2017-03-28T15:03:36-05:00 2016-06-30 131655065 LUTZ AND CARR CPAS LLP 300 EAST 42ND STREET NEW YORK NY 10017 990 2015-07-01 237397946 DIA CENTER FOR THE ARTS INC DIAC 2129895566 535 WEST 22ND STREET 4TH FLOOR NEW YORK NY 10011 JESSICA MORGAN DIRECTOR 2129895566 2017-03-16 1 FREDERICK MARTENS P00298107 2126972299 2015 2021-01-29 14:40:06Z DIA ART FOUNDATION JESSICA MORGAN 535 WEST 22ND STREET 4TH FLOOR NEW YORK NY 10011 36324455 0 X WWW.DIAART.ORG X 1974 NY DIA ART FOUNDATION IS COMMITTED TO ADVANCE, REALIZE, AND PRESERVE THE VISION OF ARTISTS DIA'S NAME COMES FROM THE GREEK WORD "THROUGH," WHICH REFLECTS ITS ROLE AS A CONDUIT FOR VISIONARY ART PROJECTS. SINCE ITS FOUNDING IN 1974, DIA HAS COMMISSIONED, SUPPORTED, PRESENTED, AND PRESERVED EXCEPTIONAL ARTWORKS, AND FOSTERED LASTING RELATIONSHIPS WITH INDIVIDUAL ARTISTS. DISTINGUISHED BY ITS CONSTELLATION OF SITES, DIA ADVANCES THE EXPERIENCE, APPRECIATION, AND SCHOLARSHIP OF ART THROUGH IN-DEPTH, SINGLE-ARTIST EXHIBITIONS, PERFORMANCES, PUBLICATIONS, PUBLIC AND EDUCATIONAL PROGRAMS, AND THE MAINTENANCE OF PERMANENT SETTINGS OF WORKS OF ART. 17 17 191 32 0 0 3686316 21802181 1292700 1682655 4853485 5726910 2360242 1684870 12192743 30896616 121000 0 0 0 5481663 6268367 30973 120013 1340708 5779508 12262211 11413144 18650591 779599 12246025 163366687 166570121 12887895 12927502 150478792 153642619 X DIA ART FOUNDATION IS COMMITTED TO ADVANCE, REALIZE, AND PRESERVE THE VISION OF ARTISTS. DIA'S NAME COMES FROM THE GREEK WORD FOR "THROUGH," WHICH REFLECTS ITS ROLE AS A CONDUIT FOR VISIONARY ART PROJECTS. SINCE ITS FOUNDING IN 1974, DIA HAS COMMISSIONED, SUPPORTED, PRESENTED, AND PRESERVED EXCEPTIONAL ARTWORKS, AND FOSTERED LASTING RELATIONSHIPS WITH INDIVIDUAL ARTISTS. DISTINGUISHED BY ITS CONSTELLATION OF SITES, DIA ADVANCES THE EXPERIENCE, APPRECIATION, AND SCHOLARSHIP OF ART THROUGH IN-DEPTH, SINGLE-ARTIST EXHIBITIONS, PERFORMANCES, PUBLICATIONS, PUBLIC AND EDUCATIONAL PROGRAMS, AND THE MAINTENANCE OF PERMANENT SETTINGS OF WORKS OF ART. 0 0 12516080 1880203 EXHIBITIONS AND LONG-TERM PROJECTS:DIA'S LARGEST EXHIBITION FACILITY IS DIA:BEACON, LOCATED IN BEACON, NEW YORK. DIA:BEACON HOUSES 240,000 SQUARE-FEET OF EXHIBITION AND PUBLIC PROGRAM SPACE USED FOR PUBLIC VIEWING OF PERMANENT COLLECTION AND TEMPORARY EXHIBITIONS, A BOOKSHOP AND CAFE. DIA PRESENTS TEMPORARY EXHIBITIONS, PERFORMANCES, LECTURES, AND READINGS ON WEST 22ND STREET IN NEW YORK CITY. THIS PROGRAM SPACE IS CALLED DIA:CHELSEA. DIA MAINTAINS 8 LONG-TERM, SITE-SPECIFIC PROJECTS LOCATED IN VARIOUS STATES ACROSS THE COUNTRY INCLUDING: WALTER DE MARIA'S THE LIGHTNING FIELD (1977) LOCATED IN NEW MEXICO, ROBERT SMITHSON'S SPIRAL JETTY (1970) LOCATED IN THE GREAT SALT LAKE IN UTAH; TWO PERMANENT GALLERY INSTALLATIONS IN NEW YORK CITY BY WALTER DE MARIA, THE NEW YORK EARTH ROOM (1977) AND THE BROKEN KILOMETER (1979), AND THE DAN FLAVIN ART INSTITUTE LOCATED IN BRIDGEHAMPTON, NEW YORK. THESE INSTALLATIONS ARE FREE TO THE PUBLIC, WITH THE EXCEPTION OF THE LIGHTNING FIELD, FOR WHICH AN OVERNIGHT STAY IS REQUIRED. IN 2016, AT DIA:CHELSEA, DIA PRESENTED A SITE-SPECIFIC ITERATION OF DREAM HOUSE BY LA MONTE YOUNG, MARIAN ZAZEELA, AND JUNG HEE CHOI, ACCOMPANIED BY A SERIES OF CONCERTS, AND AN EXHIBITION OF SIX DECADES OF ROBERT RYMAN'S PAINTINGS. IN ADDITION, DIA REALIZED PUERTO RICAN LIGHT (CUEVA VIENTOS), A NEW DIA COMMISSION BY ARTIST DUO ALLORA & CALZADILLA. THE COMMISSION IS SITUATED WITHIN A NATURAL LIMESTONE CAVE SYSTEM NEAR THE SOUTHERN COAST OF PUERTO RICO. AT DIA:BEACON, COLLECTION PRESENTATION CONTINUED, INCLUDING NEW INSTALLATIONS OF WALTER DE MARIA'S 360 I CHING / 64 SCULPTURES, 1981 AND DAN FLAVIN'S UNTILTED (TO YOU, HEINER, WITH ADMIRATION AND AFFECTION), 1973. 279766 6710 PUBLIC PROGRAMS AND EDUCATION:DIA OFFERS EDUCATIONAL AND PUBLIC PROGRAMS IN NYC AND BEACON. DIA'S 535 WEST 22ND STREET BUILDING HOSTS ARTISTS ON ARTISTS LECTURE SERIES, READINGS IN CONTEMPORARY POETRY, AND DISCUSSIONS IN CONTEMPORARY CULTURE. DIA:BEACON HOSTS AN ANNUAL ARTS EDUCATION PROGRAM; AN EDUCATIONAL OUTREACH PROGRAM IN PARTNERSHIP WITH EVERY SCHOOL IN THE BEACON CITY SCHOOL DISTRICT, SERVING ROUGHLY 300 STUDENTS PER YEAR. THE PROGRAM EMPLOYS 5 TEACHING ARTISTS ANNUALLY WHO DEVELOP ORIGINAL CURRICULA BASED ON DIA'S COLLECTION. DIA:BEACON ALSO OFFERS GUIDED TOURS, MONTHLY GALLERY TALKS FREE WITH MUSEUM ADMISSION, AND QUARTERLY COMMUNITY FREE DAYS, WHICH PROVIDE FREE ADMISSION AND A RANGE OF PROGRAMS TO RESIDENTS OF 9 COUNTIES IN UPSTATE NEW YORK. 302725 PUBLICATIONS:IN 2016 DIA PUBLISHED, FRANZ ERHARD WALTHER: FIRST WORK SET, A CRITICAL STUDY OF WALTHER'S HIGHLY AMBITIOUS 1. WERKSATZ (FIRST WORK SET). THE BOOK INCLUDES CONTRIBUTIONS BY BARBARA CLAUSEN, RACHEL HAIDU, ULRIKE M LLER, YASMIL RAYMOND, ERIK VERHAGEN, GREGORY WILLIAMS, AND JENNIFER WINKWORTH, TOGETHER WITH PREVIOUSLY UNPUBLISHED TEXTS BY FRANZ ERHARD WALTHER AND THE FIRST ENGLISH TRANSLATION OF WALTHER'S INFLUENTIAL 1970 SPACES EXHIBITION DIARY.DIA'S PUBLICATION PROGRAM HAS PRODUCED OVER 75 VOLUMES INCLUDING MONOGRAPHS, ANTHOLOGIES, AND COLLECTIONS OF CRITICISM AND SCHOLARSHIP. THROUGH THESE PUBLICATIONS DIA HAS ESTABLISHED A TRADITION OF RIGOROUS SCHOLARSHIP AND STRIVES TO OFFER IN-DEPTH EXPLORATIONS OF ITS EXHIBITIONS, SITES, AND PERMANENT COLLECTION. 1625282 DIA INCURS VARIOUS PROGRAM RELATED COSTS FOR CURATORIAL RESEARCH, PRESS, MARKETING, PRINTED MATERIALS AND IT SUPPORT. 1625282 14723853 1 1 0 0 0 0 0 1 0 1 1 1 0 1 1 0 1 0 0 0 0 0 0 1 1 0 0 0 0 1 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 1 80 0 191 1 0 0 0 0 0 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 NY X ASHLEY MOHR MITCHELL 2122935573 535 WEST 22ND STREET 4TH FLOOR NEW YORK NY 10011 NATHALIE DE GUNZBERG CHAIRMAN 1.00 X X 0 0 0 HOWARD RACHOFSKY TREASURER 1.00 X X 0 0 0 CHARLES B WRIGHT SECRETARY 1.00 X X 0 0 0 CHRISTOPHER BASS TRUSTEE 1.00 X 0 0 0 MARK BOOTH TRUSTEE 1.00 X 0 0 0 FRANCES BOWES TRUSTEE 1.00 X 0 0 0 SANDRA J BRANT TRUSTEE 1.00 X 0 0 0 GEORGE CONDO TRUSTEE 1.00 X 0 0 0 GEORGE ECONOMOU TRUSTEE 1.00 X 0 0 0 JANE SKINNER GOODELL TRUSTEE 1.00 X 0 0 0 VIRGINIA LEBERMANN TRUSTEE 1.00 X 0 0 0 RAHEE HONG LEE TRUSTEE 1.00 X 0 0 0 JAMES MURDOCH TRUSTEE 1.00 X 0 0 0 GENNY NISSENBAUM TRUSTEE 1.00 X 0 0 0 IRENE PANAGOPOULOS TRUSTEE 1.00 X 0 0 0 ROBERT RYMAN TRUSTEE 1.00 X 0 0 0 MARISSA SACKLER TRUSTEE 1.00 X 0 0 0 JAN COWLES TRUSTEE EMERITUS 1.00 X 0 0 0 FARIHA FRIEDRICH TRUSTEE EMERITUS 1.00 X 0 0 0 BRICE MARDEN TRUSTEE EMERITUS 1.00 X 0 0 0 JESSICA MORGAN DIRECTOR 40.00 X 492442 0 14067 ASHLEY MOHR MITCHELL CHIEF OPERATING OFFICER 40.00 X 173546 0 7960 JAMES SCHAEUFELE DIRECTOR OF BEACON OPERATIONS 40.00 X 212182 0 24947 MELISSA PARSOFF DIRECTOR OF COMMUNICATION 40.00 X 132452 0 15279 SARA TUCKER DIRECTOR OF IT 40.00 X 114936 0 29948 DAVID MOREHOUSE DEPUTY DIRECTOR OF ADVANCEMENT 40.00 X 119406 0 6565 JOHN SPRAGUE BUILDINGS MANAGER 40.00 X 103517 0 8585 1348481 0 107351 7 0 1 0 HIRTLE CALLAHAN AND CO FIVE TOWER BRIDGE SUITE 500 300 B WEST CONSHOHOCKEN PA 19428 INVESTMENT MANAGEMENT 300160 1 1153116 38500 20610565 138284 21802181 ADMISSIONS 713990 1181425 1181425 TRAVELING EXHIBITIONS 713990 501230 501230 1682655 5673780 5673780 30375 30375 1892884 502461 1390423 1390423 1390423 4506681 4453551 53130 53130 53130 292301 1153116 292301 0 383784 179526 204258 204258 OTHER INCOME 900099 59814 59814 59814 30896616 1886913 0 7207522 931039 413466 302807 214766 4191634 3067229 548084 576321 113661 79010 21479 13172 593838 401866 124920 67052 438195 289760 98619 49816 50696 15569 25895 9232 73546 73546 120013 120013 309160 309160 754540 420789 231583 102168 617605 427788 111567 78250 551839 498733 51426 1680 391391 243604 95481 52306 1024854 971957 52589 308 366807 295774 71033 ART ACQUISITION 6680354 6680354 ART PRODUCTION AND FABR 558604 557999 605 CAPITAL PROJECT EXPENSE 280646 280646 BUILDING MAINTENANCE & 233702 185257 45909 2536 368467 174698 140681 53088 18650591 14723853 2586030 1340708 1651584 1945267 303473 1219567 6706373 16051491 199400 285044 295591 315354 451291 499709 49565631 16876429 33541193 32689202 91183701 82541321 15411907 17409862 13622174 13613304 163366687 166570121 1056790 716969 126909 329601 11500000 11500000 204196 380932 12887895 12927502 X 143968662 137576735 2204930 2268235 4305200 13797649 150478792 153642619 163366687 166570121 X 12246025 -8957198 -125000 X 0 1 X 1 0 X 3518353 6398144 7242740 3561316 21802181 42522734 3518353 6398144 7242740 3561316 21802181 42522734 12440130 30082604 4049011 5626596 6237467 7376430 7597039 30886543 14424 46879 32540 24566 59814 178223 73587500 7589821 0.40880 0.38500 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X 0 60979180 2000000 -1964186 3126450 57888544 58886635 5785031 -526263 3166223 60979180 54353788 200000 7404704 3071857 58886635 52420666 4974200 3041078 54353788 56252001 -794225 3037110 52420666 0.87090 0.10890 0.02020 0 0 6215652 6215652 2341969 1126386 1215583 39704743 14623224 25081519 909226 820694 88532 394041 306125 87916 32689202 FUND OF FUNDS - LONG/SHORT EQUITIES 8914065 F FUND OF FUNDS - EMERGING MARKETS 8396693 F FUND OF FUNDS- MULTI STRATEGY EQUITIES 99104 F 17409862 SECURITY DEPOSITS 1355 CONSTRUCTION IN PROGRESS 13119404 LEASE ACQUISITION COSTS 90510 DEFERRED RENTAL INCOME 402035 13613304 SECURITY DEPOSITS PAYABLE 380932 380932 21505258 -8957198 -125000 -9082198 30587456 309160 309160 30896616 11380431 0 11380431 309160 6961000 7270160 18650591 PART III, LINE 1A: THE COLLECTION, WHICH WAS ACQUIRED THROUGH PURCHASES AND CONTRIBUTIONS SINCE DIA'S INCEPTION, IS NOT RECOGNIZED AS AN ASSET ON THE STATEMENT OF FINANCIAL POSITION. PURCHASES OF COLLECTION ITEMS ARE EXPENSED IN THE YEAR OF ACQUISITION. CONTRIBUTIONS OF COLLECTION ITEMS ARE NOT RECOGNIZED IN THE STATEMENT OF ACTIVITIES. PROCEEDS FROM DEACCESSIONS OR INSURANCE RECOVERIES ARE REFLECTED ON THE STATEMENT OF ACTIVITIES BASED ON THE ABSENCE OR EXISTENCE AND NATURE OF DONOR-IMPOSED RESTRICTIONS. ACQUISITIONS AND RELATED FABRICATION COSTS TOTALED $6,680,354 AND $763,136 FOR THE YEARS ENDED JUNE 30, 2016 AND 2015. THERE WERE NO DEACCESSIONS DURING THE YEARS ENDED JUNE 30, 2016 AND 2015. THE COLLECTION IS HELD FOR PUBLIC SERVICE RATHER THAN FINANCIAL GAIN, PROTECTED AND PRESERVED, AND SUBJECT TO AN ORGANIZATIONAL POLICY THAT REQUIRES THE PROCEEDS FROM SALES OF SUCH ITEMS TO BE USED TO ACQUIRE OTHER ITEMS FOR THE COLLECTION. PART III, LINE 4: ASSEMBLED LARGELY DURING THE 1970'S AND EARLY 1980'S BY DIA'S FOUNDERS, PHILIPPA DE MENIL AND HEINER FRIEDRICH, THE ORIGINAL COLLECTION INCLUDED WORKS BY SOME OF THE MOST IMPORTANT ARTISTS OF THE 1960S AND 1970S INCLUDING JOSEPH BEUYS, JOHN CHAMBERLAIN, WALTER DE MARIA, DAN FLAVIN, DONALD JUDD, IMI KNOEBEL, BLINKY PALERMO, FRED SANDBACK, CY TWOMBLY, ANDY WARHOL, AND ROBERT WHITMAN. ANTICIPATING THE CREATION OF DIA:BEACON, THE COLLECTION WAS SIGNIFICANTLY AUGMENTED BEGINNING IN THE LATE 1990'S WITH WORKS BY ARTISTS OF THE SAME GENERATION AS THOSE DIA HISTORICALLY SUPPORTED. THESE INCLUDE BERND AND HILLA BECHER, LOUISE BOURGEOIS, MICHAEL HEIZER, ROBERT IRWIN, ON KAWARA, SOL LEWITT, AGNES MARTIN, BRUCE NAUMAN, ROBERT RYMAN, GERHARD RICHTER, RICHARD SERRA, ROBERT SMITHSON, AND LAWRENCE WEINER. SINCE ITS FOUNDING IN 1974, DIA HAS BEEN DEDICATED TO SUPPORTING INDIVIDUAL ARTISTS AND TO PROVIDING LONG-TERM, IN-DEPTH PRESENTATIONS OF THEIR ART. DIA:BEACON'S EXPANSIVE GALLERIES HAVE BEEN SPECIFICALLY DESIGNED FOR THE DISPLAY OF THE ARTWORKS TO WHICH DIA IS COMMITTED, MANY OF WHICH, BECAUSE OF THEIR CHARACTER OR SCALE, COULD NOT BE EASILY ACCOMMODATED BY MORE CONVENTIONAL MUSEUMS. EACH ARTIST'S WORK IS DISPLAYED IN A DEDICATED GALLERY OR GALLERIES, MANY OF WHICH WERE CREATED IN COLLABORATION WITH THE ARTISTS WHOSE WORKS THEY WILL HOLD. IN ADDITION TO WORKS AT DIA:BEACON, DIA'S COLLECTION COMPRISES LONG-TERM, SITE-SPECIFIC PROJECTS IN THE WESTERN UNITED STATES, NEW YORK CITY, AND BRIDGEHAMPTON, LONG ISLAND. THESE WORKS, INCLUDING THE LIGHTNING FIELD, SPIRAL JETTY, AND THE DAN FLAVIN ART INSTITUTE, REFLECT DIA'S COMMITMENT TO PROMOTING ART THAT EXTENDS BEYOND A TRADITIONAL EXHIBITION FRAMEWORK. PART V, LINE 4: DIA'S ENDOWMENT FUNDS ARE INTENDED TO FUND ANNUAL PROGRAMS AND OPERATIONS. PURUSANT TO DIA'S SPENDING POLICY, AN APPROPRIATION MAY BE APPROVED EACH YEAR UP TO 5.5% OF THE AVERAGE FAIR VALUE OF ENDOWMENT FUNDS FOR THE TWELVE QUARTERS UP TO AND INCLUDING DECEMBER 31 OF THE PRECEDING FISCAL YEAR END IN WHICH THE DISTRIBUTION IS PLANNED. PART XI, LINE 2D - OTHER ADJUSTMENTS: REFUND OF PRIOR YEAR GRANT -125,000. PART XII, LINE 4B - OTHER ADJUSTMENTS: CAPITAL PROJECT EXPENSE 280,646. ART AQUISITION 6,680,354. X X X X X X X 1 SUSAN COURTEMANCHE 40 POWDER HORN HILL ROAD WILTON CT 06897 FUNDRAISING CONSULTING 0 0 120013 0 120013 NY FALL GALA 822887 663062 159825 425 30769 35068 93563 SPRING GALA 622530 490054 132476 2139 100155 30182 1445417 1153116 292301 425 32908 135223 123745 292301 0 X 1 1 X X X X 0 0 0 0 0 0 0 0 0 JESSICA MORGAN DIRECTOR 425000 0 0 0 67442 0 4022 0 10045 0 506509 0 0 0 ASHLEY MOHR MITCHELL CHIEF OPERATING OFFICER 173546 0 0 0 0 0 5861 0 2099 0 181506 0 0 0 JAMES SCHAEUFELE DIRECTOR OF BEACON OPERATIONS 212182 0 0 0 0 0 8118 0 16829 0 237129 0 0 0 PART I, LINE 1A JESSICA MORGAN, DIRECTOR, RECEIVED A $20,000 HOUSING ALLOWANCE, INCLUDED AS PART OF OTHER REPORTABLE COMPENSATION REPORTED IN FORM 990, SCHEDULE J, PART II, COLUMN (B)(III). X 9 0 N/A X 31 138284 FAIR MARKET VALUE 1 0 1 0 FORM 990, PART VI, SECTION B, LINE 11 INDEPENDENT AUDITORS PREPARE A DRAFT OF THE FORM 990 WHICH IS REVIEWED BY THE ORGANIZATION'S CHIEF OPERATING OFFICER AND CONTROLLER. ANY CHANGES REQUIRED BY THE CHIEF OPERATING OFFICER OR CONTROLLER ARE MADE BY THE INDEPENDENT AUDITORS WHO THEN RESUBMIT A FINAL DRAFT FOR REVIEW BY THE CHIEF OPERATING OFFICER AND CONTROLLER. A FINAL APPROVED DRAFT FORM 990 IS THEN PREPARED FOR FILING BY THE INDEPENDENT AUDITORS. THE FINAL APPROVED DRAFT IS SUBMITTED TO THE DIRECTOR AND BOARD OF DIRECTORS FOR REVIEW AND APPROVAL. ANY CHANGES REQUIRED BY THE DIRECTOR OR BOARD OF DIRECTORS ARE MADE BY THE INDEPENDENT AUDITORS WHO THEN PREPARE A FINAL SIGNATURE READY FORM 990. THE CHIEF OPERATING OFFICER AND THE DIRECTOR SIGN THE FINAL SIGNATURE ON FORM 990 FOR FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS COMPLETE A QUESTIONNAIRE REGARDING CONFLICT OF INTEREST DISCLOSURES FOR THE TAX PERIOD ON AN ANNUAL BASIS. THE ANSWERS TO THE QUESTIONNAIRE ARE REVIEWED BY THE CHIEF OPERATING OFFICER FOR COMPLIANCE TO THE ORGANIZATION'S CONFLICT OF INTEREST POLICY. IF ANY DISCLOSURES REQUIRE FURTHER INVESTIGATION, THE CHIEF OPERATING OFFICER AND DIRECTOR WORK WITH THE EXECUTIVE COMMITTEE TO INVESTIGATE AND RESOLVE ANY SUCH DISCLOSURES. KEY EMPLOYEES ARE INTERVIEWED ANNUALLY FOR CONFLICT OF INTEREST DISCLOSURES. THE INTERVIEW ANSWERS ARE REVIEWED BY THE CHIEF OPERATING OFFICER FOR COMPLIANCE TO THE ORGANIZATION'S CONFLICT OF INTEREST POLICY. IF ANY DISCLOSURES REQUIRE FURTHER INVESTIGATION, THE CHIEF OPERATING OFFICER WORKS WITH THE DIRECTOR OR DEPUTY DIRECTOR TO INVESTIGATE AND RESOLVE ANY SUCH DISCLOSURES. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR THE DIRECTOR AND OTHER OFFICERS AND KEY EMPLOYEES IS BASED ON AN ANNUAL REVIEW PROCESS THAT EVALUATES AND DOCUMENTS PERFORMANCE AGAINST ANNUAL GOALS AND OBJECTIVES. COMPENSATION IS BASED ON INDUSTRY STATISTICS, COMPARABLE ORGANIZATIONS, EXPERIENCE OF EMPLOYEE, AND, IN THE CASE OF THE DIRECTOR, ANY OTHER INFORMATION THAT THE BOARD OF TRUSTEES FINDS RELEVANT. THE BOARD REVIEWS THE PERFORMANCE OF THE DIRECTOR BASED ON A VARIETY OF FACTORS AND ACCORDING TO THE BEST INTERESTS OF THE ORGANIZATION. THE BOARD MAY, AT THEIR DISCRETION AND IN THE BEST INTEREST OF THE ORGANIZATION, APPROVE CHANGES TO THE DIRECTOR'S COMPENSATION ANNUALLY. THE DIRECTOR REVIEWS PERFORMANCE EVALUATIONS OF OTHER OFFICERS AND KEY EMPLOYEES AND MAKES RECOMMENDATIONS FOR SALARY ADJUSTMENTS BASED ON PREVAILING WAGES AND MERIT. THE BOARD'S FINANCE AND AUDIT COMMITTEE FUNCTIONS AS A COMPENSATION COMMITTEE AND REVIEWS AND APPROVES SALARY RECOMMENDATIONS FOR KEY EMPLOYEES AS PART OF THE BUDGET APPROVAL PROCESS IN MAY. EMPLOYEE COMPENSATION IS ADJUSTED AND SET AT THE START OF EACH FISCAL YEAR, JULY 1. FORM 990, PART VI, SECTION C, LINE 19 AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: REFUND OF PRIOR YEAR GRANT -125,000.