2023-04-26T14:44:55-05:00 2022-06-30 882730877 CHERRY BEKAERT ADVISORY LLC 3800 GLENWOOD AVE SUITE 200 RALEIGH NC 27612 990 2021-07-01 237071511 NORTH CAROLINA MUSEUM OF ART FOUNDATION NORT 9198396262 4630 MAIL SERVICE CENTER RALEIGH NC 276994630 VALERIE HILLINGS CEO 9198396262 2023-03-09 1 VALERIE HILLINGS 999009999 AMANDA ADAMS P00748038 9197821040 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z VALERIE HILLINGS 4630 MAIL SERVICE CENTER RALEIGH NC 276994630 39317704 0 X WWW.NCARTMUSEUM.ORG X 1969 NC TO FOSTER AND PROMOTE THE GROWTH, PROGRESS AND GENERAL WELFARE OF THE NC MUSEUM OF ART. 30 30 45 400 18468 8971 9842202 10370676 1399215 1406558 2134962 4936535 452458 697631 13828837 17411400 826702 3148291 0 0 2389769 2806270 0 0 1984487 4665257 7081343 7881728 13035904 5947109 4375496 80876506 74020662 4465411 2453832 76411095 71566830 THE NORTH CAROLINA MUSEUM OF ART FOUNDATION'S PRIMARY MISSION IS TO FOSTER AND PROMOTE THE GROWTH, PROGRESS, AND GENERAL WELFARE OF THE NORTH CAROLINA MUSEUM OF ART. 0 0 5614320 1410637 1406558 THE MUSEUM OF ART IS PARTIALLY SUPPORTED BY STATE APPROPRIATIONS THAT LARGELY FUND STATE STAFF POSITIONS AND THEIR RELATED BENEFITS, AND A PORTION OF THE OPERATING COSTS OF RUNNING THE MUSEUM. THE FOUNDATION PROVIDES THE MAJORITY OF FINANCIAL SUPPORT NEEDED FOR EDUCATION AND CURATORIAL PROGRAMMING OF THE MUSEUM INCLUDING SUPPORT FOR STATEWIDE AND MUSEUM-BASED EDUCATION PROGRAMMING, SPECIAL TRAVELING ART EXHIBITIONS, SUPPLEMENTAL ART CONSERVATION FUNDS, AND PUBLIC PROGRAMMING. THE FOUNDATION ALSO CULTIVATES DONORS FOR COMMISSIONED WORKS OF ART AND CONTRIBUTIONS FOR ART ACQUISITIONS. ALL ART PURCHASED OR COMMISSIONED IS GIFTED BY THE FOUNDATION TO THE MUSEUM. A LARGE MAJORITY OF THE ARTWORK HELD IN THE MUSEUM'S ART COLLECTION HAS BEEN GIFTED BY THE FOUNDATION. 2927342 1737654 THE FOUNDATION MANAGES APPROXIMATELY 33 ACRES OF REAL ESTATE ADJACENT TO THE MUSEUM PARK, WHICH ENCOMPASSES LANDSCAPING AND PARKING. 404011 385952 THE NORTH CAROLINA MUSEUM OF ART FOUNDATION PROVIDES DAY TO DAY MANAGEMENT OF THE MUSEUM'S ON SITE FULL SERVICE RESTAURANT, CONCESSION FOOD SERVICES, AND RETAIL STORE. IN ADDITION, THE FOUNDATION ALSO PLANS AND MANAGES A PORTFOLIO OF SPECIAL EVENTS INCLUSIVE OF CORPORATE RENTALS, CONFERENCES WEDDINGS, DONOR CULTIVATION EVENTS, AND MEMBERSHIP PROGRAMMING. 8945673 1 1 0 1 0 0 0 0 0 1 1 1 0 0 1 0 1 0 0 0 1 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 294 1 1 45 1 1 1 0 0 0 0 1 1 1 1 0 0 0 0 0 X 30 30 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 NC X X VALERIE HILLINGS 9198396262 4630 MAIL SERVICE CENTER RALEIGH NC 276994630 X BRIAN V CIAVERELLA PRESIDENT 1.00 X X 0 0 0 BING SIZEMORE VICE PRESIDENT 1.00 X X 0 0 0 DAVID S BRODY PAST PRESIDENT 1.00 X X 0 0 0 BRAD WILSON TREASURER 1.00 X X 0 0 0 MINA LEVIN SECRETARY 1.00 X X 0 0 0 ANGELIQUE BOWMAN ASSISTANT SECRETARY 1.00 X X 0 0 0 MAYME BOYD DIRECTOR 1.00 X 0 0 0 PETER M BRISTOW DIRECTOR 1.00 X 0 0 0 AMIRH COLLIS DIRECTOR 1.00 X 0 0 0 TIJUANA CROSBY DIRECTOR 1.00 X 0 0 0 MAVIS GRAGG DIRECTOR 1.00 X 0 0 0 HEATHER GRAHAM DIRECTOR 1.00 X 0 0 0 BECKI GRAY DIRECTOR 1.00 X 0 0 0 GORDON GRUBB DIRECTOR 1.00 X 0 0 0 SAMUEL G HOOKER DIRECTOR 1.00 X 0 0 0 JESSE MAYNARD DIRECTOR 1.00 X 0 0 0 NANCY MCFARLANE DIRECTOR 1.00 X 0 0 0 RICK MCNEEL DIRECTOR 1.00 X 0 0 0 JAMES NARRON DIRECTOR 1.00 X 0 0 0 VAIBHAV PARMAR DIRECTOR 1.00 X 0 0 0 GEORGE W PASCHAL III DIRECTOR 1.00 X 0 0 0 JANE PHILLIPS DIRECTOR 1.00 X 0 0 0 SIMMI PRASAD DIRECTOR 1.00 X 0 0 0 SCOTT J RELAN DIRECTOR 1.00 X 0 0 0 CHARMAINE RIGGINS DIRECTOR 1.00 X 0 0 0 LIZA ROBERTS DIRECTOR 1.00 X 0 0 0 JIM ROMANO DIRECTOR 1.00 X 0 0 0 JENNIFER SIMPSON DIRECTOR 1.00 X 0 0 0 RENEE SNYDERMAN DIRECTOR 1.00 X 0 0 0 LEAH GOODNIGHT TYLER DIRECTOR 1.00 X 0 0 0 VALERIE HILLINGS CEO 20.00 X 178296 0 0 MARIE D'ALESSANDRO CFO 40.00 X 108636 0 5418 DANIEL GOTTLIEB DIR. OF PLANNING & DESIGN 40.00 X 113478 0 9390 JOHNNY BURLESON DIRECTOR OF DEVELOPMENT 40.00 X 171729 0 14440 TIMOTHY O'CONNELL DIR. OF MEM. & ANN. GIVING 40.00 X 108101 0 14015 680240 0 43263 5 0 1 0 NC DEPT OF NATURAL & CULTURAL RESOURCES 4601 MAIL SERVICE CENTER RALEIGH NC 27699 SALARY SUPPORT 837744 CHAZIN & COMPANY 9211 CORPORATE BLVD STE 310 ROCKVILLE MD 20850 ACCOUNTING 359854 DAVIS LANDSCAPE LTD 60 RUPERT RD RALEIGH NC 27603 LANDSCAPING 177185 TESSITURA NETWORK INC POB 222234 DALLAS TX 75222 SOFTWARE 174578 4 1825230 530664 1399270 6615512 1527707 10370676 ADMISSIONS 900099 1406558 1406558 1406558 4356578 1902 4354676 8739 8739 20874828 1015649 20295021 1015499 579807 150 579957 579957 25000 530664 24816 184 184 330700 118654 212046 212046 854832 452314 402518 385952 16566 74144 74144 74144 17411400 1792510 18468 5229746 X 3148291 3148291 334755 86227 95054 153474 2084367 536895 591858 955614 37436 9643 10630 17163 199951 51504 56776 91671 149761 38576 42525 68660 112489 112489 59243 59243 55504 55504 275800 275800 3554683 2839175 449722 265786 328325 169450 76111 82764 656135 568442 68583 19110 24498 24498 341907 202715 40785 98407 737093 662833 58944 15316 74628 74628 EXHIBITION AND EVENTS 524511 432308 25 92178 336527 199614 12569 124344 13035904 8945673 2105744 1984487 9610952 9666517 884523 33825 1404209 2129723 28984 69446 62214 63657 545325 933704 19091097 5053316 15514019 14037781 45937823 38968808 6855030 8099680 33427 17521 80876506 74020662 355146 536854 2295477 1518532 1399270 0 415518 398446 4465411 2453832 X 23491352 23674077 52919743 47892753 76411095 71566830 80876506 74020662 4375496 -9219761 0 X 0 1 X 1 0 X 11777452 4819592 7201215 9842202 10370676 44011137 83333 83333 11860785 4819592 7201215 9842202 10370676 44094470 2990690 41103780 919135 1176240 1283531 1286639 4365317 9030862 289749 203075 492824 25395 74144 99539 53717695 20730166 0.76520 0.79990 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER REVENUE - 2020 AMOUNT: $ 25,395. 2021 AMOUNT: $ 74,144. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 55504 0 0 55504 0 PART II-B, LINE 1: DURING THE FISCAL YEAR ENDED 6/30/22, THE FOUNDATION ENGAGED A FIRM TO PROVIDE LOBBYING ASSISTANCE IN SEEKING ADDITIONAL STATE AND LOCAL SUPPORT FOR THE NORTH CAROLINA MUSEUM OF ART. ACTIVITIES INCLUDED MEETING WITH AND CONTACTING GOVERNMENT OFFICIALS AND LEGISLATORS. 51877064 1182151 -4382281 2327513 46349421 42528371 826147 9387073 864527 51877064 41584660 3640627 1192118 3389034 500000 42528371 38450407 1960293 1989023 580853 234210 41584660 35301497 974588 2390442 216120 38450407 0.08110 0.91890 0.00000 0 0 4430574 4430574 1666239 1459264 206975 12994284 3594052 9400232 14037781 ALTERNATIVE INVESTMENTS 8099680 F 8099680 OBLIGATIONS UNDER SPLIT-INTEREST AGREEMENTS 398446 398446 8511623 -9219761 -9219761 17731384 275800 -595784 -319984 17411400 13355888 595784 595784 12760104 275800 275800 13035904 PART V, LINE 4: ENDOWMENT FUNDS ARE HELD TO SUPPORT ART ACQUISITION, CURATORIAL DUTIES, EXHIBITION DESIGN, CONSERVATION, PROGRAMMING AND OTHER MUSEUM ACTIVITIES. THE FOUNDATION RETAINS IN PERPETUITY (A) THE ORIGINAL VALUE OF INITIAL AND SUBSEQUENT GIFT AMOUNTS (INCLUDING PROMISES TO GIVE NET OF DISCOUNT AND ALLOWANCE FOR DOUBTFUL ACCOUNTS) DONATED TO THE ENDOWMENT AND (B) ANY ACCUMULATIONS TO THE ENDOWMENT MADE IN ACCORDANCE WITH THE DIRECTION OF THE APPLICABLE DONOR GIFT INSTRUMENT AT THE TIME THE ACCUMULATION IS ADDED. DONOR-RESTRICTED AMOUNTS NOT RETAINED IN PERPETUITY ARE SUBJECT TO APPROPRIATION FOR EXPENDITURE BY THE FOUNDATION IN A MANNER CONSISTENT WITH THE STANDARD OF PRUDENCE PRESCRIBED BY UPMIFA. THE PERCENTAGE REPORTED FOR PERMANENT ENDOWMENTS INCLUDES AMOUNTS THAT MUST BE MAINTAINED IN PERPETUITY AS WELL AS ACCUMULATED EARNINGS ON SUCH AMOUNTS THAT HAVE NOT YET BEEN APPROPRIATED FOR EXPENDITURE. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD -452,314. DIRECT GAMING EXPENSES -118,654. DIRECT FUNDRAISING EVENT EXPENSES -24,816. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 452,314. DIRECT GAMING EXPENSES 118,654. DIRECT FUNDRAISING EVENT EXPENSES 24,816. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 3827171 0 0 0 0 0 0 3827171 0 3827171 1 0 1 0 0 0 PART I, LINE 3: THE AMOUNT SHOWN IN PART I REFLECTS THE FAIR MARKET VALUE OF FOREIGN INVESTMENTS HELD AT THE END OF THE FISCAL YEAR BEING REPORTED ON. PART III ACCOUNTING METHOD: ART IN BLOOM 555664 530664 25000 4385 20431 555664 530664 25000 4385 20431 24816 184 330700 118122 532 0 330700 118122 532 118654 212046 NC 0 THE NC MUSEUM OF ART FOUNDATION IS A NON-PROFIT ORGANIZATION RECOGNIZED IN NC UNDER G.S. 105-130.11(A). THE ORGANIZATION CONDUCTED A RAFFLE IN JUNE 2022 IN ACCORDANCE WITH NC G. S. 14-309.15 AND IS NOT REQUIRED TO OBTAIN A GAMING LICENSE. 0 1 0 1.00000 MARIE D'ALESSANDRO 4630 MAIL SERVICE CENTER RALEIGH NC 27699 0 0 1 NORTH CAROLINA DEPARTMENT OF NATURAL AND CULTURAL RESOURCES 4601 MAIL SERVICE CENTER RALEIGH NC 27601 566062189 GOVERNMENT 0 3148291 BOOK ARTWORK ARTWORK FOR NORTH CAROLINA MUSEUM OF ART 1 0 PART I, LINE 2: THE FOUNDATION ONLY MAKES GRANTS TO SUPPORT THE NORTH CAROLINA MUSEUM OF ART, A COMPONENT OF NORTH CAROLINA DEPARTMENT OF NATURAL AND CULTURAL RESOURCES. THE CLOSE CONNECTION BETWEEN THE ORGANIZATIONS SERVES TO MONITOR THE USE OF SUPPORT PROVIDED. X X X X 0 0 0 0 0 0 0 1 0 JOHNNY BURLESON DIRECTOR OF DEVELOPMENT 171729 0 0 0 0 0 6902 0 7538 0 186169 0 0 0 VALERIE HILLINGS CEO 98296 0 80000 0 0 0 0 0 0 0 178296 0 0 0 PART I, LINE 7 THE CEO RECEIVED A BONUS DETERMINED BY THE EXECUTIVE COMMITTEE OF THE FOUNDATION. X 14 510172 FMV X 1 1015499 FMV X SUPPLIES 1 2036 SUPPLIES 1 0 1 0 FORM 990, PART VI, SECTION B, LINE 11B THE AUDIT COMMITTEE AND MANAGEMENT REVIEW THE FORM 990 PRIOR TO PROVIDING A COPY TO THE FULL BOARD AND FILING WITH THE IRS. TO PROTECT THE PRIVACY OF DONORS, THE BOARD IS PROVIDED THE PUBLIC DISCLOSURE VERSION OF THE 990 SO PART VI, LINE 11A HAS BEEN ANSWERED NO. FORM 990, PART VI, SECTION B, LINE 12C THE AUDIT COMMITTEE ALSO SERVES AS THE ETHICS COMMITTEE FOR THE FOUNDATION, OVERSEEING THE WHISTLEBLOWER, RECORD RETENTION, CONFLICTS OF INTEREST AND CONFIDENTIALITY POLICIES. THE AUDIT COMMITTEE CHAIRMAN IS THE INDEPENDENT PARTY TO WHICH EMPLOYEES AND BOARD MEMBERS MAY REPORT ANY ETHICS CONCERNS OR POSSIBLE CONFLICTS OF INTEREST. THE COMMITTEE MEETS AT LEAST TWICE PER YEAR AND MORE OFTEN AS NECESSARY. POTENTIAL CONFLICTS OF INTEREST ARE REVIEWED WITH THE FOUNDATION'S CHIEF DEPUTY DIRECTOR AND CHIEF FINANCIAL OFFICER AS NEEDED FOR RESOLUTION. AN ANNUAL ACKNOWLEDGEMENT PROCESS OCCURS WITH ALL BOARD MEMBERS AND STAFF WHEREBY THEY FORMALLY CERTIFY RECEIPT OF ALL GOVERNANCE POLICIES AND AGREEMENT TO COMPLY WITH THEM. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS HAS THE PRIMARY GOVERNING RESPONSIBILITY OF OVERSEEING HUMAN RESOURCE MATTERS AND ALSO WORKS IN CONJUNCTION WITH THE FINANCE COMMITTEE AS IT RELATES TO ANY FINANCIAL IMPACT OF DECISIONS TAKEN. THE EXECUTIVE COMMITTEE EVALUATES THE PERFORMANCE OF THE FOUNDATION'S CHIEF EMPLOYEES AND SETS THEIR COMPENSATION LEVELS BASED ON THE RESULTS OF THE EVALUATION. THE COMMITTEE REVIEWED THE LATEST AMERICAN ASSOCIATION OF MUSEUMS (AAM) ANNUAL SALARY SURVEY AS A BASIS FOR COMPARISON OF COMPENSATION RESONABLENESS. THE AAM SURVEY PROVIDED BENCHMARK DATA OF U.S. MUSEUMS BY GEOGRAPHIC AREA, POPULATION, AND BUDGET SIZE FOR KEY MUSEUM POSITIONS. FINAL RECOMMENDATIONS WERE SUBMITTED TO THE FULL BOARD FOR APPROVAL AND INCLUSION IN THE FOUNDATION'S OPERATING BUDGET. FORM 990, PART VI, SECTION C, LINE 19 THE FOUNDATION'S ARTICLES OF INCORPORATION ARE ON FILE WITH THE NORTH CAROLINA SECRETARY OF STATE AND ARE PUBLICLY AVAILABLE. THE FOUNDATION'S OTHER GOVERNING DOCUMENTS, CONFLICTS OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE NOT GENERALLY MADE AVAILABLE TO THE GENERAL PUBLIC EXCEPT BY SPECIFIC REQUEST FOR PURPOSES CLEARLY IDENTIFIED AND APPROVED BY THE BOARD. FORM 990, PART VII, SECTION A, COMPENSATION OF OFFICERS: VALERIE HILLINGS, CEO OF THE FOUNDATION, ALSO SERVES AS THE DIRECTOR OF THE NORTH CAROLINA MUSEUM OF ART. MS. HILLINGS RECEIVES COMPENSATION FROM THE MUSEUM FOR HER SERVICES PROVIDED TO THE MUSEUM. BECAUSE THE MUSEUM IS NOT CONSIDERED TO BE A RELATED ORGANIZATION, SUCH COMPENSATION HAS NOT BEEN REPORTED IN THE FOUNDATION'S RETURN. THE AMOUNT REPORTED IN PART VII REPRESENTS HER COMPENSATION FROM THE FOUNDATION FOR SERVICES PROVIDED TO THE FOUNDATION. FORM 990, PART IX, LINE 11G OTHER FEES FOR SERVICES: PROGRAM SERVICE EXPENSES 2,839,175. MANAGEMENT AND GENERAL EXPENSES 449,722. FUNDRAISING EXPENSES 265,786. TOTAL EXPENSES 3,554,683.