2022-05-06T17:04:36-05:00 2021-06-30 042442519 EDELSTEIN AND COMPANY LLP 160 FEDERAL STREET 9TH FLOOR BOSTON MA 02110 990 2020-07-01 042103993 THE CHILDRENS MUSEUM CHIL 6174266500 308 CONGRESS STREET BOSTON MA 02210 AMY AUERBACH SVP & CFO 6174266500 2022-05-06 1 AMY AUERBACH 999009999 EUGENE BORGONZI P01269879 6172276161 2022-04-19 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z BOSTON CHILDREN'S MUSEUM AMY AUERBACH 308 CONGRESS STREET BOSTON MA 02210 12347153 0 X BOSTONCHILDRENSMUSEUM.ORG X 1913 MA BOSTON CHILDREN'S MUSEUM ENGAGES CHILDREN AND FAMILIES IN JOYFUL DISCOVERY EXPERIENCES THAT INSTILL AN APPRECIATION OF OUR WORLD, DEVELOP FOUNDATIONAL SKILLS, AND SPARK A LIFELONG LOVE OF LEARNING. BOSTON CHILDREN'S MUSEUM IS A WELCOMING, IMAGINATIVE, CHILD-CENTERED LEARNING ENVIRONMENT THAT SUPPORTS DIVERSE FAMILIES IN NUTURING THEIR CHILDREN'S CREATIVITY AND CURIOSITY. WE PROMOTE THE HEALTHY DEVELOPMENT OF ALL CHILDREN SO THAT THEY WILL FULFILL THEIR POTENTIAL AND CONTRIBUTE TO OUR COLLECTIVE WELLBEING AND FUTURE PROSPERITY. 26 26 107 37 49275 0 3174342 6730954 4217278 1547874 -2801 308417 -51343 658972 7337476 9246217 0 0 0 0 4645414 4098598 0 4000 611077 5345943 3658996 9991357 7761594 -2653881 1484623 55831310 60090275 14816958 14050802 41014352 46039473 X SEE SCHEDULE O - FORM 990 PART I LINE 1 0 0 1832832 0 471875 VISITOR PROGRAMSTHE GOAL OF VISITOR PROGRAMS IS TO PROVIDE HIGH QUALITY EXPERIENCES FOR OUR LARGE AUDIENCE OF DIVERSE VISITORS, WHETHER THEY COME IN AS SCHOOL OR COMMUNITY GROUPS, OR FAMILIES. WE SEEK TO ADDRESS THE LEARNING NEEDS AND INTERESTS OF CHILDREN BIRTH TO TEN YEARS OLD, AS WELL AS THEIR ACCOMPANYING ADULTS WHO COMPRISE 50% OF THE AUDIENCE. TO DO THIS, WE DEVELOP STAFF TALENT IN DELIVERING EXCELLENT CUSTOMER SERVICE, PUBLIC PROGRAMS, AND ENGAGING INTERACTION WITH VISITORS TO HELP THEM MAXIMIZE THE LEARNING IMPACT AND DELIGHT IN DISCOVERY. VISITOR PROGRAMS WORKS TO CREATE AN INCLUSIVE ENVIRONMENT THAT WELCOMES ALL. 2610305 0 492451 EDUCATION PROGRAMSTHE GOAL OF EDUCATION PROGRAMS IS TO DEVELOP AND IMPLEMENT INTERACTIVE EXPERIENCES THAT ENHANCE THE MUSEUM'S EXHIBITS FOR CHILDREN AND ADULTS IN THE AREAS OF STEM AND STEAM, VISUAL AND PERFORMING ARTS, HEALTH AND WELLNESS, CULTURES, EARLY CHILDHOOD DEVELOPMENT AND LEARNING, AND COMMUNITY ENGAGEMENT. EDUCATION PROGRAMS INCLUDE SELF-GUIDED AND STRUCTURED SCHOOL PROGRAMS, SCHOOL READINESS PROGRAMS IN PARTNERSHIP WITH COMMUNITY AGENCIES, DESIGNATED PROGRAMS FOR CHILDREN AND FAMILIES WITH SPECIAL NEEDS, SCIENCE DISCOVERY PROGRAMS, ART STUDIO WORKSHOPS, PERFORMING ARTS DEMONSTRATIONS AND WORKSHOPS, AND LIVE THEATER EXPRESSLY GEARED TO YOUNG VISITORS. 1318369 0 30461 EXHIBITIONSTHE GOAL OF EXHIBITIONS IS TO DEVELOP, DESIGN AND PRODUCE INNOVATIVELY AWESOME EXPERIENCES THAT ENGAGE CHILDREN AND ADULTS IN MEANINGFUL ACTIVITIES THAT INSPIRE CREATIVITY, CURIOSITY, EXPERIMENTATION, PROBLEM SOLVING, AND COLLABORATION. EXHIBITS ARE POWERFUL TOOLS FOR PLAY AND LEARNING, AND FOR OPENING THE IMAGINATION TO NEW WORLDS AND IDEAS. WITH A GREAT DEPTH AND BREADTH OF STAFF EXPERTISE IN THE ARTS, STEM/STEAM, HEALTH AND WELLNESS, CULTURES AND EARLY CHILDHOOD EDUCATION, THE MUSEUM CREATES EXHIBITS THAT MAY APPEAR DECEPTIVELY SIMPLE BUT ARE FOUNDED IN THE THEORY AND PRACTICE OF HOW CHILDREN AND FAMILIES LEARN BEST. 210258 0 553087 MEMBERSHIPS 210258 0 553087 5971764 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 0 1 0 0 0 1 0 0 0 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 57 0 107 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 26 26 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X X AMY AUERBACH 6174266500 308 CONGRESS STREET BOSTON MA 02210 SUSAN LAMONICA TRUSTEE 0.38 X 0 0 0 HELEN ROSENFELD TRUSTEE, VICE CHAIR 0.50 X X 0 0 0 THOMAS MCCROREY TRUSTEE, TREASURER 0.50 X X 0 0 0 ANTHONY BORDON TRUSTEE 0.38 X 0 0 0 RENEE BOYNTON-JARRETT TRUSTEE 0.38 X 0 0 0 TODD CASSLER TRUSTEE 0.38 X 0 0 0 NIRAV DAGLI TRUSTEE, CHAIRMAN (UNTIL 12/2020) 3.75 X X 0 0 0 RICK DIMINO TRUSTEE 0.50 X 0 0 0 DAVID HEALY TRUSTEE, CHAIRMAN (AS OF 10/2020) 3.75 X X 0 0 0 JASON JANOFF TRUSTEE 0.38 X 0 0 0 DEBORAH JOELSON TRUSTEE, VICE CHAIR 0.50 X X 0 0 0 MIEKO KAMII TRUSTEE 0.50 X 0 0 0 MADGE MEYER TRUSTEE 0.38 X 0 0 0 LIAM PATRICK TRUSTEE 0.38 X 0 0 0 AISHA AL RIYAMI TRUSTEE (UNTIL 5/19/21) 0.38 X 0 0 0 AUNOY BANERJEE TRUSTEE 0.38 X 0 0 0 PAUL BLANDINI TRUSTEE 0.38 X 0 0 0 JULIE GORDON TRUSTEE 0.38 X 0 0 0 KELLY HILLER TRUSTEE, SECRETARY 0.50 X X 0 0 0 PRAKASH VENKATA TRUSTEE 0.38 X 0 0 0 DAVID BURT TRUSTEE 0.38 X 0 0 0 KEEGAN CALDWELL TRUSTEE 0.38 X 0 0 0 RYAN MURPHY TRUSTEE 0.38 X 0 0 0 SYLVIA STEVENS-EDOUARD TRUSTEE 0.50 X 0 0 0 PAUL LEONE TRUSTEE 0.38 X 0 0 0 MELISSA WORTH TRUSTEE 0.38 X 0 0 0 DEBORAH ROBBINS TRUSEE (AS OF 3/1/21) 0.38 X 0 0 0 CAROLE CHARNOW PRESIDENT/CEO 35.00 X 207619 0 27505 AMY AUERBACH SVP/CFO 35.00 X 137403 0 17804 HAYLEY BOYD ASSISTANT SECRETARY 35.00 X 48404 0 9155 CHARLAYNE MURRELL-SMITH VP EXTERNAL RELATIONS 35.00 X 100264 0 15802 JERI APPIER CONTROLLER & SENIOR DIRECTOR, FINANCE 35.00 X 100016 0 6490 LAURA CHRISTIAN SENIOR DIRECTOR OF DEVELOPMENT 35.00 X 100948 0 6681 DEBBIE HILTON-CREEK SR. HUMAN RESOURCE DIRECTOR 35.00 X 121384 0 6595 MICHAEL TRAVIS VP OF DEVELOPMENT 35.00 X 174524 0 6570 990562 0 96602 7 0 1 0 CBRE INC PO BOX 848844 LOS ANGELES CA 90084 PROPERTY MANAGEMENT 531682 SOUTH COAST IMPROVEMENT COMPANY 13 MARCONI LANE MARION MA 02738 MILK BOTTLE RENOVATION 338742 ACP CLEANING INC PO BOX 2411 WOBURN MA 01888 MUSEUM & TENANT CLEANING 311634 SECURITAS SECURITY SERVICES US 77 SUMMER STREET 4TH FLOOR BOSTON MA 02110 MUSEUM & BUILDING SECURITY 298111 CUSTOM COMPUTER SPECIALISTS INC 70 SUFFOLK COURT HAUPPAUGE NY 11788 IT AND NETWORK MONITORING SERVICES 214262 7 496448 2171586 4062920 122666 6730954 PROGRAM FEES 900099 555802 555802 MEMBERSHIPS 900099 553087 553087 ADMISSIONS 900099 413985 413985 TRAVELING EXHIBITS 900099 25000 25000 1547874 42824 3 42821 2186736 2276169 -89433 -89433 50041 -139474 1016062 750469 265593 265593 -753 266346 22449 496448 74298 -51849 -51849 OTHER INVESTMENT INCOME FROM K-1 523000 602034 -16 602050 ANCILLARY SERVICES 900099 198220 198220 800254 9246217 1746094 49275 719894 486166 385149 101017 2994847 2462401 149616 382830 74758 53312 17961 3485 289068 234632 33516 20920 253759 187059 35106 31594 2776 230 2546 25201 25201 4000 4000 661601 609467 31889 20245 6581 6571 10 110390 75946 24545 9899 304080 133776 165468 4836 806201 670982 125070 10149 3288 2005 65 1218 1321250 1186737 117777 16736 97466 85520 10601 1345 EQUIPMENT RENTAL- REPAI 132106 130508 1598 MATERIALS AND SUPPLIES 94606 94201 88 317 OTHER INVESTMENT DEDUCT 51232 51232 BANK AND CC FEES 39822 37321 1716 785 2396 1096 1207 93 7761594 5971764 1178753 611077 8190188 9766517 631983 917300 153386 115315 53855 41600 62450216 34104071 29665745 28346145 16240927 19758883 895226 1144515 55831310 60090275 1022882 1121855 260000 220000 11083411 10599028 1280150 1293057 1170515 816862 14816958 14050802 X 29437988 30576640 11576364 15462833 41014352 46039473 55831310 60090275 X 1484623 3396123 -435960 580335 X X 0 1 X 1 0 X 3648229 2392221 3283707 3174342 6730954 19229453 5935949 6086827 6323457 4507630 1746094 24599957 9584178 8479048 9607164 7681972 8477048 43829410 114350 134893 133433 136808 139733 659217 0 114350 134893 133433 136808 139733 659217 43170193 2489679 3137917 2745339 2258280 2831594 13462809 41769 0 0 0 0 41769 2531448 3137917 2745339 2258280 2831594 13504578 12115626 11616965 12352503 9940252 11308642 57333988 0.75300 0.76700 0.23550 0.22120 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X 0 16240927 5197 4254263 741504 19758883 16302622 5183 662152 729030 16240927 16394624 151693 472401 716096 16302622 15941565 5150 1154389 706480 16394624 14788889 105088 1767886 720298 15941565 0.40280 0.22250 0.37470 0 0 3331193 3331193 46439956 23750959 22688997 2171682 2087070 84612 10507385 8266042 2241343 28346145 TIFF MULTI-ASSET FUND 10267516 F THE TIFF CENTERSTONE FUND LP 9491367 F 19758883 DERIVATIVE FINANCIAL INSTRUMENTS 580355 SECURITY DEPOSITS 236507 816862 15447909 3396123 333073 3729196 11718713 -2472496 -2472496 9246217 9986828 2276466 2276466 7710362 51232 51232 7761594 PART III, LINE 1A: IN CONFORMITY WITH THE PRACTICE FOLLOWED BY MANY MUSEUMS, THE VALUE OF PROPERTY DONATED FOR THE MUSEUM COLLECTION IS NOT REFLECTED ON THE STATEMENT OF FINANCIAL POSITION. THE COLLECTION IS DEEMED INEXHAUSTIBLE. THE COLLECTION IS MAINTAINED FOR EDUCATION AND RESEARCH AND FURTHERANCE OF THE MUSEUM'S GOALS RATHER THAN FINANCIAL GAIN. THE COLLECTION IS PROTECTED, KEPT UNENCUMBERED AND IS SUBJECT TO AN ORGANIZATIONAL POLICY THAT ENCOURAGES PERMANENT POSSESSION. PART III, LINE 4: BOSTON CHILDRENS MUSEUM HAS BEEN A COLLECTING INSTITUTION SINCE ITS BEGINNING IN 1913 AND TODAY THE COLLECTIONS NUMBER APPROXIMATELY 50,000 OBJECTS, INCLUDING CULTURAL ARTIFACTS AND NATURAL HISTORY SPECIMENS, WHICH CAN BE BROKEN INTO SIX MAIN COLLECTING AREAS: NATIVE AMERICAN, JAPANESE, AMERICANA, GLOBAL DOLLS, GENERAL CULTURAL COLLECTIONS, AND NATURAL HISTORY. THE COLLECTION IS MOST FREQUENTLY USED TO ENHANCE MUSEUM EXHIBITS, FOR SCHOLARLY RESEARCH, AS WELL AS EDUCATIONAL PROGRAMMING. PART V, LINE 4: THE ORGANIZATION'S TERM ENDOWMENTS REPRESENT ACCUMULATED INVESTMENT GAINS SUBJECT TO THE MUSEUM'S ENDOWMENT SPENDING POLICY. THE MUSEUM USES ITS PERMANENT ENDOWMENTS IN ACCORDANCE WITH UPMIFA AND SPENDS FOUR-AND-A-HALF PERCENT OF THE AVERAGE OF THE FMV OF EACH OF THE PREVIOUS 12 QUARTERS TO SUPPORT CURRENT OPERATIONS. THE BOARD-DESIGNATED AND QUASI-ENDOWMENTS ARE USED AT THE BOARD'S DISCRETION. PART XI, LINE 2D - OTHER ADJUSTMENTS: UNREALIZED GAIN ON DERIVATIVE INSTRUMENTS 333,073. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES -2,276,169. BOOK-TAX RENTAL INCOME ADJUSTMENT PER IRC 467 -247,559. DEDUCTIONS REPORTED ON K-1 RECORDED IN UNREALIZED GAIN ON FINANCIALS 51,232. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 2,276,169. BAD DEBT EXPENSE 297. PART XII, LINE 4B - OTHER ADJUSTMENTS: DEDUCTIONS REPORTED ON K-1 RECORDED IN UNREALIZED GAIN ON FINANCIALS 51,232. EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 0 0 PROGRAM SERVICES CONSULTING 9605 MIDDLE EAST AND NORTH AFRICA - ALGERIA, BAHRAIN, DJIBOUTI, EGYPT, 0 0 PROGRAM SERVICES MUSEUM ADMISSION TICKETS NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES 0 0 PROGRAM SERVICES SOFTWARE 3595 NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES 0 0 FUNDRAISING N/A CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 PROGRAM SERVICES MUSEUM ADMISSION TICKETS NORTH AMERICA 0 0 PROGRAM SERVICES MUSEUM ADMISSION TICKETS EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 0 0 PROGRAM SERVICES HONORARIUM FOR THE ONLINE SEMINAR PRESENTATION, MUSEUM ADMISSION TICKETS EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM SERVICES FAMILY MEMBERSHIP REVENUE, MUSEUM ADMISSION TICKETS RUSSIA AND NEIGHBORING STATES 0 0 PROGRAM SERVICES MUSEUM ADMISSION TICKETS SOUTH AMERICA 0 0 PROGRAM SERVICES MUSEUM ADMISSION TICKETS 0 0 0 0 0 0 13200 0 13200 1 0 1 1 1 0 PART I, LINE 3: EXPENDITURES ARE ACCOUNTED FOR ON THE ACCRUAL BASIS USED FOR FINANCIAL STATEMENT PURPOSES. PART III ACCOUNTING METHOD: FORM 990, SCHEDULE F, PART I, LINE 3 THE MUSEUM RECEIVED CONTRIBUTIONS FROM INDIVIDUALS LOCATED IN THE FOLLOWING REGION: NORTH AMERICA NO EXPENDITURES WERE MADE IN THIS REGION IN ORDER TO OBTAIN THESE CONTRIBUTIONS AND THOSE INDIVIDUALS HAVE BEEN REPORTED ON SCHEDULE B, IF APPLICABLE, IN ACCORDANCE WITH SCHEDULE B INSTRUCTIONS. THE MUSEUM ALSO RECEIVED PROGRAM SERVICE AND MEMBERSHIP REVENUES FROM THE FOLLOWING REGIONS: EUROPE EAST ASIA AND THE PACIFIC CENTRAL AMERICA AND THE CARRIBEAN MIDDLE EAST AND NORTH AFRICA NORTH AMERICA RUSSIA AND NEIGHBORING STATES SOUTH AMERICA NO EXPENDITURES WERE MADE IN THESE REGIONS IN ORDER TO OBTAIN THESE REVENUES. FORM 990, SCHEDULE F, PART IV, LINE 3 THE MUSEUM HAD OWNERSHIP INTERESTS IN FOREIGN CORPORATIONS THROUGH ITS INVESTMENT IN A DOMESTIC PARTNERSHIP, BUT DID NOT MEET ANY OF THE FILING REQUIREMENTS FOR FORM 5471. FORM 990, SCHEDULE F, PART IV, LINE 4 THE MUSEUM WAS AN INDIRECT SHAREHOLDER OF A PASSIVE FOREIGN INVESTMENT COMPANY (PFIC) THROUGH ITS INVESTMENT IN A DOMESTIC PARTNERSHIP. THE DOMESTIC PARTNERSHIP HAS MADE THE QUALIFIED ELECTING FUND (QEF) ELECTION AND HAS FILED THE FORM 8621 ON BEHALF OF ITS PARTNERS. ALSO NONE OF THE INCOME DERIVED FROM THE PFIC IS UNRELATED BUSINESS TAXABLE INCOME. THEREFORE, THE MUSEUM MEETS TWO EXCEPTIONS FOR FILING FORM 8621. WONDER BALL 518897 496448 22449 149 24295 3893 45961 518897 496448 22449 149 24295 3893 45961 74298 -51849 X X X X X 0 0 0 0 0 0 0 0 0 CAROLE CHARNOW PRESIDENT/CEO 207619 0 0 0 0 0 12479 0 15026 0 235124 0 0 0 MICHAEL TRAVIS VP OF DEVELOPMENT 174524 0 0 0 0 0 0 0 6570 0 181094 0 0 0 AMY AUERBACH SVP/CFO 137403 0 0 0 0 0 8379 0 9425 0 155207 0 0 0 A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431181 57583RGQ2 2006-09-25 SEE SCHEDULE K, PAGE 2, PART V 0 0 0 A 6921695 30000000 396523 22681782 2007 1 0 1 1 A 0 0 0 0 0 0 0 A 0 0 0 0 1 1 CITIZENS BANK 10.000000000000 0 0 0 0 1 A 0 SCHEDULE K, PART I, ITEM A, COLUMN F DESCRIPTION OF BOND PURPOSE TO FINANCE AND REFINANCE THE CAPITAL COSTS OF THE: A)ACQUISITION, CONSTRUCTION, RENOVATION AND EQUIPPING OF THE BORROWER'S FACILITIES; B) PROJECTS ORIGINALLY FINANCED WITH SERIES 2001 BONDS; AND C) CERTAIN COSTS OF ISSUANCE. SCHEDULE K, PART IV, QUESTIONS 3,4,5,6,7 ARBITRAGE THE MUSEUM HAS TWO QUALIFIED HEDGES. 3- YES 4A- YES 4B- CITIZENS BANK 4C- 5 YEARS 4D- NO 4E- NO 5- NO 5B,C,D- N/A 6- NO 7- YES X 7 122666 MARKET QUOTATIONS 0 1 0 FORM 990, PART VI, SECTION B, LINE 11B THE FINANCE AND AUDIT COMMITTEES ARE THE GOVERNING BODIES THAT HAVE RESPONSIBILITY FOR REVIEWING THE FORM 990. THIS FORM WAS DISTRIBUTED BY EMAIL TO THESE COMMITTEES PRIOR TO THE FILING DATE, LEAVING TIME FOR QUESTIONS AND COMMENTS. IN ADDITION, THE ENTIRE BOARD OF TRUSTEES ALSO RECEIVES A COPY OF THE FORM 990. FORM 990, PART VI, SECTION B, LINE 12C ON AN ANNUAL BASIS, THE MUSEUM ASKS ALL THE TRUSTEES AND OFFICERS TO REVIEW AND EXECUTE A CONFLICT OF INTEREST POLICY STATEMENT. IT IS THE RESPONSIBILITY OF THE PRESIDENT/CEO AND THE BOARD CHAIR TO REVIEW AND DISCLOSE CONFLICTS AND HANDLE THE MATTER AS HE OR SHE DEEMS APPROPRIATE. THE CONFLICT OF INTEREST POLICY STATEMENT ALSO OBLIGATES EACH FIDUCIARY, ON AN ONGOING BASIS, TO REPORT ANY CONFLICTS EITHER EXISTING OR PERCEIVED TO THE PRESIDENT/CEO OR BOARD CHAIR. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS FOR REVIEWING AND DETERMINING THE CEO'S COMPENSATION IS AS FOLLOWS: THERE IS A COMPENSATION COMMITTEE, WHICH IS A SUBSET OF THE BOARD OF TRUSTEES WHICH CONVENES TWICE A YEAR TO REVIEW THE CEO'S PERFORMANCE AND CONSIDER MARKET DATA FOR THIS POSITION. BASED ON THIS REVIEW, A COMPENSATION PACKAGE IS ADJUSTED AND AGREED UPON EACH YEAR. IN 2017, THE MUSEUM HIRED AN INDEPENDENT COMPENSATION CONSULTANT TO ANALYZE CURRENT SALARY AND WAGES OF THE ENTIRE ORGANIZATION AGAINST MARKET CONDITIONS. NEW JOB RANGES AND POSITION CATEGORIES WERE ESTABLISHED AND A PLAN WAS CREATED TO ADJUST SALARIES AND WAGES OVER TIME. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE MADE AVAILABLE UPON REQUEST. THE FINANCIAL STATEMENTS ARE AVAILABLE ON THE ORGANIZATION'S WEBSITE AS WELL AS UPON REQUEST. FORM 990, PART XI, LINE 9: UNREALIZED GAIN ON DERIVATIVE INSTRUMENTS 333,073. BOOK-TAX RENTAL INCOME ADJUSTMENT PER IRC 467 247,559. BAD DEBT EXPENSE -297. FORM 990, PART XII, LINE 2C THE AUDIT COMMITTEE ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF THE MUSEUM'S FINANCIAL STATEMENTS AND SELECTION OF THE INDEPENDENT AUDITOR. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. FORM 990, PART XI, LINE 8 THE PRIOR PERIOD ADJUSTMENT RELATES TO THE MUSEUM'S ADOPTION OF THE FASB ASU 2014-09 REVENUE RECOGNITION STANDARD.