2023-08-14T10:35:21-05:00 2022-12-31 043037870 BOLLUS LYNCH LLP 89 SHREWSBURY STREET WORCESTER MA 01604 990 2022-01-01 042104412 NANTUCKET ATHENEUM INC NANT 5082281110 PO BOX 808 NANTUCKET MA 02554 ANN SCOTT EXECUTIVE DIRECTOR 5082281110 2023-08-09 1 ANN SCOTT 999009999 0 BARBARA E KING P00005629 5087557107 2023-08-09 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z ANN SCOTT ONE INDIA STREET PO BOX 808 NANTUCKET MA 02554 5411587 0 X WWW.NANTUCKETATHENEUM.ORG X 1834 MA THE NANTUCKET ATHENEUM MAINTAINS CIRCULATING, CHILDREN'S, AND RESEARCH LIBRARIES AS WELL AS AN EXTENSIVE COLLECTION OF ARTWORK AND EXHIBITS ON DISPLAY TO THE PUBLIC. 23 23 31 0 0 0 2406967 2900650 2617 23233 1009514 1129856 -165730 -425127 3253368 3628612 0 0 0 0 1612866 1793405 0 0 442281 1207870 1207589 2820736 3000994 432632 627618 30435086 27372581 272061 2562399 30163025 24810182 X THE NANTUCKET ATHENEUM, A PRIVATE NON-PROFIT ORGANIZATION PROVIDES PUBLIC LIBRARY SERVICE TO THE ISLAND'S YEAR-ROUND AND SEASONAL RESIDENTS, HOUSED IN A HISTORIC 1847 BUILDING AND THE WEEZIE LIBRARY FOR CHILDREN. THE ATHENEUM COLLECTS, ORGANIZES AND DISSEMINATES BOOKS, LITERATURE AND OTHER MATERIALS IN A VARIETY OF FORMATS TO HELP USERS OF ALL AGES MEET THEIR RECREATIONAL, PERSONAL, PROFESSIONAL AND INTELLECTUAL NEEDS. IN KEEPING WITH ITS HERITAGE, THE ATHENEUM ALSO SERVES AS A CULTURAL CENTER FOR THE NANTUCKET COMMUNITY BY SPONSORING EDUCATIONAL PROGRAMMING AND MAINTAINING SPECIAL COLLECTIONS RELATED TO THE HISTORY AND CULTURE OF THE ISLAND. 0 0 2042956 24875 OPERATION OF A PUBLIC LIBRARY FOR THE TOWN OF NANTUCKET. 2042956 1 1 0 0 0 0 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 1 37 0 31 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 X 23 23 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X X ASHLEY CHRIST-HAIGH 5082281110 1 INDIA STREET NANTUCKET MA 02554 TRACY FLANNERY CHAIR 2.00 X X 0 0 0 NATHANIEL PHILBRICK VICE CHAIR 2.00 X X 0 0 0 SAMUEL A FLAX TREASURER 5.00 X X 0 0 0 ANN TAYLOR SECRETARY 2.00 X X 0 0 0 JUDY BELASH TRUSTEE 2.00 X 0 0 0 CHRISTOPHER BERGER TRUSTEE 2.00 X 0 0 0 BIANCA BOSKER TRUSTEE 2.00 X 0 0 0 ANNE BUCKMAN CALDER TRUSTEE 2.00 X 0 0 0 JACK CARTER TRUSTEE 2.00 X 0 0 0 WILLIAM D COHAN TRUSTEE 2.00 X 0 0 0 NATHAN CRESSMAN TRUSTEE 2.00 X 0 0 0 CLEMENT V DURKES TRUSTEE 2.00 X 0 0 0 MAUREEN GRAF TRUSTEE 2.00 X 0 0 0 PATRICIA HARDING TRUSTEE 2.00 X 0 0 0 ADRIENE LOMBARDI TRUSTEE 2.00 X 0 0 0 DUNCAN MACALLISTER TRUSTEE 2.00 X 0 0 0 DEBORAH J MANUS TRUSTEE 2.00 X X 0 0 0 LINDA B MCGRATH TRUSTEE 2.00 X 0 0 0 ALLAN D MCKELVIE TRUSTEE 2.00 X 0 0 0 CHARITY GRACE MOFSEN TRUSTEE 2.00 X 0 0 0 HILLARY HEDGES RAYPORT TRUSTEE 2.00 X 0 0 0 THOMAS S ROEDER TRUSTEE 2.00 X 0 0 0 BONNIE J SACERDOTE TRUSTEE 2.00 X 0 0 0 ROBERTO SANTAMARIA TRUSTEE 2.00 X 0 0 0 ANN SCOTT EXECUTIVE DIRECTOR 40.00 X 199518 0 7646 MARGARET O'REILY DEVELOPMETN DIRECTOR 40.00 X 125043 0 16686 LINCOLN THURBER HEAD REFERENCE LIBRARIAN 40.00 X 102975 0 7400 427536 0 31732 3 0 1 0 0 810670 799561 1290419 2900650 PROGRAMS 713990 23233 23233 23233 493665 493665 60000 57002 2998 2998 2998 1895721 1259530 636191 636191 636191 36676 810670 466443 -429767 -429767 MISCELLANEOUS 713990 1642 1642 1642 3628612 24875 0 703087 199518 59855 79807 59856 1260545 871284 126996 262265 24579 15723 2315 6541 202120 177237 22992 1891 106643 70145 17648 18850 7781 7781 19110 19110 32227 32227 26614 6175 13615 6824 36416 21988 9946 4482 24505 18605 4869 1031 279839 251854 13992 13993 33312 12898 1459 18955 72938 72938 325544 243818 68180 13546 58749 52874 2937 2938 BOOKS, PERIODICALS & FI 136478 136478 PROGRAM & EVENTS 76304 74920 1384 MEMBERSHIPS - CLAMS 28752 28752 PRINTING 24506 3151 21355 24514 350 15794 8370 3000994 2042956 515757 442281 606217 722388 311563 512500 512500 21268 10351440 6055107 1038149 4296333 28278220 21508529 30435086 27372581 272061 91797 2470602 272061 2562399 X 22629066 19025638 7533959 5784544 30163025 24810182 30435086 27372581 627618 -5980461 0 X 0 0 0 X 2045706 963969 2224366 2406967 2900650 10541658 2045706 963969 2224366 2406967 2900650 10541658 10541658 664881 312544 1300087 1009514 553665 3840691 14382349 122398 0.73300 0.73860 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X 0 16365381 -2649632 661943 13053806 15057004 4924 2117453 814000 16365381 13928476 1743440 614912 15057004 13270907 5000 906517 253948 13928476 13344738 37500 656669 768000 13270907 0.56000 0.44000 0 0 1246000 1246000 8727987 5700380 3027607 377453 354727 22726 4296333 -2327074 -5980461 57002 -5923459 3596385 32227 32227 3628612 3025769 57002 57002 2968767 32227 32227 3000994 PART III, LINE 1A: AS ALLOWED BY ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA AND FOLLOWING THE PRACTICES OF MANY MUSEUMS, THE ATHENEUM HAS NOT CAPITALIZED ITS COLLECTION OF ITEMS OF HISTORICAL NATURE AND OTHER RELATED OBJECTS PURCHASED OR DONATED. THE COLLECTION IS HELD FOR PUBLIC EXHIBITION, EDUCATION, OR RESEARCH IN FURTHERANCE OF PUBLIC SERVICE RATHER THAN FINANCIAL GAIN. THE ATHENEUM CONTINUALLY REVIEWS ITS COLLECTION AND MAY DEACCESS OR ACQUIRE ADDITIONAL ITEMS. EXPENDITURES FOR ADDITIONAL COLLECTION ITEMS ARE PRESENTED AS A REDUCTION IN THE APPROPRIATE CLASS OF NET ASSETS. PART III, LINE 4: THE ATHENEUM HAS A LARGE COLLECTION OF MATERIALS ABOUT NANTUCKET ISLAND, INCLUDING BOOKS, PAMPHLETS, NEWSPAPERS, LOGBOOKS, LETTERS AND EVEN AN HISTORIC COLLECTION OF BOOKS THAT WERE READ BY PATRONS OVER 100 YEARS AGO. THE ATHENEUM ACTIVELY COLLECTS NEW PUBLICATIONS AS WELL AS OUT OF PRINT ITEMS. NANTUCKET TITLES WITH OVER 700 TITLES AND GROWING, FROM DE CREVECOUR'S 1782 DESCRIPTION OF THE ISLAND IN LETTERS FROM AN AMERICAN FARMER TO NAT PHILBRICK'S IN THE HEART OF THE SEA, THE ATHENEUM STRIVE'S TO MAINTAIN THE BEST COLLECTION OF PRINTED MATERIAL ABOUT THE ISLAND AND ITS INHABITANTS. HISTORIC NEWSPAPERS THE COLLECTION OF NANTUCKET NEWSPAPERS DATES BACK TO 1816, THE YEAR OF THE PUBLICATION OF THE NANTUCKET GAZETTE AND CONTINUES TODAY WITH NANTUCKET'S WEEKLY NEWSPAPER THE INQUIRER AND MIRROR. THIRTY-SIX OF THE NEWSPAPERS EXISTED IN THE INTERIM. THE ATHENEUM PRESERVE'S ORIGINAL COPIES OF THESE PAPERS. HISTORIC NEWSPAPERS FROM 1816 THROUGH 2013 HAVE BEEN DIGITIZED AND ARE AVAILABLE TO THE PUBLIC ON-LINE. MANUSCRIPT COLLECTION THE ATHENEUM HAS A SMALL BUT IMPORTANT COLLECTION OF SHIP'S LOGS, JOURNALS, LETTERS AND OTHER DOCUMENTS RELATING TO NANTUCKET. PART V, LINE 4: THE ATHENEUM'S ENDOWMENT CONSISTS OF INDIVIDUAL DONOR RESTRICTED FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. ITS ENDOWMENT INCLUDES BOTH DONOR RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE ATHENEUM TO FUNCTION AS ENDOWMENTS. AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED OR LEGAL RESTRICTIONS. AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, THE ATHENEUM CLASSIFIES AS DONOR RESTRICTED NET ASSETS (A) THE ORIGINAL VALUE OF GIFTS DONATED TO THE PERMANENT ENDOWMENT, (B) THE ORIGINAL VALUE OF SUBSEQUENT GIFTS TO THE PERMANENT ENDOWMENT, AND (C) ACCUMULATIONS TO THE PERMANENT ENDOWMENT MADE IN ACCORDANCE WITH THE DIRECTION OF THE APPLICABLE DONOR GIFT INSTRUMENT AT THE TIME THE ACCUMULATION IS ADDED TO THE FUND. THE REMAINING PORTION OF THE DONOR-RESTRICTED ENDOWMENT FUND THAT IS NOT CLASSIFIED AS NON-EXPENDABLE NET ASSETS IS CLASSIFIED AS EXPENDABLE NET ASSETS UNTIL THOSE AMOUNTS ARE APPROPRIATED FOR EXPENDITURE BY THE ATHENEUM IN A MANNER CONSISTENT WITH THE STANDARD OF PRUDENCE PRESCRIBED BY STATE LAW. IN ACCORDANCE WITH THE UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT, THE ATHENEUM MAY CONSIDER THE FOLLOWING FACTORS IN MAKING A DETERMINATION TO APPROPRIATE OR ACCUMULATE DONOR-RESTRICTED ENDOWMENT FUNDS: THE DURATION AND PRESERVATION OF THE FUND; THE PURPOSES OF THE ATHENEUM AND THE DONOR-RESTRICTED ENDOWMENT FUND; GENERAL ECONOMIC CONDITIONS; THE POSSIBLE EFFECT OF INFLATION AND DEFLATION; THE EXPECTED TOTAL RETURN FROM INCOME AND THE APPRECIATION OF INVESTMENTS; OTHER RESOURCES OF THE ATHENEUM; AND THE INVESTMENT POLICIES OF THE ATHENEUM. THE ATHENEUM HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ITS BOARD-DESIGNATED AND OTHER ENDOWMENT ASSETS THAT ATTEMPT TO PROVIDE A PREDICTABLE STREAM OF FUNDING FOR ITS PROGRAMS WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. UNDER THIS POLICY, AS APPROVED BY THE BOARD, THE ENDOWMENT ASSETS ARE INVESTED IN A PORTFOLIO OF DEBT AND EQUITY SECURITIES WITH THE OBJECTIVE OF ACHIEVING LONG-TERM CAPITAL APPRECIATION WHILE MODERATING THE LEVEL OF INVESTMENT RISK. ACTUAL RETURNS IN ANY GIVEN YEAR MAY VARY FROM THIS AMOUNT. TO SATISFY ITS LONG-TERM RATE-OF-RETURN OBJECTIVES, THE ATHENEUM RELIES ON A TOTAL RETURN STRATEGY IN WHICH INVESTMENT RETURNS ARE ACHIEVED THROUGH BOTH CAPITAL APPRECIATION (REALIZED AND UNREALIZED) AND CURRENT YIELD (INTEREST, DIVIDENDS AND NET RENTAL INCOME). THE ATHENEUM HAS INVESTED IN DEBT AND EQUITY SECURITIES THAT TARGET A DIVERSIFIED ASSET ALLOCATION THAT PLACES A GREATER EMPHASIS ON EQUITY-BASED INVESTMENTS TO ACHIEVE ITS LONG-TERM RETURN OBJECTIVES WITHIN PRUDENT RISK CONSTRAINTS. THE ATHENEUM HAS A POLICY OF APPROPRIATING FOR DISTRIBUTION EACH YEAR 5.0% OF THE THREE-YEAR AVERAGE FAIR MARKET VALUE OF THE ENDOWMENT CALCULATED AS OF JUNE 30 FOR THE THREE YEARS PRECEDING THE YEAR IN WHICH THE DISTRIBUTION IS PLANNED. IN ESTABLISHING THIS POLICY, THE ATHENEUM CONSIDERED THE LONG-TERM EXPECTED RETURN ON ITS ENDOWMENT. THIS IS CONSISTENT WITH THE ATHENEUM'S OBJECTIVE TO MAINTAIN THE PURCHASING POWER OF ITS ENDOWMENT. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 57,002. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 57,002. 1 X X X 0 0 0 0 0 0 0 0 0 ANN SCOTT EXECUTIVE DIRECTOR 199518 0 0 0 0 0 0 0 7646 0 207164 0 0 0 ANN SCOTT EXECUTIVE DIRECTOR MORTGAGE FOR PUCHASE ON HOME ON ISLAND X 512500 512500 0 1 1 512500 X 3 FAIR MARKET VALUE 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B THE 990 WILL BE DISTRIBUTED TO THE BOARD ELECTRONICALLY. THE CFO WILL ASSEMBLE ALL QUESTIONS AND COMMENTS AND RESOLVE PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF TRUSTEES REVIEW THE ORGANIZATION'S CONFLICT OF INTEREST POLICY ANNUALLY IN ORDER TO ENSURE THAT THE ORGANIZATION'S BOARD OF TRUSTEES, OFFICERS, AND EMPLOYEES ARE REGULARLY AND CONSISTENTLY MONITORING AND ENFORCING IT. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION DETERMINED BY A COMMITTEE OF THE BOARD AND INCLUDES REFERENCE TO COMPENSATION LEVELS AT SIMILAR NPF ON THE ISLAND. FORM 990, PART VI, SECTION C, LINE 19 REQUESTS FOR REVIEW OF THE FORM 990 ARE FORWARDED TO THE ATHENEUM WEBSITE TO MAKE ARRANGEMENT FOR REVIEW.