2024-05-13T13:40:04-05:00 2023-06-30 952302617 SINGERLEWAK LLP 10960 WILSHIRE BLVD SUITE 1100 LOS ANGELES CA 90024 990 2022-07-01 952264067 MUSEUM ASSOCIATES MUSE 3238576142 5905 WILSHIRE BLVD LOS ANGELES CA 90036 ANN ROWLAND CHIEF FINANCIAL OFFICER 3238576142 2024-05-08 1 ANN ROWLAND 999009999 0 LIOR TEMKIN P00748170 3104773924 2024-05-08 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z LOS ANGELES COUNTY MUSEUM OF ART (LACMA) MARK MITCHELL 5905 WILSHIRE BLVD LOS ANGELES CA 90036 199263010 0 X WWW.LACMA.ORG X 1938 CA SEE SCHEDULE O 56 54 552 149 1107539 649657 86583680 130255128 42968004 44254716 18049079 16669153 3209868 3302502 150810631 194481499 1480053 615894 0 0 32976895 36605327 12188 0 6232422 63147012 64874672 97616148 102095893 53194483 92385606 1471254703 1566993617 779713464 746541505 691541239 820452112 X SEE SCHEDULE O 0 0 43585795 615894 2331114 EXHIBITION, CURATORIAL, CONSERVATION & ART PROGRAMSLACMA PRESENTED 26 EXHIBITIONS AND PERMANENT COLLECTION INSTALLATIONS IN FISCAL 2022-2023, FEATURING ARTWORKS FROM ITS OWN COLLECTION AND FROM LENDERS AROUND THE WORLD. PUBLIC PROGRAMS, FILMS, AND CONCERTS ARE DEVELOPED IN COORDINATION WITH SPECIAL EXHIBITIONS. MANY WORKS FROM THE MUSEUM'S COLLECTION OF NEARLY 152,000 OBJECTS ARE TREATED BY CONSERVATORS, WHILE THE MUSEUM'S RESEARCH LIBRARY AND SCHOLARLY PUBLICATIONS PROVIDE REFERENCE SUPPORT TO MUSEUM STAFF AND OUTSIDE SCHOLARS. ALL OF THESE ACTIVITIES SERVE TO MEET THE GOALS OF CONSERVATION, EXHIBITION AND INTERPRETATION OF ART INTO MEANINGFUL AESTHETIC, INTELLECTUAL, AND CULTURAL EXPERIENCES. 18357899 FACILITY ENHANCEMENTIN FISCAL 2022-2023, LACMA CONTINUED WORK TOWARDS A MAJOR, NEW MUSEUM BUILDING. MOST OF THESE COSTS WERE CAPITALIZED AND ARE NOT REFLECTED ON THIS LINE. THIS CATEGORY OF EXPENSE ALSO REFLECTS FINANCING AND DEPRECIATION EXPENSE REPRESENTING AMORTIZATION OF THE CAPITALIZED COSTS OF CONSTRUCTING THE MUSEUM'S PHYSICAL FACILITIES, AN ACTIVITY THAT IS ONE OF THE CORE REASONS MUSEUM ASSOCIATES WAS FOUNDED. 11244664 52936 PUBLIC AND PROTECTIVE SERVICES AND ENGAGEMENTIT IS A MUSEUM GOAL TO CONTINUOUSLY EXPAND AND SERVE AUDIENCES OF ALL AGES, ETHNICITIES, AND SOCIO-ECONOMIC BACKGROUNDS BY CREATING WELCOMING ENVIRONMENTS AND PROGRAMS. THIS IS ACCOMPLISHED THROUGH A VARIETY OF MEANS, INCLUDING ON-SITE STAFF AND CONTRACTORS PROTECTING ART AND PROVIDING SERVICE TO THE PUBLIC, SPECIAL EVENTS, PROMOTIONAL CAMPAIGNS, CAMPUS WAY-FINDING MEDIA, AND THE MUSEUM MAGAZINE. 12015089 43145893 THE MUSEUM COLLECTS WORKS OF ART IN ALL MEDIA, FROM EVERY HISTORICAL PERIOD, AND FROM EVERY CORNER OF THE GLOBE TO ENHANCE ITS PERMANENT COLLECTION. EXPENSES REFLECT FUNDS PAID BY THE MUSEUM FOR THE ACQUISITION OF ART WORKS, BUT DO NOT REFLECT THE VALUE OF IN-KIND GIFTS OF ART. THE MUSEUM OFFERS MANY EDUCATIONAL OUTREACH PROGRAMS IN LOCAL SCHOOLS AND ON-SITE FOR CHILDREN AND TEENS AS WELL AS CLASSES AND OTHER PROGRAMS AND INTERPRETIVE MATERIALS FOR COLLEGE STUDENTS AND ADULTS. 12015089 43145893 85203447 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 1 0 0 0 1 0 1 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 1 0 0 0 1 356 0 1 552 1 1 1 0 0 0 0 1 1 0 0 0 0 1 0 X 56 54 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AL AR CA FL GA HI IL KS KY MD MA MI MN MS NC ND NH NJ NM NY OR PA RI SC TN UT VA WV WI X X X MARK MITCHELL CHIEF FINANCIAL OFFICER 3238576142 5900 WILSHIRE BLVD 15TH FLOOR LOS ANGELES CA 90036 X TONY P RESSLER CO-CHAIR OF THE BOARD 0.50 X X 0 0 0 ELAINE P WYNN CO-CHAIR OF THE BOARD 0.50 X X 0 0 0 WILLOW BAY VICE CHAIR 0.50 X X 0 0 0 ROBERT KOTICK VICE CHAIR 0.50 X X 0 0 0 WILLIAM H AHMANSON TRUSTEE 0.50 X 0 0 0 HE SHEIKHA AL MAYASSA BINT HAMAD BI TRUSTEE 0.50 X 0 0 0 WALLIS ANNENBERG TRUSTEE 0.50 X 0 0 0 MARK ATTANASIO TRUSTEE 0.50 X 0 0 0 THE HONORABLE NICOLE AVANT TRUSTEE 0.50 X 0 0 0 THE HONORABLE COLLEEN BELL TRUSTEE 0.50 X 0 0 0 DR REBECKA BELLDEGRUN TRUSTEE 0.50 X 0 0 0 ALLISON BERG TRUSTEE 0.50 X 0 0 0 NICOLAS BERGGRUEN TRUSTEE 0.50 X 0 0 0 DAVID C BOHNETT TRUSTEE 0.50 X 0 0 0 SUZANNE DEAL BOOTH TRUSTEE 0.50 X 0 0 0 ANDREW BRANDON-GORDON TRUSTEE 0.50 X 0 0 0 JON BROOKS TRUSTEE 0.50 X 0 0 0 TROY CARTER TRUSTEE 0.50 X 0 0 0 EVA CHOW TRUSTEE 0.50 X 0 0 0 ANN COLGIN TRUSTEE 0.50 X 0 0 0 JANET CROWN TRUSTEE 0.50 X 0 0 0 KELVIN DAVIS TRUSTEE 0.50 X 0 0 0 KELLY DAY TRUSTEE 0.50 X 0 0 0 JOSHUA S FRIEDMAN TRUSTEE 0.50 X 0 0 0 THELMA GOLDEN TRUSTEE 0.50 X 0 0 0 SUSAN HESS TRUSTEE 0.50 X 0 0 0 MELLODY HOBSON TRUSTEE 0.50 X 0 0 0 VICTORIA JACKSON TRUSTEE 0.50 X 0 0 0 SUZANNE KAYNE TRUSTEE 0.50 X 0 0 0 LYN DAVIS LEAR TRUSTEE 0.50 X 0 0 0 BOOJIN LEE TRUSTEE 0.50 X 0 0 0 CHEECH MARIN TRUSTEE 0.50 X 0 0 0 RICHARD MERKIN MD TRUSTEE 0.50 X 0 0 0 ASHLEY MERRILL TRUSTEE 0.50 X 0 0 0 WENDY STARK MORRISSEY TRUSTEE 0.50 X 0 0 0 DASHA ZHUKOVA NIARCHOS TRUSTEE 0.50 X 0 0 0 PETER NORTON TRUSTEE 0.50 X 0 0 0 GEOFF PALMER TRUSTEE 0.50 X 0 0 0 RICH PAUL TRUSTEE 0.50 X 0 0 0 VIVECA PAULIN-FERRELL TRUSTEE 0.50 X 0 0 0 JANET DREISEN RAPPAPORT TRUSTEE 0.50 X 0 0 0 CARTER REUM TRUSTEE 0.50 X 0 0 0 LIONEL RITCHIE TRUSTEE 0.50 X 0 0 0 ROBBIE ROBINSON TRUSTEE 0.50 X 0 0 0 STEVEN F ROTH TRUSTEE 0.50 X 0 0 0 CAROLE BAYER SAGER TRUSTEE 0.50 X 0 0 0 RYAN SEACREST TRUSTEE 0.50 X 0 0 0 FLORENCE SLOAN TRUSTEE 0.50 X 0 0 0 ERIC SMIDT TRUSTEE 0.50 X 0 0 0 MICHAEL G SMOOKE TRUSTEE 0.50 X 0 0 0 JONATHAN D SOKOLOFF TRUSTEE 0.50 X 0 0 0 JIM TANANBAUM TRUSTEE 0.50 X 0 0 0 STEVE TISCH TRUSTEE 0.50 X 0 0 0 CASEY WASSERMAN TRUSTEE 0.50 X 0 0 0 GREGORY ANNENBERG WEINGARTEN TRUSTEE 0.50 X 0 0 0 JEFF YABUKI TRUSTEE 0.50 X 0 0 0 MICHAEL GOVAN CEO AND WALLIS ANNENBERG DIRECTOR 40.00 X 2496238 260135 275959 ANN ROWLAND CHIEF FINANCIAL OFFICER 40.00 X 80641 225647 205922 JEFFREY BLAIR GENERAL COUNSEL & ASSISTANT SECRETARY 40.00 X 364000 0 54293 DIANA VESGA CHIEF OPERATING OFFICER 40.00 X 699325 0 80499 NANCY THOMAS SR. DEPUTY DIRECTORART ADMIN AND COLLECTIONS 40.00 X 127374 151037 138028 LORI JO HARTMAN VP, FACILITIES AND SECURITY OPERATIONS 40.00 X 299242 0 73661 ZOE KAHR DEPUTY DIRECTOR FOR EXHIBITIONS & PLANNING 40.00 X 316581 0 30919 MARK MITCHELL BUDGET AND INVESTMENT OFFICER 40.00 X 267464 0 64833 DIANA MAGALONI-KERPEL DEPUTY DIRECTOR, PROGRAM DIRECTOR & DR. VIRGINIA F 40.00 X 264196 0 85501 STEPHANIE BARRON SENIOR CURATOR & DEPT. HEAD 40.00 X 85383 130785 127055 KIM WATSON VP, DEVELOPMENT 40.00 X 269100 0 40918 MELISSA BOMES SR. BOARD & CAMPAIGN OFFICER 32.00 X 233929 0 28967 NAIMA KEITH VP, EDUCATION & PUBLIC PROGRAMS 40.00 X 220600 0 15392 5724073 767604 1221947 62 0 1 0 CLARK CONSTRUCTION GROUP 18201 VON KARMAN STE 800 IRVINE CA 92612 CONSTRUCTION 141227554 ALLIED UNIVERSAL SECURITY SERVICES PO BOX 31001-2374 PASADENA CA 911102374 SECURITY 5573815 SKIDMORE OWINGS & MERRILL LLP 15 WALL STREET 24TH FLOOR NEW YORK NY 10005 ARCHITECTURAL CONSULTING 5491229 UNISERVE PROJECT MANAGEMENT 5211 WASHINGTON BLVD STE 2 158 COMMERCE CA 90040 CUSTODIAL SERVICES 1386012 ANCHOR STREET COLLECTIVE 2831 ANCHOR AVENUE LOS ANGELES CA 90064 EVENT PRODUCTION 1372460 36 X 4043267 4441147 890851 120879863 3404100 130255128 COUNTY OPERATING CONTR 900099 32024390 32024390 ADMISSIONS 900099 5768098 5768098 PARKING REVENUE 900099 3480427 3480427 SPECIAL PROJECT REVENU 900099 1263531 1263531 EXHIBITION REVENUE 900099 1067583 1067583 650687 650687 44254716 15291696 1107539 14184157 563324 563324 1459363 0 1459363 1459363 1459363 1377457 0 1377457 1377457 1377457 3773331 4441147 3773331 0 2025091 1008180 1016911 1016911 FOOD SERVICES 900099 258316 258316 OTHER REVENUE 900099 4588 4588 262904 194481499 45529943 1107539 17588889 X 418444 418444 167450 167450 30000 30000 3994514 1638670 1958085 397759 28331206 20804203 4069992 3457011 -1331635 -857844 -346476 -127315 3434484 2435625 613903 384956 2176758 1556922 382273 237563 122556 11976 107060 3520 105280 105280 963888 963888 8368601 8069644 126836 172121 156713 140615 15100 998 4231393 2889590 689132 652671 1720969 1106632 494165 120172 38528 37001 1527 12921917 11786298 709112 426507 963778 803636 44969 115173 9580470 9580470 8566159 8339859 226300 1467698 1456128 4525 7045 ART ACQUISITION 8021246 8021246 ART INSTALLATION & PUBL 4568305 4558950 9355 EQUIPMENT PURCHASE 889060 862789 14549 11722 HOSPITALITY 658318 362908 27663 267747 1529793 982235 452141 95417 102095893 85203447 10660024 6232422 X 134468917 46797406 143473236 156291235 3051208 2385909 611011 655026 51904 155141 830023147 125017713 542886324 705005434 330243573 351251950 257834314 244038552 58634216 60412964 1471254703 1566993617 26208337 16775923 30668183 30089476 333479923 334090837 290411279 285445422 98945742 80139847 779713464 746541505 X 380547396 576792523 310993843 243659589 691541239 820452112 1471254703 1566993617 X 92385606 21112913 15412353 X X 0 1 X 1 0 X 236833448 106567413 54878591 86583680 130255128 615118260 236833448 106567413 54878591 86583680 130255128 615118260 19606568 595511692 4561065 7423336 1533504 1543126 2022687 17083718 85265 83864 18798 187927 618377 378904 922146 263573 262904 2445904 634835809 204381911 0.93810 0.92410 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 102095892 102095892 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 11837 39179 3072 54088 250000 250000 250000 250000 1000000 1500000 43800 X X X X X PUBLIC EDUCATION 1 158792895 415215 9341972 8055506 160494576 175671461 1171053 -8930379 9119240 158792895 134933568 545054 47396179 7203340 175671461 136803911 485583 5535050 7890976 134933568 138747882 490065 4331945 6765981 136803911 0.50800 0.17600 0.31600 0 0 32177991 32177991 302088709 110541938 191546771 11814615 2822380 8992235 13005909 11653395 1352514 470935923 470935923 705005434 ABSOLUTE RETURN INVESTMENTS 88113217 F OTHER PARTNERSHIPS AND OTHER FUNDS 155925335 F 244038552 RIGHT-OF-USE LEASE LIABILITIES 52803670 INTEREST RATE SWAPS 26897941 SPLIT-INTEREST AGREEMENT LIABILITIES 438236 80139847 X 230965326 21112913 15456645 36569558 194395768 85731 85731 194481499 94156957 44292 44292 94112665 7983228 7983228 102095893 PART III, LINE 1A: IN CONFORMITY WITH THE PRACTICE FOLLOWED BY MANY MUSEUMS, ART OBJECTS PURCHASED BY OR DONATED TO THE MUSEUM ARE NOT CAPITALIZED IN THE STATEMENT OF FINANCIAL POSITION. THE MUSEUM'S ART COLLECTION IS MADE UP OF ART OBJECTS THAT ARE HELD FOR EXHIBITION AND VARIOUS OTHER PROGRAM ACTIVITIES. EACH OF THE ITEMS IS CATALOGUED, PRESERVED AND CARED FOR, AND ACTIVITIES VERIFYING THEIR EXISTENCE AND ASSESSING THEIR CONDITION ARE PERFORMED CONTINUOUSLY. PURCHASED COLLECTION ITEMS ARE RECORDED AS DECREASES IN UNRESTRICTED NET ASSETS IN THE YEAR IN WHICH THE ITEMS ARE ACQUIRED. CONTRIBUTED COLLECTION ITEMS ARE EXCLUDED FROM THE FINANCIAL STATEMENTS. PART III, LINE 4: THE LOS ANGELES COUNTY MUSEUM OF ART (THE "MUSEUM") IS THE PREMIER ENCYCLOPEDIC ART MUSEUM IN THE WESTERN UNITED STATES. THE MUSEUM'S COLLECTION OF NEARLY 152,000 ARTWORKS FROM AROUND THE WORLD SPANS THE HISTORY OF ART, FROM ANCIENT TO CONTEMPORARY TIMES, INCLUDING ESPECIALLY STRONG COLLECTIONS OF ASIAN, LATIN AMERICAN, EUROPEAN, AND AMERICAN ART. THROUGH ITS VARIED COLLECTIONS, THE MUSEUM IS BOTH A RESOURCE TO AND A REFLECTION OF THE MANY CULTURAL COMMUNITIES AND HERITAGES IN SOUTHERN CALIFORNIA AND THROUGHOUT THE WORLD. PART V, LINE 4: THE EARNINGS OF THE MUSEUM'S ENDOWMENT FUNDS SUPPORT EDUCATION AND ART PROGRAMS, AND THE MISSION OF THE MUSEUM. PART X, LINE 2: THE MUSEUM IS A CALIFORNIA NONPROFIT CORPORATION AND IS EXEMPT FROM TAXATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC) AND IS ALSO EXEMPT FROM STATE FRANCHISE TAXES. IN ACCORDANCE WITH ACCOUNTING STANDARDS CODIFICATION TOPIC NO. 740, UNCERTAINTY IN INCOME TAXES, THE MUSEUM RECOGNIZES THE IMPACT OF TAX POSITIONS IN THE FINANCIAL STATEMENTS IF THAT POSITION IS MORE LIKELY THAN NOT TO BE SUSTAINED ON AUDIT BASED ON THE TECHNICAL MERITS OF THE POSITION. DURING THE YEAR ENDED JUNE 30, 2023 THE MUSEUM PERFORMED AN EVALUATION OF UNCERTAIN TAX POSITIONS AND DID NOT NOTE ANY MATTERS THAT WOULD REQUIRE RECOGNITION IN THE FINANCIAL STATEMENTS OR WHICH MAY HAVE AN EFFECT ON ITS TAX-EXEMPT STATUS AND TO DATE HAS NOT RECORDED ANY UNCERTAIN TAX POSITIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: COGS 1,008,180. INVESTMENT MANAGEMENT FEES -963,888. UNREALIZED GAINS (LOSSES) - ON INTEREST RATE SWAP 15,412,156. CHANGE IN VALUE OF CRT 197. PART XI, LINE 4B - OTHER ADJUSTMENTS: COLLECTION ITEMS SOLD 123,749. GIFT ANNUITY RESERVE CHANGE -38,018. PART XII, LINE 2D - OTHER ADJUSTMENTS: COGS 1,008,180. INVESTMENT MANAGEMENT FEES -963,888. PART XII, LINE 4B - OTHER ADJUSTMENTS: COLLECTION ITEMS PURCHASED 8,021,246. GIFT ANNUITY RESERVE CHANGE -38,018. 0 EAST ASIA AND THE PACIFIC TRAVELING EXHIBITIONS EUROPE TRAVELING EXHIBITIONS 0 0 0 0 0 0 0 0 0 CURATORIAL EUROPE 1 25000 WIRE TRANSFER N/A CURATORIAL NORTH AMERICA 2 5000 WIRE TRANSFER N/A 0 0 0 1 1 0 PART I, LINE 2: THE TRAVELING EXHIBIT EXPENSES WERE REIMBURSED BY THE VARIOUS MUSEUMS THAT WERE TOURED IN. THEREFORE, WE DO NOT INCLUDE ANY AMOUNT IN THE EXPENSE COLUMN OF THIS SCHEDULE. PART III ACCOUNTING METHOD: X X X X X X X 1 THE LUKENS COMPANY 2800 SHIRLINGTON ROAD 9TH FLOOR ARLINGTON VA 22206 ANNUAL FUND CONSULTATION, COPYWRITING & PROD. MGMT SERVICES 0 893211 33600 859611 893211 33600 859611 AL AR CA FL GA HI IL KS KY MA MD MI MN MS NC ND NH NJ NM NY OR PA RI SC TN UT VA WV WI ART & FILM GALA 5239949 2072468 3167481 3167481 COLLECTOR'S COMMITTEE 2973755 2367905 605850 605850 1 774 774 8214478 4441147 3773331 3773331 3773331 0 1 TRIPLE AUGHT FOUNDATION HC 61 BOX 33 HIKO NV 89017 880400144 501(C)(3) 0 390444 CASH GRANTS N/A CURATORIAL SKYSTONE FOUNDATION PO BOX 220 FLAGSTAFF AZ 86002 942842873 501(C)(3) 0 10000 CASH GRANTS N/A CURATORIAL IYOIYO LLC 1225 CYPRESS AVE STE 3 V270 LOS ANGELES CA 90065 820903372 0 10000 CASH GRANTS N/A CURATORIAL PACIFIC TRADITIONS SOCIETY PO BOX 189 ANAHOLA HI 967030189 943099578 501(C)(3) 0 8000 CASH GRANTS N/A CURATORIAL 3 1 CURATORIAL 15 146600 CASH N/A EDUCATIONAL 19 20850 CASH N/A PART I, LINE 2: THE MUSEUM MONITORS THE USE OF GRANT FUNDS ON A CASE-BY-CASE BASIS BUT DOES NOT HAVE OFFICIAL PROCEDURES FOR SUCH MONITORING. GRANT MAKING IS NOT A PRIORITY OF THE MUSEUM. GRANTS ARE MADE ON A CASE-BY-CASE BASIS AND ONLY IF THEY SUPPORT LACMA'S MISSION. X X 1 1 X X X X X X 0 0 0 0 0 0 0 0 0 MICHAEL GOVAN CEO AND WALLIS ANNENBERG DIRECTOR 1050034 253427 1245833 0 200371 6708 44051 0 0 231908 2540289 492043 800000 0 DIANA VESGA CHIEF OPERATING OFFICER 699325 0 0 0 0 0 39518 0 40981 0 779824 0 0 0 ANN ROWLAND CHIEF FINANCIAL OFFICER 80641 225647 0 0 0 0 15764 0 0 190158 96405 415805 0 0 JEFFREY BLAIR GENERAL COUNSEL & ASSISTANT SECRETAR 364000 0 0 0 0 0 39518 0 14775 0 418293 0 0 0 NANCY THOMAS SR. DEPUTY DIRECTORART ADMIN AND COL 127374 151037 0 0 0 0 24187 0 0 113841 151561 264878 0 0 LORI JO HARTMAN VP, FACILITIES AND SECURITY OPERATIO 299242 0 0 0 0 0 59082 0 14579 0 372903 0 0 0 DIANA MAGALONI-KERPEL DEPUTY DIRECTOR, PROGRAM DIRECTOR & 264196 0 0 0 0 0 52724 0 32777 0 349697 0 0 0 ZOE KAHR DEPUTY DIRECTOR FOR EXHIBITIONS & PL 316081 0 0 0 500 0 29899 0 1020 0 347500 0 0 0 STEPHANIE BARRON SENIOR CURATOR & DEPT. HEAD 85383 130785 0 0 0 0 17161 0 0 109894 102544 240679 0 0 MARK MITCHELL BUDGET AND INVESTMENT OFFICER 267464 0 0 0 0 0 57006 0 7827 0 332297 0 0 0 KIM WATSON VP, DEVELOPMENT 269100 0 0 0 0 0 33611 0 7307 0 310018 0 0 0 MELISSA BOMES SR. BOARD & CAMPAIGN OFFICER 233329 0 0 0 600 0 27849 0 1118 0 262896 0 0 0 NAIMA KEITH VP, EDUCATION & PUBLIC PROGRAMS 220000 0 0 0 600 0 14227 0 1165 0 235992 0 0 0 PART I, LINE 1A THE MUSEUM PROVIDES A HOUSING ALLOWANCE FOR THE DIRECTOR, THE VALUE OF WHICH IS INCLUDED IN PART II COLUMN B(III), ROW 1(I) PART II, LINE 1: THE DIRECTOR RECEIVED $1 MILLION IN COMPENSATION REFLECTED IN COLUMN B(II) THAT WAS EARNED OVER A FIVE YEAR PERIOD FOR WHICH $800,000 HAS ALREADY BEEN DISCLOSED IN PRIOR FORM 990S, AS REFLECTED IN COLUMN F. A CALIFORNIA INFRASTRUCTURE AND ECONOMIC DEVELOPMENT BANK 630304653 13034AN30 2021-01-21 228500000 REFUNDING OF 2017 BONDS 0 0 0 B CALIFORNIA INFRASTRUCTURE AND ECONOMIC DEVELOPMENT BANK 630304653 13034AN48 2021-01-21 71500000 REFUNDING OF 2017 BONDS 0 0 0 C CALIFORNIA INFRASTRUCTURE AND ECONOMIC DEVELOPMENT BANK 630304653 13034ACT5 2021-06-10 43000000 REFUNDING OF 2013 BONDS 0 0 0 D LOS ANGELES PUBLIC WORKS FINANCING AUTHORITY 956000927 2020SERA1 2020-11-03 301292146 FUNDING LACMA EAST CAMPUS PROJECT 0 0 0 A 228500000 228500000 2010 1 0 1 1 B 71500000 71500000 2010 1 0 1 1 C 43000000 43000000 2010 1 0 1 1 D 301292146 1292146 300000000 2025 0 0 1 1 A 0 0 1 1 0 0 0 1 B 0 0 1 1 0 0 0 1 C 0 0 1 1 0 0 0 1 D 0 0 1 1 0 0 0 1 A 0 1 1 0 1 0 0 0 0 B 0 1 1 0 1 0 0 0 0 C 0 1 1 0 1 0 0 0 0 D 0 1 0 0 0 0 0 0 0 A 1 B 1 C 1 D 1 PART I LINE C AND LINE D: ON NOVEMBER 3, 2020 THE MUSEUM ENTERED INTO A FUNDING AGREEMENT WITH THE COUNTY OF LOS ANGELES (THE COUNTY) WHEREBY THE COUNTY LOANED THE MUSEUM $300,000,000 TO HELP FUND THE MUSEUM'S BUILDING FOR THE PERMANENT COLLECTION PROJECT FROM PROCEEDS OF LEASE REVENUE BONDS THAT THE COUNTY ISSUED. UNDER THE AGREEMENT THE MUSEUM IS RESPONSIBLE FOR THE REPAYMENT OF ALL DEBT SERVICE RELATED TO THE $300,000,000 TO THE COUNTY, ALL DEBT SERVICE IS TO BE PAID TO THE COUNTY IN JUNE EACH FISCAL YEAR FOR THE DEBT SERVICE DUE IN THE FOLLOWING FISCAL YEAR AND THE REPAYMENT OBLIGATION IS SUBORDINATE TO ALL MUSEUM EXISTING INDEBTEDNESS. ON JUNE 10, 2021, $171,500,000 IN BONDS WERE ISSUED BY CA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK AS A REFUNDING OF BONDS ORIGINALLY ISSUED IN 2013. OF THAT AMOUNT, $128,500,000 WAS REDEEMED, LEAVING THE OUTSTANDING AMOUNT INDICATED IN PART I, LINE C OF $43,000,000 JOSHUA S FRIEDMAN TRUSTEE 148231 INV. MGMT FEESMR. FRIEDMAN IS ALSO A FOUNDER, CO-CHAIR AND CO-CHIEF EXECUTIVE OFFICER FOR CANYON CAPITAL ADVISORS LLC (CCA, LLC), AN INVESTMENT FIRM THAT IS PAID FOR MANAGEMENT SERVICES FOR INVESTING FUNDS OF THE ORGANIZATION, WHICH ARE BASED IN PART, ON REVENUES FROM THE PERFORMANCE OF THESE INVESTMENTS. MUSEUM ASSOCIATES INVESTED WITH CCA, LLC IN 2005, FOUR YEARS PRIOR TO MR. FRIEDMAN JOINING THE BOARD. MUSEUM ASSOCIATES HAS NOT INVESTED ANY ADDITIONAL FUNDS IN CCA, LLC SINCE THE DATE OF THE INITIAL INVESTMENT. LESS THAN 2% OF THE MUSEUM'S TOTAL PORTFOLIO IS INVESTED WITH MR. FRIEDMAN'S FIRM.FEES ARE BASED ON A PERCENTAGE OF ASSETS UNDER INVESTMENT MANAGEMENT AND AN INCENTIVE FEE BASED ON THE INVESTMENT PERFORMANCE. 1 JONATHAN SOKOLOFF TRUSTEE 6731 INV. MGMT FEESMR. SOKOLOFF IS ALSO A MANAGING PARTNER OF LEONARD GREEN & PARTNERS L.P., AN INVESTMENT FIRM THAT IS PAID FOR MANAGEMENT SERVICES FOR INVESTING FUNDS OF THE ORGANIZATION, WHICH ARE BASED IN PART, ON REVENUES FROM THE PERFORMANCE OF THESE INVESTMENTS. MUSEUM ASSOCIATES INVESTED WITH LEONARD GREEN & PARTNERS IN 2012, TWO AND A HALF YEARS PRIOR TO MR. SOKOLOFF JOINING THE BOARD. MUSEUM ASSOCIATES HAS MADE NO NEW INVESTMENT COMMITMENTS WITH LEONARD GREEN & PARTNERS SINCE THE DATE OF THE INITIAL INVESTMENT.LESS THAN 1% OF THE MUSEUM'S TOTAL PORTFOLIO IS INVESTED WITH MR. SOKOLOFF'S FIRM.FEES ARE BASED ON A PERCENTAGE OF ASSETS UNDER INVESTMENT MANAGEMENT AND AN INCENTIVE FEE BASED ON THE INVESTMENT PERFORMANCE. 1 X 201 SEE PART II X 0 SEE PART II X 24 3404100 FMV OF AVG. STOCK VALUE 45 0 1 1 PART I, LINE 32B: THE MUSEUM USES BROKERS TO SELL SECURITIES AND USES AUCTION HOUSES AND ART DEALERS TO SELL WORKS ON CONSIGNMENT. PART I, LINE 33: IN CONFORMITY WITH THE PRACTICES OF MANY MUSEUMS, ART OBJECTS PURCHASED OR DONATED TO THE MUSEUM ARE NOT CAPITALIZED IN THE STATEMENT OF FINANCIAL POSITION. THE MUSEUM'S ART COLLECTION IS MADE UP OF ART OBJECTS THAT ARE HELD FOR EXHIBITION AND VARIOUS OTHER PROGRAM ACTIVITIES. EACH OF THE ITEMS IS CATALOGUED, PRESERVED AND CARED FOR, AND ACTIVITIES VERIFYING THEIR EXISTENCE AND ASSESSING THEIR CONDITION ARE PERFORMED CONTINUOUSLY. PURCHASED COLLECTION ITEMS ARE RECORDED AS DECREASES IN NET ASSETS WITHOUT DONOR RESTRICTIONS IN THE YEAR IN WHICH THE ITEMS ARE ACQUIRED. CONTRIBUTED COLLECTION ITEMS ARE EXCLUDED FROM THE FINANCIAL STATEMENTS. FORM 990, PART I & PART III LINE 1, DESCRIPTION OF ORGANIZATION MISSION: TO SERVE THE PUBLIC THROUGH THE COLLECTION, CONSERVATION, EXHIBITION AND INTERPRETATION OF SIGNIFICANT WORKS OF ART FROM A BROAD RANGE OF CULTURES AND HISTORICAL PERIODS, AND THROUGH TRANSLATION OF THESE COLLECTIONS INTO MEANINGFUL EDUCATIONAL, AESTHETIC, INTELLECTUAL AND CULTURAL EXPERIENCES FOR THE WIDEST ARRAY OF AUDIENCES. THE LOS ANGELES COUNTY MUSEUM OF ART (THE "MUSEUM") IS THE PREMIER ENCYCLOPEDIC ART MUSEUM IN THE WESTERN UNITED STATES. THE MUSEUM'S COLLECTION OF NEARLY 152,000 ARTWORKS FROM AROUND THE WORLD SPANS THE HISTORY OF ART, FROM ANCIENT TO CONTEMPORARY TIMES, INCLUDING ESPECIALLY STRONG COLLECTIONS OF ASIAN, LATIN AMERICAN, EUROPEAN, AND AMERICAN ART. THROUGH ITS VARIED COLLECTIONS, THE MUSEUM IS BOTH A RESOURCE TO AND A REFLECTION OF THE MANY CULTURAL COMMUNITIES AND HERITAGES IN SOUTHERN CALIFORNIA AND THROUGHOUT THE WORLD. THIS FISCAL YEAR, THE MUSEUM PRESENTED 26 EXHIBITIONS AND PERMANENT COLLECTION INSTALLATIONS, ACQUIRED 298 NEW WORKS OF ART, PROVIDED PROGRAMS FOR 16,646 SCHOOL CHILDREN. TOTAL ATTENDANCE AT THE MUSEUM WAS 924,111. FORM 990, PART I, LINE 8: THE INCREASE IN CONTRIBUTIONS FROM FISCAL YEAR END 06/30/22 TO FISCAL YEAR END 06/30/23 IS ATTRIBUTABLE TO HIGHER GIFTS FOR LACMA'S BUILDING CAMPAIGN. FORM 990, PART VI, SECTION A, LINE 1A THE MUSEUM'S BYLAWS ESTABLISH AN EXECUTIVE COMMITTEE AS ONE OF ITS STANDING COMMITTEES ELECTED ANNUALLY BY THE BOARD OF TRUSTEES. THE EXECUTIVE COMMITTEE HAS THE AUTHORITY TO ACT, BETWEEN MEETINGS OF THE BOARD OF TRUSTEES, ON BEHALF OF THE BOARD OF TRUSTEES, SUBJECT TO CERTAIN EXCEPTIONS, INCLUDING THOSE SET FORTH IN APPLICABLE STATE LAW. THE SCOPE OF THE COMMITTEE'S AUTHORITY, INCLUDING THE EXCEPTIONS THERETO, IS SET FORTH IN THE BYLAWS OF THE MUSEUM, WHICH ARE PUBLISHED ON THE MUSEUM'S WEBSITE. THE COMMITTEE IS COMPRISED OF THE CO-CHAIRS OF THE BOARD, THE CHAIRS OF EACH STANDING COMMITTEE OF THE BOARD AND OTHER TRUSTEES ELECTED BY THE BOARD. ALL MEMBERS OF THE COMMITTEE ARE VOTING TRUSTEES. FORM 990, PART VI, SECTION A, LINE 2 WALLIS ANNENBERG, TRUSTEE, AND GREGORY ANNENBERG WEINGARTEN, TRUSTEE ARE MOTHER AND SON. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY OUTSIDE TAX ACCOUNTANTS AND REVIEWED AND APPROVED BY THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES. ONCE APPROVED BY THE AUDIT COMMITTEE, THE AUDIT COMMITTEE REPORTS TO THE FULL BOARD OF TRUSTEES AND THE RETURN IS MADE AVAILABLE TO THE REST OF THE BOARD BEFORE IT IS ELECTRONICALLY FILED. FORM 990, PART VI, SECTION B, LINE 12C THE CHAIRMAN OF THE AUDIT COMMITTEE SENDS AN ANNUAL CONFLICT OF INTEREST DISCLOSURE FORM TO EACH TRUSTEE, AND, WITH THE OFFICE OF GENERAL COUNSEL, MONITORS RESPONSES AND FOLLOWS UP WITH TRUSTEES TO ACHIEVE AS HIGH A RESPONSE RATE AS POSSIBLE. THE OFFICE OF GENERAL COUNSEL REVIEWS THESE FORMS AND REPORTS SIGNIFICANT CONFLICTS TO THE AUDIT COMMITTEE, WHICH REVIEWS ANY SPECIFIC TRANSACTIONS THAT MIGHT INVOLVE A CONFLICT OF INTEREST WITH A TRUSTEE. THE GENERAL COUNSEL OF THE MUSEUM SENDS OFFICERS, KEY EMPLOYEES, AND OTHERS AN ANNUAL CONFLICT OF INTEREST FORM, WHICH KEY EMPLOYEES ARE ASKED TO COMPLETE AND RETURN TO THE GENERAL COUNSEL, WHO REVIEWS SUCH FORMS FOR POSSIBLE CONFLICTS AND MONITORS COMPLIANCE WITH LACMA'S ETHICS POLICY INCLUDING THE CONFLICT OF INTEREST POLICIES CONTAINED IN THE ETHICS POLICY. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION OF THE CEO AND DIRECTOR OF LACMA IS DETERMINED BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES, WITH THE PARAMETERS ESTABLISHED BY THE MULTI-YEAR EMPLOYMENT AGREEMENT ENTERED INTO BY LACMA AND THE CEO AND DIRECTOR IN 2022. THE DIRECTOR ANNUALLY DETERMINES THE COMPENSATION OF EACH OF THE OTHER OFFICERS AND KEY EMPLOYEES. IN EACH CASE, THE COMPENSATION IS BASED ON (1) THE EMPLOYEE'S PERFORMANCE DURING THE PRIOR YEAR; (2) THE CONTEXT OF LACMA'S OVERALL OPERATING BUDGET; AND (3) COMPARABILITY DATA FOR PERSONS HOLDING SIMILAR POSITIONS IN SIMILAR ORGANIZATIONS. SUCH COMPARABILITY DATA IS GENERALLY PREPARED BY SENIOR MANAGEMENT, INCLUDING THE CHIEF FINANCIAL OFFICER AND THE VICE PRESIDENT OF HUMAN RESOURCES AND INCLUDES A REVIEW OF PUBLICLY FILED FORMS 990 OF OTHER, COMPARABLE INSTITUTIONS. THE PROPOSED COMPENSATION FOR ALL OFFICERS AND KEY EMPLOYEES AND THE UNDERLYING DATA, INCLUDING THE PERFORMANCE REVIEWS AND COMPARABILITY ANALYSES, ARE PRESENTED TO THE AUDIT COMMITTEE, TO DETERMINE WHETHER, IN THE AUDIT COMMITTEE'S JUDGMENT, SUCH PROPOSED COMPENSATION IS APPROPRIATE, FAIR AND REASONABLE TO LACMA. THE APPROVAL OF THE AUDIT COMMITTEE IS REPORTED TO THE FULL BOARD OF TRUSTEES AT ITS NEXT REGULARLY SCHEDULED MEETING. NOTE THAT LACMA DOES NOT HAVE A SEPARATE "COMPENSATION COMMITTEE". THE AUDIT COMMITTEE FUNCTIONS AS THE COMPENSATION COMMITTEE. ALL MEMBERS OF THE AUDIT COMMITTEE ARE INDEPENDENT TRUSTEES OF LACMA. FORM 990, PART VI, SECTION C, LINE 19 ALL GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, INFORMATIONAL RETURNS AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST AND ON THE MUSEUM'S WEBSITE. THE WHISTLEBLOWER POLICY, POLICY ON REVIEW OF EXECUTIVE COMPENSATION, BOARD POLICY ON DIVERSITY, AND COLLECTIONS MANAGEMENT POLICY ARE ALSO MADE AVAILABLE ON THE MUSEUM'S WEBSITE. PART VII, SECTION A & SCHEDULE J, PART II ALTHOUGH THE COUNTY OF LOS ANGELES IS NOT A "RELATED ORGANIZATION", COMPENSATION PAID BY THE COUNTY OF LOS ANGELES TO CERTAIN OFFICERS AND EMPLOYEES OF THE MUSEUM LISTED IN PART VII AND SCHEDULE J, IS INCLUDED IN THE INTEREST OF TRANSPARENCY AND FULL DISCLOSURE. FORM 990, PART VII AND SCHEDULE J THE TITLES LISTED ON FORM 990 PART VII AND SCHEDULE J PART II ARE FOR THE FISCAL YEAR THIS RETURN COVERS, AS OF 6/30/2023, WHILE COMPENSATION AMOUNTS ARE FOR THE CALENDAR YEAR ENDING IN THE FISCAL YEAR, PER 990 INSTRUCTIONS. FORM 990, PART VIII, LINE 7B: PROCEEDS FROM SALE OF SECURITIES: LACMA HAS INVESTMENT ACCOUNTS AND HEDGE FUNDS WITH MANY STOCK TRANSACTIONS. DUE TO THE LARGE QUANTITY OF STOCK TRANSACTIONS, THIS INFORMATION IS NOT INCLUDED IN THE RETURN. FORM 990, PART IX, LINE 8: AS IS TYPICAL FOR DEFINED BENEFIT PLANS, WHEN INTEREST RATES RISE, THE PLAN'S FUNDED STATUS IMPROVES. A MATERIAL INCREASE IN THE APPLICABLE INTEREST RATES RESULTED IN A SUBSTANTIAL DECREASE IN PENSION EXPENSE TO THE POINT THAT EXPENSES WERE NEGATIVE FOR FY23. FORM 990, PART X, LINE 25: THE DECREASE IN OTHER LIABILITIES IS PRINCIPALLY TIED TO AN INTEREST RATE SWAP. THIS SWAP WILL SELF LIQUIDATE OVER THE DURATION OF MUSEUM DEBT AND THEREFORE DOES NOT REPRESENT AN IMMEDIATE NON-DISCRETIONARY CLAIM ON MUSEUM RESOURCES. FORM 990, PART X, LINE 2: THE DECREASE ON THIS LINE REFLECTS SPENDING OF PROCEEDS OF THE LEASE REVENUE BONDS ISSUED BY THE LOS ANGELES COUNTY PUBLIC WORKS FINANCING AUTHORITY REFERENCED ON SCHEDULE K. FORM 990, PART X, LINE 10C: THE INCREASE ON THIS LINE REFLECTS CAPITALIZING SPENDING ON LACMA'S NEW BUILDING FOR THE PERMANANENT COLLECTION. FORM 990, PART XI, LINE 9: UNREALIZED GAINS (LOSSES) ON INTEREST RATE SWAP 15,412,156. CHANGE IN VALUE OF CRT 197. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS AN AUDIT COMMITTEE THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT. THE MUSEUM PERIODICALLY CHANGES AUDIT FIRMS OR ROTATES PARTNERS WITHIN OUR CONTRACTED FIRM. CRT (2) 5905 WILSHIRE BLVD LOS ANGELES CA 90036 TRUST CA N/A T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0