2021-07-29T08:01:08-05:00 2020-09-30 750786316 WEAVER AND TIDWELL LLP 2300 N FIELD ST STE 1000 DALLAS TX 75201 990 2019-10-01 756067569 PEROT MUSEUM OF NATURE & SCIENCE PERO 2144285555 2201 N FIELD ST DALLAS TX 75201 ANNE WOODS CFO 2144285555 2021-07-27 1 IRA L NEVELOW P00083210 9724901970 2019 2022-09-23 18:48:47Z LINDA ABRAHAM SILVER 2201 N FIELD ST DALLAS TX 75201 27607993 0 X WWW.PEROTMUSEUM.ORG X 1968 TX TO INSPIRE MINDS THROUGH NATURE AND SCIENCE. 33 33 432 1053 0 -16848 10472131 5183589 14279764 4737296 2026639 76896 579063 410813 27357597 10408594 0 0 0 0 11135821 9285449 0 0 986882 19851216 15892790 30987037 25178239 -3629440 -14769645 189578605 175435811 7203369 6453468 182375236 168982343 X TO INSPIRE MINDS THROUGH NATURE AND SCIENCE. 0 0 15253428 3642322 THE PEROT MUSEUM OF NATURE AND SCIENCE HAS A RICH HISTORY AS A RESEARCH AND COLLECTION INSTITUTION, AS WELL AS A HANDS-ON, INTERACTIVE CENTER FOR EXPLORATION AND DISCOVERY. THE PEROT MUSEUM OF NATURE AND SCIENCE, WHICH OPENED DECEMBER 1, 2012, CONTINUES TO STRIVE TO ACHIEVE OUR MISSION TO "INSPIRE MINDS THROUGH NATURE AND SCIENCE" THROUGH A WIDE VARIETY OF ACTIVITIES INCLUDING IN-DEPTH PERMANENT EXHIBITS, TRAVELING EXHIBITS, INTERACTIVE DISCOVERY STATIONS, ONSITE SCHOOL PROGRAMS, SCHOOL OUTREACH PROGRAMS, SUMMER CAMPS, FILMS AND WEEKEND ACTIVITIES FOR ADULTS, CHILDREN, AND FAMILIES. IN RESPONSE TO COVID-19, THE PEROT MUSEUM CLOSED ITS DOORS MARCH 2020 AND QUICKLY TRANSITIONED TO PROVIDING INTERACTIVE VIRTUAL AND OFF-SITE PROGRAMMING. IN SEPTEMBER 2020, THE MUSEUM OPENED WITH PUBLIC-HEALTH PROTOCOLS, REDUCED HOURS AND OCCUPANCY. DURING FISCAL YEAR 2020, THE MUSEUM SERVED OVER 473,000 VISITORS THROUGH ON-SITE VISITS AND DIGITAL PROGRAMMING, INCLUDING OVER 123,000 SCHOOL-AGED CHILDREN. THE PEROT MUSEUM IS A RESULT OF A SUCCESSFUL $185 MILLION CAPITAL CAMPAIGN TO UNITE THREE INSTITUTIONS (THE DALLAS MUSEUM OF NATURAL HISTORY, THE SCIENCE PLACE, AND THE DALLAS CHILDREN'S MUSEUM) INTO ONE AMAZING INTERACTIVE BUILDING. 2969555 752991 EDUCATION IS THE CORE OF OUR MISSION AND UNDERPINS ALL OF OUR ACTIVITIES. THE PEROT MUSEUM IS DEDICATED TO IMPROVING SCIENCE AND MATH LITERACY, IMPROVING EMPIRICAL THINKING SKILLS, AND ENGENDERING AN UNDERSTANDING OF THE WORLD'S NATURAL PROCESSES BY ENCOURAGING CHILDREN TO PURSUE CAREERS AS SCIENTISTS, EDUCATORS, RESEARCHERS AND ENGINEERS. THE MUSEUM PROVIDES HANDS-ON, PROBLEM BASED LEARNING PROGRAMS FOR SCHOOL CHILDREN IN GRADES PRE-K TO 12 THAT SUPPORT THE TEXAS ESSENTIAL KNOWLEDGE AND SKILLS (TEKS) STANDARDS. TO ENSURE ACCESSIBILITY TO PEROT MUSEUM PROGRAMS, PARTICULARLY STUDENTS WHO ARE IN AT-RISK NEIGHBORHOODS, THE MUSEUM PROVIDES FINANCIAL AID WITH FUNDS CONTRIBUTED BY INDIVIDUALS, CORPORATIONS AND FOUNDATIONS FOR THIS PURPOSE. THE MUSEUM PROVIDES PROGRAMS (DIGITAL, ON-SITE AND OFF-SITE) TO THE NORTH TEXAS COMMUNITY. OUR PUBLIC PROGRAM OFFERINGS INCLUDE SCIENCE CAMPS, ADULT PROGRAMS, AND ACTIVITIES FOR CHILDREN AND FAMILIES WHICH APPEAL TO AUDIENCES OF ALL AGES, ETHNICITY AND ECONOMIC MEANS. AS COVID-19 PAUSED MANY EDUCATIONAL EFFORTS, THE MUSEUM EXPANDED ITS OFFERINGS TO INCLUDE VIRTUAL TRAINING AND PROGRAMMING. DURING FISCAL YEAR 2020, THE MUSEUM PROVIDED OVER 92 EDUCATIONAL PROGRAMS WHICH SERVED OVER 157,000 CONSTITUENTS, WHICH WERE MOSTLY SCHOOL-AGED CHILDREN. 1549104 245258 THE PEROT MUSEUM OPENED A NEW COLLECTIONS FACILITY IN MARCH 2020, ALLOWING THE MUSEUM'S COLLECTIONS TO BE CONSOLIDATED INTO ONE, STATE-OF-THE-ART FACILITY. THIS FACILITY PROVIDES AMPLE LAB AND WORK SPACES TO SUPPORT CONTINUED RESEARCH OF THE COLLECTIONS. IN ADDITION, PEROT MUSEUM PARTNERS WITH LOCAL AND REGIONAL ORGANIZATIONS SUCH AS THE UPPER TRINITY REGIONAL WATER DISTRICT TO PROVIDE TRAINING AND CONSULTING FOR FOSSIL PRESERVATION. 146121 329670 THE HOGLUND FOUNDATION THEATER, A NATIONAL GEOGRAPHIC EXPERIENCE, IS A 3D THEATER WHICH PROVIDES VISITORS WITH AN ENGAGING EDUCATIONAL EXPERIENCE. PRIOR TO COVID-19, THE MUSEUM FEATURED 6 FILMS IN FISCAL YEAR 2020 WITH ATTENDANCE TOTALING OVER 72,000. IN RESPONSE TO THE COVID-19 PANDEMIC, THE THEATER CLOSED TEMPORARILY IN MARCH 2020 AND HAS NOT YET RE-OPENED. 146121 329670 19918208 1 1 0 0 0 0 0 1 0 1 1 1 0 0 0 1 1 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 1 50 0 1 432 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 33 33 1 0 0 0 0 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X ANNE WOODS 2147565837 2201 N FIELD STREET DALLAS TX 75201 ABBY WILLIAMS DIRECTOR 1.00 X 0 0 0 ANDREW GOULD DIRECTOR 1.00 X 0 0 0 BILL WADE DIRECTOR 1.00 X 0 0 0 DAVID CORRIGAN DIRECTOR 1.00 X 0 0 0 EARL SIMPKINS DIRECTOR 1.00 X 0 0 0 ERIC REEVES DIRECTOR 1.00 X 0 0 0 FORREST HOGLUND DIRECTOR 1.00 X 0 0 0 GAIL SPANN DIRECTOR 1.00 X 0 0 0 HAGOP KOZANIAN DIRECTOR 1.00 X 0 0 0 JACOB WALTER DIRECTOR 1.00 X 0 0 0 JOAN HILL DIRECTOR 1.00 X 0 0 0 JOHN JAGGERS DIRECTOR 1.00 X 0 0 0 KELLY COMPTON DIRECTOR 1.00 X 0 0 0 KELVIN BAGGETT DIRECTOR 1.00 X 0 0 0 MARC CHRISTENSEN DIRECTOR 1.00 X 0 0 0 MARIA-CRISTINA JARAMILLO DIRECTOR 1.00 X 0 0 0 MARLENE SUGHRUE DIRECTOR 1.00 X 0 0 0 NANCY BEST DIRECTOR 1.00 X 0 0 0 NANCY CARLSON DIRECTOR 1.00 X 0 0 0 NANCY PEROT DIRECTOR 1.00 X 0 0 0 NICOLE SMALL DIRECTOR 1.00 X 0 0 0 PAM OKADA DIRECTOR 1.00 X 0 0 0 ROBIE VAUGHN DIRECTOR 1.00 X 0 0 0 ROYCE RAMEY DIRECTOR 1.00 X 0 0 0 SAM BLOOM DIRECTOR 1.00 X 0 0 0 SHARON TINDELL DIRECTOR 1.00 X 0 0 0 SHEILA BEUERLEIN DIRECTOR 1.00 X 0 0 0 WALT HUMANN DIRECTOR 1.00 X 0 0 0 YASMIN BHATIA DIRECTOR 1.00 X 0 0 0 DANIEL TOBEY SECRETARY 2.00 X X 0 0 0 KAREN KATZ CHAIR-ELECT 2.00 X X 0 0 0 LANE BRITAIN TREASURER 2.00 X X 0 0 0 MAC MCFARLAND CHAIR 2.00 X X 0 0 0 LINDA ABRAHAM-SILVER CHIEF EXECUTIVE OFFICER 40.00 X 423168 0 24410 MARIANNE BAERG CHIEF EXPERIENCE OFFICER 40.00 X 222458 0 13605 JULIE DIAZ CHIEF ADVANCEMENT OFFICER 40.00 X 124080 0 11234 DAVID HUMPHRIES CHIEF OPERATING OFFICER 40.00 X 245244 0 31163 DANIEL KOHL CHIEF INNOVATION OFFICER 40.00 X 80519 0 15807 DONALD PATERSON INTERIM CHIEF FINANCIAL OFFICER 20.00 X 56630 0 0 KATHERINE STENESEN CHIEF DEVELOPMENT OFFICER 40.00 X 0 0 0 ANNE WOODS CHIEF FINANCIAL OFFICER 40.00 X 145561 0 5257 1297660 0 101476 5 0 1 0 TSX OPERATING CO LLC 70 W 40TH ST 9TH FL NEW YORK NY 10018 ART OF THE BRICK EXHIBIT FEES 1098514 BALFOUR BEATTY CONSTRUCTION 110 EXPOSITION AVE DALLAS TX 75226 GALLERY CONSTRUCTION 955993 REDLEESCS INC 10425 OLYMPIC DRIVE DALLAS TX 75220 JANITORIAL 637628 GUIDEIT 101 E PARK BLVD SUITE 1001 PLANO TX 75074 INFORMATION TECHNOLOGY 407459 ALLIED UNIVERSAL 161 WASHINGTON STREET SUITE 600 CONSHOHOCKEN PA 19428 SECURITY SERVICES 400574 32 1899236 1032058 770489 1481806 327772 5183589 ADMISSION FEES - GENERAL 900099 2774109 2774109 EDUCATION PROGRAMS 611710 752991 752991 PARKING REVENUE 812930 471222 471222 ADMISSION FEES - THEATER 711110 329670 329670 ALL OTHER 900099 236794 236794 172510 172510 4737296 331018 331018 725985 358862 367123 367123 367123 16269339 16523461 -254122 -254122 -254122 127821 1032058 317076 -189255 -189255 INSURANCE REIMBURSEMENT 900099 232945 232945 232945 10408594 4970241 0 254764 1328165 868649 194706 264810 6750976 4729858 1492776 528342 61021 58997 1974 50 546964 364690 136139 46135 598323 432400 110589 55334 126822 126822 32333 9700 22658 -25 235231 235231 324653 78862 241923 3868 968727 947858 12466 8403 931329 673181 240249 17899 789381 25537 758011 5833 135123 135123 3325112 3142363 179231 3518 140308 111983 26101 2224 31115 22632 8135 348 78299 71718 6581 8223876 7823195 400681 167056 62785 104271 PROGRAM SERVICES & EQUI 197109 194609 2500 CATERING & HOSPITALITY 130651 62369 18139 50143 MISCELLANEOUS 55665 -25123 80788 25178239 19918208 4273149 986882 1067485 1302676 29627884 23427331 6405161 2837057 307105 130732 702445 1186990 183300329 60130836 127436867 123169493 24031658 23381532 189578605 175435811 3692240 2047168 1046599 675471 2464530 3730829 7203369 6453468 X 158342523 152043435 24032713 16938908 182375236 168982343 189578605 175435811 -14769645 1619230 -242478 0 X X 0 1 X 1 0 X 8035059 7275819 12682408 10472131 5183589 43649006 575100 575100 527175 872678 28579 2578632 8610159 7850919 13209583 11344809 5212168 46227638 4575046 41652592 915362 1152402 1401780 1775585 1057003 6302132 52529770 56716911 0.79290 0.81450 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X X EDUCATIONAL PROGRAM 0 24086675 1734901 694806 25126770 24548031 202663 664019 24086675 23426880 1789481 668330 24548031 21661063 2394292 628475 23426880 19526441 971500 1208790 45668 21661063 0.62620 0.37380 0 0 21142142 21142142 112201211 25382536 86818675 1500000 625000 875000 8017500 5491985 2525515 40439476 28631315 11808161 123169493 MUTUAL FUNDS - EQUITIES 11355570 F PRIVATELY MANAGED FUNDS - EQUITIES 10228856 F PRIVATELY MANAGED FUNDS - FIXED INCOME 69723 F PRIVATELY MANAGED FUNDS - ALTERNATIVE INVESTMENTS 1455795 F PRIVATE EQUITY FUND 271588 F 23381532 X 12781368 1619230 77606 675938 2372774 10408594 0 10408594 26174261 320084 675938 996022 25178239 0 25178239 PART III, LINE 1A: THE PHYSICAL FACILITIES AT FAIR PARK AND A PORTION OF THE COLLECTIONS OF THE MUSEUM ARE OWNED BY THE CITY OF DALLAS, EXCEPT FOR CERTAIN OTHER COLLECTIONS, WHICH ARE OWNED BY THE MUSEUM. THE MUSEUM'S COLLECTIONS ARE COMPRISED OF OBJECTS OF HISTORICAL, CULTURAL OR SCIENTIFIC SIGNIFICANCE THAT ARE HELD FOR EDUCATIONAL, RESEARCH, SCIENTIFIC, AND CURATORIAL PURPOSES. EACH OF THE ITEMS IS CATALOGED, PRESERVED AND CARED FOR, AND MONITORED ACCORDING TO PROFESSIONAL MUSEUM STANDARDS, AND ACTIVITIES VERIFYING ITS EXISTENCE AND ASSESSING ITS CONDITION ARE PERFORMED CONTINUOUSLY. THE COLLECTIONS ARE SUBJECT TO A POLICY THAT REQUIRES PROCEEDS FROM SALES OF COLLECTION ITEMS BE USED TO ACQUIRE OTHER ITEMS FOR COLLECTIONS OR PROVIDE FOR THE DIRECT CARE OF EXISTING COLLECTIONS. IN ACCORDANCE WITH THE PRACTICE GENERALLY FOLLOWED BY MUSEUMS, THE VALUE OF OBJECTS IN THE COLLECTIONS IS EXCLUDED FROM THE FINANCIAL STATEMENTS. SUCH COLLECTIONS HAVE BEEN ACQUIRED THROUGH PURCHASES AND CONTRIBUTIONS SINCE THE MUSEUM'S INCEPTION. PURCHASES OF COLLECTION ITEMS ARE RECORDED AS DECREASES IN UNRESTRICTED NET ASSETS IN THE YEAR IN WHICH THE ITEMS ARE ACQUIRED, OR AS DECREASES IN TEMPORARILY RESTRICTED NET ASSETS IF THE ASSETS USED TO PURCHASE THE ITEMS ARE RESTRICTED BY DONORS. CONTRIBUTED COLLECTION ITEMS ARE NOT REFLECTED IN THE FINANCIAL STATEMENTS. PROCEEDS FROM DEACCESSIONS OR INSURANCE RECOVERIES ARE REFLECTED AS INCREASES IN NET ASSETS. THERE WERE NO SALES OF COLLECTION ITEMS IN 2020 OR 2019. PART III, LINE 4: THE MUSEUM'S COLLECTIONS INCLUDE OVER 200,000 ITEMS COMPRISED OF ARTIFACTS, ECO-FACTS, ENTOMOLOGY, VERTEBRATE AND INVERTEBRATE PALEONTOLOGY, MALACOLOGY, ICHTHYOLOGY, HERPETOLOGY, ORNITHOLOGY AND MAMMAL SPECIMENS, AND COVER APPROXIMATELY 1.7 BILLION YEARS OF THE EARTH'S HISTORY. THE PEROT MUSEUM OF NATURE AND SCIENCE IS A COLLECTIONS-BASED, RESEARCH-DRIVEN NATURE AND SCIENCE MUSEUM DEDICATED TO FURTHERING AN UNDERSTANDING AND APPRECIATION OF THE NATURAL, TECHNOLOGICAL, AND SCIENTIFIC WORLD THROUGH COLLECTIONS-BASED RESEARCH, EDUCATIONAL PROGRAMS AND EXHIBITS. THE MUSEUM USES ITS COLLECTIONS TO SUPPORT ITS MISSION TO "INSPIRE MINDS THROUGH NATURE AND SCIENCE." THE MUSEUM WAS OPEN TO THE PUBLIC 173 DAYS THIS YEAR. PART V, LINE 4: THE INTENDED USE OF THE ENDOWMENT FUNDS IS FOR GENERAL OPERATIONS AT THE PEROT MUSEUM OF NATURE AND SCIENCE BUILDINGS IN VICTORY PARK AND POSTAL WAY. THE BOARD OF DIRECTORS ESTABLISHED A BOARD-DESIGNATED RESERVE FUND IN FISCAL 2013. THE PURPOSE OF THE ESTABLISHMENT OF SUCH FUNDS IS TO PROVIDE FOR FUTURE REPAIR OR REPLACEMENT BUILDING, EXHIBIT, TECHNOLOGY OR OPERATING COSTS AT THE BOARD'S DISCRETION. PART X, LINE 2: THE ORGANIZATION HAS BEEN RECOGNIZED BY THE INTERNAL REVENUE SERVICE AS A NONPROFIT CORPORATION EXEMPT FROM FEDERAL INCOME TAX ON ITS INCOME, UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE ORGANIZATION FOLLOWS THE PROVISIONS OF ASC 740-10, INCOME TAXES, RELATED TO UNRECOGNIZED TAX POSITIONS. THE ORGANIZATION RECOGNIZES THE TAX BENEFITS FROM UNCERTAIN TAX POSITIONS ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITIONS WILL BE SUSTAINED ON EXAMINATION BY THE TAXING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITIONS. THE TAX BENEFITS RECOGNIZED IN THE FINANCIAL STATEMENTS FROM SUCH POSITIONS ARE MEASURED BASED ON THE LARGEST BENEFIT THAT HAS A GREATER THAN 50% LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT. THE ORGANIZATION DOES NOT BELIEVE THERE ARE ANY MATERIAL UNCERTAIN TAX POSITIONS AND ACCORDINGLY, IT WILL NOT RECOGNIZE ANY LIABILITY FOR UNRECOGNIZED TAX BENEFITS. FOR THE YEARS ENDED SEPTEMBER 30, 2020 AND 2019, THERE WERE NO INTEREST OR PENALTIES RECORDED OR INCLUDED IN THE FINANCIAL STATEMENTS. THE ORGANIZATION IS RELYING ON ITS TAX-EXEMPT STATUS AND ITS ADHERENCE TO ALL APPLICABLE LAWS AND REGULATIONS TO PRESERVE THAT STATUS. HOWEVER, THE CONCLUSIONS REGARDING ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES WILL BE SUBJECT TO REVIEW AND MAY BE ADJUSTED AT A LATER DATE BASED ON FACTORS INCLUDING, BUT NOT LIMITED TO, ONGOING ANALYSIS OF TAX LAWS, REGULATIONS, AND INTERPRETATIONS THEREOF. THE ORGANIZATION'S INFORMATIONAL RETURNS ARE GENERALLY SUBJECT TO EXAMINATION FOR THREE YEARS AFTER THE LATER OF THE DUE DATE OR DATE OF FILING. AS A RESULT, THE ORGANIZATION IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY TAX AUTHORITIES FOR YEARS PRIOR TO 2018. PART XI, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENT DIRECT COSTS 317,076. RENTAL DIRECT COSTS 358,862. PART XII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENT DIRECT COSTS 317,076. RENTAL DIRECT COSTS 358,862. "NIGHT AT THE MUSEUM" DINNER 1159879 1032058 127821 137458 108837 70781 1159879 1032058 127821 137458 108837 70781 317076 -189255 X X X X 0 0 0 0 0 0 0 0 0 LINDA ABRAHAM-SILVER CHIEF EXECUTIVE OFFICER 343168 0 80000 0 0 0 11000 0 13410 0 447578 0 0 0 MARIANNE BAERG CHIEF EXPERIENCE OFFICER 197458 0 25000 0 0 0 9015 0 4590 0 236063 0 0 0 DAVID HUMPHRIES CHIEF OPERATING OFFICER 208924 0 35000 0 1320 0 10327 0 20836 0 276407 0 0 0 ANNE WOODS CHIEF FINANCIAL OFFICER 130561 0 15000 0 0 0 0 0 5257 0 150818 0 0 0 X 6 324920 AVG HIGH/LOW STOCK X 5 X FURNITURE FOR NATM EVENT 1 2852 VALUED BY DONOR ON I 0 1 1 PART I, LINE 32B: THE MUSEUM'S BROKER HAS STANDING INSTRUCTIONS TO IMMEDIATELY SELL ANY CONTRIBUTIONS OF SECURITIES. PART I, LINE 33: LINE 21-23, COLUMN C: $0 WAS REPORTED BECAUSE THE MUSEUM DOES NOT CAPITALIZE ITS COLLECTION UNDER ASC 958-360-25 (FORMERLY SFAS 116). FORM 990, PART VI, SECTION A, LINE 2 ERIC REEVES, DIRECTOR, HAS A FAMILY RELATIONSHIP WITH NANCY PEROT, DIRECTOR; KELLY COMPTON, DIRECTOR HAS A FAMILY RELATIONSHIP WITH FORREST HOGLUND, DIRECTOR. FORM 990, PART VI, SECTION A, LINE 7A WITH RESPECT TO THE ORGANIZATION'S 33 CURRENT DIRECTORS, UP TO TWO ARE APPOINTED AT THE ORGANIZATION'S ANNUAL MEETING UPON THE SOLE AUTHORITY AND DISCRETION OF PETRUS MANAGEMENT HOLDING COMPANY, INC. FORM 990, PART VI, SECTION B, LINE 11B INDEPENDENT CPA FIRM PREPARES THE FORM 990 BASED ON INFORMATION FROM THE AUDIT AND OTHER INFORMATION AS REQUESTED FROM THE MUSEUM'S CEO. THE CFO AND THE CONTROLLER REVIEW THE PREPARED FORM 990 WITH THE CPA FIRM. THEN THE CFO CIRCULATES THE FORM 990 TO THE CEO, BOARD CHAIRMAN AND FINANCE & AUDIT COMMITTEE FOR REVIEW AND COMMENTS. ANY NECESSARY CHANGES ARE MADE AND THEN A COPY OF THE APPROVED FORM IS PROVIDED TO THE GOVERNING BOARD PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C ALL BOARD MEMBERS AND STAFF RECEIVE A COPY OF THE CONFLICTS OF INTEREST POLICY AND ARE REQUIRED TO ACKNOWLEDGE IN WRITING THAT HE/SHE HAS READ, UNDERSTANDS AND WILL COMPLY WITH THE POLICY. A DISCLOSURE QUESTIONNAIRE IS SENT TO ALL BOARD MEMBERS TO COMPLETE SO THEY CAN DISCLOSE THEIR PERSONAL, BUSINESS, OR OTHER ORGANIZATIONAL INTEREST AND AFFILIATIONS AND THOSE OF PERSONS CLOSE TO THEM THAT COULD BE REASONABLY CONSTRUED AS BEING MUSEUM RELATED. THESE DISCLOSURE STATEMENTS ARE UPDATED ANNUALLY. IF THERE APPEARS TO BE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, THE GOVERNING BOARD OR COMMITTEE WILL GIVE THE MEMBER OR EMPLOYEE THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS SO THEY CAN VOTE ON WHETHER A CONFLICT EXISTS OR NOT. THE INTERESTED PARTY WILL BE ASKED TO LEAVE THE MEETING WHEN THE VOTE IS TAKEN. IF A CONFLICT EXISTS, THE GOVERNING BOARD OR COMMITTEE WILL DO FURTHER INVESTIGATION AND SEE IF THERE IS ANOTHER OPTION TO PURSUE. IF THE GOVERNING BOARD OR COMMITTEE HAS REASONABLE CAUSE TO BELIEVE A MEMBER HAS FAILED TO DISCLOSE ACTUAL OR POSSIBLE CONFLICTS OF INTEREST, IT SHALL INFORM THE MEMBER OF THE BASIS FOR SUCH BELIEF AND AFFORD THE MEMBER AN OPPORTUNITY TO EXPLAIN THE ALLEGED FAILURE TO DISCLOSE. IF, AFTER HEARING THE MEMBER'S RESPONSE AND AFTER MAKING FURTHER INVESTIGATION AS WARRANTED BY THE CIRCUMSTANCES, THE GOVERNING BOARD OR COMMITTEE DETERMINES THE MEMBER HAS FAILED TO DISCLOSE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, IT SHALL TAKE APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION FOR THE CEO WAS REVIEWED AND APPROVED BY THE EXECUTIVE COMMITTEE OF THE GOVERNING BOARD OF DIRECTORS OF THE MUSEUM. THE EXECUTIVE COMMITTEE REVIEWED THE CEO'S JOB PERFORMANCE VERSUS ANNUAL OBJECTIVES IN ADDITION TO USING COMPARABLE COMPENSATION DATA FROM OTHER ORGANIZATIONS' FORM 990S AND TAKING INTO CONSIDERATION THE OVERALL ECONOMIC/EMPLOYMENT SITUATION REGIONALLY. THE BOARD CHAIRMAN COMMUNICATES THE APPROVED COMPENSATION TO THE VICE PRESIDENT OF HUMAN RESOURCES AND CFO. THE CEO DISCUSSES HER RECOMMENDATIONS REGARDING SENIOR LEVEL COMPENSATION WITH THE EXECUTIVE COMMITTEE. THERE ARE A COMBINATION OF FACTORS WHICH DETERMINE SENIOR LEVEL COMPENSATION WHICH INCLUDE EMPLOYEE PERFORMANCE VERSUS POSITION OBJECTIVES, CURRENT COMPENSATION VERSUS PEER COMPENSATION, TO NAME A COUPLE. SENIOR LEVEL COMPENSATION IS ALSO APPROVED BY THE EXECUTIVE COMMITTEE AND COMMUNICATED BY THE CEO TO THE VICE PRESIDENT OF HUMAN RESOURCES AND THEN DOCUMENTED ON THE RATE CHANGE FORM. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XII, LINE 2C: NO CHANGES TO THE AUDIT PROCEDURE OCCURRED DURING THE FISCAL YEAR.