2021-07-29T17:30:29-05:00 2020-09-30 450250958 EIDE BAILLY LLP 2950 E HARMONY RD STE 290 FORT COLLINS CO 805283429 990 2019-10-01 841515243 ASPEN ART MUSEUM FOUNDATION ASPE 9709258050 637 EAST HYMAN AVENUE ASPEN CO 81611 RICHARD GOODMAN PRESIDENT 9709258050 2021-07-28 1 KYLE FRITCH CPA P01313374 9702238825 2021-07-28 2019 2022-09-23 18:48:47Z RICHARD GOODMAN 637 EAST HYMAN AVENUE ASPEN CO 81611 1124001 0 X WWW.ASPENARTMUSEUM.ORG X 1999 CO ESTABLISHMENT AND MAINTENANCE OF AN ENDOWMENT FUND EXCLUSIVELY FOR THE ASPEN ART MUSEUM 8 8 0 8 0 0 905416 509532 0 0 44 584649 -23786 -23387 881674 1070794 1059261 1215000 0 0 0 0 0 0 0 2175 51630 1061436 1266630 -179762 -195836 34188501 36431741 533244 1217259 33655257 35214482 THE ESTABLISHMENT AND MAINTENANCE OF AN ENDOWMENT FUND EXCLUSIVELY FOR THE USE OF THE ASPEN ART MUSEUM. 0 0 1265000 1215000 ESTABLISH AND MAINTAIN AN ENDOWMENT FUND EXCLUSIVELY FOR THE BENEFIT OF THE ASPEN ART MUSEUM. 1265000 1 1 0 0 0 0 0 0 0 1 1 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 8 8 1 0 0 0 0 1 0 1 0 0 0 1 0 0 0 0 0 0 CO X X TYLER SCHUBE 9709258050 637 E HYMAN AVENUE ASPEN CO 81611 X RICHARD GOODMAN PRESIDENT 1.00 4.00 X X 0 0 0 PAUL SCHORR VICE PRESIDENT 1.00 0.00 X X 0 0 0 JEANNE GREENBERG SECRETARY 1.00 0.00 X X 0 0 0 MARCY EDELSTEIN TREASURER 1.00 2.00 X X 0 0 0 JOHN PHELAN BOARD MEMBER 1.00 4.00 X 0 0 0 PAUL PARISER BOARD MEMBER 1.00 4.00 X 0 0 0 LARRY MARX BOARD MEMBER 1.00 0.00 X 0 0 0 AMNON RODAN BOARD MEMBER 1.00 4.00 X 0 0 0 NICOLA LEES EX OFFICIO MEMBER (FROM 3/20) 2.00 40.00 X 0 0 0 HEIDI ZUCKERMAN FORMER EX OFFICIO MEMBER 0.00 0.00 X 0 499904 40646 0 499904 40646 1 1 1 0 0 509532 509532 584649 584649 29820 53207 -23387 -23387 -23387 1070794 0 0 561262 1215000 1215000 1630 1630 UNCOLLECTIBLE PROMISES 50000 50000 1266630 1265000 1630 0 29183 31326 5844477 4787432 330 1100 1145970 235758 938862 910212 27375649 30701671 34188501 36431741 533244 1217259 533244 1217259 X 965396 940379 32689861 34274103 33655257 35214482 34188501 36431741 -195836 1755061 0 X 0 1 X 1 0 X X 1 ASPEN ART MUSEUM 840746671 7 1 1215000 0 1 1215000 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 32712495 459532 2339710 1215000 34296737 31777980 905416 1088360 1059261 32712495 24889239 6762864 934727 808850 31777980 15646129 7632753 2234510 624153 24889239 13314136 1513570 1305525 487102 15646129 0.00070 0.90050 0.09880 0 0 1145970 235758 910212 910212 X 2879062 1755061 1755061 1124001 -53207 -53207 1070794 1319837 53207 53207 1266630 0 1266630 PART V, LINE 4: THE ENDOWMENT CONSISTS INDIVIDUAL FUNDS ESTABLISHED BY DONORS TO PROVIDE ANNUAL FUNDING FOR SPECIFIC ACTIVITIES AND GENERAL OPERATIONS OF ASPEN ART MUSEUM. ENDOWMENT FUND EARNINGS ARE EITHER RESTRICTED OR UNRESTRICTED BASED ON THE DONOR'S REQUEST. RESTRICTED FUNDS INCLUDE EXHIBITION COSTS, LECTURE SERIES, VISITING ARTISTS, DIRECTOR COSTS, LATIN AMERICA ART OUTREACH, ROOF DECK EXHIBITION COSTS, AND PUBLICATIONS. THE UNRESTRICTED ENDOWMENT FUND ALLOWS FOR EARNINGS TO BE USED FOR GENERAL MUSEUM PURPOSES. PART X, LINE 2: ASPEN ART MUSEUM FOUNDATION IS ORGANIZED AS A COLORADO NONPROFIT CORPORATION AND HAS BEEN RECOGNIZED BY THE INTERNAL REVENUE SERVICE (IRS) AS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(A) OF THE INTERNAL REVENUE CODE AS AN ORGANIZATION DESCRIBED IN SECTION 501(C)(3), QUALIFY FOR THE CHARITABLE CONTRIBUTION DEDUCTION, AND HAS BEEN DETERMINED NOT TO BE A PRIVATE FOUNDATION. THE FOUNDATION IS ANNUALLY REQUIRED TO FILE A RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX (FORM 990) WITH THE IRS. THE FOUNDATION IS SUBJECT TO INCOME TAX ON NET INCOME THAT IS DERIVED FROM BUSINESS ACTIVITIES THAT ARE UNRELATED TO ITS EXEMPT PURPOSES. THE FOUNDATION HAS DETERMINED IT IS NOT SUBJECT TO UNRELATED BUSINESS INCOME TAX AND HAS NOT FILED AN EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURN (FORM 990-T) WITH THE IRS. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED WITH REVENUE ON FORM 990 -53,207. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED WITH REVENUE ON FORM 990 53,207. 1 ASPEN ART MUSEUM 637 E HYMAN AVENUE ASPEN CO 81611 840746671 501(C)(3) 1215000 MUSEUM OPERATIONS 1 0 PART I, LINE 2: ENDOWMENT FUND DRAW REQUESTS (GRANTS) TO THE MUSEUM ARE REVIEWED BY THE BOARD OF TRUSTEES AND ARE REQUIRED TO BE THE LESSOR OF THE AVERAGE VALUE OF THE FUND AS OF DECEMBER 31 OF EACH OF THE PRECEEDING 3 YEARS OR THE AMOUNT REPORTED BY THE MUSEUM AS EXPENSES FOR THE DONOR DESIGNATION. REPORTS TO DONORS (IF REQUIRED) AND MUSEUM FINANCIAL STATEMENTS ARE USED TO VERIFY GRANT REQUESTS AND SHARED WITH THE BOARD OF TRUSTEES. THE BOARD OF TRUSTEES APPROVES GRANT REQUESTS ANNUALLY. 1 0 0 0 0 0 0 0 0 HEIDI ZUCKERMAN FORMER EX OFFICIO MEMBER 0 396154 0 0 0 103750 0 14834 0 25813 0 540551 0 0 PART I, LINE 3 THE FOUNDATION RELIED ON A RELATED ORGANIZATION THAT USED ONE OR MORE OF THESE METHODS TO ESTABLISH THE COMPENSATION OF THE EX OFFICIO MEMBER, WHO IS THE CHIEF EXECUTIVE OFFICER/DIRECTOR OF THE ASPEN ART MUSEUM. PART I, LINE 4A HEIDI ZUCKERMAN, FORMER EX OFFICIO MEMBER - SEVERANCE PAYMENT OF $103,750 AND $3,799 IN SEVERENCE BENEFITS MADE AS REQUIRED UNDER AGREEMENT WITH EMPLOYER UPON DEPARTURE FROM EMPLOYMENT. FORM 990, PART VI, SECTION A, LINE 2 BOARD MEMBERS JOHN PHELAN, PAUL PARISER, RICHARD GOODMAN, MARCY EDELSTIEN, AND AMNON RODAN HAVE A BUSINESS RELATIONSHIP WITH NICOLA LEES WHO IS AN OFFICER OF A RELATED TAX-EXEMPT ORGANIZATION. BOARD MEMBERS ALSO SERVE AS BOARD MEMBERS OF A RELATED TAX-EXEMPT ORGANIZATION. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF TRUSTEES OF THE ASPEN ART MUSEUM SHALL APPROVE THE APPOINTMENT OF THE BOARD OF DIRECTORS OF THE FOUNDATION. PER THE BYLAWS OF THE ASPEN ART MUSEUM FOUNDATION, THE MAJORITY OF THE POSITIONS ON THIS BOARD ARE PRE-SET BASED ON SPECIFIC ROLES WITH THE ASPEN ART MUSEUM'S BOARD OF TRUSTEES AS WELL AS THE MUSEUM'S NATIONAL COUNCIL. FORM 990, PART VI, SECTION A, LINE 8B THE FOUNDATION DOES NOT HAVE ANY COMMITTEES WITH THE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF THE FORM 990 IS SUBMITTED TO THE BOARD OF DIRECTORS FOR REVIEW AND APPROVAL PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS AND FORM 990 ARE AVAILABLE TO THE PUBLIC UPON REQUEST. 81611 PROPERTIES LLC 637 E HYMAN AVENUE ASPEN CO 81611 452429880 HOLDS TITLE TO REAL ESTATE CO 29820 940621 ASPEN ART MUSEUM FOUNDATION ASPEN ART MUSEUM 637 E HYMAN AVENUE ASPEN CO 81611 840746671 ART MUSEUM CO 501(C)(3) LINE 7 N/A 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0