2022-04-04T10:23:21-05:00 2020-12-31 410746749 CLIFTONLARSONALLEN LLP 600 3RD AVENUE SE SUITE 300 CEDAR RAPIDS IA 52401 990 2020-01-01 420680419 EDMUNDSON ART FOUNDATION EDMU 5152774405 4700 GRAND AVENUE DES MOINES IA 50312 BONNIE VALVERDE DIRECTOR OF FINANCE& ADMINISTRATION 5152774405 2022-02-23 1 BONNIE VALVERDE XXX-XX-XXXX DAVID LITTLE P01480921 3193632697 2022-02-23 3 AAL1 IAL1 2020 2022-09-23 18:48:47Z X DES MOINES ART CENTER BONNIE VALVERDE 4700 GRAND AVE DES MOINES IA 50312 10859148 0 X WWW.DESMOINESARTCENTER.ORG X 1946 IA THE DES MOINES ART CENTER ENGAGES DIVERSE LOCAL, NATIONAL, AND INTERNATIONAL AUDIENCES WITH THE ART OF TODAY THROUGH ITS MUSEUM AND SCHOOL, ADDING TO THE CULTURAL RECORD THROUGH COLLECTIONS AND PROGRAMS. THE DES MOINES ART CENTER BELIEVES IN THE POWER OF ART TO INSPIRE PERSONAL, POLITICAL, AND SOCIAL TRANSFORMATION. WE COMMITT TO EXHIBIT AND EXPLORE THOUGHT-PROVOKING MODERN AND CONTEMPORARY ART. WE CONNECT PEOPLE AND ART BY OFFERING OPPORTUNITIES FOR FEELING, IMAGING, DREAMING AND CREATING. WE PROMOTE CURIOSITY AND EMBRACE CRTICAL AND EMPATHETIC THINKING WITH A SPIRIT OF OPENNESS. WE STRIVE TO BE A WELCOMING AND EQUITABLE CULTURAL RESOURCE. THIS EFFORT TO ENSURE ACCESS TO ART FOR EVERYONE HAS BEEN A CORE TENET OF THE MUSEUM SINCE ITS FOUNDING. ADMISSION IS ALWAYS FREE FOR ALL. 26 26 108 28 -146062 0 4035480 1711964 419041 326741 1693132 1418365 1830327 1764880 7977980 5221950 0 0 0 0 3806929 3500625 0 0 746783 5060080 2611833 8867009 6112458 -889029 -890508 124117602 123873821 923776 1492506 123193826 122381315 X THE DES MOINES ART CENTER ENGAGES DIVERSE LOCAL, NATIONAL, AND INTERNATIONAL AUDIENCES WITH THE ART OF TODAY THROUGH ITS MUSEUM AND SCHOOL, ADDING TO THE CULTURAL RECORD THROUGH COLLECTIONS AND PROGRAMS. THE DES MOINES ART CENTER BELIEVES IN THE POWER OF ART TO INSPIRE PERSONAL, POLITICAL, AND SOCIAL TRANSFORMATION. WE COMMITT TO EXHIBIT AND EXPLORE THOUGHT-PROVOKING MODERN AND CONTEMPORARY ART. WE CONNECT PEOPLE AND ART BY OFFERING OPPORTUNITIES FOR FEELING, IMAGING, DREAMING AND CREATING. WE PROMOTE CURIOSITY AND EMBRACE CRTICAL AND EMPATHETIC THINKING WITH A SPIRIT OF OPENNESS. WE STRIVE TO BE A WELCOMING AND EQUITABLE CULTURAL RESOURCE. THIS EFFORT TO ENSURE ACCESS TO ART FOR EVERYONE HAS BEEN A CORE TENET OF THE MUSEUM SINCE ITS FOUNDING. ADMISSION IS ALWAYS FREE FOR ALL. 0 0 3175026 0 0 COLLECTIONS, EXHIBITIONS AND WORKS OF ART:OVER 300 WORKS OF ART FROM THE PERMANENT COLLECTIONS ARE ALWAYS ON DISPLAY. EXAMPLES OF OUR MASTERPIECE-QUALITY WORKS INCLUDE CLAUDE MONET, BRICE MARDEN, JOHN SINGER-SARGENT, FRANCIS BACON, FRANK STELLA, CECILY BROWN, PHILLIP GUSTON, JEAN ARP, ANDY GOLDSWORTHY, CONSTANIN BRANCUSI, LOUISE BOURGEOIS, AND ALBERTO GIACOMETTI. IN ADDITION, SEVEN SPECIAL EXHIBITIONS WERE PRESENTED IN 2020. THESE EXHIBITIONS CONTRIBUTED TO THE DIALOGUES SURROUNDING CONTEMPORARY ART AND INCLUDED HEDDA STERNE: IMAGINATION AND MACHINE, KARLA BLACK, RESEARCHER: WOMEN ARTISTS INSPIRED BY SCIENCE, AND BLACK STORIES, THE LATTER OF WHICH HIGHLIGHTED THE STRONG PRESENCE OF BLACK ARTISTS IN OUR PERMANENT COLLECTIONS. RESPONDING TO OUR HOME STATE, WE PRESENTED THE IOWA ARTISTS 2020: RACHEL COX, AS WELL AN EXHIBITION OF THE VIDEO WORK "JUDITH LOVES MARTHA" BY IOWA-BORN ARTIST ANNA GASKELL. WE PUBLISHED ONE MAJOR CATALOG AND SEVERAL SMALLER BROCHURES TO ACCOMPANY THESE PROJECTS. ARTWORKS ENTERING THE PERMANENT COLLECTIONS CAME FROM ALL CORNERS OF THE WORLD, SHOWCASING THE DIVERSITY OF OUR HOLDINGS AND FULFILLING OUR DESIRE FOR MULTIPLE AUDIENCES TO "SEE THEMSELVES" IN THE MUSEUM. IN 2020, WE ACQUIRED IMPORTANT WORKS OF ART THROUGH GIFT AND PURCHASE BY HENRY TAYLOR, HEDDA STERNE, LUIS GISPERT, LEONOR FINI, FRANK BIG BEAR, ELIZABETH CATLETT, WENDY RED STAR, ROGER SHIMOMURA, RENE MAGRITTE, AND CARA ROMERO, AMONG OTHERS. THESE ACQUISITIONS INCLUDE WORKS BY INDIGENOUS, BLACK, ASIAN, AND LATINX ARTIST, AS WELL AS SPANNING IMPORTANT ART MOVEMENTS FROM THE EARLY 20TH-CENTURY TO TODAY. OPEN TO VISITORS SINCE SEPTEMBER 2009, THE JOHN AND MARY PAPPAJOHN SCULPTURE PARK FEATURES ARTWORK BY 28 OF THE WORLD'S MOST CELEBRATED ARTISTS. RELATED EDUCATION PROGRAMS REACHED THOUSANDS OF CHILDREN AND ADULTS. 1349727 0 326741 EDUCATIONTHE ART CENTER'S PUBLIC AND EDUCATIONAL PROGRAMS ARE COMMITTED TO CONNECTING PEOPLE AND ART BY OFFERING OPPORTUNITIES FOR FEELING, IMAGINING, DREAMING. FURTHERMORE, WE AIM TO PROMOTE CURIOSITY AND EMBRACE CRITICAL AND EMPATHETIC THINKING WITH A SPIRIT OF OPENNESS, STRIVING TO BE A WELCOMING AND EQUITABLE CULTURAL RESOURCE. OUR EFFORTS INCLUDE OPERATING A PUBLIC ART SCHOOL, ENGAGING IN PARTNERSHIPS WITH NUMEROUS SOCIAL AND HUMAN SERVICE ORGANIZATIONS, OFFERING ON- AND OFF-SITE SCHOOL ENRICHMENT CURRICULA, CREATING OPPORTUNITIES FOR CHILD-CENTERED LEARNING AND FAMILY ENGAGEMENT, LEADING GUIDED VISITS OF THE MUSEUM AND PAPPAJOHN SCULPTURE PARK, AND HOSTING VARIED PUBLIC EVENTS THAT FOSTER CONTINUED LEARNING. WITH THE ONSET OF THE COVID-19 PANDEMIC IN MARCH OF 2020, THE ABILITY TO HOST IN-PERSON PROGRAMMING CAME TO AN ABRUPT HALT, BUT OF COURSE, THE NEED FOR ACCESS TO THE ARTS DID NOT WANE, IT WAS NEEDED MORE THAN EVER. CREATIVE PROBLEM SOLVING KICKED IN AND NEW VIRTUAL OPPORTUNITIES WERE DEVELOPED, AND OVER THE COURSE OF THE YEAR, THE ART ACCESS BRANCH OF COMMUNITY ENGAGEMENT WAS ABLE TO SERVE 28 COMMUNITY PARTNERS WITH A COMBINATION OF LIVE VIRTUAL SESSIONS AND RECORDED PROGRAMMING. OVER THE SUMMER MONTHS, SIX OF OUR PARTNERS WERE PROVIDED WITH ROUGHLY 500 "ART KITS AND INSTRUCTION WAS PROVIDED BY EITHER A ZOOM ART LESSON OR PRERECORDED VIDEO. IN SUM, 60 PROGRAMS, MANY OF WHICH WERE MULTIWEEK CLASSES, WERE REALIZED. WE CONTINUED SERVING 20 TEENS WITH WEEKLY SESSIONS OVER THE COURSE OF THE YEAR WHO WERE PARTICIPANTS IN OUR TEEN ACADEMY, AS WELL AS OFFERED VIRTUAL ART CLASSES FOR VETERANS. MUSEUM EDUCATION TOOK A HARD LOOK AT WHAT WAS GOING TO MAKE POSITIVE CONTRIBUTIONS TO PEOPLES' LIVES IN THE EARLY MONTHS OF THE PANDEMIC AND FOCUSED ON ENCOURAGING FOLKS TO HONOR SELFCARE AND WELLBEING IN PROGRAMMING AND DIGITAL MATERIALS. EXAMPLES INCLUDED A CALL FOR ENTRIES TO AN EARTH DAY COMMUNITY PHOTOGRAPHY SLIDESHOW, OUTDOOR WALKING GUIDE OF THE SCULPTURES ON THE ART CENTER GROUNDS, AND A THREE-PART VIDEO SERIES THAT ELEVATED ESSENTIAL WORKERS BY THANKING THEM AND LEARNING ABOUT THEIR WORK IN THIS FRAUGHT TIME AND THEN TAKING A FEW MOMENTS OF RESPITE TO PARTICIPATE IN A FUN CONVERSATION ABOUT ART WITH A MUSEUM EDUCATOR. FURTHERMORE, DOCENTS CREATED PRESENTATIONS THAT CAME TO BE CALLED "ART CALLS" THAT SERVED TO REACH QUARANTINED RESIDENTS OF SENIOR LIVING FACILITIES. ALSO OF NOTE, THIS PERIOD ENABLED US BOLSTER ONLINE RESOURCES FOR TEACHERS AND FAMILY LEARNING. NUMEROUS RECORDINGS WERE ADDED OUR AUDIO TOUR, 10 "CREATIVE CONNECTIONS" LESSON PLAN PACKAGES WERE DEVELOPED, AND AS A PIVOT FROM IN-PERSON TOURING, WE DEVELOPED A SERIES OF VIRTUAL VIEWING VIDEOS WITH OUR DOCENTS TO ENCOURAGE CAREFUL OBSERVATION AND OPENING-ENDED DIALOGUE ABOUT AT WORKS IN OUR COLLECTION. FURTHERMORE, WE DIGITIZED SOME IMPORTANT ARTIST AND SCHOLARLY LECTURES FROM PRIOR YEARS AND MADE THEM ACCESSIBLE ON OUR WEBSITE. STUDIO PROGRAMS, OUR THIRD BRANCH OF EDUCATION, ALSO ROSE TO THE CHALLENGE OF THE TIMES. THREE TERMS OF CLASSES AND WORKSHOPS INCLUDING ANIMATION, CERAMICS, DRAWING, JEWELRY MAKING, PAINTING, PHOTOGRAPHY AND MORE ARE OFFERED ANNUALLY AND SERVED APPROXIMATELY 1,080 STUDENTS (CHILDREN, ADULTS, AND FAMILIES) IN 2020. OF THOSE STUDENTS, APPROXIMATELY 16% (OR 67 PEOPLE) RECEIVED SCHOLARSHIPS. 136154 0 0 MUSEUM EDUCATIONTOOK A HARD LOOK AT WHAT WAS GOING TO MAKE POSITIVE CONTRIBUTIONS TO PEOPLES' LIVES IN THE EARLY MONTHS OF THE PANDEMIC AND FOCUSED ON ENCOURAGING FOLKS TO HONOR SELFCARE AND WELLBEING IN PROGRAMMING AND DIGITAL MATERIALS. EXAMPLES INCLUDED A CALL FOR ENTRIES TO AN EARTH DAY COMMUNITY PHOTOGRAPHY SLIDESHOW, OUTDOOR WALKING GUIDE OF THE SCULPTURES ON THE ART CENTER GROUNDS, AND A THREE-PART VIDEO SERIES THAT ELEVATED ESSENTIAL WORKERS BY THANKING THEM AND LEARNING ABOUT THEIR WORK IN THIS FRAUGHT TIME AND THEN TAKING A FEW MOMENTS OF RESPITE TO PARTICIPATE IN A FUN CONVERSATION ABOUT ART WITH A MUSEUM EDUCATOR. FURTHERMORE, DOCENTS CREATED PRESENTATIONS THAT CAME TO BE CALLED "ART CALLS" THAT SERVED TO REACH QUARANTINED RESIDENTS OF SENIOR LIVING FACILITIES. ALSO OF NOTE, THIS PERIOD ENABLED US BOLSTER ONLINE RESOURCES FOR TEACHERS AND FAMILY LEARNING. NUMEROUS RECORDINGS WERE ADDED OUR AUDIO TOUR, 10 "CREATIVE CONNECTIONS" LESSON PLAN PACKAGES WERE DEVELOPED, AND AS A PIVOT FROM IN-PERSON TOURING, WE DEVELOPED A SERIES OF VIRTUAL VIEWING VIDEOS WITH OUR DOCENTS TO ENCOURAGE CAREFUL OBSERVATION AND OPENING-ENDED DIALOGUE ABOUT AT WORKS IN OUR COLLECTION. FURTHERMORE, WE DIGITIZED SOME IMPORTANT ARTIST AND SCHOLARLY LECTURES FROM PRIOR YEARS AND MADE THEM ACCESSIBLE ON OUR WEBSITE. WITH THE ONSET OF THE COVID-19 PANDEMIC IN MARCH OF 2020, THE ABILITY TO HOST IN-PERSON PROGRAMMING CAME TO AN ABRUPT HALT, BUT OF COURSE, THE NEED FOR ACCESS TO THE ARTS DID NOT WANE, IT WAS NEEDED MORE THAN EVER. CREATIVE PROBLEM SOLVING KICKED IN AND NEW VIRTUAL OPPORTUNITIES WERE DEVELOPED, AND OVER THE COURSE OF THE YEAR, THE ART ACCESS BRANCH OF COMMUNITY ENGAGEMENT WAS ABLE TO SERVE 28 COMMUNITY PARTNERS WITH A COMBINATION OF LIVE VIRTUAL SESSIONS AND RECORDED PROGRAMMING. OVER THE SUMMER MONTHS, SIX OF OUR PARTNERS WERE PROVIDED WITH ROUGHLY 500 "ART KITS AND INSTRUCTION WAS PROVIDED BY EITHER A ZOOM ART LESSON OR PRERECORDED VIDEO. IN SUM, 60 PROGRAMS, MANY OF WHICH WERE MULTIWEEK CLASSES, WERE REALIZED. WE CONTINUED SERVING 20 TEENS WITH WEEKLY SESSIONS OVER THE COURSE OF THE YEAR WHO WERE PARTICIPANTS IN OUR TEEN ACADEMY, AS WELL AS OFFERED VIRTUAL ART CLASSES FOR VETERANS. 4660907 1 1 0 0 0 0 0 1 0 1 1 0 0 0 1 0 1 0 0 0 0 0 0 1 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 70 0 1 108 1 1 1 0 0 0 0 0 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 X X X BONNIE VALVERDE 5152774405 4700 GRAND AVE DES MOINES IA 50312 DARREN JIRSA PRESIDENT 1.00 X X 0 0 0 JEFF CHUNGATH VICE PRESIDENT 1.00 X X 0 0 0 ANDREA ABEL TREASURER 1.00 X X 0 0 0 JOSEPH CERYANEC DEC 15 FORMER TREASURER 1.00 X X 0 0 0 REENE MONTZ SECRETARY 1.00 X X 0 0 0 GRAHAM COOK CHAIRPERSON AND EX-OFFICIO 1.00 X X 0 0 0 JAMES WALLACE FORMER CHAIRPERSON 1.00 X X 0 0 0 RICK BALLINGER TRUSTEE 1.00 X 0 0 0 PAMELA BASS-BOOKEY TRUSTEE 1.00 X 0 0 0 MARY CHAPMAN TRUSTEE 1.00 X 0 0 0 MICHELLE COWNIE TRUSTEE 1.00 X 0 0 0 RICHARD DEMING TRUSTEE 1.00 X 0 0 0 JASON GROSS TRUSTEE 1.00 X 0 0 0 KATE HIGHTSHOE TRUSTEE 1.00 X 0 0 0 ELLEN HUBBELL TRUSTEE 1.00 X 0 0 0 BRUCE HUGHES TRUSTEE 1.00 X 0 0 0 MARY KELLY TRUSTEE 1.00 X 0 0 0 DAN KEOUGH TRUSTEE 1.00 X 0 0 0 TOM KOEHN TRUSTEE 1.00 X 0 0 0 KYLE KRAUSE TRUSTEE 1.00 X 0 0 0 JOSHUA MANDELBAUM TRUSTEE 1.00 X 0 0 0 PATIRCIA MCFARLAND TRUSTEE 1.00 X 0 0 0 ROSEMARY PARSON TRUSTEE 1.00 X 0 0 0 WAYNE REAMES TRUSTEE 1.00 X 0 0 0 SHARON SIMMONS TRUSTEE 1.00 X 0 0 0 MIKE SIMONSON TRUSTEE 1.00 X 0 0 0 DOUGLAS A WEST TRUSTEE 1.00 X 0 0 0 JEFF FLEMING DIRECTOR 40.00 X 264281 0 18500 CHERYL TUTTLE DIRECTOR OF FINANCE AND OPERATIONS 40.00 X 142949 0 7913 407230 0 26413 2 0 1 0 0 170555 177645 1363764 1711964 STUDIO PROGRAMS 611610 315167 315167 SALES OF COMMISSIONED PRINTS 900099 7399 7399 SALES OF EXHIBITION CATALOGS 900099 2341 2341 REPRODUCTION & LOAN FEES 900099 1834 1834 326741 1612459 1612459 10161 156223 -146062 -146062 -146062 5207350 5401444 -194094 -194094 -194094 0 177645 36494 -36494 -36494 81715 43037 38678 38678 INCOME FROM FUNDS HELD IN TRUST 900099 1821953 1821953 86805 86805 1908758 5221950 326741 -146062 3329307 433643 207418 132907 93318 2483569 1820391 300902 362276 25578 7004 14049 4525 369087 264952 39246 64889 188748 133644 26304 28800 3106 3106 28298 28298 109244 49648 38251 21345 191219 131098 11 60110 169170 105081 34323 29766 179548 133210 22186 24152 518880 485180 11094 22606 59014 23999 31208 3807 610936 574171 12054 24711 209061 200037 6949 2075 PACKING & SHIPPING 201370 201370 PURCHASED WORKS OF ART 167880 167880 PROGRAM SUPPLIES 65748 65334 414 OTHER PROGRAM EXPENSES 58603 53998 616 3989 39756 36492 3264 6112458 4660907 704768 746783 751849 2231406 78401 536060 30837 1250 76285 108199 113540 185531 203916 20375637 16713693 4272880 3661944 61144092 117555893 57039340 124117602 123873821 318958 240959 183750 139164 421068 1112383 923776 1492506 X 29104611 31016685 94089215 91364630 123193826 122381315 124117602 123873821 -890508 0 X X 0 1 X 1 0 X 4631896 2851388 3965146 4035480 1711964 17195874 4631896 2851388 3965146 4035480 1711964 17195874 3125333 14070541 2958567 2881057 3450115 1693132 1612459 12595330 -151559 -120317 -183265 -172254 -68065 -695460 1990473 1990473 31086217 745782 0.45260 0.48650 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X 0 58495244 115000 6277904 2280265 62607883 50079303 399906 10252678 2236643 58495244 54137022 197147 -2174251 2080615 50079303 47900015 876944 7368657 2008594 54137022 44356122 634217 4816926 1907250 47900015 0.38000 0.37000 0.25000 0 0 19074343 15414553 3659790 1301294 1299140 2154 3661944 DEFERRED COMPENSATION 478883 FORGIVABLE LOAN 633500 1112383 5457704 157757 157757 5299947 0 5299947 6270215 157757 157757 6112458 0 6112458 PART III, LINE 4: THE MISSION OF THE FOUNDATION IS TO ENGAGE DIVERSE LOCAL AND INTERNATIONAL AUDIENCES WITH THE ART OF TODAY AND TO ADD SCHOLARSHIP TO THE CULTURAL RECORD. TO DO SO, THE FOUNDATION COLLECTS WORKS OF ART IN ALL MEDIA FROM THE 19TH, 20TH, AND 21ST CENTURIES AND PROVIDES A SETTING FOR PUBLIC ENGAGEMENT. IT FOCUSES ON ACQUIRING A SEMINAL WORK BY A SIGNIFICANT ARTIST TO REPRESENT THAT ARTIST'S CONTRIBUTIONS TO THE ART OF OUR TIME. THE PERMANENT COLLECTIONS COMPRISE OVER 5,700 WORKS OF ART, INCLUDING 3,500 ARE WORKS ON PAPER SPANNING SEVEN CENTURIES. HIGHLIGHTS OF THE COLLECTIONS INCLUDE EXEMPLARY ARTWORKS BY FRANCIS BACON, ALBERTO GIACOMETTI, EDWARD HOPPER, JOHN SINGER SARGENT, CECILY BROWN, AI WEI, AND EL ANATSUI, AMONG MANY OTHERS. THE FOUNDATION STORES THE OBJECTS IN ITS COLLECTION IN SECURE, CLIMATE CONTROLLED STORAGE AREAS AND MAINTAINS POLICIES AND PROCEDURES ADDRESSING THE COLLECTIONS UPKEEP, AS WELL AS OTHER ASPECTS OF ITS MANAGEMENT, INCLUDING ACCESSION AND DEACCESSION POLICIES. IN ADDITION, THE FOUNDATION PRESENTS APPROXIMATELY 12 EXHIBITIONS A YEAR WITH OBJECTS FROM ITS PERMANENT COLLECTIONS AS WELL AS WITH ARTWORKS ON LOAN. THESE INCLUDE ONE-PERSON OR THEMATIC PROJECTS THAT ARE OFTEN ACCOMPANIED BY SCHOLARLY PUBLICATIONS THAT PLACE THE ART AND THE ARTISTS WITHIN THE DIALOGUES SURROUNDING THE ART OF OUR TIME. EXHIBITION PROJECTS REGULARLY TRAVEL TO OTHER MUSEUMS ACROSS THE COUNTRY. PART V, LINE 4: THE FOUNDATION'S ENDOWMENT CONSISTS OF SEVERAL INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES AND INCLUDES BOTH DONOR RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES (THE BOARD) TO FUNCTION AS ENDOWMENTS. AS REQUIRED BY GAAP, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS, INCLUDING FUNDS DESIGNATED BY THE BOARD TO FUNCTION AS ENDOWMENTS, ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR IMPOSED RESTRICTIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 43,037. RENTAL EXPENSES 78,226. DIRECT FUNDRAISING EXPENSES 36,494. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 43,037. RENTAL EXPENSES 78,226. DIRECT FUNDRAISING EXPENSES 36,494. PART XII, LINE 2D DIRECT COSTS NETTED AGAINST REVENUES, INCLUDING COST OF GOODS SOLD, SPECIAL EVENTS DIRECT EXPENSES, AND RENTAL EXPENSES. PART XI, LINE 2D DIRECT COSTS NETTED AGAINST REVENUES, INCLUDING COST OF GOODS SOLD, SPECIAL EVENTS DIRECT EXPENSES, AND RENTAL EXPENSES. X X X X 1 ISAACSON CONSULTING 3660 GRAND AVENUE UNIT 540 DES MOINES IA 50312 0 93847 37997 90050 93847 37997 90050 GALA 177645 177645 36494 177645 177645 36494 36494 -36494 X X X 0 1 0 0 0 0 0 0 0 JEFF FLEMING DIRECTOR 264281 0 0 0 0 0 0 0 18500 0 282781 0 0 0 CHERYL TUTTLE DIRECTOR OF FINANCE AND OPERATIONS 142949 0 0 0 0 0 7913 0 0 0 150862 0 0 0 PART I, LINE 3 THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES REVIEWS AND DETERMINES THE COMPENSATION OF THE DIRECTOR, WHICH IS VOTED ON AND APPROVED BY THE BOARD. THEY REVIEW ANY POTENTIAL CONFICTS OF INTEREST. THEY USE PRIMARILY THE AMERICAN ASSOCIATION OF MUSEUM DIRECTORS' (AAMD) SALARY COMPARISONS AS A GUIDE TO DETERMINE COMPARABLE COMPENSATION OF SIMILARLY QUALIFIED PERSONS IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILARLY SITUATED ORGANIZATIONS. THIS REVIEW IS DOCUMENTED WITH WRITTEN NOTES REGARDING THE COMPENSATION AGREEMENT REACHED AFTER DISCUSSION BETWEEN THE EXECUTVE COMMITTEE (OR ITS REPRESENTATIVE, THE PRESIDENT OF THE BOARD OF TRUSTESS) AND THE DIRECTOR. PART I, LINE 4B THE FOUNDATION ENTERED INTO A 457(F) DEFERRED COMPENSATION PLAN WITH THE CURRENT DIRECTOR IN 2015. THE PLAN ALLOWED FOR THE DIRECTOR TO BE PAID AN AMOUNT OF $125,000 IF HE REMAINED CONTINUOUSLY EMPLOYED THROUGH DECEMBER 31, 2019. THE PAYOUT FROM THIS PLAN OCCURRED ON DECEMBER 31, 2019. THE FOUNDATION ENTERED INTO A 457(B) DEFERRED COMPENSATION PLAN WITH THE CURRENT DIRECTOR IN 2013 FOR THE PURPOSE OF CREATING A SUPPLEMENTAL RETIREMENT PLAN. EACH PLAN YEAR, THE FOUNDATION MAY DESIGNATE A CONTRIBUTION LIMITED TO THE CAP ON CONTRIBUTIONS UNDER SECTION 457 CATCH-UP LIMITATION. INTEREST IS CREDITED ON JANUARY 1 OF EACH PLAN YEAR CALCULATED BY MULTIPLYING THE ACCOUNT BALANCE AS OF DECEMBER 31 OF THE PRECEDING YEAR BY AN AVERAGE OF THE PREVIOUS FOUR QUARTER'S FIVE-YEAR TREASURY CONSTANT MATURITY RATE. THIS PLAN IS 100% VESTED AND WILL BE PAID IN A LUMP SUM IN THE CALENDAR YEAR FOLLOWING THE DIRECTOR'S SEVERANCE FROM EMPLOYMENT WITH THE FOUNDATION. AT DECEMBER 31, 2020 THE FOUNDATION HAS A LIABILITY OF $170,568 IN VESTED BENEFITS INCLUDED IN DEFERRED COMPENSATION LIABILITY. THE FOUNDATION ALSO HAS A NON-QUALIFIED PLAN WITH A FORMER DIRECTOR THAT IS BEING PAID OUT QUARTERLY. THIS PLAN HAD ASSETS AND LIABILITIES OF $308,314 AT DECEMBER 31, 2020. FORM 990, PART VI, SECTION B, LINE 11B A DRAFT VERSION OF THE 990 THAT INCLUDES ALL SCHEDULES IS REVIEWED IN DETAIL BY THE DIRECTOR OF FINANCE AND OPERATIONS AND EXECUTIVE DIRECTOR OF THE ORGANIZATION. ONCE THE DRAFT 990 IS APPROVED IT IS THEN REVIEWED ELECTRONICALLY BY ALL MEMBERS OF THE BOARD PRIOR TO FILING THE RETURN. FORM 990, PART VI, SECTION B, LINE 12C YES, BORD OF TRUSTEES RECEIVE OUR CONFLICT OF INTEREST POLICY YEARLY AND ARE REQUIRED TO COMPLETE A COI QUESTIONNAIRE DISCLOSING ANY POTENTIAL CONFLICT THAT MIGHT HAVE SURGED DURING THE YEAR IN REVIEW. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES REVIEWS AND DETERMINES THE COMPENSATION OF THE DIRECTOR, WHICH IS VOTED ON AND APPROVED BY THE FULL BOARD. THEY REVIEW ANY POTENTIAL CONFLICTS OF INTEREST, OF WHICH THERE WERE NONE IN 2020. THEY USE PRIMARILY THE AMERICAN ASSOCIATION OF MUSEUM DIRECTORS' (AAMD) SALARY COMPARISONS AS A GUIDE TO DETERMINE COMPARABLE COMPENSATION OF SIMILARLY QUALIFIED PERSONS IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILARLY SITUATED ORGANIZATIONS. THIS REVIEW IS DOCUMENTED WITH WRITTEN NOTES REGARDING THE COMPENSATION AGREEMENT REACHED AFTER DISCUSSION BETWEEN THE EXECUTIVE COMMITTEE (OR ITS REPRESENTATIVE, THE PRESIDENT OF THE BOARD OF TRUSTEES) AND THE DIRECTOR. FORM 990, PART VI, SECTION C, LINE 19 THE FOUNDATION'S GOVERNING DOCUMENTS, CONFLIC OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990 PART XII, LINE 2C THE PROCESS FOR SELECTION OF AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED FROM THE PRIOR YEAR.