEUM CONTINUES TO MEET ALL APPLICABLE CONDITIONS NECESSARY TO MAINTAIN ITS FEDERAL AND STATE TAX-EXEMPT STATUS. NOTWITHSTANDING ITS TAX-EXEMPT STATUS, THE MUSEUM IS SUBJECT TO FEDERAL AND STATE INCOME TAXES ON NET INCOME GENERATED FROM ACTIVITIES THAT CONSTITUTE UNRELATED BUSINESS TAXABLE INCOME (UBTI) UNDER IRC SECTIONS 511514. MANAGEMENT HAS EVALUATED ALL SIGNIFICANT REVENUE STREAMS AND ASSESSED THE POTENTIAL FOR UBTI. BASED ON THIS EVALUATION, MANAGEMENT HAS CONCLUDED THAT ANY UBTI, IF PRESENT, WOULD NOT RESULT IN A LIABILITY MATERIAL TO THE ACCOMPANYING FINANCIAL STATEMENTS. ACCORDINGLY, NO PROVISION FOR UBTI HAS BEEN RECORDED. THE MUSEUM ACCOUNTS FOR UNCERTAINTY IN INCOME TAXES IN ACCORDANCE WITH FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) ACCOUNTING STANDARDS CODIFICATION (ASC) TOPIC 740, INCOME TAXES. ASC 740 REQUIRES THAT A TAX POSITION BE RECOGNIZED IN THE FINANCIAL STATEMENTS ONLY WHEN IT IS MORE-LIKELY-THAN-NOT, BASED ON ITS TECHNICAL MERITS, THAT THE POSITION WILL BE SUSTAINED UPON EXAMINATION BY THE RELEVANT TAXING AUTHORITIES. TAX POSITIONS THAT DO NOT MEET THIS THRESHOLD ARE CONSIDERED UNCERTAIN TAX POSITIONS AND WOULD GIVE RISE TO A LIABILITY FOR UNRECOGNIZED TAX BENEFITS, WHICH REPRESENTS THE POTENTIAL AMOUNT OF TAX BENEFIT THAT COULD BE DISALLOWED. MANAGEMENT HAS REVIEWED ALL SIGNIFICANT TAX POSITIONS, INCLUDING THE MUSEUM'S ONGOING QUALIFICATION FOR TAX-EXEMPT STATUS, COMPLIANCE WITH THE OPERATIONAL AND ORGANIZATIONAL REQUIREMENTS OF IRC SECTION 501(C)(3), AND THE POTENTIAL FOR UNRELATED BUSINESS INCOME. BASED ON THIS REVIEW, MANAGEMENT HAS CONCLUDED THAT IT IS MORE-LIKELY-THAN-NOT THAT ALL MATERIAL TAX POSITIONS WOULD BE SUSTAINED UPON EXAMINATION. ACCORDINGLY, NO LIABILITY FOR UNRECOGNIZED TAX BENEFITS HAS BEEN RECORDED, AND NO INTEREST OR PENALTIES HAVE BEEN ACCRUED, AS MANAGEMENT BELIEVES ANY SUCH AMOUNTS WOULD NOT BE MATERIAL TO THE FINANCIAL STATEMENTS. CHANGES IN FACTS, CIRCUMSTANCES, OR INTERPRETATIONS OF TAX LAWS COULD, HOWEVER, RESULT IN ADJUSTMENTS IN THE FUTURE, THE AMOUNTS OF WHICH CANNOT BE REASONABLY ESTIMATED AT THIS TIME. THE MUSEUM'S FEDERAL INFORMATION RETURNS REMAIN SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE FOR THREE YEARS FROM THE DATE OF FILING; AND ITS STATE INFORMATION RETURNS REMAIN SUBJECT TO EXAMINATION BY CALIFORNIA TAXING AUTHORITIES FOR FOUR YEARS FROM THE DATE OF FILING. MANAGEMENT IS NOT AWARE OF ANY ONGOING OR PROPOSED EXAMINATIONS FOR PERIODS STILL OPEN UNDER THE APPLICABLE STATUTE OF LIMITATIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: UNREALIZED GAIN ON APPRECIATION OF FIXED ASSETS 59,896. PART XI, LINE 4B - OTHER ADJUSTMENTS: INTEREST EXPENSE 6,907. PART XII, LINE 4B - OTHER ADJUSTMENTS: INTEREST EXPENSE 6,907. PART III LINE 1A ART COLLECTIONS PURCHASED BY OR DONATED TO THE MUSEUM ARE NOT CAPITALIZED IN THE STATEMENT OF FINANCIAL POSITION. THE ART COLLECTION REPRESENTS THE ACQUISITIONS OF WORKS OF ART, WHETHER THROUGH GIFT OR BY PURCHASE, THAT IS HELD FOR EXHIBITION AND EDUCATIONAL PURPOSES. EACH OF THE ITEMS ARE CATALOGED, PRESERVED AND CARED FOR, AND ACTIVITIES VERIFYING THEIR EXISTANCE AND ASSESSING THEIR CONDITION ARE PERFORMED CONTINUOUSLY. PURCHASED COLLECTION ITEMS ARE RECORDED AS DECREASES IN NET ASSETS WITHOUT DONOR RESTRICTION IN THE YEAR IN WHICH THE ITEMS ARE ACQUIRED, OR IN NET ASSETS WITH DONOR RESTRICTION IF THE NET ASSETS USED TO PURCHASE THE ITEMS ARE RESTRICTED BY DONORS. THE MUSEUM DID NOT RECEIVE ANY DONATED WORKS OF ART THAT IT ACCESSED INTO ITS PERMANENT COLLECTION DURING THE YEAR ENDED DECEMBER 31, 2024. PART V LINE 4 THE TRUST ENDOWMENT CONTRIBUTIONS ARE CONTINGENT ON THE MUSEUM REMAINING A CHARITABLE ORGANIZATION, CONTINUING TO BE A MUSEUM EXCLUSIVELY SHOWING LATIN AMERICAN AND CONTEMPORARY ART AND REMAINING OPEN TO THE PUBLIC AT LEAST 48 HOURS PER WEEK. THE CONTRIBUTIONS ARE FURTHER CONTINGENT UPON THE NAME OF THE MUSEUM STAYING THE SAME AND NOT INCLUDING ANY OTHER INDIVIDUAL OR CORPORATION IN THE NAME. THE MUSEUM WAS CLOSED DURING THE PANDEMIC AND IS CURRENTLY OPEN TO THE PUBLIC 34 HOURS PER WEEK. THE DONOR HAS AGREED TO THE REDUCED HOURS. THE TRUST'S BOARD OF DIRECTORS HAS AGREED THE ENDOWMENT IS TO BE HELD IN PERPETUITY AND INVESTED FOR THE PURPOSE OF PRODUCING INCOME TO BE EXPENDED FOR THE GENERAL OPERATIONS OF THE MUSEUM. THE MUSEUM'S ENDOWMENT FUNDS ARE INVESTED AND MANAGED ACCORDING TO THEIR INVESTMENTS AND SPENDING POLICIES. THESE POLICIES ATTEMPT TO PROVIDE A CONSISTENT RETURN ON ASSETS IN ORDER TO ACHIEVE A STABLE STREAM OF FUNDING FOR PROGRAMS SUPPORTED BY THE MUSEUM'S ENDOWMENT WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. AS A RESULT, THE ENDOWMENT ASSETS ARE INVESTED IN A MANNER THAT IS INTENDED TO PRODUCE RESULTS THAT, OVER THE LONGTERM, MEET OR EXCEED THE SPENDING POLICY RATE PLUS THE RATE OF INFLATION. PART III LINE 4 MOLAA IS THE PIONEERING MUSEUM IN THE UNITED STATES DEDICATED TO MODERN AND CONTEMPORARY LATIN AMERICAN AND LATINO ART. SINCE ITS INCEPTION, MOLAA HAS DOUBLED ITS SIZE AND ADDED A 15,000 SQ. FT. SCULPTURE GARDEN. ITS PERMANENT COLLECTION NOW NUMBERS OVER 1,300 WORKS OF ART. MOLAA EXPANDS KNOWLEDGE AND APPRECIATION OF MODERN AND CONTEMPORARY LATIN AMERICAN ART THROUGH ITS COLLECTION, GROUND-BREAKING EXHIBITIONS, STIMULATING EDUCATIONAL PROGRAMS, AND ENGAGING CULTURAL EVENTS. MOLAA'S PERMANENT COLLECTION WAS STARTED BY DR. ROBERT GUMBINER, AN INDIVIDUAL COMMITTED TO PROMOTING LATIN AMERICAN ART. IN 2014, MOLAA'S BOARD OF DIRECTORS APPROVED THE EXPANSION OF THE SCOPE OF THE MUSEUM'S MISSION TO ALSO INCLUDE LATINO ART. AS MOLAA EXPANDS ITS COLLECTION, IN DEPTH RESEARCH AND DOCUMENTATION OF THE ARTWORK CONTINUES TO PROVIDE A SOLID BASE FOR THE ACADEMIC VALUE OF THE COLLECTION. PRIVATE COLLECTIONS TURNED INTO MUSEUM COLLECTIONS REQUIRE ADEQUATE DOCUMENTATION THAT WILL ALSO PROVIDE THE NECESSARY INFORMATION TO IDENTIFY GROWTH OPPORTUNITIES FOR SAID COLLECTION. X X X X X X X 1 HURON CONSULTING SERVICES LLC PO BOX 71223 CHICAGO IL 606941223 GLOBAL CONSULTING SERVICES 0 0 170810 0 170810 CA GALA 477385 375565 101820 16025 244740 477385 375565 101820 16025 244740 260765 -158945 X X X 0 0 0 0 0 0 0 0 0 LOURDES RAMOS-RIVAS CEO 283250 0 50000 0 0 0 0 0 8000 0 341250 0 0 0 CEDRIC WOOLFORK CFO/COO 179256 0 0 0 0 0 0 0 0 0 179256 0 0 0 JENNIFER CARR VP OF DEVELOPMENT 175000 0 0 0 0 0 0 0 0 0 175000 0 0 0 GABRIELA URTIAGA CHIEF CURATOR 165000 0 0 0 0 0 0 0 4855 0 169855 0 0 0 DINA BARAKAT DIR. OF BANQUETS & SPECIAL EVENTS 115000 0 44963 0 0 0 0 0 0 0 159963 0 0 0 CEDRIC WOOLFORK OFFICER $20,000 ADVANCE TO THE OFFICER ORIGINALLY DOCUMENTED AS A BELOW-MARKET NOTE (3.5%), NOT APPROVED BY THE FULL BOARD; TREATED IN FULL AS 2024 COMPENSATION. CORRECTED VIA 2024 FORM W-2C, THIS AMENDED FORM 990, THE OFFICER'S AMENDED FORM 1040, AND PAYMENT OF RELATED PAYROLL TAXES, BEFORE ANY IRS EXAMINATION. 1 FORM 990, PART VI, SECTION B, LINE 11B A COMMITTEE OF THE BOARD REVIEWS THE RETURN BEFORE IT IS FILED. A COPY OF THE RETURN IS FORWARDED TO ALL MEMBERS OF THE BOARD PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C MOLAA HAS A CONFLICT OF INTEREST POLICY THAT COVERS ALL OFFICERS, DIRECTORS, AND EMPLOYEES (COVERED PERSONS). ALL OFFICERS, DIRECTORS, AND KEY EMPLOYEES MUST COMPLETE AN ANNUAL DISCLOSURE STATEMENT AND DISCLOSE ANY ACTUAL OR POTENTIAL CONFLICTS OF INTEREST WITH RESPECT TO ALL BUSINESS AND FAMILY RELATIONSHIPS. IF THE BOARD IDENTIFIES ANY POTENTIAL OR ACTUAL CONFLICT OF INTEREST, SUCH PERSONS ARE PROHIBITED FROM PARTICIPATING IN THE GOVERNING BODY'S DELIBERATIONS AND DECISIONS IN THE TRANSACTION. THE POLICY DEFINES A "CONFLICT OF INTEREST", "BUSINESS RELATIONSHIP", "ENTITY", "FAMILY MEMBERS", AND "FINANCIAL INTEREST". THE PROCEDURES OUTLINED IN THE POLICY INCLUDE THE FOLLOWING: 1) DUTY TO DISCLOSE: ALL ACTUAL AND POTENTIAL CONFLICTS OF INTEREST WILL BE DISCLOSED BY EACH BOARD MEMBER TO THE MOLAA BOARD OF DIRECTORS (THE "BOARD"), OR WHENEVER AN ACTUAL OR POTENTIAL CONFLICT OF INTEREST ARISES. THE DIRECTOR MUST NOTIFY THE BOARD OF ANY CHANGES OR ADDITIONS TO THE SUBMITTED INFORMATION DURING THE COURSE OF THE YEAR. DIRECTORS ARE ENCOURAGED TO DISCLOSE A RELATIONSHIP IF THERE IS ANY POTENTIAL OR ACTUAL CONFLICT OF INTEREST IN CONNECTION WITH AN APPLICABLE PROPOSED TRANSACTION OR ARRANGEMENT. MEMBERS OF MOLAA'S BOARD, COMMITTEES, AND STAFF WILL NOT DERIVE ANY PERSONAL PROFIT OR GAIN, DIRECTLY OR INDIRECTLY, BY REASON OF HIS OR HER PARTICIPATION AT MOLAA. EACH INDIVIDUAL WILL DISCLOSE TO MOLAA ANY PERSONAL INTEREST WHICH HE OR SHE MAY HAVE IN ANY MATTER PENDING BEFORE MOLAA AND WILL REFRAIN FROM PARTICIPATION IN ANY DECISION ON SUCH MATTER. ANY MEMBER OF THE MUSEUM OF LATIN AMERICAN ART'S BOARD, COMMITTEES, AND STAFF WILL REFRAIN FROM OBTAINING ANY LIST OF MOLAA MEMBERS OR SPONSORS FOR PERSONAL OR PRIVATE SOLICITATION PURPOSES AT ANY TIME DURING THE TERM OF THEIR AFFILIATION. 2) DETERMINING WHETHER A CONFLICT OF INTEREST EXISTS: THE BOARD WILL EVALUATE THE SUBMITTED ANNUAL CONFLICT OF INTEREST POLICIES AND DETERMINE WHETHER THE DISCLOSED INFORMATION RAISES A CONFLICT OF INTEREST. IF THE BOARD BELIEVES THAT A PARTICULAR TRANSACTION OR ARRANGEMENT MAY REPRESENT A CONFLICT OF INTEREST, IT MAY REQUEST ADDITIONAL INFORMATION FROM THOSE PERSONS DETAILING THE NATURE OF THE TRANSACTION OR ARRANGEMENT. AFTER DISCLOSURE OF ALL MATERIAL FACTS, AND AFTER ANY DISCUSSION WITH THOSE PERSONS, THE BOARD SHALL DETERMINE WHETHER A PARTICULAR TRANSACTION OR ARRANGEMENT CONSTITUTES A CONFLICT OF INTEREST WITHOUT THE PRESENCE OR PARTICIPATION OF THE AFFECTED PERSON. A MAJORITY OF THE DISINTERESTED MEMBERS OF THE BOARD WILL DECIDE IF A PARTICULAR RELATIONSHIP OR TRANSACTION REPRESENTS A CONFLICT OF INTEREST. 3) PROCEDURES FOR ADDRESSING THE CONFLICT OF INTEREST: IF THE BOARD DETERMINES THAT A PARTICULAR RELATIONSHIP OR TRANSACTION REPRESENTS AN ACTUAL, APPARENT, OR POTENTIAL CONFLICT OF INTEREST, THE BOARD WILL RESOLVE THE MATTER IN ONE OF THE FOLLOWING MANNERS: WAIVE THE ACTUAL, POTENTIAL, OR APPARENT CONFLICT AS UNLIKELY TO AFFECT THE DIRECTOR'S ABILITY TO ACT IN THE BEST INTERESTS OF MOLAA; DETERMINE THAT THE DIRECTOR SHOULD BE RECUSED FROM ALL DELIBERATIONS AND DECISION-MAKING RELATED TO THE PARTICULAR TRANSACTION (BOTH AT THE OUTSET AND ON AN ONGOING BASIS) WHICH GIVES RISE TO THE ACTUAL, POTENTIAL, OR APPARENT CONFLICT; DETERMINE THAT THE DIRECTOR MUST RESIGN FROM HIS/HER SERVICE TO MOLAA BECAUSE THE ACTUAL, POTENTIAL, OR APPARENT CONFLICT IS SO PERVASIVE THAT THE DIRECTOR WOULD SELDOM, IF EVER, LIKELY BE ABLE TO ACT IN THE BEST INTERESTS OF MOLAA. THE MOLAA BOARD WILL HAVE FINAL AUTHORITY OVER THE RESOLUTION OF ALL CONFLICT OF INTEREST MATTERS. 4) VIOLATION OF THE CONFLICT OF INTEREST POLICY: IF THE BOARD BELIEVES THAT THE DIRECTOR HAS NOT DISCLOSED A CONFLICT OF INTEREST, IT WILL INFORM THE DIRECTOR OF THE BASIS FOR SUCH BELIEF AND ASK THE DIRECTOR TO PROVIDE CLARIFICATION. VIOLATION OF THIS POLICY MAY RESULT IN DISCIPLINE AND/OR CORRECTIVE ACTION, UP TO AND INCLUDING TERMINATION OF EMPLOYMENT OR SEPARATION FROM APPLICABLE BOARD OR COMMITTEE SERVICE. FORM 990, PART VI, SECTION B, LINE 15 MOLAA'S BOARD OF DIRECTORS HAS A PROCESS FOR REVIEWING AND APPROVING THE COMPENSATION OF OFFICERS AND KEY EMPLOYEES ON A REGULAR BASIS TO DETERMINE IT IS FAIR AND REASONABLE WITH THE GOAL OF RETAINING EMPLOYEES AT COMPENSATION LEVELS WITHIN APPROPRIATE MARKET RANGE. THE PROCESS FOR DETERMINING THE COMPENSATION PAID TO THE CEO, OFFICERS, AND KEY EMPLOYEES INCLUDES THE APPROVAL OF THE COMPENSATION ARRANGEMENT IN ADVANCE, BY THE BOARD OF DIRECTORS, WITH ALL PERSONS WITH A CONFLICT OF INTEREST ABSTAINING FROM THE BOARD'S DELIBERATION AND DISCUSSION. THE BOARD REVIEWS DATA OF COMPARABLE COMPENSATION FOR SIMILARLY QUALIFIED NONPROFIT EXECUTIVES AT SIMILARLY SITUATED ENTITIES. THE DOCUMENTATION OF THE BOARD INCLUDES THE TERMS OF THE TRANSACTION AND THE DATE OF APPROVAL, THE MEMBERS WHO WERE PRESENT DURING THE DEBATE AND VOTE ON THE TRANSACTION, A DESCRIPTION OF THE COMPARABLE DATA AND HOW IT WAS OBTAINED, AND DOCUMENTATION OF THE BASIS FOR ITS DETERMINATION. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, THE CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAIBLE TO THE PUBLIC UPON REQUEST. HOWEVER, CURRENT TAX LAW DOES NOT REQUIRE THESE DOCUMENTS TO BE MADE AVAILABLE TO THE PUBLIC. FORM 990, PART IX, LINE 11G CONTRACTED SERVICES: PROGRAM SERVICE EXPENSES 205,801. MANAGEMENT AND GENERAL EXPENSES 402,728. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 608,529. PAYROLL FEES: PROGRAM SERVICE EXPENSES 9,964. MANAGEMENT AND GENERAL EXPENSES 3,738. FUNDRAISING EXPENSES 1,673. TOTAL EXPENSES 15,375. PROFESSIONAL SERVICE FEES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 80,550. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 80,550. AMENDED 2024 FORM 990 - SCHEDULE O (FORM 990) SUPPLEMENTAL INFORMATION FORM 990, AMENDED RETURN GENERAL EXPLANATION THIS FORM 990 IS AN AMENDED RETURN FOR THE TAX YEAR ENDED DECEMBER 31, 2024. THE ORIGINAL RETURN WAS FILED ON NOVEMBER 15, 2025 USING DRAFT FINANCIAL STATEMENTS. THE MUSEUM'S AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2024 WERE SUBSEQUENTLY ISSUED ON JUNE 1, 2026. THIS AMENDED RETURN IS FILED TO (1) CONFORM THE RETURN TO THE FINAL AUDITED FINANCIAL STATEMENTS AND (2) REFLECT THE TREATMENT OF A $20,000 ADVANCE TO AN OFFICER, ORIGINALLY REPORTED AS A LOAN RECEIVABLE, AS ADDITIONAL 2024 COMPENSATION TO THAT OFFICER. THE FOLLOWING PARTS AND SCHEDULES HAVE BEEN REVISED FROM THE ORIGINAL RETURN: PART VII, SECTION A, AND SCHEDULE J (OFFICER REPORTABLE COMPENSATION INCREASED BY $20,000); PART IX, STATEMENT OF FUNCTIONAL EXPENSES (SALARIES INCREASED BY $20,000, AND OTHER EXPENSE LINES CONFORMED TO THE AUDITED FINANCIAL STATEMENTS); PART X, BALANCE SHEET (REMOVAL OF THE $20,000 OFFICER RECEIVABLE AND CONFORMING BALANCE-SHEET CHANGES); PART IV, LINES 25A AND 26; SCHEDULE L; PART VI; AND THIS SCHEDULE O. REVENUE, EXPENSE, AND NET-ASSET PRESENTATION WERE ALSO CONFORMED TO THE FINAL AUDITED FINANCIAL STATEMENTS, INCLUDING THE OPERATING/NON-OPERATING PRESENTATION AND THE TREATMENT OF THE STATE OF CALIFORNIA CAPITAL EXPANSION GRANT AND THE RELATED RECEIVABLE AND DEFERRED-REVENUE BALANCES. FORM 990, PART VII, SECTION A; SCHEDULE J; AND PART IX OFFICER COMPENSATION DURING 2024, THE MUSEUM ADVANCED $20,000 TO AN OFFICER. THE ADVANCE WAS DOCUMENTED AS A NOTE BEARING INTEREST AT 3.5% PER ANNUM, REPAYABLE IN MONTHLY INSTALLMENTS OF $363 FROM JUNE 1, 2024 THROUGH MAY 1, 2029, AND SECURED BY THE OFFICER'S ACCRUED VACATION PAY AND FINAL PAYROLL CHECK. THE NOTE WAS EXECUTED ON BEHALF OF THE MUSEUM BY THE CHIEF EXECUTIVE OFFICER AND A CO-CHAIR OF THE BOARD; IT WAS NOT APPROVED BY THE FULL BOARD OF DIRECTORS AND WAS NOT AUTHORIZED IN ADVANCE UNDER THE MUSEUM'S CONFLICT-OF-INTEREST POLICY. FOLLOWING REVIEW, THE MUSEUM DETERMINED THAT THE $20,000 IS PROPERLY TREATED AS ADDITIONAL TAXABLE COMPENSATION TO THE OFFICER FOR SERVICES RENDERED DURING 2024. THE MUSEUM'S AUDITED FINANCIAL STATEMENTS REFLECT THE $20,000 WITHIN SALARIES IN THE STATEMENT OF FUNCTIONAL EXPENSES. THE MUSEUM ISSUED A CORRECTED FORM W-2 (FORM W-2C) FOR 2024 REFLECTING THE ADDITIONAL $20,000 OF WAGES, FILED AN AMENDED EMPLOYMENT TAX RETURN (FORM 941-X), AND REMITTED THE RELATED INCOME TAX WITHHOLDING AND EMPLOYMENT TAXES; THE OFFICER WILL FILE AN AMENDED FORM 1040 FOR 2024 TO INCLUDE THE ADDITIONAL WAGES. BECAUSE THE AMOUNT IS TREATED AS COMPENSATION RATHER THAN A LOAN, NO INTEREST IS IMPUTED UNDER INTERNAL REVENUE CODE SECTION 7872. REASONABLE COMPENSATION DETERMINATION (IRC 4958) THE INDEPENDENT MEMBERS OF THE BOARD REVIEWED AND APPROVED THE OFFICER'S TOTAL COMPENSATION FOR 2024, INCLUDING THE $20,000, BEFORE THIS AMENDED RETURN WAS FILED AND BEFORE THE COMMENCEMENT OF ANY INTERNAL REVENUE SERVICE EXAMINATION. THE BOARD RELIED ON COMPARABILITY DATA FOR COMPENSATION PAID TO COMPARABLE POSITIONS AT SIMILARLY SITUATED ORGANIZATIONS AND DOCUMENTED IN ITS MINUTES THE MEMBERS PRESENT, THE VOTE, THE DATA RELIED UPON, AND THE BASIS FOR ITS DETERMINATION. BASED ON THAT REVIEW, THE BOARD DETERMINED THAT THE OFFICER'S TOTAL COMPENSATION, INCLUDING THE $20,000, IS REASONABLE WITHIN THE MEANING OF SECTION 4958. THE OFFICER RECUSED HIMSELF FROM ALL DELIBERATION AND VOTING ON THE MATTER. FORM 990, PART IV, LINE 25A THE ORGANIZATION ANSWERED "YES" TO PART IV, LINE 25A, AND COMPLETED SCHEDULE L, PART I. DURING 2024, THE ORGANIZATION PROVIDED AN ECONOMIC BENEFIT TO AN OFFICER, A DISQUALIFIED PERSON, IN THE FORM OF A $20,000 ADVANCE MADE ON BELOW-MARKET TERMS THAT WAS NOT APPROVED BY THE FULL BOARD AND WAS NOT CONTEMPORANEOUSLY SUBSTANTIATED AS COMPENSATION. THE ORGANIZATION CORRECTED THE MATTER BY TREATING THE ADVANCE IN FULL AS REASONABLE COMPENSATION FOR SERVICES, ISSUING A CORRECTED 2024 FORM W-2 AND FILING THIS AMENDED FORM 990 WITH THE OFFICER AMENDING HIS 2024 FORM 1040, EACH BEFORE THE COMMENCEMENT OF ANY INTERNAL REVENUE SERVICE EXAMINATION TO ESTABLISH ITS INTENT TO TREAT THE AMOUNT AS COMPENSATION UNDER TREASURY REGULATION SECTION 53.4958-4(C), AND BY REMITTING THE RELATED PAYROLL TAXES. THE TRANSACTION HAS BEEN CORRECTED WITHIN THE MEANING OF SECTION 4958. FORM 990, PART IV, LINE 26; PART X; AND SCHEDULE L, PART II THE ORIGINAL RETURN REPORTED A $20,000 RECEIVABLE FROM THE OFFICER ON PART X AND REPORTED THE RELATED LOAN ON SCHEDULE L, PART II. ON THIS AMENDED RETURN, CONSISTENT WITH THE AUDITED FINANCIAL STATEMENTS AND THE TREATMENT OF THE ADVANCE AS 2024 COMPENSATION, THE $20,000 IS NO LONGER REPORTED AS A RECEIVABLE ON PART X. ACCORDINGLY, PART IV, LINE 26 IS ANSWERED "NO, AND NO LOAN TO THE OFFICER IS REPORTED ON SCHEDULE L, PART II, BECAUSE NO SUCH RECEIVABLE WAS OUTSTANDING AT YEAR-END UNDER THE COMPENSATION TREATMENT. THE TRANSACTION ITSELF IS NOT REMOVED FROM THE RETURN: IT IS DISCLOSED IN THIS SCHEDULE O AND ON SCHEDULE L, PART I (IF LINE 25A IS ANSWERED "YES"), TOGETHER WITH THE GOVERNANCE DISCLOSURES BELOW. FORM 990, PART VI GOVERNANCE THE $20,000 ADVANCE TO THE OFFICER WAS EXECUTED BY THE CHIEF EXECUTIVE OFFICER AND A CO-CHAIR OF THE BOARD AND WAS NOT APPROVED BY THE FULL BOARD OF DIRECTORS. IT WAS INCONSISTENT WITH THE MUSEUM'S CONFLICT-OF-INTEREST POLICY, WHICH WAS NOT FOLLOWED IN AUTHORIZING THE ADVANCE. UPON IDENTIFYING THE MATTER, THE BOARD TOOK CORRECTIVE ACTION, INCLUDING: TREATING THE ADVANCE AS COMPENSATION AND EFFECTING CORRECTED PAYROLL AND INFORMATION REPORTING; REVIEWING AND STRENGTHENING THE MUSEUM'S CONFLICT-OF-INTEREST AND EXECUTIVE-COMPENSATION APPROVAL POLICIES; CLARIFYING IN WRITING THE LIMITS ON THE AUTHORITY OF INDIVIDUAL OFFICERS TO OBLIGATE THE MUSEUM OR AUTHORIZE TRANSACTIONS WITH INSIDERS; AND REQUIRING THAT ANY FUTURE COMPENSATION ARRANGEMENT, ADVANCE, OR OTHER TRANSACTION INVOLVING AN OFFICER, DIRECTOR, OR KEY EMPLOYEE BE REVIEWED AND APPROVED IN ADVANCE BY THE INDEPENDENT MEMBERS OF THE BOARD. THE OFFICER RECUSED HIMSELF FROM ALL DELIBERATION, VOTING, AND APPROVAL RELATING TO THE TRANSACTION AND ITS CORRECTION. FORM 990, PARTS VIII-X CONFORMING CHANGES TO AUDITED FINANCIAL STATEMENTS AMOUNTS ON PARTS VIII (REVENUE), IX (FUNCTIONAL EXPENSES), AND X (BALANCE SHEET) WERE CONFORMED TO THE MUSEUM'S FINAL AUDITED FINANCIAL STATEMENTS ISSUED JUNE 1, 2026, WHICH DIFFER FROM THE DRAFT FINANCIAL STATEMENTS USED FOR THE ORIGINAL RETURN. CONFORMING CHANGES INCLUDE THE OPERATING/NON-OPERATING PRESENTATION OF REVENUE, THE PRESENTATION OF THE STATE OF CALIFORNIA CAPITAL EXPANSION GRANT AND THE RELATED CONSTRUCTION-IN-PROGRESS, RECEIVABLE, AND DEFERRED-REVENUE BALANCES, THE RECEIVABLES VALUATION (BAD DEBT) ADJUSTMENT, AND THE CORRESPONDING CHANGES IN NET ASSETS. THE SCHEDULE D RECONCILIATIONS OF REVENUE AND EXPENSES PER AUDITED FINANCIAL STATEMENTS TO THE RETURN WERE UPDATED ACCORDINGLY.