2022-11-14T16:00:55-06:00 2021-12-31 420714325 RSM US LLP 4 TIMES SQUARE NEW YORK NY 10036 990PF 2021-01-01 260273135 THE FLAG ART FOUNDATION FLAG 2125186682 CO GLENN FUHRMAN 640 PARK AVE 11FL NEW YORK NY 10065 GLENN FUHRMAN PRESIDENT/TREASURER 2125186682 2022-11-14 1 GLENN FUHRMAN XXX-XX-XXXX LYNNE JOHNSON P00757336 2123721000 2022-11-10 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z X 12608471 X 0 X 1596 1596 1596 310278 297402 16104 13240 13240 13240 230487 113114 230487 555601 412112 261427 248750 0 0 248750 183500 0 0 183500 36891 0 0 36891 13134 0 0 13134 29925 0 0 29925 54895 0 0 54895 59021 0 0 59021 3081 0 3081 126345 0 0 126345 3063 0 0 3063 30939 0 0 30939 309391 164 0 309227 1098935 164 3081 1095690 27000 27000 1125935 164 3081 1122690 -570334 411948 258346 1499036 1499036 2378484 1697807 1697807 5030 3054581 2090366 7028810 125103 17285 110899 107818 107818 2275000 2275000 2275000 7823994 7670027 12608471 2174 14073 225 482192 2399 496265 X 430940 430940 0 0 7390655 6742822 7821595 7173762 7823994 7670027 7821595 -570334 0 7251261 77499 7173762 MSD AQUA PARTNERS LP (LTCG) P 2021-12-31 2021-12-31 219847 219847 MSD PRIVATE CREDIT OPPORTUNITY FUND LP (STCG) P 2021-12-31 2021-12-31 16488 16488 MSD PRIVATE CREDIT OPPORTUNITY FUND LP (LTCG) P 2021-12-31 2021-12-31 58371 58371 MSD PRIVATE CREDIT OPPORTUNITY FUND LP (SEC 1231) P 2021-12-31 2021-12-31 15689 15689 MSD RING PARTNERS LP (SEC 1231) P 2021-12-31 2021-12-31 -117 -117 UBTI FROM MSD PRIVATE CREDIT OPPORTUNITY FUND LP (STCG) P 2021-12-31 2021-12-31 -384 -384 UBTI FROM MSD PRIVATE CREDIT OPPORTUNITY FUND LP (LTCG) P 2021-12-31 2021-12-31 -931 -931 UBTI FROM MSD PRIVATE CREDIT OPPORTUNITY FUND LP (SEC 1231) P 2021-12-31 2021-12-31 -11561 -11561 297402 16104 5726 0 5726 0 5726 21441 0 0 0 21441 X 0 15715 15715 0 0 0 0 0 0 0 0 0 1 1 0 1 1 NY DE 1 1 0 0 0 1 WWW.FLAGARTFOUNDATION.ORG GLENN FUHRMAN 2125186682 C/O GLENN FUHRMAN 640 PARK AVE 11FL NEW YORK NY 10065 0 1 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 GLENN FUHRMAN C/O GLENN FUHRMAN 640 PARK AVE 11FL NEW YORK NY 10065 PRESIDENT/TREASURER 5.00 0 0 0 AMANDA FUHRMAN C/O GLENN FUHRMAN 640 PARK AVE 11FL NEW YORK NY 10065 VP/SECRETARY 5.00 0 0 0 STEPHANIE ROACH UNTIL 9302021 C/O GLENN FUHRMAN 640 PARK AVE 11FL NEW YORK NY 10065 EXECUTIVE DIRECTOR 40.00 248750 13707 0 LAURA TWERSKY AS OF 12132021 C/O GLENN FUHRMAN 640 PARK AVE 11FL NEW YORK NY 10065 DIRECTOR 1.00 0 0 0 JONATHAN RIDER C/O GLENN FUHRMAN 640 PARK AVE 11FL NEW YORK NY 10065 ASSISTANT DIRECTOR 40.00 123000 13469 0 CAROLINE CASSIDY C/O GLENN FUHRMAN 640 PARK AVE 11FL NEW YORK NY 10065 EXHIBITIONS & PROGRA 40.00 60500 13469 0 0 NONE 0 MAINTAINING WEBSITE OF FOUNDATION TO SHOWCASE ART HELD IN GALLERY AND NOTIFY PUBLIC OF UPCOMING EVENTS. 0 10 PIECES OF ART LOANED TO 7 GALLERIES AND MUSEUMS EACH FOR PERIODS RANGING FROM 3 MONTHS TO OPEN ENDED. 0 REPRODUCTION OF AN OLD 80'S MOVIE USING ACTORS FROM VARIOUS HARLEM SCHOOLS IN HELPING OUT THE COMMUNITY. 0 0 0 2771947 5985298 8757245 0 0 8757245 131359 8625886 431294 X 1122690 0 1122690 2007-12-26 X 258346 336417 137322 0 732085 219594 285954 116724 0 622272 1122690 1301409 1407162 1810128 5641389 0 0 0 0 0 1122690 1301409 1407162 1810128 5641389 0 0 287529 224278 119610 142712 774129 0 0 0 0 GLENN FUHRMAN X 92ND STREET Y 1395 LEXINGTON AVENUE NEW YORK NY 10128 NONE PC FOR DONEE'S EXEMPT PURPOSE 10000 AVENUES FOR JUSTICE INC 69 EAST 130TH STREET 2ND FLOOR NEW YORK NY 10037 NONE PC FOR DONEE'S EXEMPT PURPOSE 5000 NEW YORK ACADEMY OF ART 111 FRANKLIN STREET NEW YORK NY 10013 NONE PC FOR DONEE'S EXEMPT PURPOSE 12000 27000 0 14 1596 901101 12876 18 297402 01 13240 MSD AQUA PARTNERS LP 14 -856 MSD PRIVATE CREDIT OPPORTUNITY FUND LP 901101 28083 14 138806 MSD RING PARTNERS LP 901101 89290 14 -24836 130249 425352 0 555601 0 0 0 0 0 0 0 0 0 0 TAX PREPARATION FEES 29925 0 0 29925 COMPUTER EQUIPMENT 4961 4961 SL 5.000000000000 0 0 0 LEASEHOLD IMPROVEMENTS 2018-01-12 120142 9243 SL 39.000000000000 3081 0 3081 FORM 990-PF, PART I, LINE 10A GROSS SALES OF $13,240 IS FROM CATALOGUE SALES. FORM 990-PF, PART VI-B, LINE 1A(1) THE FOUNDATION LEASES SPACE FROM FLAG ART PROPERTY LLC, A LIMITED LIABILITY COMPANY WHICH IS 100% OWNED BY GLENN FUHRMAN, A DISQUALIFIED PERSON. THE LEASE AGREEMENT PROVIDES FOR RENT OF $0. FORM 990-PF, PART XIV, LINE 2 THE FLAG ART FOUNDATION ("FOUNDATION") WAS CREATED ON MAY 25, 2007 AS A NON-PROFIT CORPORATION TO PROMOTE THE STUDY, IMPROVEMENT AND ADVANCEMENT OF THE VISUAL ARTS, TO FURTHER THE PUBLIC'S APPRECIATION AND UNDERSTANDING OF ACHIEVEMENTS AND ART WORKS ELICITED BY ART, ARCHITECTURE AND LANDSCAPE, TO LOAN WORKS OF ART TO OTHER PUBLIC CHARITIES FOR EXHIBITION, AND TO HOLD AND SUPPORT EXHIBITIONS OF POSTWAR AND CONTEMPORARY WORKS OF ART.THE FOUNDATION WILL OWN (OR HAVE LOANED TO IT FROM OTHERS) PAINTINGS, DRAWINGS AND OTHER WORKS OF ART, AND MAY ALSO OWN OR HAVE LOANED TO IT BOOKS, PUBLICATIONS AND ARCHIVAL MATERIALS RELATED TO WORKS OF ART. THE FOUNDATION WILL USE THESE ITEMS TO CARRY OUT ITS CHARITABLE, EDUCATIONAL AND CULTURAL PROGRAMS AS DESCRIBED BELOW.A PRINCIPAL ACTIVITY OF THE FOUNDATION WILL BE TO CIRCULATE WORKS OF ART ON A CONTINUING BASIS TO EDUCATIONAL INSTITUTIONS, PUBLIC MUSEUMS AND SIMILAR SECTION 501(C)(3) INSTITUTIONS FOR PUBLIC EXAMINATION AND DISPLAY AND USE BY TEACHERS, SCHOLARS AND OTHERS FOR STUDY OF ART AND CULTURE. THE FOUNDATION WILL NOT CHARGE THE INSTITUTIONS TO WHICH IT LENDS WORKS OF ART FOR THEIR USE OF THESE WORKS, BUT THE INSTITUTIONS SOMETIMES MAY BE EXPECTED TO PAY FOR TRANSPORTATION COSTS AND COSTS ASSOCIATED WITH SAFEKEEPING AND PRESERVATION OF THE ART WHILE AT SUCH INSTITUTIONS. MSD AQUA PARTNERS LP FMV 688798 4187561 MSD PRIVATE CREDIT OPPORTUNITY FUND LP FMV 1401568 1491315 MSD RING PARTNERS LP FMV 0 1349934 COMPUTER EQUIPMENT 4961 4961 0 LEASEHOLD IMPROVEMENTS 120142 12324 107818 LEGAL FEES 13134 0 0 13134 ARTWORK 2275000 2275000 2275000 PRIOR PERIOD ADJUSTMENT 77499 ART ADVERTISING 4600 0 0 4600 ART RELATED EXPENSES 34270 0 0 34270 ART SHIPPING AND HANDLING 50183 0 0 50183 BANK CHARGES 164 164 0 0 COMMUNICATIONS 49500 0 0 49500 DUES AND SUBSCRIPTIONS 3232 0 0 3232 EXHIBITION EXPENSE 58514 0 0 58514 INSURANCE 39125 0 0 39125 MEALS 8939 0 0 8939 MISC. EXPENSES 2381 0 0 2381 NYS DEPT OF LAW 250 0 0 250 NYS FILING FEE 50 0 0 50 OFFICE SUPPLIES 6130 0 0 6130 PAYROLL PROCESSING FEES 2456 0 0 2456 REPAIRS AND MAINTENANCE 40179 0 0 40179 STORAGE EXPENSE 5916 0 0 5916 TELEPHONE 3502 0 0 3502 MSD AQUA PARTNERS LP -856 -856 -856 MSD PRIVATE CREDIT OPPORTUNITY FUND LP 166889 138806 166889 MSD RING PARTNERS LP 64454 -24836 64454 DUE TO FLAG FOUNDATION FOR EXCELLENCE IN EDUCATION 225 0 DUE TO MSD RING PARTNERS LP 0 482192 DIGITAL CONSULTANT 5000 0 0 5000 MANAGEMENT FEES 49895 0 0 49895 FEDERAL EXCISE TAX 32000 0 0 32000 PAYROLL TAXES 27021 0 0 27021