2019-09-09T11:11:27-05:00 2018-12-31 KPMG LLP 345 Park Avenue New York NY 101540102 990 2018-01-01 900884353 SHED NYC INC % PETER GEE SHED 6468766904 545 WEST 30TH STREET NEW YORK NY 10001 PETER GEE CFO 6468766904 2019-08-22 true DEVIN L DUNCAN P01249521 2127589700 2019-08-20 167.68.102.5 13407320192525000040 2019-09-09 P F7E791049FCEE4943A341CCA4F642AE72B60D2A0 31462D7E604358D5493726803990907BCB83CB78 2018 2019-02-21 02:37:17Z X THE SHED ALEXANDER M POOTS 545 WEST 30TH STREET NEW YORK NY 10001 75525888 false X WWW.THESHED.ORG X 2012 NY THE SHED COMMISSIONS ORIGINAL WORKS OF ART, ACROSS ALL DISCIPLINES, FOR ALL AUDIENCES. 25 23 96 24 0 51789 87889064 74188371 0 0 1168 -2806 0 0 87890232 74185565 0 0 0 0 3995369 7719221 427773 431886 3023577 3917590 7302873 8340732 15453980 79549500 58731585 422448755 527432376 125638041 172364747 296810714 355067629 X The Shed commissions original works of art, across all disciplines, for all audiences. From hip hop to classical music, painting and sculpture to literature, film to theater and dance, the Shed brings together leading and emerging artists (Continued on Schedule O.) true false 3381536 0 0 A Prelude to The Shed In May 2018, The Shed presented A Prelude to The Shed, two weeks of free arts programming that took place in a temporary structure one block from The Shed's future home at West 30th Street and 10th Avenue. Prelude featured dance performances, flexible architecture, evening concerts and conversations, and an experimental school. Ten thousand people attended Prelude to experience The Shed's mission in action through works by artist Tino Sehgal, choreographer William Forsythe, FlexNYC dancers, and the musicians ABRA, Azealia Banks, and Arca. 778936 0 0 FlexNYC FlexNYC is a free, citywide residency program in dance activism for young people in collaboration with Reggie "Regg Roc" Gray and the D.R.E.A.M. Ring (Dance Rules Everything Around Me). Through flexn, a form of street dance with roots in Jamaican bruk up, students explore social issues while developing their capacity to express themselves. Now in its third year, FlexNYC has expanded to all five boroughs, serving more than 600 students in 21 locations. Specifically, The Shed partners with public schools, New York City Housing Authority community centers, and Beacon youth programs to provide free FlexNYC after-school activities. 264303 0 0 DIS OBEY DEVELOPED IN COLLABORATION WITH KAMEELAH JANAN RASHEED AND A COHORT OF DIS OBEY TEACHING ARTISTS, THE FREE AFTER-SCHOOL PROGRAM DIS OBEY PROVIDES SPACE TO EXPLORE PROTEST AND CREATIVE ACTION THROUGH WRITING, STORYTELLING, AND VISUAL ART WORKSHOPS. WITH GUIDANCE FROM TEACHING ARTISTS, APPROXIMATELY 100 NEW YORK CITY STUDENTS AGES 16 TO 19 CREATE ORIGINAL WORK THAT EXAMINES IDENTITY, PERSONAL NARRATIVE, HISTORICAL ACTS OF PROTEST, AND SELF-DETERMINATION. FOR DIS OBEY, THE SHED PARTNERS WITH SEVEN PROGRAM SITES, HOSTING WORKSHOPS AT PUBLIC SCHOOLS AND NEW YORK CITY HOUSING AUTHORITY COMMUNITY CENTERS THROUGHOUT NEW YORK CITY. 614669 0 0 CONSTRUCTION OF THE SHED 1148323 0 0 COMMISSIONED WORKS 1934702 0 0 MARKETING PROGRAM 3697694 0 0 8122469 true true false false false false false false false false true false false false true true false true false true true false false true false false false false false true false false false true false false false false true false false false true false false false false true 252 0 true 96 true true true false false false false false false false false false false false X 25 23 true false false false false false false true true false false true true true true true true true true false NY X PETER GEE 6468766904 545 WEST 30TH STREET NEW YORK NY 10001 DEBBIE AUGUST DIRECTOR 0.5 0.0 X 0 0 0 DANIEL L DOCTOROFF CHAIR 15.0 0.0 X X 0 0 0 DAVID C DRUMMOND DIRECTOR 0.5 0.0 X 0 0 0 LEW FRANKFORT DIRECTOR 0.5 0.0 X 0 0 0 DEXTER G GOEI DIRECTOR 0.5 0.0 X 0 0 0 KATHLEEN KAPNICK DIRECTOR 0.5 0.0 X 0 0 0 KATE D LEVIN DIRECTOR 0.5 0.0 X 0 0 0 CHRISTINA WEISS LURIE DIRECTOR 0.5 0.0 X 0 0 0 FRANK H MCCOURT JR DIRECTOR 0.5 0.0 X 0 0 0 MARIGAY MCKEE DIRECTOR 0.5 0.0 X 0 0 0 CHRISTINA MILLER DIRECTOR 0.5 0.0 X 0 0 0 DARLA MOORE RAINWATER DIRECTOR 0.5 0.0 X 0 0 0 COLBY MUGRABI DIRECTOR 0.5 0.0 X 0 0 0 BENJAMIN F NEEDELL DIRECTOR 0.5 0.0 X 0 0 0 ALEXANDER M POOTS CEO & ARTISTIC DIRECTOR 40.0 0.0 X X 837268 0 33931 STEPHEN M ROSS DIRECTOR 0.5 0.0 X 0 0 0 ALVARO SAIEH DIRECTOR 0.5 0.0 X 0 0 0 ANDRES SANTO DOMINGO DIRECTOR 0.5 0.0 X 0 0 0 HARVEY J SPEVAK DIRECTOR 0.5 0.0 X 0 0 0 JONATHAN M TISCH VICE CHAIR 0.5 0.0 X X 0 0 0 DIANE VON FURSTENBERG DIRECTOR 0.5 0.0 X 0 0 0 JED WALENTAS DIRECTOR 0.5 0.0 X 0 0 0 CASEY WASSERMAN DIRECTOR 0.5 0.0 X 0 0 0 DEBORAH WINSHEL DIRECTOR 0.5 0.0 X 0 0 0 DARYA ALEXANDROVNA ZHUKOVA DIRECTOR 0.5 0.0 X 0 0 0 LAURIE BECKELMAN SECRETARY 40.0 0.0 X 376098 0 14407 PETER GEE CHIEF FINANCIAL OFFICER 40.0 0.0 X 296092 0 35607 MARYANN JORDAN CHIEF OPERATING OFFICER 40.0 0.0 X 458734 0 24740 MARGARET HUNT CHIEF DEVELOPMENT OFFICER 40.0 0.0 X 350102 0 31538 JEFFREY E LEVINE CHIEF MARKETING OFFICER 40.0 0.0 X 254778 0 36321 TAMARA N MCCAW CHIEF CIVIC PROGRAMS OFFICER 40.0 0.0 X 199912 0 12571 KEVIN SLAVIN CTO (UNTIL 06/2018) 40.0 0.0 X 215936 0 4417 MARCELLA TAFT HEAD OF SPECIAL PROJECTS 40.0 0.0 X 183575 0 14297 Thomas Forgione FACILITIES DIRECTOR 40.0 0.0 X 229729 0 32262 LAUREN DRISCOLL DIR OF SPECIAL EVENTS & RENTAL 40.0 0.0 X 143524 0 10359 MARC WARREN DIRECTOR OF PRODUCTION 40.0 0.0 X 168186 0 11914 CHRISTIAN JOHNSON DIR DIG PRODUCT (UNTIL 06/18) 40.0 0.0 X 138993 0 33664 3852927 0 296028 20 false true false DILLER SCOFIDIO RENFRO ARCHITECTS 601 W 26TH ST SUITE 1815 NEW YORK NY 10001 ARCHITECTURE 6920164 VITAL MANAGEMENT SOLUTIONS LLC 8988 FILIZ LANE POWELL OH 43065 DESIGN MGMT 649561 POSTLIGHT LLC 101 5TH AVE 10TH FLOOR NEW YORK NY 10003 TECH CONSULTING 562500 GELLER COMPANY 909 3RD AVE 16TH FLOOR NEW YORK NY 10022 ACCOUNTING 416011 SKADDEN ARPS SLATE MEAGHER FLO FOUR TIMES SQUARE NEW YORK NY 10036 LEGAL SERVICES 315775 10 19396550 54791821 256833 74188371 0 1042 1042 0 0 0 0 0 1336475 1340323 -3848 -3848 -3848 0 0 0 0 0 0 0 0 0 0 74185565 -2806 0 0 0 0 3047377 1354489 896563 796325 0 3681610 1736425 996387 948798 0 588692 265082 171604 152006 401542 191744 104309 105489 99548 99548 418791 16100 402691 378085 378085 0 431886 431886 0 1285017 1096487 188530 332417 332417 808738 114905 624562 69271 204905 103906 99493 1506 0 322241 158419 87286 76536 666737 348149 272159 46429 0 0 0 0 18790 18790 137232 34 137198 ARTIST AND PERFORMING FEES 1479958 1479958 PRODUCTION EXPENSE 826618 820282 6336 DEVELOPMENT & SPECIAL EVENTS 225751 19900 205851 PROFESSIONAL DEVELOPMENT 98045 84172 12923 950 15453980 8122469 4307934 3023577 X 3128391 16738712 0 0 103689846 69700621 0 0 9750 9750 0 0 0 0 0 0 472002 1781735 438961784 23001 314069392 438938783 0 0 0 0 0 0 0 0 1079374 262775 422448755 527432376 5948551 14985455 0 0 275000 275000 0 0 0 0 45000000 45000000 64696479 99119407 0 0 9718011 12984885 125638041 172364747 X 0 -474670 0 0 296810714 355542299 296810714 355067629 422448755 527432376 X 58731585 -474670 X X false true X true false X 33145469 69093835 83834244 87889064 74188371 348150983 0 0 33145469 69093835 83834244 87889064 74188371 348150983 149901902 198249081 1042 1042 51789 51789 0 348203814 0.56935 0.54410 X 435509690 0 435509690 3452094 23001 3429093 0 0 438938783 0 RETAINAGE PAYABLE 12510215 INTEREST RATE SWAP LIABILITY 474670 12984885 X 75460586 1749691 -474670 1275021 74185565 74185565 17203671 1749691 1749691 15453980 15453980 SCHEDULE D, PART X, LINE 2 UNCERTAIN TAX POSITIONS Shed NYC, Inc. is exempt from federal income taxes under the provisions of Section 501(c)(3) of the Internal Revenue Code. Accordingly, it is not subject to federal income tax. Shed NYC, Inc. is also exempt from state and local income taxes. Income generated from activities unrelated to Shed NYC, Inc.'s exempt purpose is subject to tax under Internal Revenue Code Section 511. During the year ended December 31, 2018, The Shed did not recognize any unrelated business income tax. The Shed recognizes the effect of income tax positions only if those tax positions are more likely than not of being sustained. SCHEDULE D, PART XI, LINE 2D RECONCILIATION OF REVENUE TO AUDITED FINANCIAL STATEMENTS CHANGE IN FAIR VALUE OF INTEREST RATE SWAP ($474,670) North America 0 1 Program Services SET PRODUCTION 359893 Europe (Including Iceland and Greenland) 0 1 Program Services DESIGN WORK 19356 Europe (Including Iceland and Greenland) 0 1 Program Services SET DESIGN 30841 Europe (Including Iceland and Greenland) 0 2 Program Services BRANDING, ARTISTIC ADV 172164 0 5 0 5 582254 582254 false false false false false false X X true WALNUT HILL MEDIA LLC FUNDRAISING COUNSEL false 204237 -204237 SUSAN COURTEMANCHE FUNDRAISING COUNSEL false 180383 -180383 NADINE PEYSER FUNDRAISING COUNSEL false 36016 -36016 PENNINGTON GRAY LLC FUNDRAISING COUNSEL false 11250 -11250 431886 -431886 NY SCHEDULE G, PART I, LINE 2B PROFESSIONAL FUNDRAISERS NAME OF FUNDRAISER: WALNUT HILL MEDIA LLC ADDRESS OF FUNDRAISER: 667 MADISON AVE, NEW YORK, NY 10065 AMOUNT PAID TO (OR RETAINED BY) FUNDRAISER: $18,000 PER MONTH FLAT FEE ARRANGEMENT PLUS ELIGIBLE EXPENSE REIMBURSEMENTS. THE INITIAL TERM FOR THE ARRANGEMENT COMMENCED ON APRIL 1, 2013 AND LASTED THROUGH DECEMBER 31, 2013. THE CONTRACT HAS BEEN AUTOMATICALLY RENEWED IN SIX MONTH INTERVALS SINCE 2013 AND WILL CONTINUE UNLESS EITHER SIDE GIVES WRITTEN TERMINATION NOTICE. NAME OF FUNDRAISER: SUSAN COURTEMANCHE ADDRESS OF FUNDRAISER: 40 Powder Horn Hill Road, Wilton, CT 06897 AMOUNT PAID TO (OR RETAINED BY) FUNDRAISER: $15,000 PER MONTH FLAT FEE ARRANGEMENT PLUS ELIGIBLE EXPENSE REIMBURSEMENTS. NAME OF FUNDRAISER: NADINE PEYSER ADDRESS OF FUNDRAISER: 200 Columbia Heights, #2, Brooklyn, NY 11201 AMOUNT PAID TO (OR RETAINED BY) FUNDRAISER: $18,000 PER MONTH FLAT FEE ARRANGEMENT PLUS ELIGIBLE EXPENSE REIMBURSEMENTS. NAME OF FUNDRAISER: PENNINGTON GRAY, LLC ADDRESS OF FUNDRAISER: 7 WINSTON FARM LANE, FAR HILLS, NJ 07931 AMOUNT PAID TO (OR RETAINED BY) FUNDRAISER: $5,000 PER MONTH FLAT FEE ARRANGEMENT PLUS ELIGIBLE EXPENSE REIMBURSEMENTS. X false true X X true false false false false false false false false ALEXANDER M POOTS CEO & ARTISTIC DIRECTOR 693268 0 0 0 144000 0 0 0 33931 0 871199 0 0 0 LAURIE BECKELMAN SECRETARY 376098 0 0 0 0 0 0 0 14407 0 390505 0 0 0 PETER GEE CHIEF FINANCIAL OFFICER 296092 0 0 0 0 0 0 0 35607 0 331699 0 0 0 MARYANN JORDAN CHIEF OPERATING OFFICER 398734 0 0 0 60000 0 0 0 24740 0 483474 0 0 0 MARGARET HUNT CHIEF DEVELOPMENT OFFICER 350102 0 0 0 0 0 0 0 31538 0 381640 0 0 0 JEFFREY E LEVINE CHIEF MARKETING OFFICER 254778 0 0 0 0 0 0 0 36321 0 291099 0 0 0 TAMARA N MCCAW CHIEF CIVIC PROGRAMS OFFICER 199912 0 0 0 0 0 0 0 12571 0 212483 0 0 0 KEVIN SLAVIN CTO (UNTIL 06/2018) 124269 0 0 0 91667 0 0 0 4417 0 220353 0 0 0 MARCELLA TAFT HEAD OF SPECIAL PROJECTS 183575 0 0 0 0 0 0 0 14297 0 197872 0 0 0 Thomas Forgione FACILITIES DIRECTOR 229729 0 0 0 0 0 0 0 32262 0 261991 0 0 0 LAUREN DRISCOLL DIR OF SPECIAL EVENTS & RENTAL 143524 0 0 0 0 0 0 0 10359 0 153883 0 0 0 MARC WARREN DIRECTOR OF PRODUCTION 168186 0 0 0 0 0 0 0 11914 0 180100 0 0 0 CHRISTIAN JOHNSON DIR DIG PRODUCT (UNTIL 06/18) 88993 0 0 0 50000 0 0 0 33664 0 172657 0 0 0 SCHEDULE J, PART I, LINES 1A AND 1B HOUSING ALLOWANCE IN 2018, THE SHED PROVIDED A HOUSING ALLOWANCE TO THE CHIEF EXECUTIVE OFFICER AND CHIEF OPERATING OFFICER PURSUANT TO THE TERMS UNDER THEIR RESPECTIVE EMPLOYMENT AGREEMENTS (WHICH WERE APPROVED BY THE BOARD). THESE AMOUNTS ARE INCLUDED IN THE OFFICERS' TAXABLE WAGES AND REPORTED ON SCHEDULE J, PART II, COLUMN (B)(III). SCHEDULE J, PART I, LINE 4A SEVERANCE PAYMENTS INDIVIDUAL LISTED ON PART II, LINE 8 $91,667 INDIVIDUAL LISTED ON PART II, LINE 13 $50,000 STEPHEN M ROSS SEE PART V SEE PART V X 45000000 45000000 false true true MARYANN JORDAN SEE PART V SEE PART V X 9750 false true true 45009750 SCHEDULE L, PART II LOANS TO AND FROM INTERESTED PERSONS NAME OF PERSON: STEPHEN M. ROSS RELATIONSHIP WITH ORGANIZATION: DIRECTOR PURPOSE OF LOAN: CONSTRUCTION LOAN NAME OF PERSON: MARYANN JORDAN RELATIONSHIP WITH ORGANIZATION: CHIEF OPERATING OFFICER PURPOSE OF LOAN: REFUNDABLE SECURITY DEPOSIT SCHEDULE L, PART II, COLUMN I On October 15, 2015, The Shed executed a $45,000,000 non-interest bearing loan agreement with the chairman of the developer. In 2014, The Shed received $10,000,000, representing a portion of the loan. The $35,000,000 balance of the loan was received on November 23, 2015. On October 12, 2018, the maturity date of the loan was amended to January 1, 2024 as part of the credit facility agreement amendment. X 1 10143 FAIR MARKET VALUE X BLDG MATERIALS 2 246690 FAIR MARKET VALUE 1 false true false SCHEDULE M, PART I, COLUMN (B) THE AMOUNTS IN COLUMN B REPRESENT THE NUMBER OF SEPARATE CONTRIBUTORS. FORM 990, PART III, LINE 1 ORGANIZATION'S MISSION THE SHED COMMISSIONS ORIGINAL WORKS OF ART, ACROSS ALL DISCIPLINES, FOR ALL AUDIENCES. FROM HIP HOP TO CLASSICAL MUSIC, PAINTING AND SCULPTURE TO LITERATURE, FILM TO THEATER AND DANCE, the Shed brings together leading and emerging artists and thinkers from all disciplines under one roof. The building, a remarkable movable structure designed by Diller Scofidio + Renfro, Lead Architect, and Rockwell Group, Collaborating Architect, physically transforms to support artists' most ambitious ideas. Committed to nurturing artistic invention and bringing creative experiences to the broadest possible audiences, The Shed, led by Artistic Director and CEO Alex Poots, is a 21st century space of and for New York City. Form 990, Part III, Line 2 DIS OBEY Developed in collaboration with Kameelah Janan Rasheed and a cohort of DIS OBEY teaching artists, the free after-school program DIS OBEY provides space to explore protest and creative action through writing, storytelling, and visual art workshops. With guidance from teaching artists, approximately 100 New York City students ages 16 to 19 create original work that examines identity, personal narrative, historical acts of protest, and self-determination. For DIS OBEY, The Shed partners with seven program sites, hosting workshops at public schools and New York City Housing Authority community centers throughout New York City. FORM 990, PART III, LINE 4D CONSTRUCTION OF THE SHED THE SHED'S REMARKABLE MOVABLE BUILDING IS THE FUNCTIONAL SUPPORT FOR ITS PROGRAMMATIC VISION. LIKE THE INSTITUTION, THE BUILDING IS FLEXIBLE, RESPONSIVE, AND INTENDED TO PUSH BOUNDARIES. DESIGNED BY DILLER SCOFIDIO + RENFRO IN ASSOCIATION WITH ROCKWELL GROUP, THIS INNOVATIVE STRUCTURE WILL HOLD MULTIPLE WORLD-CLASS SPACES THAT CAN BE EASILY ADAPTED TO RESPOND TO THE MOST AMBITIOUS ARTIST AND ACCOMMODATE A WIDE RANGE OF AUDIENCES. IT IS EXACTLY WHAT THE NAME SUGGESTS: "AN OPEN-ENDED STRUCTURE FILLED WITH TOOLS," DESIGNED TO SERVE ARTISTS AND AUDIENCES IN IMPACTFUL, ORIGINAL WAYS. BY THE END OF 2018, THE FIXED BUILDING WAS SUBSTANTIALLY ENCLOSED, INCLUDING COMPLETION OF THE NORTH, SOUTH, AND EAST FIXED GLASS FACADES, WITH THE ENCLOSURE OF THE SHED LOBBY BEING THE LAST MAJOR FACADE SYSTEM TO BE COMPLETED. THE SHED'S ETHYLENE TETRAFLUOROETHYLENE (ETFE) POLYMER "PILLOWS" ARE COMPLETE AT THE NORTH AND EASTERN ELEVATIONS, THE FRAMING AND GLASS INSTALLATIONS OF THE SHED'S EXTERIOR DOORS IS COMPLETE. THE PROJECT IS NOW ABOUT 87% COMPLETE, AND HAS ACHIEVED THESE MILESTONES: - TWO OF THE SHED'S FOUR ELEVATORS HAVE BEEN INSTALLED AND ARE OPERATIONAL TO ALLOW SERVICE TO ALL FLOORS FROM THE LOADING DOCK TO LEVEL 08. - IN THE FIXED BUILDING, THE POLISHED CONCRETE TOPPING SLABS ON LEVEL 01, LEVEL 02, AND LEVEL 04 WERE COMPLETED. - IN THE SHED, INSTALLATION OF THE THEATRICAL EQUIPMENT IS UNDERWAY. - THE CONTRACTOR FOR THE SHED'S HUGE THEATRICAL ACOUSTIC SHADES HAS COMPLETED FABRICATION AND STARTED INSTALLATION OF SHADES ON THE EASTERN FACADE. COMMISSIONED WORKS IN 2018, THE SHED BEGAN RESEARCH AND DEVELOPMENT OF POTENTIAL COMMISSIONED WORKS TO BE PRESENTED ONCE THE BUILDING IS COMPLETE. THIS INCLUDED CONCEPT MEETINGS WITH ARTISTS TO DEVELOP PERFORMANCE AND EXHIBITION IDEAS, MEETINGS WITH POTENTIAL CREATIVE TEAMS, SITE VISITS FOR ARTISTS TO SEE THE SHED'S THEATERS AND GALLERY SPACES, SCOUTING VISITS TO VIEW ARTISTS' EXISTING WORKS, MEETINGS WITH POTENTIAL FUTURE PARTNERS FOR COMMISSIONING OR PRODUCTION SUPPORT, AND TRAVEL TO INDUSTRY TRADE SHOWS. MARKETING IN 2018, THE SHED PROMOTED AND DREW MORE THAN 10,000 ATTENDEES TO A TWO-WEEK PREVIEW PROGRAM, HIRED KEY MARKETING STAFF AND ITS ADVERTISING AGENCY, AND DEVELOPED ITS OPENING CAMPAIGN PLANS. FORM 990, PART VI, SECTION A, LINE 2 RELATIONSHIPS BETWEEN BOARD MEMBERS BOARD MEMBERS STEPHEN M. ROSS AND HARVEY J. SPEVAK HAVE A BUSINESS RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11B REVIEW OF FORM 990 FORM 990 IS PROVIDED TO THE ENTIRE BOARD OF DIRECTORS OF THE ORGANIZATION FOR REVIEW BEFORE THE RETURN IS FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY REVIEW IMMEDIATELY UPON ELECTION TO THE BOARD, ALL DIRECTORS SHALL DISCLOSE ANY RELEVANT INTEREST WHICH MAY POSE CONFLICT OF INTEREST QUESTIONS, DISCLOSURE SHALL INCLUDE ANY INTEREST, FINANCIAL OR OTHERWISE, IN ANY CORPORATION, ORGANIZATION, OR PARTNERSHIP WHICH PROVIDES PROFESSIONAL OR OTHER SERVICES TO THE CORPORATION. WHEN ANY MATTER COMES BEFORE THE BOARD OR ANY COMMITTEE OF THE BOARD IN WHICH A DIRECTOR HAS AN INTEREST, THE DIRECTOR WHO HAS AN INTEREST SHALL PROMPTLY AND FULLY DISCLOSE HIS OR HER INTEREST TO THE BOARD OR COMMITTEE PRIOR TO ITS ACTING ON THE MATTER. SUCH DISCLOSURE SHALL INCLUDE ANY RELEVANT AND MATERIAL FACTS KNOWN TO SUCH PERSON ABOUT THE CONTRACT OR TRANSACTION THAT MIGHT REASONABLY BE CONSTRUED TO BE ADVERSE TO THE CORPORATION. BOARD MEMBERS ARE REQUIRED, ANNUALLY, TO SIGN AN AFFIDAVIT TO DISCLOSE WHETHER OR NOT A CONFLICT EXISTS. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION REVIEW COMPENSATION FOR THE CEO & ARTISTIC DIRECTOR AND THE COO ARE REVIEWED AND DETERMINED ANNUALLY BY THE SHED'S INDEPENDENT BOARD OF DIRECTORS. COMPENSATION FOR OTHER SENIOR MANAGEMENT POSITIONS BELOW THE EXECUTIVE LEVEL ARE REVIEWED AND DETERMINED BY THE CEO AND COO. COMPENSATION REVIEW INCLUDES INPUT FROM INDEPENDENT SOURCES AND COMPARATIVE DATA FROM SIMILARLY SITUATED ORGANIZATIONS. THE APPROVAL PROCESS IS CONTEMPORANEOUSLY DOCUMENTED IN THE BOARD MEETING MINUTES. FORM 990, PART VI, SECTION C, LINE 19 AVAILABILITY OF DOCUMENTS TO THE PUBLIC THE ORGANIZATION MAKES ITS CERTIFICATE OF INCORPORATION, BYLAWS, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. REQUESTS FOR REVIEWING THE ORGANIZATION'S DOCUMENTS SHOULD BE ADDRESSED TO THE ORGANIZATION IN CARE OF PETER GEE AS NOTED IN PART VI, SECTION C, LINE 20. FORM 990, PART X, LINES 27, 28 and 29 NET ASSET PRESENTATION The Shed's net assets and revenues, gains, and losses are classified based on the existence or absence of donor-imposed restrictions. Accordingly, the net assets of The Shed and changes therein are reported as follows: - Without donor restrictions - Net assets that are free of donor-imposed restrictions. Reported on Form 990, Part X, Line 27. - With donor restrictions - Net assets that are subject to donor-imposed restrictions. Reported on Form 990, Part X, Line 29. FORM 990, PART XI, LINE 9 OTHER CHANGES IN NET ASSETS CHANGE IN FAIR VALUE OF INTEREST RATE SWAP ($474,670) FORM 990, PART XII, LINE 2C OVERSIGHT PROCESS AN AUDIT COMMITTEE WAS ESTABLISHED IN 2014. THE PRINCIPAL FUNCTIONS OF THE COMMITTEE ARE TO OVERSEE THE CORPORATION'S ACCOUNTING AND FINANCIAL AND TAX REPORTING PROCESSES, THE AUDIT OF THE CORPORATION'S FINANCIAL STATEMENTS AND THE WORK OF ITS INDEPENDENT AUDITORS, AND TO VERIFY THE PRESENCE OF RELIABLE AND COMPLIANT ACCOUNTING, FINANCIAL REPORTING, AND INTERNAL CONTROL POLICIES AND PRACTICES. CULTURE SHED LESSEE LLC 545 WEST 30TH STREET NEW YORK NY 10001 900884353 LEASING ORG DE SHED NYC INC