2021-11-12T16:17:45-06:00 2020-12-31 161375790 DEJOY KNAUF & BLOOD LLP 280 EAST BROAD STREET SUITE 300 ROCHESTER NY 14604 990 2020-01-01 160743991 GEORGE EASTMAN MUSEUM GEOR 5853274800 900 EAST AVE ROCHESTER NY 146072219 JACQUELINE DISTEFANO VP, FINANCE AND OPERATIONS 5853274800 2021-11-12 1 JACQUELINE DISTEFANO 999009999 TIMOTHY P THANEY CPA P01231250 5855461840 2021-11-12 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z JACQUELINE DISTEFANO 900 EAST AVE ROCHESTER NY 146072219 20342330 0 X WWW.EASTMAN.ORG X 1947 NY FOUNDED IN 1947, THE GEORGE EASTMAN MUSEUM IS THE WORLD'S OLDEST PHOTOGRAPHY MUSEUM, IS HOME TO ONE OF THE MOST SIGNIFICANT FILM ARCHIVES IN THE UNITED STATES, LOCATED ON THE HISTORIC ROCHESTER ESTATE OF ENTREPRENEUR AND PHILANTHORPIST GEORGE EASTMAN, THE PIONEER OF POPULAR PHOTOGRAPHY AND A LEADER IN THE DEVELOPMENT OF MOTION PICUTRE FILM. ITS HOLDINGS COMPRISE OF MORE THAN 400,000 PHOTOGRAPHS; 28,000 MOTION PICTURE FILMS; THE WORLD'S PREEMINENT COLLECTION OF PHOTOGRAPHIC AND CINEMATOGRAPHIC TECHNOLOGY; ONE OF THE LEADING LIBRARIES OF BOOKS RELATED TO PHOTOGRAPHY AND CINEMA; AND EXTENSIVE HOLDINGS OF DOCUMENTS AND OTHER OBJECTS RELATED TO GEORGE EASTMAN. AS A RESEARCH AND TEACHING INSTITUTION, THE MUSEUM HAS AN ACTIVE PUBLISHING PROGRAM AND MAKES CRITICAL CONTRIBUTIONS IN THE FIELDS OF FILM PRESERVATION AND PHOTOGRAPHIC CONSERVATION. 23 22 126 135 0 0 5335713 6056293 1842410 827411 2399105 2866755 513169 24791 10090397 9775250 0 0 0 0 5144245 4758147 0 0 907719 4077464 3808614 9221709 8566761 868688 1208489 48373408 54382657 1165851 3227948 47207557 51154709 X THE MISSION OF THE GEORGE EASTMAN MUSEUM, AS AN EDUCATIONAL INSTITUTION, HAS THREE INTERRELATED GOALS: -PROVIDE LEADERSHIP IN THE FIELDS OF PHOTOGRAPHY AND CINEMA;-PRESERVE AND DEVELOP OUR WORLD CLASS COLLECTIONS OF PHOTOGRAPHY AND CINEMA, AS WELL AS GEORGE EASTMAN'S ESTATE, A NATIONAL HISTORIC LANDMARK; AND-SERVE OUR COMMUNITIES, IN GREATER ROCHESTER AND ELSEWHERE 0 0 1666965 321905 MUSEUM OPERATING ACTIVITIES AND FUNCTIONS: IN EARLY 2020, AN OUTBREAK OF THE NOVEL STRAIN OF CORONAVIRUS ("COVID-19") EMERGED GLOBALLY. IN ACCORDANCE WITH NEW YORK STATE DIRECTIVES, THE MUSEUM CLOSED TO THE PUBLIC ON MARCH 13, 2020. ON JULY 23, 2020, THE MUSEUM REOPENED TO THE PUBLIC UNDER NEW YORK STATE GUIDANCE AND CONTINUING CAPACITY LIMITATIONS. AS A RESULT OF THESE RESTRICTIONS THE NUMBER OF PEOPLE WHICH VISITED GEORGE EASTMAN MUSEUM IN 2020 TO EXPERIENCE PHOTOGRAPH EXHIBITIONS, DOCENT-LED, SELF-GUIDED AND MOBILE TOURS OF THE HISTORIC HOUSE AND GARDENS, FILM SCREENINGS, A DISCOVERY ROOM FOR INTERACTIVE LEARNING, AND THE MUSEUM STORE AND CAFE WAS LIMITED. ONLINE, MORE THAN 280,000 PEOPLE VISITED THE MUSEUM'S ONLINE COLLECTIONS AND WEBSITE; THERE WERE 415,000 VIEWS AND LISTENERS OF OUR AUDIO AND VIDEO MATERIALS. THE MUSEUM'S EDUCATION PROGRAMS INCLUDE THE L. JEFFERY SELZNICK SCHOOL OF FILM PRESERVATION. 4706387 530297 COLLECTIONS, PRESERVATION AND EXHIBITIONS: THE MUSEUM IS HOME TO THE WORLD'S MOST SIGNIFICANT COLLECTION OF PHOTOGRAPHS, CINEMA, AND RELATED TECHNOLOGICAL EQUIPMENT AND LIBRARY HOLDINGS, AS WELL AS THE GEORGE EASTMAN LEGACY COLLECTIONS. IN 2020, THE MUSEUM ACQUIRED NEARLY 280 OBJECTS, INSTALLED SEVEN EXHIBITIONS ONSITE, AND LENT COLLECTION OBJECTS TO NUMEROUS MUSEUMS AROUND THE WORLD. IN ADDITION THE MUSEUM IS ONE OF THE LEADING MOTION PICTURE ARCHIVES IN THE WORLD, HOME TO MORE THAN 28,000 FILM TITLES, 3 MILLION OBJECTS OF MOTION PICTURE EPHEMERA, A FILM SCREENING PROGRAM, AND ACTIVE PRESERVATION PROGRAM. THE MUSEUM RUNS AN ACTIVE BOOK PUBLISHING PROGRAM FOCUSED ON CATALOGS OF EXHIBITIONS ORGANIZED BY THE MUSEUM AND SUBJECTS RELATED TO THE MUSEUM'S COLLECTIONS. 6373352 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 1 31 0 1 126 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 23 22 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NY X JACQUELINE DISTEFANO 5853274984 900 EAST AVE ROCHESTER NY 14607 STEVEN L SCHWARTZ VICE CHAIR 2.00 X X 0 0 0 KEVIN P GAVAGAN CHAIR 10.00 X X 0 0 0 SUSAN S ROBFOGEL TRUSTEE 1.00 X 0 0 0 LINDA BUTTRILL TRUSTEE 1.00 X 0 0 0 CHRISTINE B WHITMAN TREASURER 2.00 X X 0 0 0 BRUCE BARNES DIRECTOR 60.00 X X 226662 0 10662 ANN L BURR TRUSTEE 1.00 X 0 0 0 HC DIGBY CLEMENTS TRUSTEE 1.00 X 0 0 0 KENNETH AFREDERICK SECRETARY 2.00 X X 0 0 0 KEVIN GLAZER VICE CHAIR 2.00 X X 0 0 0 TERRY R TABER PHD TRUSTEE 1.00 X 0 0 0 JEFFREY A KORCHECK ESQ TRUSTEE 1.00 X 0 0 0 STEVEN J SASSON TRUSTEE 1.00 X 0 0 0 CELESTE KIER TRUSTEE 1.00 X 0 0 0 NANNETTE NOCON TRUSTEE 1.00 X X 0 0 0 DEBORAH WILSON TRUSTEE 1.00 X 0 0 0 DENNIS BASSETT TRUSTEE 1.00 X 0 0 0 NICHOLAS PERLET TRUSTEE 1.00 X 0 0 0 MARY ANN GIGLIO TRUSTEE 1.00 X X 0 0 0 ANDY SONG TRUSTEE 1.00 X 0 0 0 DAVID KLEIN TRUSTEE 1.00 X 0 0 0 DAVID P MUNSON TRUSTEE 1.00 X 0 0 0 MICHAEL J COONEY ESQ TRUSTEE 1.00 X 0 0 0 JACK GARNER TRUSTEE 1.00 X 0 0 0 DR PATRICIA Y JONES BLESSMAN TRUSTEE 1.00 X 0 0 0 SHARI CLEMENT TRUSTEE 1.00 X 0 0 0 LISA ROLAND TRUSTEE 1.00 X 0 0 0 JACQUELINE DISTEFANO VP - FINANCE AND OPS 37.50 X 137261 0 212 LISA SEISCHAB VP - DEVELOPMENT 37.50 X 151117 0 5070 LISA HOSTETLER CURATOR IN-CHARGE - PHOTOGRAPHY 37.50 X 102204 0 10662 617244 0 26606 4 0 1 0 THE PIKE COMPANY ONE CIRCLE STREET RCHESTER NY 146071007 GENERAL CONTRACTOR 4735647 POSTLER & JAECKLE 615 SOUTH AVE ROCHESTER NY 146201385 FACILITY MAINTENANCE SERVICE 395752 FLYNN BATTAGLIA ARCHITECTS PC 617 MAIN STREET SUITE 401 BUFFALO NY 142031400 ARCHITECT - CONSTRUCTION 195132 SECURITAS 1080 UNIVERSITY AVE ROCHESTER NY 14607 SECURITY SERVICES 106281 ROCHESTER COLONIAL 1794 LYELL AVE ROCHESTER NY 14606 WINDOW INSTALLATION 104281 5 2850465 3205828 6056293 LOANS, RENTALS, ROYALTIES 713990 425698 425698 ADMISSIONS 713990 165910 165910 CONTRACTED EDUCATION 900099 131204 131204 FILM DIGITIZATION FEES 713990 83491 83491 WORKSHOPS 713990 12423 12423 8685 8685 827411 682358 682358 12723659 10539262 2184397 2184397 2184397 44587 27818 16769 16769 MISCELLANEOUS 900099 8022 8022 8022 9775250 852202 0 2866755 363923 250592 113331 3602230 2946325 207736 448169 504029 410879 22073 71077 287965 213920 33277 40768 51751 51751 32109 32109 292373 292373 94651 71201 23450 50452 49797 655 468401 324764 7182 136455 39033 21618 15628 1787 48902 48902 665498 643096 15665 6737 136061 85475 36427 14159 CONTRACTED SERVICES 1048949 814254 189157 45538 UTILITIES 426749 411327 15422 LEASE PAYMENTS 212449 196577 15872 POSTAGE AND SHIPPING 70131 56199 330 13602 171105 127920 27089 16096 8566761 6373352 1285690 907719 2000 1488 3626381 477096 2367840 3297238 70793 201503 20925 23310 46008 14335 38740074 25917651 7619551 12822423 27671856 32256935 6898391 5239139 49663 49190 48373408 54382657 847446 1044529 318405 1037568 1000000 0 145851 1165851 3227948 X 7226189 12152889 39981368 39001820 47207557 51154709 48373408 54382657 X 1208489 2951462 -212799 X 0 1 X 1 0 X 5114072 4759277 6239114 5335713 6056293 27504469 5114072 4759277 6239114 5335713 6056293 27504469 27504469 583961 625717 554010 939867 682358 3385913 30890382 30890382 0.89040 0.88730 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X 0 34570247 6100 5524041 -2604314 37496074 31197995 9500 6229174 -2866422 34570247 42190778 506607 -2156357 -9343033 31197995 39441967 1122094 5159801 -3533084 42190778 37788743 1166600 1926905 -1440281 39441967 1.00000 0 0 211300 211300 30787950 20799633 9988317 7575773 5118018 2457755 165051 165051 12822423 HEDGE FUND, PRIVATE EQUITY & BOND FUND 5239139 F 5239139 DEFERRAL OF EMPLOYER'S PORTION OF SOCIAL SECURITY TAXES (CARES ACT) 145851 145851 12462157 2951462 2951462 9510695 292373 -27818 264555 9775250 8302206 0 8302206 292373 -27818 264555 8566761 PART III, LINE 1A: MUSEUM COLLECTIONS - THE MUSEUM'S COLLECTIONS, ACQUIRED THROUGH PURCHASE AND DONATION, ARE NOT RECOGNIZED AS ASSETS IN THE ACCOMPANYING STATEMENT OF FINANCIAL POSITION. CONTRIBUTIONS RESTRICTED BY DONORS FOR THE PURCHASE OF ITEMS FOR THE COLLECTIONS ARE CLASSIFIED AS WITH DONOR RESTRICTIONS UNTIL ACQUISITIONS ARE MADE IN ACCORDANCE WITH THE TERMS OF THE GIFTS. PURCHASES OF COLLECTION ITEMS ARE RECORDED IN THE YEAR IN WHICH THE ITEMS WERE ACQUIRED AS DECREASES IN NET ASSETS WITH DONOR RESTRICTIONS, AND REPORTED AS COLLECTION ACQUISITIONS NOT CAPITALIZED WITHIN THE STATEMENT OF ACTIVITIES AND CHANGE IN NET ASSETS. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES REQUIRE NOT-FOR-PROFIT ORGANIZATIONS TO RECOGNIZE THE COST OF DEPRECIATING TANGIBLE ASSETS. HOWEVER, CERTAIN WORKS OF ART AND HISTORICAL TREASURES NEED NOT BE DEPRECIATED IF THEIR CULTURAL, AESTHETIC AND HISTORICAL VALUE EXTENDS OVER EXTRAORDINARILY LONG PERIODS. IN ACCORDANCE WITH THIS GUIDANCE, THE MUSEUM RECOGNIZES DEPRECIATION ON ALL TANGIBLE ASSETS, WITH THE EXCEPTION OF THE ORIGINAL BUILDINGS AND FURNISHINGS AND THE REMAINING ITEMS COMPRISING THE COLLECTIONS, ALL OF WHICH ARE DEFINED AS HISTORICAL TREASURES. THE MUSEUM CARRIES INSURANCE OF $20,000,000 AGAINST LOSSES ON THE COLLECTIONS, WHICH MANAGEMENT BELIEVES ARE IRREPLACEABLE. PART III, LINE 4: COLLECTIONS AND EXHIBITIONS: THE MUSEUM IS HOME TO THE WORLD'S MOST SIGNIFICANT COLLECTION OF PHOTOGRAPHS, MOTION PICTURES AND RELATED TECHNOLOGICAL EQUIPMENT AND LIBRARY HOLDINGS, AS WELL AS THE GEORGE EASTMAN LEGACY COLLECTIONS. THE MUSEUM PRESERVES AND DEVELOPS THESE WORLD CLASS COLLECTIONS TO SERVE AND EDUCATE OUR COMMUNITIES IN THE GREATER ROCHESTER AREA, NATIONALLY AND INTERNATIONALLY. PART V, LINE 4: ENDOWMENT FUNDS ARE USED TO SUPPORT A VARIETY OF ACTIVITIES OF THE GEORGE EASTMAN MUSEUM BASED ON THE DONOR'S REQUEST. PART XI, LINE 4B - OTHER ADJUSTMENTS: MUSEUM STORE & CAFE COST OF GOODS SOLD -27,818. SPECIAL EVENTS PART XII, LINE 4B - OTHER ADJUSTMENTS: MUSEUM STORE & CAFE COST OF GOODS SOLD -27,818. 1 X X 0 0 0 0 0 0 0 0 0 BRUCE BARNES DIRECTOR 226662 0 0 0 0 0 0 0 10662 0 237324 0 0 0 LISA SEISCHAB VP - DEVELOPMENT 151117 0 0 0 0 0 0 0 5070 0 156187 0 0 0 RUFUS JUDSON CEO THE PIKE COMPANY MR. JUDSON IS A FORMER BOARD MEMBER OF THE MUSEUM'S BOARD OF TRUSTEES 4735647 MR. JUDSON'S TERM AS A BOARD MEMBER ENDED IN 2018. THE PIKE COMPANY PROVIDED CONSTRUCTION SERVICES FOR: 1. CONSTRUCTION OF THE MUSEUM'S NEW VISITOR CENTER, INCLUDING RENOVATION OF THE VISITOR AMENITIES: CAFE, SHOP AND THEATRE, 2. RENOVATION/REFURBISHMENT OF THE HISTORIC COLONNADE. THE MUSEUM CONDUCTED A COMPETITIVE BIDDING PROCESS FOR THESE SERVICES. IN ACCORDANCE WITH THE MUSEUM'S CONFLICT OF INTEREST AND RELATED PARTY TRANSACTION POLICY, THE AUDIT COMMITTEE (WITH ONLY INDEPENDENT MEMBERS) REVIEWED THE PROCESS/PROPOSED TRANSACTION AND DETERMINED THAT THE PROCESS WAS APPROPRIATE AND THE SELECTION OF THE PIKE COMPANY WAS IN THE BEST INTEREST OF THE MUSEUM. 0 X 280 NOT RECOGNIZED FOR X FINANCIAL STATEMENTS 0 0 0 PART I, LINE 33: ITEMS DONATED TO THE COLLECTION ARE NOT RECORDED AS REVENUE BECAUSE THE VALUATION OF THE COLLECTION IS NOT REFLECTED ON THE BALANCE SHEET AS DESCRIBED ON SCHEDULE D - PART XIV. LINE 1B IN PART I REFLECTS TOTAL NUMBER OF ITEMS RECEIVED INTO THE COLLECTION FOR THE YEAR ENDED DECEMBER 31, 2020. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS REVIEWED BY KEY MEMBERS OF THE AUDIT AND FINANCE COMMITTEES. COPIES OF THE FORM 990 ARE MADE AVAILABLE TO BOARD MEMBERS PRIOR TO FILING THE FORM. FORM 990, PART VI, SECTION B, LINE 12C THE MUSEUM'S PRACTICE IS FOR THE SECRETARY OF THE BOARD TO REVIEW THE CONFLICT OF INTEREST STATEMENTS ON AN ANNUAL BASIS PRIOR TO ANY COMMITTMENTS. FORM 990, PART VI, SECTION B, LINE 15 HUMAN RESOURCE COMMITTEE MEMBERS EVALUATE THE COMPENSATION OF THE EXECUTIVE DIRECTOR ON AN ANNUAL BASIS. A COMMITTEE DESIGNATED BY THE BOARD OF TRUSTEES REVIEWS THE BASIS FOR DETERMINING THE COMPENSATION OF THOSE INDIVIDUALS THAT REPORT DIRECTLY TO THE EXECUTIVE DIRECTOR. THIS REVIEW CONSIDERS THE COMPARABILITY OF COMPENSATION PAID FOR SIMILAR POSITIONS IN LIKE CIRCUMSTANCES IN SIMILIAR INSTITUTIONS. FORM 990, PART VI, SECTION C, LINE 19 ORGANIZATIONAL DOCUMENTS ARE AVAILABLE UPON REQUEST TO THE VP OF FINANCE AND OPERATIONS. FORM 990, PART XI, LINE 9: COLLECTION ITEMS NOT CAPITALIZED -212,799. FORM 990, PAGE 1, LINE G AND PART VIII, LINE 1E AS A RESULT OF THE IMPACT OF THE COVID-19 PANDEMIC, THE MUSEUM WAS THE BENEFICIARY OF FEDERAL GRANT PROGRAMS UNDER THE PROVISIONS OF THE CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT (THE "CARES ACT") WHICH HAVE BEEN RECOGNIZED AS GRANT REVENUE FOR THE YEAR ENDED DECEMBER 31, 2020. IN MAY 2020, THE MUSEUM RECEIVED A LOAN OF $947,403 UNDER THE PAYCHECK PROTECTION PROGRAM (THE "PPP LOAN"). THE PPP LOAN AGREEMENT PROVIDED FOR POTENTIAL FORGIVENESS BASED ON THE ELIGIBLE USES OF THE PPP LOAN PROCEEDS DURING THE PERIOD AFTER THE PROCEEDS WERE RECEIVED. CONSISTENT WITH THE MUSEUM'S ACCOUNTING FOR GRANTS, THE MUSEUM RECOGNIZED REVENUE IN THE AMOUNT OF $947,403 DURING THE YEAR ENDING DECEMBER 31, 2020. DURING FEBRUARY 2021, THE MUSEUM RECEIVED FORMAL NOTIFICATION FROM THE U.S. SMALL BUSINESS ADMINISTRATION THAT THE PPP LOAN WAS FORGIVEN IN FULL. ADDITIONALLY, THE MUSEUM DETERMINED THAT IT QUALIFIED FOR A FULLY REFUNDABLE TAX CREDIT KNOWN AS THE EMPLOYEE RETENTION CREDIT (THE "ERC"). CONSISTENT WITH THE MUSEUM'S ACCOUNTING FOR GRANTS, THE MUSEUM RECOGNIZED GRANT REVENUE IN THE TOTAL AMOUNT OF $148,078 DURING THE YEAR ENDED DECEMBER 31, 2020. TOTAL GRANT REVENUE ASSOCIATED WITH THE PPP LOAN FORGIVENESS AND ERC OF $1,095,481 HAS BEEN INCLUDED WITHIN TOTAL GROSS RECEIPTS OF $20,342,330 REPORTED ON PAGE 1, LINE G AND HAS ALSO BEEN INCLUDED IN TOTAL GRANT REVENUE OF $2,850,465 REPORTED WITHIN PART III, LINE 1E, WHICH IS CONSISTENT WITH THE MUSEUM'S ACCOUNTING POLICY FOR GRANT REVENUE UNDER FASB ASC 958-605 WITHIN ITS AUDITED FINANCIAL STATEMENTS. UNDER THE SAFE HARBOR GUIDELINES AS PER IRS REVENUE PROCEDURE 2021-33, ISSUED ON AUGUST 10, 2021, THE MUSEUM IS ELECTING TO EXCLUDED FROM GROSS RECEIPTS THE TOTAL AMOUNT OF GRANT REVENUE RECOGNIZED UNDER THESE FEDERAL PROGRAMS SOLELY FOR THE PURPOSE OF DETERMINING THE MUSEUM'S ELIGIBILITY TO RECEIVE FUTURE ASSISTANCE UNDER THE ERC PROGRAM. FORM 990, PART I, LINE 1 DURING THE YEAR ENDED DECEMBER 31, 2020, THE MUSEUM COMPLETED CONSTRUCTION OF THE THOMAS TISCHER VISITOR CENTER AND ESL PAVILLION (THE "VISITOR CENTER). THIS CAPITAL PROJECT OF APPROXIMATELY $5,700,000 WAS MADE POSSIBLE THROUGH A COMBINATION OF PHILANTHROPY FROM INDIVIDUAL AND PRIVATE FOUNDATIONS, LOCAL CORPORATE SUPPORT AND A GRANT FROM NEW YORK STATE. THE VISITOR CENTER PROVIDES A NEW, MORE CONVENIENT, VISIBLE AND WELCOMING ENTRANCE TO THE MUSEUM AND THE DRYDEN THEATRE. FORM 990, PART X, LINE 19 (COLUMN B) DURING THE YEAR ENDED DECEMBER 31, 2020, THE MUSEUM RECEIVED $1,000,000 IN CASH FROM ESL FEDERAL CREDIT UNION TO SUPPORT THE CONSTRUCTION OF THE MUSEUM'S VISITOR CENTER WHICH WAS COMPLETED IN NOVEMBER 2020. AS A CONDITION OF THE SUPPORT RECEIVED BY THE MUSEM, ESL FEDERAL CREDIT UNION RECEIVES EXCLUSIVE NAMING RIGHTS ON THE PAVILION FOR A PERIOD OF 30 YEARS. IN ACCORDANCE WITH ITS ACCOUNTING POLICY FOR GRANTS, THE MUSEUM RECOGNIZES GRANT REVENUE OVER THE TERM OF THE NAMING RIGHTS AGREEMENT WHICH IS 30 YEARS. AT DECEMBER 31, 2020, $991,667 OF DEFERRED GRANT REVENUE RELATED TO THIS AGREEMENT WAS INCLUDED WITHIN PART X, LINE 19.