2017-03-23T12:51:47-05:00 2016-06-30 113518842 MARKS PANETH LLP 685 THIRD AVENUE NEW YORK NY 10017 990 2015-07-01 131985627 AMERICAN FOLK ART MUSEUM AMER 2125959533 47-29 32ND PLACE LONG ISLAND CITY NY 111012409 ANNE-IMELDA RADICE PHD EXECUTIVE DIRECTOR 2125959533 2017-03-23 1 ROBERT R LYONS CPA P00227274 2125038800 2015 2021-01-29 14:40:06Z X ANNE-IMELDA RADICE PHD 47-29 32ND PLACE LONG ISLAND CITY NY 111012409 7265982 0 X WWW.FOLKARTMUSEUM.ORG X 1961 NY THE AMERICAN FOLK ART MUSEUM IS THE PREMIER INSTITUTION DEVOTED TO THE AESTHETIC APPRECIATION OF TRADITIONAL FOLK ART AND CREATIVE EXPRESSIONS OF CONTEMPORARY SELF-TAUGHT ARTISTS FROM THE UNITED STATES AND ABROAD. THE MUSEUM PRESERVES, CONSERVES, AND INTERPRETS A COMPREHENSIVE COLLECTION OF THE HIGHEST QUALITY, WITH OBJECTS DATING FROM THE EIGHTEENTH CENTURY TO THE PRESENT. 17 17 29 66 0 0 4003361 4543960 238851 395155 162152 127403 355298 353939 4759662 5420457 0 0 0 0 1703348 1828106 0 0 373347 2742365 2056727 4445713 3884833 313949 1535624 9869683 10807826 403548 352302 9466135 10455524 X THE AMERICAN FOLK ART MUSEUM IS THE PREMIER INSTITUTION DEVOTED TO THE AESTHETIC APPRECIATION OF TRADITIONAL FOLK ART AND CREATIVE EXPRESSIONS OF CONTEMPORARY SELF-TAUGHT ARTISTS FROM THE UNITED STATES AND ABROAD. THE MUSEUM PRESERVES, CONSERVES, AND INTERPRETS A COMPREHENSIVE COLLECTION OF THE HIGHEST QUALITY, WITH OBJECTS DATING FROM THE EIGHTEENTH CENTURY TO THE PRESENT. 0 0 2530948 218500 DEVELOPMENT AND PRESENTATION OF EXHIBITIONS AND PROGRAMS THAT PRESENT NEW IDEAS, ARTISTS, AND ARTWORKS THAT SHAPE AND DEFINE THE FIELD OF FOLK ART AND WORK BY SELF-TAUGHT ARTISTS. THE MUSEUM ALSO PRESERVES AND MAINTAINS A COMPREHENSIVE COLLECTION OF MORE THAN 7,700 OBJECTS, LOANS ARTWORKS TO OTHER EXHIBITIONS, ORGANIZES TRAVELING EXHIBITION, AND MAKES ITS COLLECTION AVAILABLE FOR STUDY. 292701 176655 EDUCATION PROGRAMS THAT BENEFIT PRE K-12TH GRADE STUDENTS WITH SINGLE CLASS VISITS, MUSEUM-SCHOOL PARTNERSHIPS, TEEN DOCENT PROGRAMS, AND SUMMER CAMP PROGRAMS; AN EDUCATIONAL LIBRARY AND STUDY CENTER FOR THE BENEFIT OF SCHOLARS AND RESEARCHERS AND THE GENERAL PUBLIC BY APPOINTMENT; AND ADULT PROGRAMS THAT SERVE LIFE-LONG LEARNERS WITH A ROBUST PROGRAM OF LECTURES, FILMS, CONCERTS, DOCENT TOURS, SYMPOSIA, AND SPECIAL EVENTS. 276847 MUSEUM BOOK AND GIFT SHOP MAKES MERCHANDISE AVAILABLE TO THE PUBLIC INCLUDING HAND-MADE ITEMS, ARTISTIC REPRODUCTIONS AND PUBLICATIONS THAT REFLECT THE MISSION AND VISION OF THE MUSEUM. REPRODUCTION RIGHTS OF THE MUSEUM'S EXHIBITS. 2823649 1 1 0 0 0 0 0 1 0 1 1 1 0 1 1 1 1 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 94 0 29 1 0 0 0 0 1 1 1 1 0 0 0 0 X 17 17 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA CT PA NJ NH RI X X JOSEPH KISARALE FINANCE MANAGER 6468568699 47-29 32ND PLACE LONG ISLAND CITY NY 11101 LAURA PARSONS CHAIRPERSON 5.00 X X 0 0 0 EDWARD V BLANCHARD JR PRESIDENT 5.00 X X 0 0 0 DAVID GORDON TREASURER 5.00 X X 0 0 0 ELIZABETH V WARREN SECRETARY 5.00 X X 0 0 0 LUCY C DANZIGER VICE PRESIDENT 5.00 X X 0 0 0 AUDREY HECKLER VICE PRESIDENT 5.00 X X 0 0 0 BARBARA GORDON TRUSTEE 5.00 X 0 0 0 JOYCE COWIN VICE PRESIDENT 5.00 X X 0 0 0 PAUL WASHINGTON TRUSTEE 5.00 X 0 0 0 LAWRENCE B BENENSON TRUSTEE 5.00 X 0 0 0 JACQUELINE FOWLER TRUSTEE 5.00 X 0 0 0 ALLAN DANIEL TRUSTEE (FORMER) 5.00 X 0 0 0 KARIN FIELDING TRUSTEE 5.00 X 0 0 0 PETER RAPAPORT TRUSTEE 5.00 X 0 0 0 ALLAN KATZ TRUSTEE 5.00 X 0 0 0 LESLIE SEEMAN TRUSTEE 5.00 X 0 0 0 TAD MARTIN TRUSTEE 5.00 X 0 0 0 CHARLES ATKINS TRUSTEE 5.00 X 0 0 0 ANNE-IMELDA RADICE EXECUTIVE DIRECTOR 35.00 X 220843 0 13000 220843 0 13000 1 0 1 0 SILNOR #2 LP C/O SILVERMAN REALTY GP INC 237 WHITE PLAINS NY 10605 RENT 259276 AETNA HEALTH INSURANCE COMPANY OF NEW YO PO BOX 7247-0213 PHILADELPHI PA 19170 INSURANCE SERVICES 198291 TIAA-CREF PO BOX 933326 ATLANTA GA 31193 RETIREMENT PREMIUMS 166068 MASTERPIECE INTERNATIONAL 39 BROADWAY SUITE 1410 NEW YORK NY 10006 COLLECTION SHIPPING SERVICES 127284 UNIVERSAL PROTECTION SERVICE LLC 26375 NETWORK DRIVE CHICAGO IL 60672 SECURITY SERVICES 118274 5 563443 177816 3802701 4543960 EXHIBITION RENTAL FEES 532000 218500 218500 MEMBERSHIP 711300 176655 176655 395155 128139 128139 881622 882358 -736 -736 -736 211283 563443 211283 0 1028731 751884 276847 276847 OTHER INCOME 900099 77092 77092 77092 5420457 672002 0 204495 196869 65623 65623 65623 1298566 881638 266785 150143 45315 28408 8553 8354 218835 139740 40046 39049 68521 42933 12944 12644 17574 17574 76074 76074 29828 29828 357342 350329 7013 139903 122890 11306 5707 304779 255405 49374 76373 42413 16881 17079 9667 4318 29 5320 146213 114046 20470 11697 86216 61839 22636 1741 MISCELLANEOUS 277910 238863 4901 34146 EXHIBITION AND INSTAL. 131954 131738 216 SECURITY 115571 115571 REPAIRS AND MAINTENANCE 102326 72322 20896 9108 184997 155573 23701 5723 3884833 2823649 687837 373347 705038 277393 1497837 2953551 98623 108107 191053 267786 1789058 722683 1154721 1066375 5237431 5231634 984980 902980 9869683 10807826 288844 255813 114704 96489 403548 352302 X 2487124 1762436 4233380 3829456 2745631 4863632 9466135 10455524 9869683 10807826 X 1535624 -464236 -81999 X X 0 1 X 1 0 X 5314150 3458899 2324273 4202904 4543960 19844186 5314150 3458899 2324273 4202904 4543960 19844186 1807474 18036712 53403 30667 188136 162101 128139 562446 76852 84050 127661 200598 77092 566253 20972885 395155 0.86000 0.83300 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X X EDUCATIONAL PROGRAMS 0 0 1827483 2200000 -17559 4009924 859940 1000000 7182 39639 1827483 760207 99733 859940 760651 -444 760207 760651 4329 4329 760651 0.98770 0.01230 1 0 1233290 308293 924997 555768 414390 141378 1066375 INVESTMENTS 5231634 F 5231634 BEQUEST HELD IN PERPETUAL TRUST 902980 902980 DEFERRED RENT 95204 DEFERRED REVENUE 1285 96489 X 5655934 -464236 -81999 -546235 6202169 -29828 -751884 -781712 5420457 4606889 751884 751884 3855005 29828 29828 3884833 PART III, LINE 1A: IN CONFORMITY WITH ACCOUNTING POLICIES GENERALLY FOLLOWED BY ART MUSEUMS, THE COLLECTIONS, WHICH WERE ACQUIRED THROUGH PURCHASES AND CONTRIBUTIONS SINCE THE MUSEUM'S INCEPTION, ARE NOT RECOGNIZED AS ASSETS. PURCHASES OF COLLECTION ITEMS ARE RECORDED AS DECREASES IN UNRESTRICTED NET ASSETS IN THE YEAR IN WHICH THE ITEMS ARE ACQUIRED. CONTRIBUTED COLLECTION ITEMS ARE NOT REFLECTED IN THE FINANCIAL STATEMENTS. PROCEEDS FROM DEACCESSIONS OR INSURANCE RECOVERIES ARE REFLECTED AS INCREASES IN UNRESTRICTED NET ASSETS. PURCHASES OF COLLECTION ITEMS IN THE AMOUNT OF $48,000 AND $46,875 WERE MADE DURING THE YEARS ENDED JUNE 30, 2016 AND 2015, RESPECTIVELY, AND ARE INCLUDED IN PROGRAM EXPENSES IN THE ACCOMPANYING STATEMENTS OF ACTIVITIES. PART X, LINE 2: THE MUSEUM BELIEVES IT HAS NO UNCERTAIN TAX POSITIONS AS OF JUNE 30, 2016 AND 2015 AS DEFINED IN ACCOUNTING STANDARDS CODIFICATION ("ASC") TOPIC 740, INCOME TAXES, WHICH PROVIDES STANDARDS FOR ESTABLISHING AND CLASSIFYING TAX EXPENSE FOR UNCERTAIN TAX POSITIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF BEQUEST -81,999. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD -751,884. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 751,884. PART III, LINE 4: ORGANIZATION'S COLLECTIONS: THE MUSEUM IS DEDICATED TO PRESERVING THE RICH FOLK ART HERITAGE OF AMERICA THROUGH THE PRESENTATION OF EXHIBITIONS, EDUCATIONAL PROGRAMS,AND PUBLICATIONS OF HIGHEST QUALITY. PART V, LINE 4, INTENDED USES OF THE ORGANIZATIONS ENDOWMENT FUNDS: THE MUSEUM HAS INVESTMENT ASSETS WHICH ARE HELD IN PERPETUITY BY THIRD PARTY TRUSTEE. FALL BENEFIT 774726 563443 211283 131065 47690 32528 774726 563443 211283 131065 47690 32528 211283 0 X X X X X 0 0 0 0 0 0 0 0 0 ANNE-IMELDA RADICE EXECUTIVE DIRECTOR 220843 0 0 0 0 0 0 0 13000 0 233843 0 0 0 FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 IS REVIEWED BY MANAGEMENT AND THE AUDIT COMMITTEE AND DISTRIBUTED TO THE BOARD OF DIRECTORS FOR FINAL REVIEW AND APPROVAL BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C MANAGEMENT OBTAINS ANNUAL CONFLICT OF INTEREST DISCLOSURES FROM BOARD MEMBER AND SENIOR MANAGEMENT OFFICIALS. FORM 990, PART VI, SECTION B, LINE 15 EXECUTIVE DIRECTOR (TOP MANAGEMENT OFFICIAL): THE EXECUTIVE DIRECTOR HAS A FOUR YEAR CONTRACT THAT INCLUDES A COMPENSATION AGREEMENT. THERE IS A COMPENSATION COMMITTEE COMPRISED OF MEMBERS OF THE BOARD OF TRUSTEES. THE COMMITTEE AGREES ON THE COMPENSATION SECTION OF THE CONTRACT BASED UPON COMPARABILITY DATA OF OTHER NON-PROFIT AND MUSEUM DIRECTORS OF SIMILAR SIZED MUSEUM. THIS IS THEN PRORATED FOR THE NEW YORK AREA, BASED UPON DATA SURVEYS AND OTHER COMPARABILITY DATA. THE COMPENSATION FOR THE OTHER TOP MANAGEMENT AND OFFICERS BELOW THE EXECUTIVE DIRECTOR IS DETERMINED BY THE EXECUTIVE DIRECTOR BASED UPON ANNUAL REVIEWS AS WELL AS COMPARABILITY DATA OF SIMILAR POSITIONS IN OTHER NON-PROFITS AND MUSEUMS OF SIMILAR SIZE. THIS IS THEN PRORATED FOR THE NEW YORK AREA, BASED UPON DATA SURVEYS AND OTHER COMPARABILITY DATA. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF BEQUEST -81,999. FORM 990, PART IV, LINE 12, AND PART XI, LINE 2C: THE PROCESS OF OVERSEEING THE AUDIT AND SELECTION OF INDEPENDENT ACCOUNTANT HAS NOT BEEN CHANGED FROM THE PRIOR YEAR. THE AUDIT FOR THE TAX YEAR IS STILL IN PROCESS.