2020-07-14T11:16:08-05:00 2019-06-30 042442519 EDELSTEIN AND COMPANY LLP 160 FEDERAL STREET 9TH FLOOR BOSTON MA 02110 990 2018-07-01 042103993 THE CHILDRENS MUSEUM CHIL 6174266500 308 CONGRESS STREET BOSTON MA 02210 AMY AUERBACH SVP & CFO 6174266500 2020-07-14 1 EUGENE BORGONZI P01269879 6172276161 2020-07-13 38.111.9.114 2020-07-14 11:14:02 ED P C1284B650163F101757B7047818B4EE77766F5D2 8A1D67C05B5E288A233D410CFFE3E7F30C826A4A 2018 2020-09-23 17:36:50Z BOSTON CHILDREN'S MUSEUM AMY AUERBACH 308 CONGRESS STREET BOSTON MA 02210 14154448 0 X BOSTONCHILDRENSMUSEUM.ORG X 1913 MA BOSTON CHILDREN'S MUSEUM ENGAGES CHILDREN AND FAMILIES IN JOYFUL DISCOVERY EXPERIENCES THAT INSTILL AN APPRECIATION OF OUR WORLD, DEVELOP FOUNDATIONAL SKILLS, AND SPARK A LIFELONG LOVE OF LEARNING. BOSTON CHILDREN'S MUSEUM IS A WELCOMING, IMAGINATIVE, CHILD-CENTERED LEARNING ENVIRONMENT THAT SUPPORTS DIVERSE FAMILIES IN NUTURING THEIR CHILDREN'S CREATIVITY AND CURIOSITY. WE PROMOTE THE HEALTHY DEVELOPMENT OF ALL CHILDREN SO THAT THEY WILL FULFILL THEIR POTENTIAL AND CONTRIBUTE TO OUR COLLECTIVE WELLBEING AND FUTURE PROSPERITY. 26 26 133 710 -47548 0 2392221 3283707 5473443 5451237 2335073 179551 456851 429547 10657588 9344042 0 0 0 0 4616652 4649763 0 0 668916 5444517 5750176 10061169 10399939 596419 -1055897 59550903 57204138 14744858 13800565 44806045 43403573 X SEE SCHEDULE O - FORM 990 PART I LINE 1 0 0 3557687 0 3659873 VISITOR PROGRAMSTHE GOAL OF VISITOR PROGRAMS IS TO PROVIDE HIGH QUALITY EXPERIENCES FOR OUR LARGE AUDIENCE OF DIVERSE VISITORS, WHETHER THEY COME IN AS SCHOOL OR COMMUNITY GROUPS, OR FAMILIES. WE SEEK TO ADDRESS THE LEARNING NEEDS AND INTERESTS OF CHILDREN BIRTH TO TEN YEARS OLD, AS WELL AS THEIR ACCOMPANYING ADULTS WHO COMPRISE 50% OF THE AUDIENCE. TO DO THIS, WE DEVELOP STAFF TALENT IN DELIVERING EXCELLENT CUSTOMER SERVICE, PUBLIC PROGRAMS, AND ENGAGING INTERACTION WITH VISITORS TO HELP THEM MAXIMIZE THE LEARNING IMPACT AND DELIGHT IN DISCOVERY. VISITOR PROGRAMS WORKS TO CREATE AN INCLUSIVE ENVIRONMENT THAT WELCOMES ALL. 2822420 0 119866 EDUCATION PROGRAMSTHE GOAL OF EDUCATION PROGRAMS IS TO DEVELOP AND IMPLEMENT INTERACTIVE EXPERIENCES THAT ENHANCE THE MUSEUM'S EXHIBITS FOR CHILDREN AND ADULTS IN THE AREAS OF STEM AND STEAM, VISUAL AND PERFORMING ARTS, HEALTH AND WELLNESS, CULTURES, EARLY CHILDHOOD DEVELOPMENT AND LEARNING, AND COMMUNITY ENGAGEMENT. EDUCATION PROGRAMS INCLUDE SELF-GUIDED AND STRUCTURED SCHOOL PROGRAMS, SCHOOL READINESS PROGRAMS IN PARTNERSHIP WITH COMMUNITY AGENCIES, DESIGNATED PROGRAMS FOR CHILDREN AND FAMILIES WITH SPECIAL NEEDS, SCIENCE DISCOVERY PROGRAMS, ART STUDIO WORKSHOPS, PERFORMING ARTS DEMONSTRATIONS AND WORKSHOPS, AND LIVE THEATER EXPRESSLY GEARED TO YOUNG VISITORS. 1612004 0 35075 EXHIBITIONSTHE GOAL OF EXHIBITIONS IS TO DEVELOP, DESIGN AND PRODUCE INNOVATIVELY AWESOME EXPERIENCES THAT ENGAGE CHILDREN AND ADULTS IN MEANINGFUL ACTIVITIES THAT INSPIRE CREATIVITY, CURIOSITY, EXPERIMENTATION, PROBLEM SOLVING, AND COLLABORATION. EXHIBITS ARE POWERFUL TOOLS FOR PLAY AND LEARNING, AND FOR OPENING THE IMAGINATION TO NEW WORLDS AND IDEAS. WITH A GREAT DEPTH AND BREADTH OF STAFF EXPERTISE IN THE ARTS, STEM/STEAM, HEALTH AND WELLNESS, CULTURES AND EARLY CHILDHOOD EDUCATION, THE MUSEUM CREATES EXHIBITS THAT MAY APPEAR DECEPTIVELY SIMPLE BUT ARE FOUNDED IN THE THEORY AND PRACTICE OF HOW CHILDREN AND FAMILIES LEARN BEST. 299279 0 1636423 MEMBERSHIPS 299279 0 1636423 8291390 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 0 1 0 0 0 1 0 0 0 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 72 0 133 1 1 1 0 0 0 0 1 1 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 MA X X AMY AUERBACH 6174266500 308 CONGRESS STREET BOSTON MA 02210 SUSAN LAMONICA TRUSTEE 0.38 X 0 0 0 HELEN ROSENFELD TRUSTEE 0.38 X 0 0 0 THOMAS MCCROREY TRUSTEE, TREASURER 0.50 X X 0 0 0 ANTHONY BORDON TRUSTEE 0.38 X 0 0 0 RENEE BOYNTON-JARRETT TRUSTEE 0.38 X 0 0 0 TODD CASSLER TRUSTEE 0.38 X 0 0 0 MARTHA COAKLEY TRUSTEE (UNTIL 4/1/19) 0.38 X 0 0 0 NIRAV DAGLI TRUSTEE, CHAIRMAN 3.75 X X 0 0 0 WING DELATORRE TRUSTEE (UNTIL 8/1/18) 0.38 X 0 0 0 RICK DIMINO TRUSTEE 0.50 X 0 0 0 DAVID HEALY TRUSTEE 0.38 X 0 0 0 JASON JANOFF TRUSTEE 0.38 X 0 0 0 DEBORAH JOELSON TRUSTEE, VICE CHAIR 0.50 X X 0 0 0 MIEKO KAMII TRUSTEE 0.38 X 0 0 0 MADGE MEYER TRUSTEE 0.38 X 0 0 0 LIAM PATRICK TRUSTEE 0.38 X 0 0 0 JAMES ROONEY TRUSTEE (UNTIL 8/1/18) 0.38 X 0 0 0 JAN SMITH TRUSTEE, VICE CHAIR 1.80 X X 0 0 0 PETER TORREBIARTE TRUSTEE 0.38 X 0 0 0 AISHA AL RIYAMI TRUSTEE 0.38 X 0 0 0 AUNOY BANERJEE TRUSTEE 0.38 X 0 0 0 PAUL BLANDINI TRUSTEE 0.38 X 0 0 0 JULIE GORDON TRUSTEE 0.38 X 0 0 0 KELLY HILLER TRUSTEE, SECRETARY 0.50 X X 0 0 0 PRAKASH VENKATA TRUSTEE 0.38 X 0 0 0 DAVID BURT TRUSTEE (AS OF 6/12/19) 0.38 X 0 0 0 KEEGAN CALDWELL TRUSTEE (AS OF 3/1/19) 0.38 X 0 0 0 RYAN MURPHY TRUSTEE (AS OF 9/1/18) 0.38 X 0 0 0 SYLVIA STEVENS-EDOUARD TRUSTEE (AS OF 10/1/18) 0.38 X 0 0 0 CAROLE CHARNOW PRESIDENT/CEO 35.00 X 237881 0 24370 AMY AUERBACH SVP/CFO 35.00 X 153786 0 15656 HAYLEY BOYD ASSISTANT SECRETARY 35.00 X 46266 0 6329 SUE KIM VP DEVELOPMENT 35.00 X 116017 0 5314 LESLIE SWARTZ SVP PROGRAMMING & RESEARCH 35.00 X 112632 0 11168 ALEXANDER GOLDOWSKY VP EXHIBITS 35.00 X 125611 0 5961 CHARLAYNE MURRELL-SMITH VP CORPORATE DEVELOPMENT 35.00 X 108969 0 9033 JERI APPIER CONTROLLER & SENIOR DIRECTOR,FINANCE 35.00 X 101023 0 4856 1002185 0 82687 7 0 1 0 ACP CLEANING INC PO BOX 2411 WOBURN MA 01888 MUSEUM & TENANT CLEANING 667549 CB RICHARD ELLISNE PARTNERS 33 ARCH STREET 10TH FLOOR BOSTON MA 02110 PROPERTY MANAGEMENT 372518 SECURITAS SECURITY SERVICES US 77 SUMMER STREET 4TH FLOOR BOSTON MA 02110 MUSEUM & BUILDING SECURITY 293434 CUSTOM COMPUTER SPECIALISTS INC 70 SUFFOLK COURT HAUPPAUGE NY 11788 IT AND NETWORK MONITORING SERVICES 166741 4 426079 377204 2480424 94481 3283707 ADMISSIONS 900099 3422363 3422363 MEMBERSHIPS 900099 1636423 1636423 PROGRAM FEES 900099 362451 358460 3991 TRAVELING EXHIBITS 900099 30000 30000 5451237 445583 445583 2266970 2598736 -331766 -331766 -51539 -280227 1664694 1840935 89791 -176241 -89791 -266032 -266032 131345 426079 280783 -149438 -149438 1915 161 1754 1754 ANCILLARY SERVICES 900099 876211 876211 OTHER INVESTMENT INCOME FROM K-1 523000 32786 32786 908997 9344042 6323457 -47548 -215574 512797 980 401988 109829 3471963 3021962 151611 298390 79558 57870 16572 5116 300570 272949 4226 23395 284875 225679 32778 26418 6258 6258 33916 33916 25126 25126 848482 729080 61249 58153 179785 179646 22 117 364052 190465 87011 86576 354236 151227 200466 2543 1645732 1403229 215324 27179 91509 69905 17320 4284 11979 9404 1580 995 1463855 1324251 122127 17477 104517 94139 8803 1575 EQUIPMENT RENTAL- REPAI 315711 301780 10023 3908 BANK AND CC FEES 130909 128788 1483 638 MATERIALS AND SUPPLIES 128137 125784 30 2323 OTHER INVESTMENT DEDUCT 28410 28410 17562 4252 13310 10399939 8291390 1439633 668916 9640494 8553306 498933 822422 201926 668962 59463 48708 63431453 33082537 31954795 30348916 16394624 16302622 800668 459202 59550903 57204138 1379875 1318734 300000 13049746 11567099 315237 327216 0 287516 14744858 13800565 X 32783655 31099099 7786958 7917349 4235432 4387125 44806045 43403573 59550903 57204138 X -1055897 307235 -653810 X X 0 1 X 1 0 X 4198634 3947903 3648229 2392221 3283707 17470694 4807749 5199706 5935949 6086827 6323457 28353688 9006383 9147609 9584178 8479048 9607164 45824382 121919 151695 114350 134893 133433 656290 0 121919 151695 114350 134893 133433 656290 45168092 2242061 1968919 2489679 3137917 2745339 12583915 0 0 41769 0 0 41769 2242061 1968919 2531448 3137917 2745339 12625684 0 0 0 0 0 11248444 11116528 12115626 11616965 12352503 58450066 0.77280 0.77760 0.21600 0.21110 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X 0 16394624 151693 472401 716096 16302622 15941565 5150 1154389 706480 16394624 14788889 105088 1767886 720298 15941565 16017077 0 -505564 722624 14788889 16820917 5186 -118558 690468 16017077 0.40320 0.26910 0.32770 0 0 3331193 3331193 46309812 21096783 25213029 2146236 1801274 344962 11644212 10184480 1459732 30348916 TIFF MULTI-ASSET FUND 10488591 F THE TIFF CENTERSTONE FUND LP 5751040 F TIFF SHORT-TERM FUND 62991 F 16302622 DERIVATIVE FINANCIAL INSTRUMENTS 287516 287516 12312357 307235 118616 425851 11886506 25126 -2567590 -2542464 9344042 13714829 118616 3249810 3368426 10346403 25126 28410 53536 10399939 PART III, LINE 1A: IN CONFORMITY WITH THE PRACTICE FOLLOWED BY MANY MUSEUMS, THE VALUE OF PROPERTY DONATED FOR THE MUSEUM COLLECTION IS NOT REFLECTED ON THE STATEMENT OF FINANCIAL POSITION. THE COLLECTION IS DEEMED INEXHAUSTIBLE. THE COLLECTION IS MAINTAINED FOR EDUCATION AND RESEARCH AND FURTHERANCE OF THE MUSEUM'S GOALS RATHER THAN FINANCIAL GAIN. THE COLLECTION IS PROTECTED, KEPT UNENCUMBERED AND IS SUBJECT TO AN ORGANIZATIONAL POLICY THAT ENCOURAGES PERMANENT POSSESSION. PART III, LINE 4: BOSTON CHILDRENS MUSEUM HAS BEEN A COLLECTING INSTITUTION SINCE ITS BEGINNING IN 1913 AND TODAY THE COLLECTIONS NUMBER APPROXIMATELY 50,000 OBJECTS, INCLUDING CULTURAL ARTIFACTS AND NATURAL HISTORY SPECIMENS, WHICH CAN BE BROKEN INTO SIX MAIN COLLECTING AREAS: NATIVE AMERICAN, JAPANESE, AMERICANA, GLOBAL DOLLS, GENERAL CULTURAL COLLECTIONS, AND NATURAL HISTORY. THE COLLECTION IS MOST FREQUENTLY USED TO ENHANCE MUSEUM EXHIBITS, FOR SCHOLARLY RESEARCH, AS WELL AS EDUCATIONAL PROGRAMMING. PART V, LINE 4: THE ORGANIZATION'S TERM ENDOWMENTS REPRESENT ACCUMULATED INVESTMENT GAINS SUBJECT TO THE MUSEUM'S ENDOWMENT SPENDING POLICY. THE MUSEUM USES ITS PERMANENT ENDOWMENTS IN ACCORDANCE WITH UPMIFA AND SPENDS FOUR-AND-A-HALF PERCENT OF THE AVERAGE OF THE FMV OF EACH OF THE PREVIOUS 12 QUARTERS TO SUPPORT CURRENT OPERATIONS. THE BOARD-DESIGNATED AND QUASI-ENDOWMENTS ARE USED AT THE BOARD'S DISCRETION. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES -2,598,736. BOOK-TAX RENTAL INCOME ADJUSTMENT PER IRC 467 92,688. DIRECT EXPENSES OF GAMING ACTIVITIES -161. LOSS ON DISPOSAL OF ASSETS -89,791. DEDUCTIONS REPORTED ON K-1 RECORDED IN UNREALIZED GAIN ON FINANCIALS 28,410. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 2,598,736. ADJUSTMENTS TO BAD DEBT ALLOWANCES 14,633. LOSS ON DISPOSAL OF ASSETS 89,791. UNREALIZED LOSS ON DERIVATIVE INSTRUMENTS 546,489. DIRECT EXPENSES OF GAMING ACTIVITIES 161. PART XII, LINE 4B - OTHER ADJUSTMENTS: DEDUCTIONS REPORTED ON K-1 RECORDED IN UNREALIZED GAIN ON FINANCIALS 28,410. EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES TATAMI MAT REPAIRS, MATERIALS AND SUPPLIES FOR JAPAN EDUCATION PROGRAM AND CONSULTING 4432 EAST ASIA AND THE PACIFIC 0 0 FUNDRAISING N/A EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES FILMING AND MEMBERSHIP REVENUES EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 FUNDRAISING N/A MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICES CONSULTING AND MEMBERSHIP REVENUES MIDDLE EAST AND NORTH AFRICA 0 0 FUNDRAISING N/A NORTH AMERICA 0 0 PROGRAM SERVICES MEMBERSHIP REVENUE NORTH AMERICA 0 0 FUNDRAISING N/A SOUTH AMERICA 0 0 PROGRAM SERVICES MEMBERSHIP REVENUE SOUTH AMERICA 0 0 FUNDRAISING N/A SOUTH ASIA 0 0 PROGRAM SERVICES MEMBERSHIP REVENUE 0 0 0 0 0 0 4432 0 4432 1 0 1 1 1 1 PART I, LINE 3: EXPENDITURES ARE ACCOUNTED FOR ON THE ACCRUAL BASIS USED FOR FINANCIAL STATEMENT PURPOSES. FORM 990, SCHEDULE F, PART I, LINE 3 THE MUSEUM RECEIVED CONTRIBUTIONS FROM INDIVIDUALS LOCATED IN THE FOLLOWING REGIONS: EAST ASIA AND THE PACIFIC EUROPE MIDDLE EAST AND NORTH AFRICA NORTH AMERICA SOUTH AMERICA NO EXPENDITURES WERE MADE IN THESE REGIONS IN ORDER TO OBTAIN THESE CONTRIBUTIONS AND THOSE INDIVIDUALS HAVE BEEN REPORTED ON SCHEDULE B, IF APPLICABLE, IN ACCORDANCE WITH SCHEDULE B INSTRUCTIONS. THE MUSEUM ALSO RECEIVED MEMBERSHIP REVENUE AND/OR CONSULTING/FILMING REVENUE FROM THE ABOVE LISTED REGIONS AS WELL AS THE SOUTH ASIA REGION. NO EXPENDITURES WERE MADE IN THESE REGIONS IN ORDER TO OBTAIN THESE REVENUES. WONDER BALL 557424 426079 131345 86179 97245 27300 70059 557424 426079 131345 86179 97245 27300 70059 280783 -149438 X X X X X 0 0 0 0 0 0 0 0 0 CAROLE CHARNOW PRESIDENT/CEO 237881 0 0 0 0 0 9994 0 14376 0 262251 0 0 0 AMY AUERBACH SVP/CFO 153786 0 0 0 0 0 6576 0 9080 0 169442 0 0 0 A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431181 57583RGQ2 2006-09-25 SEE SCHEDULE K, PAGE 2, PART V 0 0 0 A 6921695 30000000 396523 22681782 2007 1 0 1 1 A 0 0 0 0 0 0 0 A 0 0 0 0 1 1 CITIZENS BANK 10.000000000000 0 0 0 0 1 A 0 SCHEDULE K, PART I, ITEM A, COLUMN F DESCRIPTION OF BOND PURPOSE TO FINANCE AND REFINANCE THE CAPITAL COSTS OF THE: A)ACQUISITION, CONSTRUCTION, RENOVATION AND EQUIPPING OF THE BORROWER'S FACILITIES; B) PROJECTS ORIGINALLY FINANCED WITH SERIES 2001 BONDS; AND C) CERTAIN COSTS OF ISSUANCE. SCHEDULE K, PART IV, QUESTIONS 3,4,5,6,7 ARBITRAGE THE MUSEUM HAS TWO QUALIFIED HEDGES. 3- YES 4A- YES 4B- CITIZENS BANK 4C- 5 YEARS 4D- NO 4E- NO 5- NO 5B,C,D- N/A 6- NO 7- YES X 6 94481 MARKET QUOTATIONS 0 1 0 FORM 990, PART VI, SECTION B, LINE 11B THE FINANCE AND AUDIT COMMITTEES ARE THE GOVERNING BODIES THAT HAVE RESPONSIBILITY FOR REVIEWING THE FORM 990. THIS FORM WAS DISTRIBUTED BY EMAIL TO THESE COMMITTEES PRIOR TO THE FILING DATE, LEAVING TIME FOR QUESTIONS AND COMMENTS. IN ADDITION, THE ENTIRE BOARD OF TRUSTEES ALSO RECEIVES A COPY OF THE FORM 990. FORM 990, PART VI, SECTION B, LINE 12C ON AN ANNUAL BASIS, THE MUSEUM ASKS ALL THE TRUSTEES AND OFFICERS TO REVIEW AND EXECUTE A CONFLICT OF INTEREST POLICY STATEMENT. IT IS THE RESPONSIBILITY OF THE PRESIDENT/CEO AND THE BOARD CHAIR TO REVIEW AND DISCLOSE CONFLICTS AND HANDLE THE MATTER AS HE OR SHE DEEMS APPROPRIATE. THE CONFLICT OF INTEREST POLICY STATEMENT ALSO OBLIGATES EACH FIDUCIARY, ON AN ONGOING BASIS, TO REPORT ANY CONFLICTS EITHER EXISTING OR PERCEIVED TO THE PRESIDENT/CEO OR BOARD CHAIR. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS FOR REVIEWING AND DETERMINING THE CEO'S COMPENSATION IS AS FOLLOWS: THERE IS A COMPENSATION COMMITTEE, WHICH IS A SUBSET OF THE BOARD OF TRUSTEES WHICH CONVENES TWICE A YEAR TO REVIEW THE CEO'S PERFORMANCE AND CONSIDER MARKET DATA FOR THIS POSITION. BASED ON THIS REVIEW, A COMPENSATION PACKAGE IS ADJUSTED AND AGREED UPON EACH YEAR. IN 2017, THE MUSEUM HIRED AN INDEPENDENT COMPENSATION CONSULTANT TO ANALYZE CURRENT SALARY AND WAGES OF THE ENTIRE ORGANIZATION AGAINST MARKET CONDITIONS. NEW JOB RANGES AND POSITION CATEGORIES WERE ESTABLISHED AND A PLAN WAS CREATED TO ADJUST SALARIES AND WAGES OVER TIME. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE MADE AVAILABLE UPON REQUEST. THE FINANCIAL STATEMENTS ARE AVAILABLE ON THE ORGANIZATION'S WEBSITE AS WELL AS UPON REQUEST. FORM 990, PART XI, LINE 9: UNREALIZED LOSS ON DERIVATIVE INSTRUMENTS -546,489. BOOK-TAX RENTAL INCOME ADJUSTMENT PER IRC 467 -92,688. ADJUSTMENTS TO BAD DEBT ALLOWANCES -14,633. FORM 990, PART XII, LINE 2C THE AUDIT COMMITTEE ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF THE MUSEUM'S FINANCIAL STATEMENTS AND SELECTION OF THE INDEPENDENT AUDITOR. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.