2017-04-03T17:13:12-05:00 2016-06-30 952302617 SINGERLEWAK LLP 10960 WILSHIRE BLVD STE 700 LOS ANGELES CA 900243783 990 2015-07-01 952264067 MUSEUM ASSOCIATES MUSE 3238576142 5905 WILSHIRE BLVD LOS ANGELES CA 90036 ANN ROWLAND CHIEF FINANCIAL OFFICER 3238576142 2017-03-16 1 LIOR TEMKIN P00748170 3104773924 2017-03-16 2015 2021-01-29 14:40:06Z LOS ANGELES COUNTY MUSEUM OF ART (LACMA) ANN ROWLAND 5905 WILSHIRE BLVD LOS ANGELES CA 90036 87015919 0 X WWW.LACMA.ORG X 1938 CA SEE SCHEDULE O 53 51 618 382 148572 -184889 58208103 36575146 36508274 36888816 5061615 6174150 3494015 3697461 103272007 83335573 394136 472248 0 0 34757409 37696384 0 0 6119040 77732805 70818797 112884350 108987429 -9612343 -25651856 729171379 709060802 468247320 507474444 260924059 201586358 X SEE SCHEDULE O 0 0 38299274 472248 1456432 EXHIBITION, CURATORIAL, CONSERVATION & ART PROGRAMSLACMA PRESENTED 31 EXHIBITIONS AND PERMANENT COLLECTION INSTALLATIONS IN FISCAL 2015-2016, FEATURING ARTWORKS FROM ITS OWN COLLECTION AND FROM LENDERS AROUND THE WORLD. PUBLIC PROGRAMS, FILMS, AND CONCERTS ARE DEVELOPED IN COORDINATION WITH SPECIAL EXHIBITIONS. MANY WORKS FROM THE MUSEUM'S COLLECTION OF OVER 130,000 OBJECTS ARE TREATED BY CONSERVATORS, WHILE THE MUSEUM'S RESEARCH LIBRARY AND SCHOLARLY PUBLICATIONS PROVIDE REFERENCE SUPPORT TO MUSEUM STAFF AND OUTSIDE SCHOLARS. ALL OF THESE ACTIVITIES SERVE TO MEET THE GOALS OF CONSERVATION, EXHIBITION AND INTERPRETATION OF THE ART INTO MEANINGFUL AESTHETIC, INTELLECTUAL, AND CULTURAL EXPERIENCES. 30180173 FACILITY ENHANCEMENTFINANCING AND DEPRECIATION EXPENSE REPRESENT AMORTIZATION OF THE CAPITALIZED COSTS OF CONSTRUCTING THE MUSEUM'S PHYSICAL FACILITIES, AN ACTIVITY THAT IS ONE OF THE CORE REASONS MUSEUM ASSOCIATES WAS FOUNDED. THIS CATEGORY OF EXPENSE ALSO REFLECTS ON-GOING ACTIVITY FOR PROJECTS THAT WERE NOT CAPITALIZED, SUCH AS ARCHITECTURAL PLANNING. 11532116 391619 PUBLIC AND PROTECTIVE SERVICES AND ENGAGEMENTIT IS A MUSEUM GOAL TO CONTINUOUSLY EXPAND AND SERVE AUDIENCES OF ALL AGES, ETHNICITIES, AND SOCIO-ECONOMIC BACKGROUNDS BY CREATING WELCOMING ENVIRONMENTS AND PROGRAMS. THIS IS ACCOMPLISHED THROUGH A VARIETY OF MEANS, INCLUDING ON-SITE STAFF AND CONTRACTORS PROTECTING ART AND PROVIDING SERVICE TO THE PUBLIC, SPECIAL EVENTS, PROMOTIONAL CAMPAIGNS, CAMPUS WAY-FINDING MEDIA, AND THE MUSEUM MAGAZINE. 11698162 36335072 IT IS A MUSEUM GOAL TO CONTINUOUSLY EXPAND AND SERVE AUDIENCES OF ALL AGES, ETHNICITIES, AND SOCIO-ECONOMIC BACKGROUNDS BY CREATING WELCOMING ENVIRONMENTS AND PROGRAMS. THIS IS ACCOMPLISHED THROUGH A VARIETY OF MEANS, INCLUDING THE MUSEUM MAGAZINE, SPECIAL EVENTS, PROMOTIONAL CAMPAIGNS, CAMPUS WAY-FINDING MEDIA, AND ON-SITE STAFF PROVIDING SERVICE TO THE PUBLIC. THE MUSEUM ALSO WORKS TO EXTEND THE MUSEUM EXPERIENCE IN THE FULLEST POSSIBLE WAY TO THE WIDEST POSSIBLE AUDIENCE. TO ACHIEVE THIS GOAL, IT OFFERS MANY EDUCATIONAL OUTREACH PROGRAMS IN LOCAL SCHOOLS AND ON-SITE FOR CHILDREN AND TEENS AS WELL AS CLASSES AND OTHER PROGRAMS AND INTERPRETIVE MATERIALS FOR COLLEGE STUDENTS AND ADULTS. IT ALSO PROVIDES IMAGES, INFORMATION, AND OTHER WAYS TO ACCESS ITS COLLECTIONS AND PROGRAMS THROUGH THE WEB AND MANY OTHER DIGITAL MEDIA. 11698162 36335072 91709725 1 1 0 1 0 0 1 1 0 1 1 1 0 0 1 1 1 0 0 1 0 0 0 0 1 0 0 1 0 1 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 1 0 0 0 1 287 0 1 618 1 1 1 0 0 0 0 1 1 0 0 0 0 X 53 51 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X X X ANN ROWLAND CHIEF FINANCIAL OFFICER 3238576142 5905 WILSHIRE BLVD LOS ANGELES CA 90036 X TONY P RESSLER CO-CHAIR OF THE BOARD 0.50 X X 0 0 0 ELAINE P WYNN CO-CHAIR OF THE BOARD 0.50 X X 0 0 0 WILLIAM H AHMANSON VICE CHAIR 0.50 X X 0 0 0 WILLOW BAY VICE CHAIR 0.50 X X 0 0 0 ROBERT KOTICK VICE CHAIR 0.50 X X 0 0 0 LYNDA RESNICK VICE CHAIR 0.50 X X 0 0 0 WALLIS ANNENBERG TRUSTEE 0.50 X 0 0 0 MARK ATTANASIO TRUSTEE 0.50 X 0 0 0 AMBASSADOR NICOLE AVANT TRUSTEE 0.50 X 0 0 0 DR REBECKA BELLDEGRUN TRUSTEE 0.50 X 0 0 0 NICOLAS BERGGRUEN TRUSTEE 0.50 X 0 0 0 DAVID C BOHNETT TRUSTEE 0.50 X 0 0 0 SUZANNE DEAL BOOTH TRUSTEE 0.50 X 0 0 0 ANDREW BRANDON-GORDON TRUSTEE 0.50 X 0 0 0 BRIGITTE BREN TRUSTEE 0.50 X 0 0 0 EVA CHOW TRUSTEE 0.50 X 0 0 0 ANN COLGIN TRUSTEE 0.50 X 0 0 0 JANET CROWN TRUSTEE 0.50 X 0 0 0 KELVIN DAVIS TRUSTEE 0.50 X 0 0 0 KELLY DAY TRUSTEE 0.50 X 0 0 0 JOSHUA S FRIEDMAN TRUSTEE 0.50 X 0 0 0 GABRIELA GARZA TRUSTEE 0.50 X 0 0 0 THELMA GOLDEN TRUSTEE 0.50 X 0 0 0 TOM GORES TRUSTEE 0.50 X 0 0 0 CAROLINE GRAINGE TRUSTEE 0.50 X 0 0 0 BRIAN GRAZER TRUSTEE 0.50 X 0 0 0 BRAD GREY TRUSTEE 0.50 X 0 0 0 VICTORIA JACKSON TRUSTEE 0.50 X 0 0 0 SUZANNE KAYNE TRUSTEE 0.50 X 0 0 0 LYN DAVIS LEAR TRUSTEE 0.50 X 0 0 0 BRYAN LOURD TRUSTEE 0.50 X 0 0 0 MICHAEL LYNTON TRUSTEE 0.50 X 0 0 0 ROBERT F MAGUIRE III TRUSTEE 0.50 X 0 0 0 JAMIE MCCOURT TRUSTEE 0.50 X 0 0 0 RICHARD MERKIN MD TRUSTEE 0.50 X 0 0 0 HEATHER MNUCHIN TRUSTEE 0.50 X 0 0 0 WENDY STARK MORRISSEY TRUSTEE 0.50 X 0 0 0 JANE NATHANSON TRUSTEE 0.50 X 0 0 0 PETER NORTON TRUSTEE 0.50 X 0 0 0 ANNE PALMER TRUSTEE 0.50 X 0 0 0 VIVECA PAULIN-FERRELL TRUSTEE 0.50 X 0 0 0 ANTHONY N PRITZKER TRUSTEE 0.50 X 0 0 0 JANET DREISEN REPPAPORT TRUSTEE 0.50 X 0 0 0 STEVEN F ROTH TRUSTEE 0.50 X 0 0 0 CAROLE BAYER SAGER TRUSTEE 0.50 X 0 0 0 FLORENCE SLOAN TRUSTEE 0.50 X 0 0 0 ERIC SMIDT TRUSTEE 0.50 X 0 0 0 MICHAEL G SMOOKE TRUSTEE 0.50 X 0 0 0 JONATHAN D SOKOLOFF TRUSTEE 0.50 X 0 0 0 STEVE TISCH TRUSTEE 0.50 X 0 0 0 CASEY WASSERMAN TRUSTEE 0.50 X 0 0 0 DASHA ZHUKOVA TRUSTEE 0.50 X 0 0 0 ANN ZIFF TRUSTEE 0.50 X 0 0 0 MICHAEL GOVAN CEO & WALLIS ANNENBERG DIRECTOR 40.00 X 883170 178525 223920 FRED GOLDSTEIN SVP, GENERAL COUNSEL & SECRETARY 40.00 X 316256 0 68504 ANN ROWLAND CHIEF FINANCIAL OFFICER 40.00 X 70252 155772 124829 THERESA MORELLO SVP, EXTERNAL AFFAIRS 40.00 X 467315 0 33049 DIANA VESGA CHIEF ADMINISTRATIVE OFFICER 40.00 X 372137 0 49224 MELISSA BOMES SVP OF DEVELOPMENT & AUDIENCE STRATEGY 40.00 X 313979 0 30798 NANCY THOMAS SR. DEPUTY DIRECTOR OF ART ADMIN & COLLECTIONS 40.00 X 118504 120606 87221 JANE BURRELL SVP, EDUCATION & PUBLIC PROGRAMS 40.00 X 141441 72761 74047 MARK MITCHELL BUDGET AND INVESTMENT OFFICER 40.00 X 210521 0 44416 ZOE KAHR DEPUTY DIRECTOR OF EXHIBITIONS & PLANNING 40.00 X 231080 0 16330 KRISTEN SHEPHERD AVP, AUDIENCE STRATEGY & SERVICES 40.00 X 209352 0 20822 STEPHANIE BARRON SENIOR CURATOR & DEPT HEAD 40.00 X 81329 104276 84530 BERNADITA SIDES AVP HUMAN RESOURCES 40.00 X 184805 0 19427 DIANA MAGALONI-KERPEL DEPUTY DIRECTOR & DIRECTOR OF THE PROGRAM FOR ART 40.00 X 184275 0 41062 3784416 631940 918179 47 0 1 0 ALLIED BARTON SECURITY SERVICES EIGHT TOWER BRIDGE 161 WASHINGTON CONSHOHOCKEN PA 19428 SECURITY 5481925 ATELIER PETER ZUMTHOR & PARTNER ARCHITEKTURBURO SUSSWINKEL 20 HALDENSTEIN SZ CH-7023 ARCHITECTURE 2245187 J BEN BOURGEOIS PRODUCTIONS 512 N LARCHMONG BLVD LOS ANGELES CA 90004 SPECIAL EVENTS DESIGNER 1637896 PATINA RESTAURANT GROUP LLC 1150 S OLIVE ST STE TGL LOS ANGELES CA 90015 CATERING 1362312 US ART COMPANY INC 66 PACELLA PARK DR RANDOLPH MA 02368 SHIPPING & STORAGE 1281921 27 X 8174843 4479960 928581 22991762 9829614 36575146 COUNTY OPERATING CONTR 900099 23081000 23081000 ADMISSIONS 900099 7669466 7669466 PARKING REVENUE 900099 2464750 2464750 EXHIBITION REVENUE 900099 1456432 1456432 COLLECTION ITEMS SOLD 900099 1056599 1056599 1160569 1160569 36888816 1858195 148572 1709623 127466 127466 1397539 0 1397539 1397539 1397539 4315955 0 4315955 4315955 4315955 2586668 4479960 2586668 0 2196071 1093678 1102393 1102393 FOOD SERVICES 900099 453596 453596 FACILITY USE FEE 900099 325422 325422 ART HANDLING & OTH SVC 900099 191914 191914 99131 99131 1070063 83335573 38183123 148572 8428732 X 472248 472248 2506364 824880 1112026 569458 24650304 18039245 3857954 2753105 6059920 4234335 1159304 666281 2624902 1790943 541206 292753 1854894 1402128 238087 214679 70636 48817 21819 44200 44200 646098 646098 11522775 9960328 1263523 298924 410088 400160 9928 3929086 2933793 467891 527402 1113684 648508 384087 81089 32674 32252 422 4612732 4277681 320773 14278 1330072 1221297 43317 65458 13575703 13575703 8064804 7581948 482856 1461371 1453609 5773 1989 CONSTRUCTION COSTS 9022522 9022522 ART ACQUISITION 5735574 5735574 ART INSTALLATION & PUBL 4281040 4281040 REMOTE ART PROJECTS 1574933 1574933 3390805 2197781 559400 633624 108987429 91709725 11158664 6119040 X 1730668 3859173 91592684 78212957 7513205 7792023 894255 797911 137291 106459 349828867 68101216 289556284 281727651 323560291 148980898 174398168 14186701 13185562 729171379 709060802 7710520 9916358 41215945 39473380 343000000 343000000 2237462 1650001 74083393 113434705 468247320 507474444 X 97738567 53439777 141127245 126082157 22058247 22064424 260924059 201586358 729171379 709060802 X -25651856 -2058245 -31627600 X X 0 1 X 1 0 X 40644892 42375861 70676397 58194943 36575146 248467239 40644892 42375861 70676397 58194943 36575146 248467239 16999882 231467357 2595913 2780527 4782532 6847983 7550583 24557538 19852 421711 33884 148572 624019 902903 850857 1150691 649155 878149 4431755 278080551 181825238 0.83240 0.83180 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: FACILITY USE FEE - 2011 AMOUNT: $ 437,953. 2012 AMOUNT: $ 353,563. 2013 AMOUNT: $ 464,524. 2014 AMOUNT: $ 144,449. 2015 AMOUNT: $ 325,422. OTHER REVENUE - 2011 AMOUNT: $ 191,167. 2012 AMOUNT: $ 89,439. 2013 AMOUNT: $ 132,245. 2014 AMOUNT: $ 72,586. 2015 AMOUNT: $ 99,131. FOOD SERVICES - 2011 AMOUNT: $ 273,783. 2012 AMOUNT: $ 407,855. 2013 AMOUNT: $ 553,922. 2014 AMOUNT: $ 432,120. 2015 AMOUNT: $ 453,596. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 3041 3041 108984388 108987429 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 500322 720 2974 3041 507057 250000 250000 250000 250000 1000000 1500000 PART II-B, LINE 1: THE MUSEUM'S GENERAL COUNSEL COMMUNICATED WITH THE OFFICE OF A FEDERAL LEGISLATOR IN SUPPORT OF THE FOREIGN CULTURAL EXCHANGE JURISDICTIONAL IMMUNITY ACT AND THE HOLOCAUST EXPROPRIATED ART RECOVERY ACT. HE ALSO DRAFTED A LETTER TO THE GOVERNOR OF CALIFORNIA IN SUPPORT OF SB 767, WHICH WOULD AUTHORIZE L.A. METRO TO PLACE A TRANSPORTATION TAX ON A FUTURE BALLOT. X X X X 1 1316.50 0 1 0 0.00 0 X X X X X PUBLIC EDUCATION 1 125782946 6177 719758 6223150 120285731 125521909 10168 6369796 6118927 125782946 115294358 34865 15578226 5385540 125521909 110803247 10764 10277456 5797109 115294358 117875345 966090 -2272933 5765255 110803247 0.50000 0.18300 0.31700 0 0 35747913 35747913 303277925 57973718 245304207 10803029 10127498 675531 281727651 ABSOLUTE RETURN INVESTMENTS 109261523 F OTHER PARTNERSHIPS AND OTHER FUNDS 65136645 F 174398168 INTEREST RATE SWAPS 100753320 UNDERFUNDED PENSION LIABILITIES 6610810 COUNTY FUNDING AGREEMENT OBLIGATION 4498265 SPLIT-INTEREST AGREEMENT LIABILITIES 1572310 113434705 X 49040709 -2058245 -31180020 -33238265 82278974 1056599 1056599 83335573 103699435 447580 447580 103251855 5735574 5735574 108987429 PART II, LINE 5: THE MUSEUM MONITORS ITS EASEMENTS ON A CASE-BY-CASE BASIS BUT DOES NOT HAVE OFFICIAL PROCEDURES FOR SUCH MONITORING. EASEMENTS ARE NOT A PRIORITY OF THE MUSEUM AND ARE ACCEPTED ON A CASE-BY-CASE BASIS AND ONLY IF THEY SUPPORT LACMA'S MISSION. PART II, LINE 9: AS THERE IS NO FINANCIAL IMPACT, THE MUSEUM DOES NOT REPORT THIS CONSERVATION EASEMENT IN ITS FINANCIAL STATEMENTS. PART III, LINE 1A: IN CONFORMITY WITH THE PRACTICE FOLLOWED BY MANY MUSEUMS, ART OBJECTS PURCHASED BY OR DONATED TO THE MUSEUM ARE NOT CAPITALIZED IN THE STATEMENT OF FINANCIAL POSITION. THE MUSEUM'S ART COLLECTION IS MADE UP OF ART OBJECTS THAT ARE HELD FOR EXHIBITION AND VARIOUS OTHER PROGRAM ACTIVITIES. EACH OF THE ITEMS IS CATALOGUED, PRESERVED AND CARED FOR, AND ACTIVITIES VERIFYING THEIR EXISTENCE AND ASSESSING THEIR CONDITION ARE PERFORMED CONTINUOUSLY. PURCHASED COLLECTION ITEMS ARE RECORDED AS DECREASES IN UNRESTRICTED NET ASSETS IN THE YEAR IN WHICH THE ITEMS ARE ACQUIRED. CONTRIBUTED COLLECTION ITEMS ARE EXCLUDED FROM THE FINANCIAL STATEMENTS. PART III, LINE 4: THE LOS ANGELES COUNTY MUSEUM OF ART (THE "MUSEUM") IS THE PREMIER ENCYCLOPEDIC ART MUSEUM IN THE WESTERN UNITED STATES. THE MUSEUM'S COLLECTION OF MORE THAN 130,000 ARTWORKS FROM AROUND THE WORLD SPANS THE HISTORY OF ART, FROM ANCIENT TO CONTEMPORARY TIMES, INCLUDING ESPECIALLY STRONG COLLECTIONS OF ASIAN, LATIN AMERICAN, EUROPEAN, AND AMERICAN ART. THROUGH ITS VARIED COLLECTIONS, THE MUSEUM IS BOTH A RESOURCE TO AND A REFLECTION OF THE MANY CULTURAL COMMUNITIES AND HERITAGES IN SOUTHERN CALIFORNIA AND THROUGHOUT THE WORLD. PART V, LINE 4: THE EARNINGS OF THE MUSEUM'S ENDOWMENT FUNDS SUPPORT EDUCATION AND ART PROGRAMS, AND THE MISSION OF THE MUSEUM. PART X, LINE 2: IN ACCORDANCE WITH ACCOUNTING STANDARDS CODIFICATION TOPIC NO. 710 "UNCERTAINTY IN INCOME TAXES", THE MUSEUM RECOGNIZES THE IMPACT OF TAX POSITIONS IN THE FINANCIAL STATEMENTS IF THAT POSITION IS MORE LIKELY THAN NOT TO BE SUSTAINED ON AUDIT BASED ON THE TECHNICAL MERITS OF THE POSITION. DURING THE TAX YEAR JUNE 30, 2016 THE MUSEUM PERFORMED AN EVALUATION OF UNCERTAIN TAX POSITIONS AND DID NOT NOTE ANY MATTERS THAT WOULD REQUIRE RECOGNITION IN THE FINANCIAL STATEMENTS OR WHICH MAY HAVE AN EFFECT ON ITS TAX-EXEMPT STATUS AND TO DATE NOT RECORDED ANY UNCERTAIN TAX POSITIONS. THE MUSEUM IS NO LONGER SUBJECT TO U.S. FEDERAL TAX EXAMINATIONS BY TAX AUTHORITIES FOR THE YEAR ENDED BEFORE JUNE 30, 2013 AND STATE EXAMINATIONS FOR THE YEARS ENDED BEFORE JUNE 30, 2012. PART XI, LINE 2D - OTHER ADJUSTMENTS: COGS 1,093,678. UNREALIZED GAINS (LOSSES) - ON INTEREST RATE SWAP -31,627,600. INVESTMENT MANAGEMENT FEES -646,098. PART XI, LINE 4B - OTHER ADJUSTMENTS: COLLECTION ITEMS SOLD 1,056,599. PART XII, LINE 2D - OTHER ADJUSTMENTS: COGS 1,093,678. INVESTMENT MANAGEMENT FEES -646,098. PART XII, LINE 4B - OTHER ADJUSTMENTS: COLLECTION ITEMS PURCHASED 5,735,574. ART & FILM GALA 4551021 2420559 2130462 0 0 2130462 COLLECTOR'S COMMITTEE 2492808 2039412 453396 0 0 453396 2 22799 19989 2810 0 0 2810 7066628 4479960 2586668 0 0 2586668 2586668 0 1 THE NELSON GALLERY FOUNDATION 4525 OAK ST KANSAS CITY MO 64111 446012977 501(C)(3) 136941 CASH GRANTS N/A TO ENCOURAGE DIVERSITY IN THE CURATORIAL AREA. THE ART INSTITUTE OF CHICAGO 111 SOUTH MICHIGAN AVE CHICAGO IL 60603 362167725 501(C)(3) 112579 CASH GRANTS N/A TO ENCOURAGE DIVERSITY IN THE CURATORIAL AREA. THE MUSEUM OF FINE ARTS HOUSTON PO BOX 6826 HOUSTON TX 77265 741109655 501(C)(3) 107942 CASH GRANTS N/A TO ENCOURAGE DIVERSITY IN THE CURATORIAL AREA. THE HIGH MUSEUM OF ART 1280 PEACHTREE ST NE ATLANTA GA 30309 580633971 501(C)(3) 114786 CASH GRANTS N/A TO ENCOURAGE DIVERSITY IN THE CURATORIAL AREA. 4 0 PART I, LINE 2: THE MUSEUM MONITORS THE USE OF GRANT FUNDS ON A CASE-BY-CASE BASIS BUT DOES NOT HAVE OFFICIAL PROCEDURES FOR SUCH MONITORING. GRANT MAKING IS NOT A PRIORITY OF THE MUSEUM. GRANTS ARE MADE ON A CASE-BY-CASE BASIS AND ONLY IF THEY SUPPORT LACMA'S MISSION. X X 1 1 X X X X X X 1 0 0 0 0 0 0 0 0 MICHAEL GOVAN CEO & WALLIS ANNENBERG DIRECTOR 781170 171817 0 0 102000 6708 123196 0 0 100724 1006366 279249 0 0 FRED GOLDSTEIN SVP, GENERAL COUNSEL & SECRETARY 316256 0 0 0 0 0 61619 0 6885 0 384760 0 0 0 ANN ROWLAND CHIEF FINANCIAL OFFICER 70252 155772 0 0 0 0 16890 0 0 107939 87142 263711 0 0 THERESA MORELLO SVP, EXTERNAL AFFAIRS 467315 0 0 0 0 0 33049 0 0 0 500364 0 0 0 DIANA VESGA CHIEF ADMINISTRATIVE OFFICER 322137 0 50000 0 0 0 25260 0 23964 0 421361 0 0 0 MELISSA BOMES SVP OF DEVELOPMENT & AUDIENCE STRATE 313379 0 0 0 600 0 29988 0 810 0 344777 0 0 0 NANCY THOMAS SR. DEPUTY DIRECTOR OF ART ADMIN & C 118504 120606 0 0 0 0 27199 0 0 60022 145703 180628 0 0 JANE BURRELL SVP, EDUCATION & PUBLIC PROGRAMS 141441 72761 0 0 0 0 34006 0 0 40041 175447 112802 0 0 MARK MITCHELL BUDGET AND INVESTMENT OFFICER 210521 0 0 0 0 0 37544 0 6872 0 254937 0 0 0 ZOE KAHR DEPUTY DIRECTOR OF EXHIBITIONS & PLA 230480 0 0 0 600 0 15588 0 742 0 247410 0 0 0 KRISTEN SHEPHERD AVP, AUDIENCE STRATEGY & SERVICES 209352 0 0 0 0 0 14054 0 6768 0 230174 0 0 0 STEPHANIE BARRON SENIOR CURATOR & DEPT HEAD 81329 104276 0 0 0 0 19244 0 0 65286 100573 169562 0 0 BERNADITA SIDES AVP HUMAN RESOURCES 184805 0 0 0 0 0 2883 0 16544 0 204232 0 0 0 DIANA MAGALONI-KERPEL DEPUTY DIRECTOR & DIRECTOR OF THE PR 184275 0 0 0 0 0 24535 0 16527 0 225337 0 0 0 PART I, LINE 1A THE MUSEUM PROVIDES A HOUSE FOR THE DIRECTOR, THE IMPUTED VALUE OF WHICH IS SHOWN IN COLUMN B(III), ROW 1(I). THE MUSEUM PROVIDED FIRST CLASS TRAVEL FOR THE DIRECTOR IN SELECT INSTANCES WHERE A PARTICULAR CARRIER DID NOT HAVE BUSINESS CLASS SEATS AVAILABLE, TOTALING $14,572. PART I, LINE 4A PER A CONFIDENTIALITY AGREEMENT SIGNED BY THE ORGANIZATION, THE SEVERANCE PACKAGE PAID TO AN EMPLOYEE IS NOT OPEN FOR PUBLIC INSPECTION. HOWEVER, THIS INFORMATION WILL BE PROVIDED TO ANY GOVERNMENTAL AGENCY UPON REQUEST. A CALIFORNIA INFRASTRUCTURE AND ECONOMIC DEVELOPMENT BANK 630304653 13034ACQ1 2013-08-15 78000000 REFUNDING OF 2008 BONDS 0 0 0 B DIRECT PURCHASE - WELLS FARGO 13034ACT5 2013-08-15 115000000 REFUNDING OF 2008 BONDS 0 0 0 C DIRECT PURCHASE - UNION BANK LACM2013C 2013-08-15 100000000 REFUNDING OF 2008 BONDS 0 0 0 D DIRECT PURCHASE - US BANK LACM2013D 2013-08-15 50000000 REFUNDING OF 2008 BONDS 0 0 0 A 78000000 78000000 2010 1 0 0 1 B 115000000 115000000 2010 1 0 0 1 C 100000000 100000000 2010 1 0 0 1 D 50000000 50000000 2010 1 0 0 1 A 0 0 1 1 0 0 0 1 B 0 0 1 1 0 0 0 1 C 0 0 1 1 0 0 0 1 D 0 0 1 1 0 0 0 1 A 0 0 0 0 1 0 0 0 0 B 0 0 0 0 1 0 0 0 0 C 0 0 0 0 1 0 0 0 0 D 0 0 0 0 1 0 0 0 0 A 1 B 1 C 1 D 1 SCHEDULE K, PART I, BOND ISSUES: (A) ISSUER NAME: CALIFORNIA INFRASTRUCTURE AND ECONOMIC DEVELOPMENT BANK (F) DESCRIPTION OF PURPOSE: REFUNDING OF 2008 BONDS (A) ISSUER NAME: DIRECT PURCHASE - WELLS FARGO (F) DESCRIPTION OF PURPOSE: REFUNDING OF 2008 BONDS (A) ISSUER NAME: DIRECT PURCHASE - UNION BANK (F) DESCRIPTION OF PURPOSE: REFUNDING OF 2008 BONDS (A) ISSUER NAME: DIRECT PURCHASE - US BANK (F) DESCRIPTION OF PURPOSE: REFUNDING OF 2008 BONDS JOSHUA S FRIEDMAN TRUSTEE OF MUSEUM ASSOCIATES AND A CO-CHAIR OF THE FINANCE COMMITTEE. 127145 SEE PART VINV. MGMT FEESMR. FRIEDMAN IS ALSO A FOUNDER, CO-CHAIR AND CO-CHIEF EXECUTIVE OFFICER FOR CANYON CAPITAL ADVISORS LLC (CCA, LLC), AN INVESTMENT FIRM THAT IS PAID FOR MANAGEMENT SERVICES FOR INVESTING FUNDS OF THE ORGANIZATION, WHICH ARE BASED IN PART, ON REVENUES FROM THE PERFORMANCE OF THESE INVESTMENTS. MUSEUM ASSOCIATES INVESTED WITH CCA, LLC IN 2005, FOUR YEARS PRIOR TO MR. FRIEDMAN JOINING THE BOARD. MUSEUM ASSOCIATES HAS NOT INVESTED ANY ADDITIONAL FUNDS IN CCA, LLC SINCE THE DATE OF THE INITIAL INVESTMENT. LESS THAN 3% OF THE MUSEUM'S TOTAL PORTFOLIO IS INVESTED WITH MR. FRIEDMAN'S FIRM.FEES ARE BASED ON A PERCENTAGE OF ASSETS UNDER INVESTMENT MANAGEMENT AND AN INCENTIVE FEE BASED ON THE INVESTMENT PERFORMANCE. 1 JONATHAN SOKOLOFF TRUSTEE OF MUSEUM ASSOCIATES AND MEMBER OF THE BOARD FINANCE COMMITTEE. 8401 SEE PART VINV. MGMT FEESMR. SOKOLOFF IS ALSO A MANAGING PARTNER OF LEONARD GREEN & PARTNERS L.P., AN INVESTMENT FIRM THAT IS PAID FOR MANAGEMENT SERVICES FOR INVESTING FUNDS OF THE ORGANIZATION, WHICH ARE BASED IN PART, ON REVENUES FROM THE PERFORMANCE OF THESE INVESTMENTS. MUSEUM ASSOCIATES INVESTED WITH LEONARD GREEN & PARTNERS IN 2012, TWO AND A HALF YEARS PRIOR TO MR. SOKOLOFF JOINING THE BOARD. MUSEUM ASSOCIATES HAS MADE NO NEW INVESTMENT COMMITMENTS WITH LEONARD GREEN & PARTNERS SINCE THE DATE OF THE INITIAL INVESTMENT.LESS THAN 1% OF THE MUSEUM'S TOTAL PORTFOLIO IS INVESTED WITH MR. SOKOLOFF'S FIRM.FEES ARE BASED ON A PERCENTAGE OF ASSETS UNDER INVESTMENT MANAGEMENT AND AN INCENTIVE FEE BASED ON THE INVESTMENT PERFORMANCE. 1 X 141 SEE PART II X 3 SEE PART II X 24 9829614 FMV OF AVG. STOCK VALUE 36 0 1 1 PART I, LINE 32B: THE MUSEUM USES BROKERS TO SELL SECURITIES AND USES AUCTION HOUSES AND ART DEALERS TO SELL WORKS ON CONSIGNMENT. PART I, LINE 33: IN CONFORMITY WITH THE PRACTICES OF MANY MUSEUMS, ART OBJECTS PURCHASED OR DONATED TO THE MUSEUM ARE NOT CAPITALIZED IN THE STATEMENT OF FINANCIAL POSITION. THE MUSEUM'S ART COLLECTION IS MADE UP OF ART OBJECTS THAT ARE HELD FOR EXHIBITION AND VARIOUS OTHER PROGRAM ACTIVITIES. EACH OF THE ITEMS IS CATALOGUED, PRESERVED AND CARED FOR, AND ACTIVITIES VERIFYING THEIR EXISTENCE AND ASSESSING THEIR CONDITION ARE PERFORMED CONTINUOUSLY. PURCHASED COLLECTION ITEMS ARE RECORDED AS DECREASES IN UNRESTRICTED NET ASSETS IN THE YEAR IN WHICH THE ITEMS ARE ACQUIRED. CONTRIBUTED COLLECTION ITEMS ARE EXCLUDED FROM THE FINANCIAL STATEMENTS. FORM 990, PART I & PART III LINE 1, DESCRIPTION OF ORGANIZATION MISSION: TO SERVE THE PUBLIC THROUGH THE COLLECTION, CONSERVATION, EXHIBITION AND INTERPRETATION OF SIGNIFICANT WORKS OF ART FROM A BROAD RANGE OF CULTURES AND HISTORICAL PERIODS, AND THROUGH TRANSLATION OF THESE COLLECTIONS INTO MEANINGFUL EDUCATIONAL, AESTHETIC, INTELLECTUAL AND CULTURAL EXPERIENCES FOR THE WIDEST ARRAY OF AUDIENCES. THE LOS ANGELES COUNTY MUSEUM OF ART (THE "MUSEUM") IS THE PREMIER ENCYCLOPEDIC ART MUSEUM IN THE WESTERN UNITED STATES. THE MUSEUM'S COLLECTION OF MORE THAN 130,000 ARTWORKS FROM AROUND THE WORLD SPANS THE HISTORY OF ART, FROM ANCIENT TO CONTEMPORARY TIMES, INCLUDING ESPECIALLY STRONG COLLECTIONS OF ASIAN, LATIN AMERICAN, EUROPEAN, AND AMERICAN ART. THROUGH ITS VARIED COLLECTIONS, THE MUSEUM IS BOTH A RESOURCE TO AND A REFLECTION OF THE MANY CULTURAL COMMUNITIES AND HERITAGES IN SOUTHERN CALIFORNIA AND THROUGHOUT THE WORLD. THIS FISCAL YEAR, THE MUSEUM PRESENTED 31 EXHIBITIONS AND PERMANENT COLLECTION INSTALLATIONS, ACQUIRED 3,105 NEW WORKS OF ART, PROVIDED PROGRAMS FOR 84,592 SCHOOL CHILDREN. TOTAL ATTENDANCE AT THE MUSEUM WAS 1,407,405. FORM 990, PART 1, LINE 8: THE DECREASE IN CONTRIBUTIONS FROM FISCAL YEAR END 06/30/15 TO FISCAL YEAR END 06/30/16 IS ATTRIBUTABLE TO THE FACT THAT LACMA COMPLETED ITS MOMENTUM CAMPAIGN IN FISCAL YEAR END 06/30/15. A LARGE MULTIPLE-YEAR CORPORATE GIFT WAS ALSO RECOGNIZED IN FISCAL YEAR END 06/30/15. FORM 990, PART I, LINE 19: WHILE REVENUE LESS EXPENSES FOR LINE 19 READS AS A DEFICIT OF $25,800,428, THE MUSEUM'S CASH FLOWS WERE ACTUALLY CONSIDERABLY BETTER THAN THIS, SINCE THIS NUMBER REFLECTS $12,964,789 OF BOND INTEREST AND FEES, WHICH WERE MORE THAN COVERED BY CASH PAYMENTS ON OUTSTANDING GIFT PLEDGES RECOGNIZED AS REVENUE IN OTHER YEARS, AND $8,675,718 OF DEPRECIATION EXPENSE AND BOND AMORTIZATION COSTS WHICH ARE NON-CASH ACCOUNTING CHARGES. IT ALSO REFLECTS $7,740,969 OF ARCHITECTURAL AND OTHER CONSULTANT EXPENSES FOR THE PLANNING STAGE OF A NEW MUSEUM FACILITY, FOR WHICH FUNDS HAD BEEN PROVIDED TO THE MUSEUM BUT NOT RECOGNIZED AS REVENUE IN THIS FISCAL YEAR. ADJUSTING FOR THESE ITEMS, LINE 19 WOULD SHOW A SURPLUS OF $3,311,048. FORM 990, PART VI, SECTION A, LINE 1 THE MUSEUM'S BYLAWS ESTABLISH AN EXECUTIVE COMMITTEE AS ONE OF ITS STANDING COMMITTEES ELECTED ANNUALLY BY THE BOARD OF TRUSTEES. THE EXECUTIVE COMMITTEE HAS THE AUTHORITY TO ACT, BETWEEN MEETINGS OF THE BOARD OF TRUSTEES, ON BEHALF OF THE BOARD OF TRUSTEES, SUBJECT TO CERTAIN EXCEPTIONS, INCLUDING THOSE SET FORTH IN APPLICABLE STATE LAW. THE SCOPE OF THE COMMITTEE'S AUTHORITY, INCLUDING THE EXCEPTIONS THERETO, IS SET FORTH IN THE BYLAWS OF THE MUSEUM, WHICH ARE PUBLISHED ON THE MUSEUM'S WEBSITE. THE COMMITTEE IS COMPRISED OF THE CO-CHAIRS OF THE BOARD, THE CHAIRS OF EACH STANDING COMMITTEE OF THE BOARD AND OTHER TRUSTEES ELECTED BY THE BOARD. ALL MEMBERS OF THE COMMITTEE ARE VOTING TRUSTEES. FORM 990, PART VI, SECTION A, LINE 4 DURING FISCAL YEAR END 06/30/16, THE ORGANIZATION AMENDED ITS BYLAWS. AMENDMENTS CONSIST OF THE FOLLOWING SIGNIFICANT CHANGES: -ADDING "SERVICE ON COMMITTEES" AS AN EVALUATION CRITERIA TO BE USED BY THE COMMITTEE ON TRUSTEES FOR RE-NOMINATION OF TRUSTEES TO THE BOARD (ARTICLE IV, SECTIONS 2 AND 14(J)), -CLARIFYING AND PROVIDING FLEXIBILITY IN THE PROCESS FOR SCHEDULING AND GIVING NOTICE OF THE ANNUAL AND REGULAR MEETINGS OF THE BOARD (ARTICLE IV, SECTIONS 8 AND 9) -RENAMING THE "DEVELOPMENT/CAMPAIGN STEERING/MAJOR GIFTS COMMITTEE" THE "DEVELOPMENT COMMITTEE," (ARTICLE IV, SECTION 14) -CLARIFICATION OF THE PROCESS FOR, AND AUTHORITY TO, DESIGNATE NEW STANDING AND AD HOC COMMITTEES, ELECT COMMITTEE MEMBERS AND SELECT COMMITTEE CHAIRS, AND IN PARTICULAR THE ROLE OF THE COMMITTEE ON TRUSTEES IN PRESENTING THE SLATE FOR COMMITTEES TO THE BOARD (ARTICLE IV, SECTION 14) -CLARIFYING, IN LINE WITH CURRENT PRACTICE, WHO CAN SERVE ON STANDING AND AD HOC COMMITTEES, AND ON ANY SUBCOMMITTEES: VOTING TRUSTEES; NON-TRUSTEES WHO CAN BE FULL, VOTING MEMBERS OF CERTAIN COMMITTEES AND SUBCOMMITTEES; AND NON-TRUSTEES WHO CAN PARTICIPATE ON COMMITTEES IN A NON-VOTING CAPACITY BECAUSE THEY BRING SPECIAL EXPERTISE TO THE WORK OF SUCH COMMITTEES. THE AMENDMENTS TO THE BYLAWS CLARIFY THAT ALL SUCH MEMBERS AND NON-VOTING PARTICIPANTS MUST BE NOMINATED BY THE COMMITTEE ON TRUSTEES AND APPROVED BY THE BOARD (ARTICLE IV, SECTION 14) -REDUCING THE QUORUM FOR THE EXECUTIVE COMMITTEE AND PROVIDING THAT CHAIR(S) OF STANDING COMMITTEES SERVE ON THE EXECUTIVE COMMITTEE (ARTICLE IV, SECTION 14) -CHANGING THE SECTION ON OFFICERS (ARTICLE V) TO REFLECT OUR CURRENT STRUCTURE (E.G., CO-CHAIRS OF THE BOARD; WHICH OFFICES ARE MANDATORY AND WHICH ARE NOT, INCLUDING THE OFFICE OF PRESIDENT/COO, ETC.). -ADDING LANGUAGE CLARIFYING THE CURRENT (BEST) PRACTICE: THAT THE CHIEF FINANCIAL OFFICER, WHILE REPORTING DIRECTLY OR INDIRECTLY TO THE DIRECTOR/CEO, WILL HAVE DIRECT ACCESS TO REPORT TO THE CHAIR(S) OF THE AUDIT AND FINANCE COMMITTEES (ARTICLE V, SECTION 10). FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 IS REVIEWED BY OUTSIDE TAX ACCOUNTANTS AND REVIEWED AND APPROVED BY THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES. ONCE APPROVED BY THE AUDIT COMMITTEE, THE AUDIT COMMITTEE REPORTS TO THE FULL BOARD OF TRUSTEES AND THE RETURN IS MADE AVAILABLE TO THE REST OF THE BOARD BEFORE IT IS ELECTRONICALLY FILED. FORM 990, PART VI, SECTION B, LINE 12C THE CHAIRMAN OF THE AUDIT COMMITTEE SENDS AN ANNUAL CONFLICT OF INTEREST DISCLOSURE FORM TO EACH TRUSTEE, AND, WITH THE OFFICE OF GENERAL COUNSEL, MONITORS RESPONSES AND FOLLOWS UP WITH TRUSTEES TO ACHIEVE AS HIGH A RESPONSE RATE AS POSSIBLE. THE OFFICE OF GENERAL COUNSEL REVIEWS THESE FORMS AND REPORTS SIGNIFICANT CONFLICTS TO THE AUDIT COMMITTEE, WHICH REVIEWS ANY SPECIFIC TRANSACTIONS THAT MIGHT INVOLVE A CONFLICT OF INTEREST WITH A TRUSTEE. THE DIRECTOR OF THE MUSEUM SENDS OFFICERS, KEY EMPLOYEES, AND OTHERS CONFLICT OF INTEREST FORMS, WHICH THEY ARE ASKED TO COMPLETE AND RETURN TO THE GENERAL COUNSEL, WHO REVIEWS SUCH FORMS FOR POSSIBLE CONFLICTS AND MONITORS COMPLIANCE WITH LACMA'S ETHICS POLICY INCLUDING THE CONFLICT OF INTEREST POLICIES CONTAINED IN THE ETHICS POLICY. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION OF THE CEO AND DIRECTOR OF LACMA IS DETERMINED BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES, WITH THE PARAMETERS ESTABLISHED BY THE EMPLOYMENT AGREEMENT ENTERED INTO BY LACMA AND THE CEO AND DIRECTOR IN 2010. THE DIRECTOR ANNUALLY DETERMINES THE COMPENSATION OF EACH OF THE OTHER OFFICERS AND KEY EMPLOYEES. IN EACH CASE, THE COMPENSATION IS BASED ON (1) THE EMPLOYEE'S PERFORMANCE DURING THE PRIOR YEAR; (2) THE CONTEXT OF LACMA'S OVERALL OPERATING BUDGET; AND (3) COMPARABILITY DATA FOR PERSONS HOLDING SIMILAR POSITIONS IN SIMILAR ORGANIZATIONS. SUCH COMPARABILITY DATA IS GENERALLY PREPARED BY SENIOR MANAGEMENT, INCLUDING THE CHIEF FINANCIAL OFFICER AND THE DIRECTOR OF HUMAN RESOURCES AND INCLUDES A REVIEW OF PUBLICLY FILED FORMS 990 OF OTHER INSTITUTIONS. ONCE COMPENSATION OF THE CEO IS APPROVED BY THE EXECUTIVE COMMITTEE, BASED ON THE INFORMATION AND COMPARABILITY DATA DESCRIBED ABOVE, THE EXECUTIVE COMMITTEE'S RECOMMENDATION, AS WELL AS THE PROPOSED COMPENSATION FOR ALL OTHER OFFICERS AND KEY EMPLOYEES, THE UNDERLYING DATA, INCLUDING THE PERFORMANCE REVIEWS AND COMPARABILITY ANALYSES, ARE PRESENTED TO THE AUDIT COMMITTEE, TO DETERMINE WHETHER, IN THE AUDIT COMMITTEE'S JUDGMENT, SUCH PROPOSED COMPENSATION IS APPROPRIATE, FAIR AND REASONABLE TO LACMA. THE FINAL RECOMMENDATION OF THE EXECUTIVE COMMITTEE AND AUDIT COMMITTEE IS REPORTED TO THE FULL BOARD OF TRUSTEES AT ITS NEXT REGULARLY SCHEDULED MEETING AND SUBMITTED TO THE FULL BOARD FOR APPROVAL. ALL MEMBERS OF THE AUDIT COMMITTEE ARE INDEPENDENT TRUSTEES OF LACMA. NOTE THAT LACMA DOES NOT HAVE A SEPARATE "COMPENSATION COMMITTEE;" THE AUDIT COMMITTEE FUNCTIONS AS THE COMPENSATION COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 ALL GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, INFORMATIONAL RETURNS AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST AND ON THE MUSEUM'S WEBSITE. PART VII, SECTION A & SCHEDULE J, PART II ALTHOUGH THE COUNTY OF LOS ANGELES IS NOT A "RELATED ORGANIZATION", COMPENSATION PAID BY THE COUNTY OF LOS ANGELES TO CERTAIN OFFICERS AND EMPLOYEES OF THE MUSEUM LISTED IN PART VII AND SCHEDULE J, AND IS INCLUDED IN THE INTEREST OF TRANSPARENCY AND FULL DISCLOSURE. FORM 990, PART VIII, LINE 7A: PROCEEDS FROM SALE OF SECURITIES: LACMA HAS INVESTMENT ACCOUNTS AND HEDGE FUNDS WITH MANY STOCK TRANSACTIONS. DUE TO THE LARGE QUANTITY OF STOCK TRANSACTIONS, THIS INFORMATION IS NOT INCLUDED IN THE RETURN. FORM 990, PART IX, LINE 11G SECURITY: PROGRAM SERVICE EXPENSES 6,240,082. MANAGEMENT AND GENERAL EXPENSES 5,045. FUNDRAISING EXPENSES 2,578. TOTAL EXPENSES 6,247,705. CONTRACTOR: PROGRAM SERVICE EXPENSES 1,980,845. MANAGEMENT AND GENERAL EXPENSES 883,131. FUNDRAISING EXPENSES 360. TOTAL EXPENSES 2,864,336. CONSULTANT: PROGRAM SERVICE EXPENSES 251,334. MANAGEMENT AND GENERAL EXPENSES 203,037. FUNDRAISING EXPENSES 103,383. TOTAL EXPENSES 557,754. CONSERVATION: PROGRAM SERVICE EXPENSES 227,309. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 227,309. PERFORMERS: PROGRAM SERVICE EXPENSES 201,460. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 201,460. ALL OTHER FEES FOR SERVICE: PROGRAM SERVICE EXPENSES 1,059,298. MANAGEMENT AND GENERAL EXPENSES 172,310. FUNDRAISING EXPENSES 192,603. TOTAL EXPENSES 1,424,211. *NO INDIVIDUAL OTHER FEE FOR SERVICES CATEGORIES INCLUDED IN ALL OTHER MISC. SERVICE FEES EXCEED $200,000. FORM 990, PART X, LINE 2, 12, & 15: ON THIS YEAR'S FORM 990, AN AMOUNT FOR "REVENUE BOND TRUST ACCOUNTS" FROM THE MUSEUM'S AUDITED FINANCIALS IS INCLUDED ON LINE 2. THIS ITEM HAD BEEN REPORTED ON LINE 15 IN PRIOR YEARS. IN THE PRIOR YEAR, THE PUBLICLY TRADES SECURITIES LINE INCLUDED OTHER SECURITIES. FORM 990, PART X, LINE 25: THE INCREASE IN OTHER LIABILITIES IS PRINCIPALLY TIED TO AN UNREALIZED DROP IN THE VALUE OF AN INTEREST RATE SWAP. THIS SWAP WILL SELF LIQUIDATE OVER THE DURATION OF MUSEUM DEBT AND THEREFORE DOES NOT REPRESENT AN IMMEDIATE NON-DISCRETIONARY CLAIM ON MUSEUM RESOURCES. FORM 990, PART XI, LINE 9: UNREALIZED GAINS (LOSSES) ON INTEREST RATE SWAP -31,627,600. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS AN AUDIT COMMITTEE THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT. THE MUSEUM PERIODICALLY CHANGES AUDIT FIRMS OR ROTATES PARTNERS WITHIN OUR CONTRACTED FIRM. 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