2019-03-13T12:21:10-07:00 2018-06-30 990 2017-07-01 366154098 MUSEUM OF CONTEMPORARY ART MUSE 3123973808 220 East Chicago Avenue Chicago IL 606112643 Catherine Kearney Controller 3123973813 2019-03-13 66.99.86.61 2017 2019-02-21 02:37:17Z Catherine Kearney - Interim CFO 220 East Chicago Avenue Chicago IL 60611 32774184 0 X www.mcachicago.org X 1964 IL Enhance appreciation of contemporary art through education, programming and exhibitions (see statement on Part III Line 1). 71 71 351 154 3134 0 21881417 14664331 1399139 2194232 2281844 1949158 -588617 1876731 24973783 20684452 0 0 0 0 9635697 9841459 43358 9856 2411348 11379321 15213809 21058376 25065124 3915407 -4380672 199722563 199499265 38077607 34227764 161644956 165271501 The MCA is an innovative and compelling center of contemporary art where the public can directly experience the work and ideas of living artists, and understand the historical, social and cultural context of the art of our time. The Museum boldly interweaves exhibitions, performances, collections, and educational programs to excite, challenge, and illuminate our visitors and to provide insight into the creative process. The MCA aspires to engage a broad and diverse audience, create a sense of community and be a place for contemplation, stimulation, and discussion about contemporary art and culture. 0 0 10314129 0 1999926 EXHIBITIONS: 1) Takashi Murakami: The Octopus Eats Its Own Leg (June 3-September 24, 2017). Japanese artist Takashi Murakami (b. 1962) may be best known for his commercial ventures, anime aesthetic, and post-apocalyptic characters. The MCA's major retrospective, which focused on his paintings, showed how Murakami's art is rooted in traditions of Japanese painting and folklore and influenced by the Tokyo art scene of the 1980s and 1990s and the threat of nuclear annihilation. In addition, the exhibition highlighted the artist's careful attention to craft and materials, exploring themes of high and low, ancient and modern, and East and West, which Murakami has pursued throughout his career. The exhibition featured fifty works spanning three decades, from the artist's earliest mature works to his recent monumentally sized paintings. 2) MCA 50: We Are Here (August 19, 2017-April 1, 2018). In honor of the MCA's 50th anniversary, the museum presented We Are Here, a major three-part exhibition drawn from the MCA's permanent collection. Starting with the first work in our collection, gifted by Marisol in 1968, We Are Here traced fifty years of the MCA's history, and celebrated the many artists who have shaped it over the years, including Lee Bontecou, Rashid Johnson, Jeff Koons, and Lorna Simpson. The exhibition overturned the traditional model of the anniversary exhibition, however, by focusing on the relationship between artist and viewer through a series of thematic exhibitions that explore the potential of art to alter our perceptions. Together, they declared that contemporary art and culture have the power to change the way that we see the world. 3) Howardena Pindell: What Remains to Be Seen (February 24-May 20, 2018). This was the first major survey of the work of groundbreaking, multidisciplinary artist Howardena Pindell (American, b. 1943). The exhibition traced the themes and visual experiments that run through the New York-based artist's five-decades-long career, and featured early figurative paintings, pure abstraction and conceptual works, and personal and political art that emerged in the aftermath of a life-threatening car accident in 1979. It also showcased Pindell's work with photography, film, and performance-mediums she has used to explore her place in the world-as well as works from the last two years, which draw on the beauty and innovation of her approach to abstraction to build upon contemporary conversations around equity and diversity. 4) Ascendant Artist: Michael Rakowitz: Backstroke of the West (September 16, 2017-March 4, 2018). Based in Chicago, Iraqi-American artist Michael Rakowitz (b. 1973) makes work that explores recent contested social, political, and cultural histories. Drawing on personal experiences and research on these subjects, as well as history and popular culture, Rakowitz creates illustrated objects, installations, and performances that invite viewers to contemplate their complicit relationship to the political world around them, recognizing that hospitality and hostility are interlinked. The artist's first US museum survey featured early works, a new commission, and major installations. 5) Ascendant Artist: Otobong Nkanga: To Dig a Hole That Collapses Again (March 31-September 2, 2018). Nigerian-born Otobong Nkanga (b. 1974) is fascinated by the "glimmer" and "shine" of natural resources. Through a multidisciplinary practice, which includes performance, drawing, photography, and installation, Nkanga acts as a cultural anthropologist-tracing the violent means by which contested minerals and objects are exhumed from their natural environments, transported to the West, and transformed into desirable consumer objects. The artist's first ever US survey exhibition, To Dig a Hole that Collapses Again, took its name from the "Green Hill" in Namibia. The name is a direct translation of the town that houses it, Tsumeb, one of Namibia's "rare gems." 6) Chicago Works: Amanda Williams (July 18-December 31, 2017). Trained as an architect, Amanda Williams (American, b. 1974) transforms elements of architecture and design into immersive sculptures that draw attention to the ways context dramatically informs the value of material, and by extension, the value of cities. For her first solo museum exhibition, Williams presented an extension of her breakout Color(ed) Theory project, for which the artist painted eight houses slated for demolition in the Englewood neighborhood with vivid colors inspired by Chicago's South Side. In this new series, Williams used bricks and siding from the painted houses to highlight demolition as a force of erasure and unmaking and the afterlife-raising difficult questions about the social and political fabric of our city. 7) Chicago Works: Paul Heyer (January 16-July 1, 2018) In his most immersive installation to date, Paul Heyer (b. 1982) created a multisensory, dreamlike realm that combined his ethereal paintings and sculptures. The exhibition was set to a hypnotic, meditative soundtrack meant to prompt hypnotic or hallucinogenic feelings in listeners. Together, the works created a balance between gravity and levity, light and dark, and past and future, and prompted viewers to reflect upon a utopian model of the universe. 8) To The Racy Brink (July 1-December 10, 2017) This exhibition kicked off the MCA's 50th anniversary by honoring the artists and exhibitions that placed the museum on the vanguard of contemporary art. The historical material on display highlighted some of the MCA's daring early projects with emerging artists (many of whom later became household names), and advertising campaigns that encouraged Chicagoans to try something new. This exhibition commemorated some of these boundary-pushing shows and artists through a selection of rare films, videos, photographs, and ephemera from the MCA's archives. 9) MCA Screen: Paul Pfeiffer (December 23, 2017-May 20, 2018) Paul Pfeiffer (American, b. 1966) deconstructs televised events and the ways that viewers participate in them. By manipulating moving images, he exposes the absurdity, complexity, and violence of popular spectacles. This exhibition highlighted Pfeiffer's recent work Three Figures In A Room (2015-16), which deconstructs the infamous 2015 boxing match between Floyd Mayweather Jr. and Manny Pacquiao. It was presented alongside works from the MCA's permanent collection. 10) Woman with a Camera (July 8, 2017-January 14, 2018). Woman with a Camera presented photographs by fourteen women artists who come from a diverse set of backgrounds, generations, and practices, including Anne Collier, Catherine Opie, Laurie Simmons, Xaviera Simmons, Mickalene Thomas, and Carrie Mae Weems. Part of a major gift of fifty photographs from Jack and Sandra Guthmans' collection in celebration of the museum's 50th anniversary, these works demonstrate the remarkable breadth of work in this collection, and affirm that the camera can be a tool for expression of all kinds. 11) Endless Summer (January 27-August 5, 2018). Taking its title from the classic Bruce Brown surf movie from 1966, Endless Summer offered a snapshot of the hedonistic minimalism that emerged in Los Angeles in the 1960s. Distinct from the East Coast variant of minimalism that was emerging at the same time, these works were influenced by the surf industry, custom car culture, and the legendary climate of Southern California and characterized by slick surfaces and dreamy, sometimes atmospheric color. Endless Summer featured works from an important gift from the estates of Walter Netsch and Dawn Clark Netsch as well as related works already in the MCA collection to present a wide variety of approaches used within this time and place. 12) Little lower layer (June 3-October 1, 2017). This exhibition featured works by thirteen international artists that explore what lies below, within, or beyond a surface. Drawn largely from the MCA collection, the works in this show erode and interrogate surfaces, strip away layers, and rearrange patterns to engage a political imagination that reflects not on what is but what could be. The title came from Herman Melville's Moby-Dick, in which Captain Ahab struggles to understand his own obsession of hunting the white whale and is certain that some "little lower layer" of meaning exists below the veneer of appearances. With an eye toward withheld images and untold stories, these artists challenge us to look deeply, think critically, and confront a politics of what we can-and cannot-see, discuss, and access. 2679156 0 79291 4(b) LEARNING AND PUBLIC PROGRAMS: The MCA is Chicago's only museum dedicated to the art of our times. As an integral component of the museum's mission, the MCA offered a full range of educational programs during the 2017-2018 program year for its various audiences including students, families, adults, teachers, and teens. Learning programs continue to serve a diverse pool of Chicago Public Schools students and teachers, and are provided to all Illinois school audiences on a complimentary basis to facilitate access and encourage broad participation. A) The MCA continued its successful school tour programs for students in grades 1 -12. These tours, all led by practicing artists, continue to be the cornerstone of our educational programs and provide the broadest exposure to contemporary art for students in grades 1-12. This year, we reached 9,990 students from 129 schools; 76 of these schools serve student bodies that are at least 80 percent low income. B) The MCA's program for 15-19 year olds, Teen Creative Agency (TCA), completed its seventh year during the summer of 2018, and the first 5 groups of teens have now segued into program alumni. Guided by two local artists who facilitated the weekly sessions, TCA members led in-gallery activities, took trips to cultural organizations, Chicago neighborhoods and artist studios, and worked alongside MCA staff and artists on projects. C) From its origins as a week-long summer experience, the MCA Teacher Institute has evolved into a year-long immersive and intensive professional development program for teachers. During this year's Institute, teachers used contemporary art and MCA resources to explore their teaching practice, experiment with curriculum, and collaborate with other teachers. D) Our popular Family Day programming continued with more than 5,000 people participating in the program. Families with children under the age of 12 received complimentary admission on the second Saturday of each month, November - May. E) As part of our wide-ranging Education programs, the MCA presented a diverse range of public programs including conversations, lectures, and panels that explore the visual and intellectual complexities of contemporary art and design and their connection to culture and history. 1424570 0 116446 (4c) PERFORMANCES:The MCA Stage presents cutting-edge dance, theater, and music from Chicago, nationally, and abroad in order to push the boundaries of contemporary performance. In its 2017-2018 season, the MCA Stage featured 9 artists/groups in 38 performances. MCA Stage performances saw 4,290 attendees in the fiscal year 2018. 1) Inspired by soccer, the most globally popular sport, and the artist's first generation American experience, Marc Bamuthi Joseph's /peh-LO-tah/--a futbol framed freedom suite... (October 5-9, 2017) intersects global economics, fandom culture, and the politics of joy. The work was initially conceived of during Joseph's first trip to South Africa, when the nation was preparing for the 2010 World Cup. Considered "one of the most influential people in dance today," Marc Bamuthi Joseph is an Oakland-based arts educator, activist, writer, and performer. In addition to the performance, Joseph led a professional development session with the League of Chicago Theatres addressing how artists can bridge the gap between the personal and the institutional in pursuit of cultural change. A second session was held for MCA staff members. Additionally, Joseph participated in a public conversation with fellow poet, Roger Bonair-Agard to discuss the connection between sports, politics, and belief and how teamwork or group movement can be a bridge for discussing immigration, international diplomacy, and global economies. 2) Bessie Award-winning choreographer and director Faye Driscoll returned to the MCA with Thank You for Coming: Play (November 9-12, 2017) the second in a trio of works entitled Thank You For Coming, which focuses on the shadows, gaps, repetitions, and stutters between what we say and what we do while we say it. Play was a semi-fictional collective autobiography that explored "who we are" by laying bare the dichotomous experience of self and the performance of self. Play was a copresentation with the Chicago Humanities Festival, resulting in two community engagement projects. The first was a collaboration with the School of the Art Institute of Chicago (SAIC), in which Driscoll participated in a public dialogue with SAIC faculty member, and local choreographer/performer Anna Martine Whitehead. Graduate-level performance studies students were able to attend the performance at a discounted student ticket rate. The second community engagement involved eight Chicago-based performers who were woven into the performances as a "chorus" that supported her company of dancers. The time spent studying and training with Driscoll was a valued opportunity for these emerging performers. 3) For the first time, the MCA presented Twyla Tharp, one of this century's most acclaimed artists, for the world premiere of Minimalism and Me (December 7-10, 2017), an original program created specifically for the MCA. In the program, Tharp recollected the creation of her seminal early works from the period and her experience while living among major visual artists of the time in New York City. A select group of dancers recreated excerpts from the works as she discussed them, illuminating the progression of minimalism in the 1960s and 70s and the influence the movement had on her choreography. On the occasion of the MCA's 50th anniversary, it was an opportune time for such an exploration, and to look back at the era in which the MCA was founded. 4) With his evolving group of collaborators Mind Over Mirrors, Chicago-based musician and composer, Jaime Fennelly, premiered Bellowing Sun (April 6-7), a work that creates an aural prism through the layering of acoustic and electronic instruments. A departure from Fennelly's solo practice as a harmoniumist and synthesis, Bellowing Sun also includes vocalists and percussionist Janet Beveridge Bean, violinist Jim Becker, and percussionist Jon Mueller-four musicians who share an interest in the intersections of the American vernacular and contemporary avant-garde. Performed under a large kinetic sculpture with the audience encircling the performers, the radiant audiovisual environment recalls the space of a Quaker meeting room, in which people withdraw from daily life and consider questions of the human spirit. Bellowing Sun was released on Paradise of Bachelors in April 2018. 5) MacArthur "Genius" Fellow Okwui Okpokwasili and director-designer Peter Born brought Poor People's TV Room (April 12-15, 2018) to the MCA, an interdisciplinary dance-theater piece that examines gender, culture, and identity as they are expressed in American and global contexts. Inspired by two global events: the Women's War of 1929, and the Boko Haram kidnappings of more than 300 girls in 2014, the work is concerned with how to recover buried histories, particularly of movements of resistance and collective action in Nigeria. The performance was complimented by a screening of Andrew Rossi's documentary film, Bronx Gothic, (April 22, 2018) which chronicles Okpokwasili's tour of her award-winning solo work of the same name. Chicago artists Brendan Fernandes, Darrell Jones, and Amina Ross participated in a conversation about race and the process of making performance after the film screening. Okpokwasili participated in a two-part dialogue with a group of women community leaders in association with the Chicago Center for Youth Violence Prevention at the University of Chicago. 6) Kaneza Schaal's JACK & (May 24-26, 2018) was a comedy of errors structured on social codes and trainings, from prison reentry programs to African American debutante balls. Exploring markers of transition and transformation, and the liminal ritual spaces that bridge worlds, this work considered the measureless damages of being in prison. In advance of the performance, Schaal joined theater professionals and artists from the League of Chicago Theaters to discuss the myth that experimental art forms are inherently for small, elite audiences. She then led two workshops with her collaborator, Cornell Alston with the MCA's Teen Creative Agency and students from Marwen Lab, a local arts education program. Schaal and Alston also participated in a public conversation with Heidi Mueller, Director of the Illinois Department of Juvenile Justice; Shawn Reddy, Social Science Specialist for Elementary Schools for Chicago Public Schools; and Natalie Moore, WBEZ's South Side Bureau Reporter, to discuss how imagination and art can interact with civic efforts to interrupt the cycles of neglect and isolation that prison creates. Schaal, Alston, and Christopher Myers also led workshops for art and civics students at the Sarah E. Goode STEM Academy through the MCA's School Partnership for Art and Civic Engagement (SPACE) program, as guests of Embedded Artist Damon Locks. 1388498 0 0 (4d-5) DESIGN, PUBLISHING & NEW MEDIA 1310202 0 0 (4d-1) COMMUNICATIONS: The Communications team's focus is on reaching, understanding, and growing the MCA audience. They play a crucial role in activating the MCA as an audience-engaged platform for producing art, ideas, community, and conversation around the creative process. With a targeted mix of print, video, digital, and outdoor advertisements, as well as consistent editorial media coverage designed to build the MCA's reputation their work makes the museum widely visible in Chicago and out of town. The Visitor Experience team exists to ensure the audience experience is best-in-class. Collaborations with cultural partners (i.e. universities) is another important way the team promotes audience-sharing with the city. Online audiences benefit from substantive and interactive web resources that range from the museum's website and high-quality videos to our highly active social media presence on Twitter, Instagram, and Facebook pages. 734254 0 0 (4d-3) FOOD SERVICE 560756 0 0 (4d-4) PARKING 310766 0 0 (4d-5) MEMBERSHIP 0 0 -1431 (4d-6) LIMITED EDITIONS 4304476 0 -1431 18722331 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 1 0 0 0 0 0 0 0 1 173 0 1 351 1 1 1 0 0 0 0 1 1 0 0 0 0 X 71 71 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 IL X X Catherine Kearney 3123973808 220 East Chicago Avenue Chicago IL 606112643 MICHAEL O'GRADY BOARD CHAIR AND TRUSTEE 10 0 X X 0 0 0 LESLIE BLUHM VICE CHAIR AND TRUSTEE 5 0 X X 0 0 0 KING HARRIS VICE CHAIR AND TRUSTEE 10 0 X X 0 0 0 ANNE KAPLAN VICE CHAIR AND TRUSTEE 10 0 X X 0 0 0 CARI SACKS VICE CHAIR AND TRUSTEE 5 0 X X 0 0 0 NICKOL HACKETT SECRETARY AND TRUSTEE 5 0 X X 0 0 0 MARQUIS D MILLER TREASURER AND TRUSTEE 5 0 X X 0 0 0 SARA 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0 12865 DYLAN FRACARETA DESIGN DIRECTOR 40 0 X 110072 0 6358 2066232 0 187840 17 0 1 0 NORCON INCORPORATED 661 WEST OHIO STREET CHICAGO IL 60654 GENERAL CONTRACTOR 3695454 SECURITAS SECURITY COMPANY 12672 COLLECTIONS CENTER DRIVE CHICAGO IL 60693 SECURITY SERVICES 1450631 CROWN ENERGY SERVICES DEPT 34637 PO BOX 39000 SAN FRANCISCO CA 94139 ENGINEERING SERVICES 638782 MASTERPIECE INTERNATIONAL 39 BROADWAY SUITE 1410 NEW YORK NY 10006 SHIPPING 558909 BUILDING MAINTENANCE SERVICES LLC PO Box 26032 NEW YORK NY 100876032 JANITORIAL 538046 17 0 393643 268925 0 1838928 12162835 0 14664331 Admissions 712110 1655418 1655418 0 0 Exhibitions 712110 344508 344508 0 0 Performance 712110 116446 116446 0 0 Education 712110 79291 79291 0 0 -1431 -1431 0 0 2194232 439440 0 0 439440 0 0 0 0 0 0 0 0 384011 0 605948 0 -221937 0 -221937 0 0 -221937 8744236 0 7234518 0 1509718 0 1509718 0 0 1509718 59780 268925 109936 -50156 0 -50156 0 0 0 0 0 0 5230104 4139330 1090774 1087640 3134 0 Parking Garage 712110 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-794565 0 810860 0 18826371 20316017 0 387176 0 721397 0 19981796 18728947 0 2196793 0 609723 0 20316017 0 0.81 0.19 0 0 0 3523259 3523259 0 69631279 29800275 39831004 0 0 0 0 0 10143978 6443541 3700437 0 0 0 0 47054700 Offshore Common Stock Funds Mutual Funds 54238069 F International Equities Mutual Funds 28205899 F Large Cap Equities Mutual Funds 17735302 F Mid Cap Equities Mutual Funds 8299609 F Multifamily Portfolio LTD Partnership 1408000 C 109886879 Derivatives Mark to Market 282553 Rental Deposits 141075 Security Deposits - Catering 5000 428628 28126370 0 7486 0 9376710 9384196 18742174 34136 1908142 1942278 20684452 29785183 7486 0 0 4746709 4754195 25030988 34136 0 34136 25065124 Schedule D, Part III, Line 1 In conformity with the practice commonly followed by most American art museums, the value of the Museum's collection is not included in the financial statements. Contributions for the purchase of art objects, the proceeds from deaccessions of art and the cost of art objects purchased are reported as other changes in net assets in the statement of activities. The Museum's policy is to maintain and continue to acquire significant works of contemporary art (principally 1945 to present). From time to time, objects may be sold in accordance with the Museum's collection management policy. Deaccessions may result if one of the following conditions has been met: (a) physical condition has deteriorated to a point beyond display or study; or (b) an object is believed to be no longer pertinent to the scope of the Museum's collection. All proceeds realized from deaccessions are allocated to purchase other works of art. There were no deaccessions for the years ended June 30, 2018 and 2017, respectively. Schedule D, Part III, Line 4 The collection is comprised of approximately 5,546 objects in all media created during the twentieth and twenty-first centuries. Through exhibitions, preservation and research, the collection supports the museum's mission to be innovative and compelling center of contemporary art where the public can directly experience the work and ideas of living artists, and understand the historical, social and cultural context of the art of our time. Schedule D, Part V, Line 4 The endowment funds are used to support the Museum's operations, subject to a spending policy. Up to 5% of the average market value of assets over a 12 quarter period ending with the prior 12/31 is made available for annual draws. Schedule D, Part XI, Line 2d Investment Spending Policy Draw $4,630,000; Rental Expense $605,948; COGS (Store) $4,139,330; Limited Editions $1,431. Schedule D, Part XI, Line 4b Dividends and interest $439,440; Realized Gains $1,468,701; Rounding $1. Schedule D, Part XII, Line 2d Rental Expenses $605,948; COGS (Store) $4,139,330; Limited Editions $1,431. Central America and the Caribbean 0 0 Investments 46816932 Europe (including Iceland and Greenland) 0 0 Investments 3069436 East Asia and the Pacific 0 0 Program Services Museum Store Inventory / Artist Exhibition Fees 668917 Central America and the Caribbean 0 0 Program Services Artist Fees 31750 South America 0 0 Program Services Artist Fees 18977 0 0 50606012 1 0 0 1 0 0 Vernissage 293705 223925 69780 0 0 0 53789 0 39521 ArtEdge 35000 45000 -10000 0 0 0 -1227 0 17852 0 328705 268925 59780 0 0 0 52562 0 57373 109935 -50155 X 1 1 X X X X 1 1 0 0 0 0 0 0 0 MADELEINE GRYNSZTEJN PRITZKER DIRECTOR AND CHIEF EXECUTIVE OFFICER 602046 0 0 0 0 0 38750 0 12720 0 653516 0 0 0 TERESA SAMALA DE GUZMAN CHIEF OPERATING OFFICER 323514 0 0 0 0 0 13750 0 6930 0 344194 0 0 0 LISA M KEY CHIEF DEVELOPMENT OFFICER AND ASSISTANT SECRETARY 203164 0 0 0 0 0 10686 0 12148 0 225998 0 0 0 PEGGY PAPAIOANNOU CHIEF FINANCIAL OFFICER AND ASSISTANT TREASURER 168542 0 0 0 0 0 8956 0 6346 0 183844 0 0 0 MICHAEL DARLING CHIEF CURATOR 217513 0 0 0 0 0 11393 0 17137 0 246043 0 0 0 GWEN PERRY DAVIS DEPUTY DIRECTOR OF DEVELOPMENT 165954 0 0 0 0 0 8543 0 6441 0 180938 0 0 0 SUSAN CHUN CHIEF CONTENT OFFICER 159093 0 0 0 0 0 8164 0 6653 0 173910 0 0 0 OMAR KHOLEIF MANILOW SENIOR CURATOR 116334 0 0 0 0 0 0 0 12865 0 129199 0 0 0 DYLAN FRACARETA DESIGN DIRECTOR 110072 0 0 0 0 0 0 0 6358 0 116430 0 0 0 Schedule J, Part I, Line 1a Per the Pritzker Director's Employment Agreement, business class is booked for any flights longer than 4 hours. During FY18, one first class ticket for the Pritzker Director, totaling $804 was booked because the flight was over 4 hours and business class tickets were not available. Schedule J, Part I, Line 3 The Compensation Committee annually reviews performance, goal achievements, peer data, surveys, etc. when setting the annual salary for the Pritzker Director / Chief Executive Officer. The Committee reviews salaries of senior management and also approves the annual allocation to the staff salary increase pool. The Committee documents its findings in writing and employees are not present when their compensation is set. Schedule J, Part I, Line 4 The Pritzker Director participates in a non-qualified deferred compensation plan effective as of November 1, 2017. The purpose of the plan is to permit selected employees of the museum to receive supplemental retirement income that cannot be paid under its qualified plans due to the reductions and limitations imposed by Sections 401(a)(17), 401(k)(3), 401(m) and 415 of the Internal Revenue Code of 1986. During 2017, the Pritzker Director received a 457(f) contribution of $25,000. In May 2018, the Chief Financial Officer entered into a severance agreement with the museum totaling $91,787. A ILLINOIS FINANCE AUTHORITY 861091967 000000000 2016-10-27 30000000 Refinance Illinois Development Authority Revenue Bonds Series 1994 0 0 0 A 0 0 30000000 0 0 0 0 0 0 0 30000000 0 2016 1 0 1 1 A 0 0 0 0 0 0.03302 0.03302 0 0 1 A 1 1 0 0 0 0 A 0 X 18 0 N/A X 0 N/A X 37 1246316 Transferred Value 4 0 1 0 Schedule M, Part I, Line 33 In conformity with the practice commonly followed by most American art museums, the value of the Museum's collection is not included in the financial statements. Contributions for the purchase of art objects, the proceeds from deaccessions of art and the cost of art objects purchased are reported as other changes in net assets in the statement of activities. The Museum's policy is to maintain and continue to acquire significant works of contemporary art (principally 1945 to present). From time to time, objects may be sold in accordance with the Museum's collection management policy. Deaccessions may result if one of the following conditions has been met: (a) physical condition has deteriorated to a point beyond display or study; or (b) an object is believed to be no longer pertinent to the scope of the Museum's collection. All proceeds realized from deaccessions are allocated to purchase other works of art. There were no deaccessions for the year's ended June 30, 2018 and 2017, respectively. Form 990, Part VI, Section A, Line 2 The following trustees have a family relationship: 1) Judith Neisser and Kate Neisser; 2) Michael Alper and Helyn Goldenberg; 3) King Harris and John Harris; 4) Don Kaul and Leslie Bluhm. The following trustees have a business relationship: 1) Anne Kaplan has business relationships with Loise Eisen, Sally Kovler, Elizabeth Lefkofsky and Dia Weil; 2) Robert Bellick and James Gordon; and 3) Michael Canmann and Nancy Crown. Form 990, Part VI, Section B, Line 11b Review of the IRS Form 990 was delegated to the audit committee. After review a draft copy of Form 990 was emailed to all board members. After a 30 day review period, the Form 990 is then filed electronically with the IRS. Form 990, Part VI, Section B, Line 12c The Museum maintains a Conflict of Interest Policy which applies to all trustees, members of standing committees, as well as senior management and other designated members of staff. The Policy requires that each person to whom the policy applies complete the annual disclosure statement to identify any business, financial or personal interest in matters relating to the Museum. The Policy forbids such individuals from voting on or using their personal influence in connection with such matters. In event the Museum does conduct business with such related party, the financial terms of those relationships are reported annually to the Audit Committee, whose members must be independent per the terms of the charter. Form 990, Part VI, Section B, Line 15 The Compensation Committee annually reviews performance, goal achievement, peer data, surveys, etc., when setting the annual salary for the Pritzker Director / Chief Executive Officer. The Committee reviews salaries of senior management and also approves the annual allocation to the staff salary increase pool. The Committee documents its findings in writing, and employees are not present when their compensation is set. Form 990, Part VI, Section C, Line 19 Upon request, the Museum provides the information. Form 990, Part IX, Line 11g Consulting and contract labor ($2,214,271), artist fees ($325,873), honoraria ($94,896), and event entertainment ($61,852). Form 990, Part XI, Line 9 Collection acquisitions, ($684,729); Unrealized gain on derivatives, $1,002,529.