2018-05-15T07:55:55-05:00 2017-06-30 BATCHELOR TILLERY & ROBERTS LLP 3605 GLENWOOD AVENUE SUITE 350 RALEIGH NC 27612 990 2016-07-01 237071511 NORTH CAROLINA MUSEUM OF ART FOUNDATION INC % CATERRI M WOODRUM NORT 9198396262 4630 MAIL SERVICE CENTER RALEIGH NC 276994630 CATERRI M WOODRUM CFO 9198396262 2018-05-14 true Ronald A Batchelor P00077863 9197878212 2016 2022-09-23 18:48:47Z CATERRI M WOODRUM 2100 BLUE RIDGE ROAD RALEIGH NC 27607 19084323 false X WWW.NCARTMUSEUM.ORG X 1969 NC TO FOSTER AND PROMOTE THE GROWTH, PROGRESS AND GENERAL WELFARE OF THE NORTH CAROLINA MUSEUM OF ART. 26 26 182 522 469824 17161 6848552 7043601 5993525 6633659 1828302 658598 218549 258606 14888928 14594464 860203 0 0 0 5219097 5542104 0 0 1406402 7744557 8925802 13823857 14467906 1065071 126558 62295114 61979409 5754919 1741838 56540195 60237571 THE NORTH CAROLINA MUSEUM OF ART FOUNDATION INC.'S PRIMARY MISSION IS TO FOSTER AND PROMOTE THE GROWTH, PROGRESS, AND GENERAL WELFARE OF THE NORTH CAROLINA MUSEUM OF ART. THE FOUNDATION IS PRIMARILY RESPONSIBLE FOR FUNDRAISING ON BEHALF OF THE MUSEUM AND 70% OF THE FUNDING REQUIRED TO OPERATE AND PROGRAM THE COMBINED (STATE AND FOUNDATION) ENTITY. IN ADDITION TO BEING THE PRIMARY FUNDRAISING ARM OF THE MUSEUM, THE FOUNDATION ALSO MANAGES A SIGNIFICANT MEMBERSHIP BASE FOR THE MUSEUM, UNDERWRITES ALL PUBLIC PROGRAMMING INCLUDING EXHIBITIONS AND A PERFORMING ARTS & FILM SERIES, AND OPERATES BOTH A RETAIL SHOP AND A FOOD SERVICE OPERATION (INCLUDING SPECIAL EVENTS CATERING AND RESTAURANTS) FOR THE BENEFIT OF THE MUSEUM'S MEMBERS AND VISITORS. false false 9648634 6633659 The Museum of Art is partially supported by state appropriations that largely fund state staff positions and their related benefits, and a small portion of the operating costs of running the Museum. The North Carolina Museum of Art Foundation, Inc. provides the majority of financial support needed for education and curatorial programming of the Museum of Art including support for statewide and museum-based education programming, special traveling art exhibitions, supplemental art conservation funds, and public programming. 579909 The North Carolina Museum of Art Foundation, Inc. provides additional support to the Museum of Art by cultivating donors for commissioned works of art and contributions for art acquisitions. All art purchased or commissioned is gifted by the Foundation to the North Carolina Museum of Art. A large majority of the artwork added to the State's art collection is gifted by the Foundation. 1058256 The North Carolina Museum of Art Foundation Inc. owns 34 acres of the street frontage of the museum and has made significant investments in developing this property as the garden gateway to the Museum and Museum Park which sits on 130 acres of state property. The Foundation completed a $13M park expansion project during the 2016/17 fiscal year, with a formal park opening in November of 2016. This investment was capitalized as land improvements. Continued investment in park trails, structures, art and ongoing maintenance can be expected for years to come. 11286799 true true false true false false false false false true true true false false false false true false false false false false false false true true false false false true true false false false false false false false false false false true false false false false false false false false true 176 1 true 182 true true true false false false false true true false false false false X 26 26 false false false false false false false true true false false true true true true true true true true false X X CATERRI M WOODRUM 9198396262 4630 MAIL SERVICE CENTER RALEIGH NC 276994630 JAMES B BLACK III PRESIDENT 0.91 0.0 X X 0 0 0 CARI BOYCE BOARD DIRECTOR 0.91 0.0 X 0 0 0 PETER M BRISTOW JR BOARD DIRECTOR 0.91 0.0 X 0 0 0 DAVID BRODY VICE-PRESIDENT 0.91 0.0 X X 0 0 0 LOUIS W CHERRY BOARD DIRECTOR 0.91 0.0 X 0 0 0 MARION L JOHNSON CHURCH BOARD DIRECTOR 0.91 0.0 X 0 0 0 BRIAN CIAVERELLA SECRETARY 0.91 0.0 X X 0 0 0 JOSEPHINE R DARDEN BOARD DIRECTOR 0.91 0.0 X 0 0 0 JOE DAVY BOARD DIRECTOR 0.91 0.0 X 0 0 0 R ALEXANDER GLENN BOARD DIRECTOR 0.91 0.0 X 0 0 0 ANN B GOODNIGHT BOARD DIRECTOR 0.91 0.0 X 0 0 0 SAMUEL G HOOKER BOARD DIRECTOR 0.91 0.0 X 0 0 0 BARRY LEFFLER BOARD DIRECTOR 0.91 0.0 X 0 0 0 LIZZIE MCNAIRY BOARD DIRECTOR 0.91 0.0 X 0 0 0 RICHARD L MCNEEL BOARD DIRECTOR 0.91 0.0 X 0 0 0 GEORGE W PASCHAL III BOARD DIRECTOR 0.91 0.0 X 0 0 0 GRACE I ROBBINS BOARD DIRECTOR 0.91 0.0 X 0 0 0 LARRY E ROBBINS BOARD DIRECTOR 0.91 0.0 X 0 0 0 LIZA ROBERTS BOARD DIRECTOR 0.91 0.0 X 0 0 0 LAURA ROBINETTE BOARD DIRECTOR 0.91 0.0 X 0 0 0 JAMES ROMANO BOARD DIRECTOR 0.91 0.0 X 0 0 0 MICHAEL SANDMAN BOARD DIRECTOR 0.91 0.0 X 0 0 0 KIM D SAUNDERS TREASURER 0.91 0.0 X X 0 0 0 BING SIZEMORE BOARD DIRECTOR 0.91 0.0 X 0 0 0 AARON SPENCER BOARD DIRECTOR 0.91 0.0 X 0 0 0 CAROLE WILSON BOARD DIRECTOR 0.91 0.0 X 0 0 0 LAWRENCE J WHEELER MUSEUM DIRECTOR 45.0 0.0 X 201250 306837 53766 CATERRI M WOODRUM CHIEF DEPUTY DIRECTOR & CFO 55.0 0.0 X 321294 0 23498 ELLEN D STONE DIRECTOR DEVELOP. & MEMBERSHIP 40.0 0.0 X 164522 0 17537 DANIEL P GOTTLIEB DIRECTOR - PLANNING & DESIGN 40.0 0.0 X 173408 0 24979 MARJORIE H HODGES DIRECTOR - EXTERNAL RELATIONS 40.0 0.0 X 128009 0 11681 RICHARD H J DENIJS DIRECTOR - INFORMATION TECHNOL 40.0 0.0 X 101059 0 13590 1089542 306837 145051 6 false true false NONE 0 2521506 50633 1070439 3401023 321928 7043601 PROGRAM FEES 900099 3316598 3207546 109052 MUSEUM SHOP SALES 453220 876528 876528 CAFE SALES 722514 2331755 360772 1970983 OTHER OPERATING REVENUE 900099 108778 108778 6633659 736423 736423 0 676 676 0 0 0 4113365 4191190 -77825 -77825 -77825 208599 50633 177773 30826 30826 348000 120896 227104 227104 0 0 0 0 14594464 4084074 469824 2996965 0 0 0 0 780982 218130 285512 277340 0 3765586 2389042 627588 748956 168678 78929 61912 27837 519451 324761 116349 78341 307407 199140 66131 42136 0 78651 6130 72521 41215 41215 59504 59504 0 191348 170359 20989 1525142 1381635 89714 53793 364778 361273 2371 1134 2539518 2275819 115087 148612 127950 118154 -11543 21339 0 125697 77505 48192 223607 191660 30209 1738 0 99772 67737 26847 5188 57362 57362 0 532338 413968 118370 56323 4806 51517 EARNED INCOME EXPENSE 1007861 1008017 -156 LECTURE, WORKSHOP & ARTISTS 755812 756791 -979 ART PURCHASES 633342 633342 EXHIBITION VENUE FEES 320103 320103 185479 232136 -46645 -12 14467906 11286799 1774705 1406402 9458155 6083853 1780643 2073913 2475375 1256817 1183194 310044 0 0 0 0 0 0 127363 166729 0 0 17829476 1594340 15161225 16235136 30235745 30328472 21128 3796226 1650000 1650000 0 0 202286 78219 62295114 61979409 4541631 1493560 0 0 0 0 1213288 248278 0 0 0 0 0 0 0 0 0 0 5754919 1741838 X 18091551 19328923 10164378 11977389 28284266 28931259 56540195 60237571 62295114 61979409 126558 3570818 X false true X true false X 14243393 13455534 17878819 5848556 6043601 57469903 999996 999996 999996 999996 1000000 4999984 0 15243389 14455530 18878815 6848552 7043601 62469887 15321414 47148473 793544 862218 719661 692579 737099 3805101 0 0 66274988 25333223 0.71141 0.70856 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false 59504 true false false 59504 SCHEDULE C, PART II-B, LINE 1G LOBBYING ACTIVITY EXPLANATION: DURING THE FISCAL YEAR ENDED 6/30/2017, $59,504 WAS PAID TO THE LAW FIRM OF SMITH, ANDERSON, BLOUNT, DORSETT, MITCHELL & JERNIGAN, LLP FOR LOBBYING ASSISTANCE IN SEEKING ADDITIONAL STATE AND LOCAL SUPPORT FOR THE NORTH CAROLINA MUSEUM OF ART. ACTIVITIES INCLUDED MEETING WITH AND CONTACTING GOVERNMENT OFFICIALS AND LEGISLATORS. 31152190 204021 4137344 192058 35301497 32396794 -966766 94709 183129 31152190 33005088 35208 -482758 160744 32396794 28735823 4683064 315558 98241 33005088 21801882 4420890 2597244 84193 28735823 0.78270 0.21730 false false 4530000 4530000 1374858 1196853 178005 11924618 397487 11527131 16235136 ALTERNATIVE INVESTMENTS 3796226 F 3796226 18623083 3570818 159132 298669 4028619 14594464 14594464 14925707 159132 298669 457801 14467906 14467906 SCHEDULE D, PART V, LINE 4 INTENDED USES OF ENDOWMENT FUNDS: The Foundation has adopted investment and spending policies for endowment assets that attempt to provide a predictable stream of funding to programs supported by its endowment. The investment policy was developed with the long-term interests of the endowment in mind and adheres to accepted investment and financial management principles. The investment policy is designed to ensure prudent management of the assets in order to serve the best long-term interests of the Foundation. The Foundation expects its endowment funds, over time, to provide a total real rate of return of 5%, net of fees, over a three-year rolling average. Actual returns in any given year may vary from this amount. While the Foundations historical spending policy reflects an intended appropriation of 5% of the endowment funds for distribution each year in keeping with the anticipated investment return, the board closely monitors anticipated investment returns relative to current market conditions each year. Effective July 1, 2016, the board amended its spending policy to reflect a 4% distribution of assets annually. While the stated goal of earning at least 5% annually has not been revised, any investment returns in excess of the revised annual distribution of 4% will remain invested in the endowment and will earn additional returns until appropriated in future years. SCHEDULE D, PART XI, LINE 2D RECONCILIATION OF REVENUE - OTHER DIFFERENCES: $177,773 FUNDRAISING EXPENSES + $120,896 RAFFLE EXPENSES INCLUDED IN FINANCIAL STATEMENT EXPENSES SCHEDULE D, PART XII, LINE 2D RECONCILIATION OF EXPENSES - OTHER DIFFERENCES: $177,773 FUNDRAISING EXPENSES + $120,896 RAFFLE EXPENSES INCLUDED IN FINANCIAL STATEMENT EXPENSES CAROL O'BRIEN ASSOCIATES CAP CAMPGN CONSULTING false MUSEUM PARK FD 222624 50633 171991 98408 53734 PURIM EVENT 24629 24629 13921 3117 2 11979 11979 8411 182 259232 50633 208599 120740 57033 177773 30826 348000 107767 13129 348000 107767 13129 120896 227104 false THE NC MUSEUM OF ART FOUNDATION IS A NONPROFIT ORGANIZATION RECOGNIZED IN NC UNDER G.S. 105-130.11(A). THE ORGANIZATION CONDUCTED A RAFFLE IN JANUARY 2017 IN ACCORDANCE WITH NC G.S. 14-309.15, AND IS NOT REQUIRED TO OBTAIN A GAMING LICENSE. true false 1.00000 0.00000 CATERRI M WOODRUM 4630 MAIL SERVICE CENTER RALEIGH NC 276994630 false false X X X X false false false false false false false false false LAWRENCE J WHEELER MUSEUM DIRECTOR 0 306837 201250 0 0 0 29283 18919 3380 2184 233913 327940 0 0 CATERRI M WOODRUM CHIEF DEPUTY DIRECTOR & CFO 243338 0 73000 0 4956 0 11254 0 13534 0 346082 0 0 0 ELLEN D STONE DIRECTOR DEVELOP. & MEMBERSHIP 160080 0 0 0 4442 0 6572 0 12255 0 183349 0 0 0 DANIEL P GOTTLIEB DIRECTOR - PLANNING & DESIGN 152381 0 15000 0 6027 0 7205 0 19064 0 199677 0 0 0 SCHEDULE J, PART II COMPENSATION INFORMATION: Dr. Lawrence J. Wheeler is the Director of the North Carolina Museum of Art, a state entity organized under the Department of Cultural Resources. The North Carolina Museum of Art Foundation, Inc. is a non-profit organization in support of the state museum. Given the common goals of these two organizations, Dr. Wheeler exercises significant influence relative to both entities and his primary compensation through the State of North Carolina is supplemented significantly by the North Carolina Museum of Art Foundation, Inc. (67%). In addition to salary supplements, the Foundation maintains a consulting agreement with Dr. Wheeler which provides additional compensation in exchange for his expertise and involvement in various fundraising activities, particularly as they relate to the cultivation and solicitation of collectors and donors. The most recent consulting agreement commenced on July 1, 2015 and is for a two year period ending June 30, 2017. Under this agreement, Dr. Wheeler receives quarterly consulting fees, semi-annual retention fees, and the services of a third party financial planning consultant paid by the Foundation. A WAKE CO INDUSTR FACIL & POLLUT CONTROL FINAN AUTH 561352483 2008-01-27 7176605 NC MUSEUM OF ART EXPANSION PROJECT false false false A 6928327 0 0 7176605 0 0 50000 0 0 7126605 0 0 false false true true A false false false false 0 false false false false A false false false false false false 0 false 0 false false A false X 22 184548 STOCK QUOTE X VENETIAN TORAH CROWN 1 59650 FAIR MARKET VALUE X FURNITURE & EQUIPMENT 2 51107 FAIR MARKET VALUE X TREES, PLANTS & FLOWERS 4 14596 FAIR MARKET VALUE X RECEPTION & LUNCHEON 1 8861 FAIR MARKET VALUE X SUPPLIES 6 3166 FAIR MARKET VALUE false true false FORM 990, PART VI - SECTION B, LINE 11B FORM 990 REVIEW PROCESS: The NCMA Foundation's governance includes an Audit Committee operating under a formal charter. The Audit Committee serves as an independent and objective party to monitor the Foundation's financial and compliance reporting process including oversight of the 990 tax filing as well as its internal control system. The Audit Committee meets with external auditors and Foundation management to review the results of the annual audit and related financial statements and reviews the full 990 tax filing prior to its submission. A copy of the 990 tax filing is made available to the full board for comment before filing. The 990 is also reviewed by chief legal counsel. FORM 990, PART VI - SECTION B, LINE 12C MONITORING CONFLICTS OF INTEREST: The Audit Committee also serves as the ethics committee for the Foundation, overseeing the whistleblower, records retention, conflicts of interest and confidentiality policies. The Audit Committee Chairman is the independent party to which employees and board members may report any ethics concerns or possible conflicts of interest. The Committee meets at least twice per year and more often as necessary. Potential conflicts of interest are reviewed with the Foundation's Chief Deputy Director and Chief Financial Officer as needed for resolution. An annual acknowledgement process occurs with all board members and staff whereby they formally certify receipt of all governance policies and agreement to comply with them. FORM 990, PART VI - SECTION B, LINE 15 PROCESS FOR DETERMINING COMPENSATION: The Personnel Committee of the Board of Directors has the primary governing responsibility of overseeing human resource matters and also works in conjunction with the Finance Committee as it relates to any financial impact of decisions taken. The Personnel Committee serves as an independent and objective party to monitor the Foundation's personnel, compensation, stipend and compliance processes as necessary. Their charter outlines specific responsibility for evaluating the performance of the Foundation's Chief employee (the Chief Deputy Director/ and Chief Financial Officer) and setting the senior employee's compensation level based on the results of this evaluation. The Museum Director is a state employee whose compensation is supplemented by the Foundation. The Director also has a consulting agreement with the Foundation under which he receives certain additional compensation UNDER CONTRACT. The Personnel Committee's charter also outlines specific responsibility for evaluating the Museum Director's performance under this agreement and making recommendations to the full board with respect to compensation. To ensure any compensation recommendations are reasonable, the Personnel Committee meets and discusses annually the performance of both the Museum Director and the Foundation's Chief employee based upon specific goals and accomplishments outlined for the year. The Committee reviews the latest American Association of Museum's (AAM) annual salary survey as a basis for comparison of compensation reasonableness. The AAM survey provides benchmark data of US Museums by geographic area, population, and budget size for key museum positions. Final recommendations are submitted to the full board for approval and inclusion in the Foundation's operating budget. FORM 990, PART VI - SECTION C, LINE 19 MAKING INFORMATION AVAILABLE TO THE PUBLIC: The Foundation's Articles of Incorporation are on file with the North Carolina Secretary of State and are publicly available. The Foundation's other governing documents, conflict of interest policies and financial statements are not generally made available to the general public except by specific request for purposes clearly identified and approved by the board. All Foundation employees have access to these documents on a shared intranet drive and independent contractors are provided with certain of these documents as appropriate to their legal relationship with the Foundation (example, conflicts of interest policy and sexual harassment policy) as specifically approved by the Board or as required for tax exempt organizations. The Foundation's latest 990 tax filing is posted on a public website, Guidestar. FORM 990, PART X, LINE 13 INVESTMENTS - PROGRAM RELATED: DURING 2015, THE FOUNDATION BECAME THE BENEFICIARY OF ARTWORK HAVING AN APPRAISED VALUE OF $1,650,000. THE ARTWORK IS BEING HELD AS AN INVESTMENT AS OF JUNE 30, 2017. FORM 990 PART IX LINE 11G DESCRIPTION:OTHER FEES TOTAL FEES:1525142