2017-05-12T11:02:01-05:00 2016-06-30 410746749 CLIFTONLARSONALLEN LLP ONE SEAGATE SUITE 2650 TOLEDO OH 436041558 990 2015-07-01 344434678 THE TOLEDO MUSEUM OF ART TOLE 4192558000 PO BOX 1013 TOLEDO OH 43697 AMY GILMAN DEPUTY DIRECTOR 4192558000 2017-05-10 1 RODERICK J MACLACHLAN P00332503 4192443711 2015 2021-01-29 14:40:06Z BRIAN KENNEDY PO BOX 1013 TOLEDO OH 43697 140156511 0 X WWW.TOLEDOMUSEUM.ORG X 1901 OH ART EDUCATION 22 22 413 197 808199 -115399 11956531 12247364 3213900 2273391 13709443 4354118 487156 443127 29367030 19318000 150794 178701 0 0 9154797 8813117 0 0 1212011 12976154 13990665 22281745 22982483 7085285 -3664483 285885310 267488572 14275549 11585462 271609761 255903110 X FOR 115 YEARS, THE TOLEDO MUSEUM OF ART HAS OFFERED FREE ADMISSION TO ONE OF THE WORLD'S GREAT ART COLLECTIONS HOUSED IN ITS GREEK REVIVAL MAIN BUILDING AND THE GLASS PAVILION. THE MUSEUM HAS AN EXTENSIVE EDUCATION PROGRAM, OFFERING CURRICULUM-BASED SCHOOL TOURS AS WELL AS ADULT AND CHILDREN'S ART CLASSES. 0 0 16115108 480093 THE TOLEDO MUSEUM OF ART OPERATES AND MAINTAINS ART GALLERIES, STUDIO SPACES AND AN ART LIBRARY FOR THE BENEFIT OF THE GENERAL PUBLIC. THIS INCLUDES EDUCATIONAL SCHOLARSHIP, RESEARCH, CONSERVATION, DOCUMENTATION AND PRESENTATION OF A PERMANENT COLLECTION OF ART TOTALING NEARLY 25,000 OBJECTS. WITH VISITATION OF OVER 457,000, THE MUSEUM'S VISITATION IS AMONG THE HIGHEST OF AMERICAN MUSEUMS PER CAPITA. 1685003 178701 1000570 WITH AN EMPHASIS IN ART EDUCATION AND VISUAL LITERACY, THE MUSEUM INTEGRATES ART INTO THE LIVES OF PEOPLE. THE FAMILY CENTER IS OPEN 7 DAYS A WEEK, OFFERING ART-BASED ACTIVITIES FREE OF CHARGE. WHILE THERE IS A CHARGE FOR MOST FORMAL CLASSES, THE MUSEUM HAS AN ACTIVE SCHOLARSHIP PROGRAM TO SUPPORT STUDENTS WHO WOULD NOT HAVE THE ACCESS OR MEANS TO PURSUE ART CLASSES. THE MUSEUM PROVIDES APPROXIMATELY 675 SCHOLARSHIPS ANNUALLY TO ITS 2,150 CLASS ATTENDEES. THE MUSEUM PROVIDES BUS FUNDS TO LOCAL SCHOOLS AND COMMUNITY CENTERS TO ALLOW OVER 22,000 SCHOOL CHILDREN THE OPPORTUNITY TO TOUR THE MUSEUM IN DOCENT-LED CURRICULUM. THE MUSEUM ALSO HOSTS ALMOST 18,000 ADULTS ANNUALLY FOR DOCENT-LED TOURS OR VISUAL LITERACY PROGRAMS. 1640365 THE MUSEUM ORGANIZES AND PRESENTS SPECIAL EXHIBITIONS OF ITS PERMANENT COLLECTION AS WELL AS HOSTS TRAVELING EXHIBITIONS AND MOUNTING EXHIBITIONS IN COLLABORATION WITH OTHER ART MUSEUMS. THE MUSEUM OFFERS CULTURAL ACTIVITIES ASSOCIATED WITH THESE EXHIBITIONS INCLUDING MUSICAL PROGRAMS, HANDS-ON ACTIVITIES, LECTURES, ETC. THAT ARE AVAILABLE TO THE GENERAL PUBLIC, GENERALLY WITHOUT CHARGE OR AT A VERY LOW COST. 19440476 1 1 0 0 0 0 0 1 0 1 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 1 1 199 0 1 413 1 1 1 0 0 0 0 1 1 0 0 0 0 X 22 22 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 OH X X MARY SIEFKE 4192558000 2445 MONROE STREET TOLEDO OH 43697 CYNTHIA B THOMPSON CHAIRMAN 1.00 X X 0 0 0 GEORGE CHAPMAN VICE CHAIRMAN 1.00 X X 0 0 0 SARA JANE DEHOFF VICE CHAIRMAN 1.00 X X 0 0 0 RANDY OOSTRA VICE CHAIRMAN 1.00 X X 0 0 0 DENNIS G JOHNSON SECRETARY 1.00 X X 0 0 0 JOHN SZUCH TREASURER 1.00 X X 0 0 0 MICHAEL J ANDERSON DIRECTOR 1.00 X 0 0 0 ALLAN BLOCK DIRECTOR 1.00 X 0 0 0 ELIZABETH BRADY DIRECTOR 1.00 X 0 0 0 CANDY GRAY DIRECTOR 1.00 X 0 0 0 JAMES A HOFFMAN DIRECTOR 1.00 X 0 0 0 BILLIE JOHNSON DIRECTOR 1.00 X 0 0 0 GEORGE M JONES III DIRECTOR 1.00 X 0 0 0 AMIR KHAN DIRECTOR 1.00 X 0 0 0 HARLEY J KRIPKE DIRECTOR 1.00 X 0 0 0 JOE NAPOLI DIRECTOR 1.00 X 0 0 0 MARY ELLEN PISANELLI DIRECTOR 1.00 X 0 0 0 JOYCE QUINLIVAN DIRECTOR 1.00 X 0 0 0 STEPHEN D TAYLOR DIRECTOR 1.00 X 0 0 0 MIKE THAMAN DIRECTOR 1.00 X 0 0 0 SCOTT TRUMBULL DIRECTOR 1.00 X 0 0 0 DAVID K WELLES JR DIRECTOR 1.00 X 0 0 0 BRIAN KENNEDY PRESIDENT, DIRECTOR, & CEO 70.00 X 467615 0 80987 CAROL BINTZ CHIEF OPERATING OFFICER 50.00 X 165522 0 16208 AMY GILMAN ASSOCIATE DIRECTOR 50.00 X 126124 0 21668 759261 0 118863 3 0 1 0 SAFEGUARD SECURITY SERVICES 3332 W LASKEY RD SUITE 2 TOLEDO OH 43623 SECURITY 647335 BLUE WATER COMMUNICATIONS 435 12TH ST WEST BRADENTON FL 34205 MARKETING 351609 SIDLEY AUSTIN LLP PO BOX 0642 CHICAGO IL 60690 LEGAL 175853 CALLAN ASSOCIATES INC 600 MONTGOMERY ST SUITE 800 SAN FRANCISCO CA 94111 FINANCIAL 165000 4 1584990 2806742 7855632 844424 12247364 TUITION AND RELATED FEES 711300 1000570 1000570 FACILITY FEES 711300 792728 792728 PARKING LOT INCOME 711300 195204 195204 PERISTYLE SERVICE FEES 711300 146885 146885 GLASS STUDIO 711300 94077 94077 43927 43927 2273391 3122324 3122324 121251499 120019705 1231794 1231794 1231794 1261933 818806 443127 15471 427656 19318000 1480663 808199 4781774 178701 178701 683803 513408 117149 53246 6396168 4802323 1095792 498053 393884 295733 67481 30670 749790 562952 128454 58384 589472 442581 100989 45902 39000 39000 109514 109514 410909 410909 50959 20384 25480 5095 715929 608540 71593 35796 227041 165071 6444 55526 297107 297107 3234111 2748994 323411 161706 251248 138085 109268 3895 ART PURCHASES & EXPENSE 4588255 4588255 PROGRAMS 1698909 1698909 MAINTENANCE & REPAIRS 727332 727323 9 SECURITY GUARD EXPENSE 661227 661227 979124 540974 174412 263738 22982483 19440476 2329996 1212011 10445 10445 1734048 3893163 7254186 5674391 527987 552839 658965 1042439 112471940 69271083 45811211 43200857 68876342 64032212 91486505 81579130 69525621 67503096 285885310 267488572 3030688 4025542 6455000 5365000 700000 1835000 4089861 359920 14275549 11585462 X 129744922 117636213 46810435 47911867 95054404 90355030 271609761 255903110 285885310 267488572 X -3664483 -7690726 -4351442 X 0 1 X 1 0 X 8947771 6606043 13004864 11956531 12247364 52762573 8947771 6606043 13004864 11956531 12247364 52762573 12519027 40243546 3395320 3893733 3431500 6483111 3122324 20325988 6006 6006 73094567 18039841 0.55060 0.52690 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X 0 128571580 6350765 -4938641 179979 13706561 116097164 130606765 8844265 1183945 160747 11902648 128571580 107568299 14313995 22202822 148381 13329970 130606765 105288673 2751304 13847008 81480 14237206 107568299 124501551 5377819 -4456037 111338 20023322 105288673 0.37600 0.24100 0.38300 0 0 4608896 4608896 97538875 60892238 36646637 4106236 3147494 958742 6217933 5231351 986582 43200857 MUTUAL FUNDS 49259733 F OTHER 20200 F CSV - LIFE INSURANCE 2133 F LIMITED PARTNERSHIPS 32297064 F 81579130 ACCRUED INTEREST RECEIVABLE 72289 PERPETUAL AND SPLIT INTEREST TRUST AGREEMENTS 65769016 BOND ORIGINATION COSTS 27327 DEPOSITS - FACILITIES 20000 OTHER ASSETS 197490 CONSTRUCTION IN PROGRESS 1404207 LIQUOR LICENSE 12767 67503096 GIFT ANNUITIES - NON-CURRENT 115602 DEFERRED INCOME 22635 INTEREST RATE SWAP AGREEMENT 221683 359920 X 23019824 0 23019824 -3701824 -3701824 19318000 19213034 818806 818806 18394228 4588255 4588255 22982483 PART III, LINE 1A: EXPENDITURES FOR THE PURCHASE OF WORKS OF ART ARE EXPENSED AS PURCHASED. EACH OF THE OBJECTS IN THE ART COLLECTION, WHICH COLLECTION IS OF SIGNIFICANT VALUE, ARE CATALOGUED FOR EDUCATIONAL AND CURATORIAL PURPOSES. PROCEDURES ARE EMPLOYED CONTINUOUSLY TO VERIFY THE CONDITION AND EXISTENCE OF EACH OBJECT IN THE COLLECTION. PROCEEDS FROM SALES OF COLLECTION OBJECTS WHICH ARE NO LONGER DEEMED APPROPRIATE FOR THE MUSEUM'S ART COLLECTION ARE TO BE USED TO ACQUIRE OTHER OBJECTS FOR THE COLLECTION. GIFTS OF WORKS OF ART (AMOUNTING TO $253,000 IN 2016 AND $198,000 IN 2015) ARE NOT RECORDED SINCE THE MUSEUM HAS ADOPTED THE POLICY OF EXPENSING WORKS OF ART. PART X, LINE 2: SINCE THE MUSEUM IS AN EXEMPT CHARITABLE ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, NO PROVISION FOR FEDERAL INCOME TAX IS REQUIRED EXCEPT FOR FEDERAL INCOME TAXES ARISING FROM UNRELATED BUSINESS INCOME. NO PROVISION FOR FEDERAL INCOME TAX WAS REQUIRED FOR UNRELATED BUSINESS INCOME IN 2016 AND 2015. THE MUSEUM DETERMINED THAT IT WAS NOT REQUIRED TO RECORD A LIABILITY RELATED TO UNCERTAIN TAX POSITIONS. PART XI, LINE 4B - OTHER ADJUSTMENTS: INTEREST AND DIVIDENDS 3,122,324. NET REALIZED GAINS 1,231,794. INVESTMENT RETURN DESIGNATED FOR CURRENT OPERATIONS -7,255,816. COST OF GOODS SOLD -818,806. ART PROCEEDS 18,680. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 818,806. PART XII, LINE 4B - OTHER ADJUSTMENTS: ART PURCHASES 4,588,255. 1 SUMMER 2015 SCHOLARSHIPS 158 19215 FALL 2015 SCHOLARSHIPS 142 26585 WINTER 2016 SCHOLARSHIPS 170 31799 SPRING 2016 SCHOLARSHIPS 176 30935 UNIVERSITY OF TOLEDO SCHOLARSHIPS 16 70167 PART I, LINE 2: THE SCHOLARSHIPS ISSUED BY THE MUSEUM ARE TO BE USED FOR INTERNAL ART CLASSES HELD AT THE TOLEDO MUSEUM OF ART. THE FUNDS ARE HELD IN A SEPARATE ACCOUNT UNTIL IT IS REQUESTED BY THE RECIPIENT. ONCE REQUESTED, THE FUNDS ARE PAID TO THE OPERATING FUND ON BEHALF OF THE SCHOLARSHIP RECIPIENT. REGULAR REQUIRED REPORTS ARE REVIEWED BY THE PROGRAM STAFF TO MONITOR THE GRANT FUNDS. X X 1 1 X X X X 0 0 0 0 0 0 0 0 0 BRIAN KENNEDY PRESIDENT, DIRECTOR, & CEO 417615 0 50000 0 0 0 66028 0 14959 0 548602 0 0 0 CAROL BINTZ CHIEF OPERATING OFFICER 165522 0 0 0 0 0 10876 0 5332 0 181730 0 0 0 PART I, LINE 1A A GENEROUS DONOR PROVIDES FUNDS ANNUALLY THAT ARE SPECIFICALLY DESIGNATED FOR THE PURPOSE OF ALLOWING THE DIRECTOR/CEO TO TRAVEL BY FIRST CLASS WHEN ON MUSEUM BUSINESS. THE FUNDS PAY THE DIFFERENTIAL IN COST BETWEEN FIRST CLASS AND STANDARD FARE. THE MUSEUM PAYS FOR THE DUES OF THE DIRECTOR/CEO TO JOIN CERTAIN SOCIAL CLUBS WHICH PROMOTE THE INTERESTS OF THE MUSEUM FROM EITHER A DEVELOPMENT OR STRATEGIC PLANNING VIEW POINT. X 15 0 X 37 844424 MARKET QUOTE 2 0 1 0 PART I, LINE 33: NO VALUES WERE REPORTED ON FORM 990 PART VIII, STATEMENT OF REVENUE, LINE G, FOR WORKS OF ART BECAUSE THE MUSEUM DID NOT CAPITALIZE ITS COLLECTIONS, AS ALLOWED UNDER GENERALLY ACCEPTED ACCOUNTING PRINCIPLES. FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 IS REVIEWED BY THE ORGANIZATION'S GOVERNING BODY AND THE ORGANIZATION'S CHIEF OPERATING OFFICER. FORM 990 IS SENT ELECTRONICALLY TO THE BOARD WITH AN OPPORTUNITY FOR MEMBERS TO PROVIDE COMMENT PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, THE BOARD MEMBERS AND COMMITTEE MEMBERS SHALL REPORT TO THE AUDIT COMMITTEE CONCERNING ALL TRANSACTIONS AND ALL BUSINESS OR PROFESSIONAL RELATIONSHIPS OF THE MUSEUM, WITH ANY OF THE COMPANIES, FIRMS OR INSTITUTIONS OR INVOLVING ANY OF THE INTERESTS AMOUNTING TO MORE THAN $10,000 PER YEAR. WHENEVER A MATTER INVOLVING ANY CONFLICT OF INTEREST ON THE PART OF ANY DIRECTOR IS DISCUSSED, OR PROPOSED FOR ACTION, SUCH CONFLICT SHALL BE DISCLOSED TO OTHER DIRECTORS PRESENT, AND THE DIRECTOR HAVING SUCH CONFLICT SHALL NOT VOTE OR USE HIS OR HER PERSONAL INFLUENCE ON THE MATTER. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION OF THE DIRECTOR/CEO OF THE TOLEDO MUSEUM OF ART IS DETERMINED ANNUALLY. IN ADDITION TO THE TERMS OF THE DIRECTOR'S/CEO'S EMPLOYMENT AGREEMENT, THE BOARD, THROUGH ITS CHAIR, THE CHAIR OF THE LEADERSHIP & GOVERNANCE COMMITTEE, AND THE COMMITTEE, CONSIDER ALL RELEVANT FACTORS, INCLUDING BUT NOT LIMITED TO, EACH OF THE BOARD MEMBER'S EVALUATIONS OF THE DIRECTOR/CEO; THE DIRECTOR'S/CEO'S ACCOMPLISHMENT OF ANNUAL AND LONG TERM GOALS; THE REPUTATION AND IMPACT OF THE DIRECTOR/CEO IN THE COMMUNITY, REGION, ART WORLD AND OTHERWISE; AND COMPENSATION OF OTHER ART MUSEUM LEADERS WHOSE MUSEUMS ARE INCLUDED IN THE TOLEDO MUSEUM OF ART'S DISTINGUISHED PEER GROUP, AS WELL AS ART MUSEUMS THAT ARE OTHERWISE SIMILAR IN STATURE, SCOPE AND SIZE. THE DIRECTOR/CEO AND THE HUMAN RESOURCES DEPARTMENT WORK TOGETHER TO DETERMINE THE COMPENSATION OF ALL OTHER EMPLOYEES USING COMPARABLE MARKET DATA FOR SALARIES AND BENEFITS. FORM 990, PART VI, SECTION C, LINE 19 ALL OF THE ABOVE DOCUMENTS ARE AVAILABLE ON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF PERPETUAL AND SPLIT-INTEREST TRUST -2,599,281. FAIR VALUE ADJUSTMENT - INTEREST RATE SWAP AGREEMENT 95,658. PROVISION FOR PENSION LIABILITY 473,425. PRIOR PERIOD ADJUSTMENT -2,321,244. FORM 990, PART VI, LINE 2A BASED ON THE INFORMATION THAT IS AVAILABLE TO THIS ORGANIZATION, NONE OF THE OFFICERS, DIRECTORS, TRUSTEES, OR KEY EMPLOYEES, OR HIGHEST COMPENSATED EMPLOYEES, OR HIGHEST COMPENSATED PROFESSIONAL AND OTHER INDEPENDENT CONTRACTORS ARE RELATED TO EACH OTHER THROUGH FAMILY RELATIONSHIPS. IN ADDITION, THEY DO NOT HAVE COMMON OWNERSHIP OF BUSINESSES NOR EMPLOYMENT RELATIONSHIPS WITH EACH OTHER. THESE INDIVIDUALS COULD HAVE PROFESSIONAL DEALINGS WITH EACH OTHER FROM TIME TO TIME IN THE NORMAL COURSE OF BUSINESS. HOWEVER, ANY SUCH BUSINESS DEALINGS AMONG THE SPECIFIED PARTIES WOULD NOT IMPACT THIS ORGANIZATION. EDWARD D LIBBEY ENDOWMENT FUND KEYBANK NA PO BOX 10099 TOLEDO OH 436990099 346400765 MAKING GRANTS TO TOLEDO MUSEUM OF ART OH 501(C)(3) LINE 11D, III-O 0 FLORENCE S LIBBEY ENDOWMENT FUND KEYBANK NA PO BOX 10099 TOLEDO OH 436990099 344288280 MAKING GRANTS TO TOLEDO MUSEUM OF ART OH 501(C)(3) LINE 11D, III-O 0 CHARITABLE TRUSTS (5) CHARITABLE CONTRIBUTIONS OH N/A 0 POOLED INCOME FUND (1) CHARITABLE CONTRIBUTIONS OH N/A 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 EDWARD D LIBBEY ENDOWMENT FUND C 2090894 FLORENCE S LIBBEY ENDOWMENT FUND C 715848 BRANDES NON-US EQUITY PORTFOLIO 11988 EL CAMINO REAL SUITE 600 SAN DIEGO CA 92130 367045786 INVESTMENT INCOME CA EXCLUDED FROM TAX UNDER SECTIONS 512-514 0 566895 18954414 0 0 0.02960 INTECH US ENHANCED PLUS FUND LLC 151 DETROIT STREET DENVER CO 80206 200780118 INVESTMENT INCOME CO EXCLUDED FROM TAX UNDER SECTIONS 512-514 0 234666 13343954 0 0 0.02050