2016-05-16T12:24:36-05:00 2015-06-30 420714325 RSM US LLP 100 INTERNATIONAL DRIVE SUITE 1400 BALTIMORE MD 21202 990 2014-07-01 526000162 BALTIMORE MUSEUM OF ART BALT 4435731839 10 ART MUSEUM DRIVE BALTIMORE MD 21218 CHRISTINE DIETZE BONANNO CHIEF FINANCIAL OFFICER 4435731711 2016-05-12 1 JULIA FLANNERY CPA P00928918 4102469300 2014 2016-08-17 19:52:53Z CHRISTINE DIETZE BONANNO 10 ART MUSEUM DRIVE BALTIMORE MD 21218 35870021 0 X WWW.ARTBMA.ORG X 1914 MD THE BALTIMORE MUSEUM OF ART SEEKS INNOVATION AND EXCELLENCE IN AN ARTISTIC PROGRAM (SEE SCH. O) THAT FOCUSES ON ART OF THE MODERN ERA, FROM THE 19TH CENTURY TO THE PRESENT. 37 37 230 157 41913 0 14382586 17236100 1703604 913776 8219520 7348744 342934 236545 24648644 25735165 0 0 0 0 7553439 9872622 72000 41310 1201102 9306202 13451007 16931641 23364939 7717003 2370226 122939609 120728871 19113634 17090694 103825975 103638177 X THE BALTIMORE MUSEUM OF ART SEEKS INNOVATION AND EXCELLENCE IN AN ARTISTIC PROGRAM THAT FOCUSES ON ART OF THE MODERN ERA, FROM THE 19TH CENTURY TO THE PRESENT. THE MUSEUM IS COMMITTED TO CREATING AN ENVIRONMENT THAT INSPIRES CREATIVITY, ENCOURAGES LEARNING, AND FOSTERS HUMAN UNDERSTANDING IN A PLACE WHERE EVERYONE FEELS WELCOME. 0 0 10097907 OPERATIONSOPENED IN 1929 AS A SINGLE BUILDING ADJACENT TO THE CAMPUS OF THE JOHNS HOPKINS UNIVERSITY, THE BMA NOW COMPRISES 10 CONTIGUOUS BUILDINGS AND WINGS (210,000 SQ. FT.), ONE HISTORIC STRUCTURE, AND TWO OUTDOOR SCULPTURE GARDENS (3 ACRES). THE MUSEUM WORKED DILIGENTLY TO MAINTAIN A TIGHT BUILDING ENVELOPE TO PROTECT ITS PRICELESS COLLECTION. MECHANICAL AND ELECTRICAL SYSTEMS HAVE BEEN REGULARLY UPGRADED TO ACHIEVE ECONOMIES IN ENERGY MANAGEMENT AND PROCUREMENT. THE BMA'S ENGINEERING STAFF FOLLOWED A DETAILED SCHEDULE OF PREVENTATIVE MAINTENANCE TO ENSURE THE LONGEVITY OF THESE SYSTEMS. SECURITY WAS ASSURED THROUGH A TRAINED SECURITY FORCE, UP-TO-DATE SECURITY POLICIES AND PROCEDURES, EFFECTIVE INTEGRATION OF ELECTRONIC SYSTEMS, AND CROSS-DEPARTMENTAL RESPONSES TO INCIDENTS INVOLVING VISITORS AND/OR ART WORKS. THE FACILITY WAS STAFFED ON A 24-HOUR BASIS, AND AN EMERGENCY CONTACT LIST WAS MAINTAINED. THE BMA HAS A FULLY OPERATIONAL FIRE DETECTION SYSTEM. THE BMA'S EMERGENCY PLAN IDENTIFIES APPROPRIATE RESPONSES TO PROBLEMS AND ASSIGNS AREAS OF RESPONSIBILITY TO SPECIFIC STAFF MEMBERS. FIRE AND EVACUATION PROCEDURES ARE CLEARLY OUTLINED AND REVIEWED WITH ALL STAFF. THE BMA IS EQUIPPED WITH AN EMERGENCY GENERATOR CAPABLE OF OPERATING CONTINUOUSLY FOR FIVE DAYS; EMERGENCY SUPPLIES ARE CENTRALLY LOCATED. 5810537 905853 COLLECTION CARE & EXHIBITIONSTHE BMA CARES FOR AND INTERPRETS A COLLECTION OF 95,000 WORKS OF ART, CAREFULLY MONITORING ITS STORAGE, PRESERVATION, DOCUMENTATION, AND EXHIBITION. IN FY15, THE STAFF WAS ACTIVELY ENGAGED IN PLANNING AND PREPARING FOR MAJOR REINSTALLATIONS OF THE AMERICAN, AFRICAN, AND ASIAN COLLECTIONS AND IN THE DEVELOPMENT OF THE NEW EDUCATION CENTER. THE AMERICAN WING OPENED IN NOVEMBER 2014, IN CONJUNCTION WITH THE CELEBRATION OF THE BMA'S 100TH ANNIVERSARY. THE AFRICAN AND ASIAN COLLECTIONS OPENED IN APRIL 2015. IN ADDITION TO THE COLLECTION REINSTALLATIONS, THE BMA PRESENTED A VARIETY OF SMALLER EXHIBITIONS IN FOCUS GALLERIES THROUGHOUT THE BUILDING, INCLUDING:CONTEMPORARY WING-BLACK BOX: LORNA SIMPSON JUNE 27-AUGUST 31, 2014-ON PAPER: FIGURE DRAWINGS FROM THE THOMAS E. BENESCH MEMORIAL COLLECTIONAPRIL 20-SEPTEMBER 14, 2014-FRONT ROOM: SETH ADELSBERGERJUNE 27-NOVEMBER 2, 2014-BLACK BOX: ANRI SALASEPTEMBER 14, 2014-FEBRUARY 22, 2015-ON PAPER: ALTERNATE REALITIESSEPTEMBER 21, 2014-APRIL 12, 2015-FRONT ROOM: DARIO ROBLETONOVEMBER 16-MARCH 29, 2015-BLACK BOX: SHARON HAYESMARCH 15-OCTOBER 11, 2015-FRONT ROOM: SARAH VANDERBEEKAPRIL 12-SEPTEMBER 20, 2015BERMAN TEXTILE GALLERY-LESSONS LEARNED: AMERICAN SCHOOLGIRL EMBROIDERIESNOVEMBER 23, 2014-MAY 10, 2015-AMERICAN CRAZY QUILTSJUNE 3-NOVEMBER 29, 2015CONE WING-RENOIR RETURNSMARCH 30-JULY 26, 2014-GERMAN EXPRESSIONISM: A REVOLUTIONARY SPIRITJANUARY 29-SEPTEMBER 14, 2014IN FY15, THE BMA ALSO HOSTED THREE EXHIBITIONS THAT ARE PRESENTED ANNUALLY AT THE MUSEUM:-FOR YOUR INSPIRATION: 2015 BALTIMORE CITY PUBLIC SCHOOLS ART EXHIBITIONMAY 6-17, 2015-ART IS FOR EVERYONE: 2015 BALTIMORE COUNTY PUBLIC SCHOOLS EXHIBITIONMAY 6-17, 2015-SONDHEIM ARTSCAPE PRIZE: 2015 FINALISTJUNE 24-AUGUST 9, 2015THE BMA ELIMINATED ADMISSION FEES IN 2006, MAKING THE COLLECTION GALLERIES AND THE MAJORITY OF SPECIAL EXHIBITIONS FREE TO ALL. 2719777 7923 EDUCATION & INTERPRETATIONBMA EDUCATORS USED A WIDE RANGE OF INTERPRETIVE STRATEGIES TO INTERPRET THE COLLECTION FOR A BROAD PUBLIC AUDIENCE, WHICH NUMBERED 199,000 IN FY15. MORE THAN 9,300 SCHOOLCHILDREN TOOK FREE SCHOOL TOURS WITH HIGHLY-TRAINED VOLUNTEER DOCENTS. TEACHER WORKSHOPS, THE BMA'S TEACHER RESOURCE CENTER, AND ELECTRONICALLY DISTRIBUTED ART-TO-GO PROVIDED EDUCATORS WITH MATERIALS AND TRAINING THEY NEED TO INTEGRATE BMA ARTWORKS INTO CLASSROOM ACTIVITIES, LINKING CLOSELY TO THE CURRICULUM. THE BMA ENGAGED THE WHOLE FAMILY IN LEARNING THROUGH FREE, DROP-IN ACTIVITIES, WHICH WERE EXPANDED IN RESPONSE TO THE INTERESTS OF NEW AUDIENCES ATTRACTED BY FREE ADMISSION. INTERPRETIVE FAMILY TOURS AND ART-MAKING WORKSHOPS WERE OFFERED ON SUNDAY AFTERNOONS. A WIDE RANGE OF PUBLIC PROGRAMS-LECTURES, PANEL DISCUSSIONS, GALLERY TALKS, SEMINARS, AND CLASSES-ENGAGED ADULT AUDIENCES WITH WORKS OF ART IN THE COLLECTION AND THE ISSUES AND IDEAS THAT SURROUND THEM. THE BMA SERVED AS A RESOURCE FOR COLLEGE AND UNIVERSITY TEACHING AT INSTITUTIONS IN THE BALTIMORE-WASHINGTON METROPOLITAN AREA, WHERE THERE ARE 200,000 COLLEGE AND UNIVERSITY STUDENTS. MARKETING AND COMMUNICATIONS STAFF PROMOTED THESE BMA EXHIBITIONS, PUBLICATIONS, AND EDUCATIONAL PROGRAMS TO A WIDE AUDIENCE THROUGH THE BMA WEBSITE WWW.ARTBMA.ORG AS WELL AS PRINT AND ELECTRONIC MEDIA.PLANNING CONTINUED FOR THE NEW EDUCATION CENTER, WHICH WILL BE DEDICATED TO VISITOR ENGAGEMENT AND LEARNING THROUGH THE STUDY OF ART WORKS, PARTICIPATION IN INTERACTIVE EXPERIENCES WITH TECHNOLOGY AND HANDS-ON ACTIVITIES, ART-MAKING, AND OTHER EDUCATIONAL PROGRAMS. THE NEW CENTER OPENED IN OCTOBER 2015. 18628221 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 1 0 0 0 1 0 0 1 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 1 55 0 1 230 1 1 1 0 0 0 0 1 1 0 0 0 0 X 37 37 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MD X X CHRISTINE DIETZE BONANNO 4435731838 10 ART MUSEUM DRIVE BALTIMORE MD 21218 FREDERICK S KOONTZ CHAIR 1.00 X X 0 0 0 STILES TUTTLE COLWILL IMMEDIATE PAST CHAIR 1.00 X X 0 0 0 JAMES D THORNTON VICE CHAIR/TREASURER 1.00 X X 0 0 0 ALEXANDER C BAER VICE-PRESIDENT 1.00 X X 0 0 0 BEVERLY BENTLEY CARROLL VICE-PRESIDENT 1.00 X X 0 0 0 CLAIR ZAMOISKI SEGAL VICE-PRESIDENT 1.00 X X 0 0 0 VIRGINIA K ADAMS TRUSTEE 1.00 X 0 0 0 WILLIAM BACKSTROM TRUSTEE 1.00 X 0 0 0 DIANE CHO TRUSTEE 1.00 X 0 0 0 LEROY COMEGYS TRUSTEE 1.00 X 0 0 0 GWEN DAVIDSON TRUSTEE 1.00 X 0 0 0 LYNN DEERING TRUSTEE 1.00 X 0 0 0 NANCY L DORMAN TRUSTEE 1.00 X 0 0 0 LAURENCE J EISENSTEIN TRUSTEE 1.00 X 0 0 0 AMY ELIAS TRUSTEE 1.00 X 0 0 0 NUPUR PAREKH FLYNN TRUSTEE 1.00 X 0 0 0 SANDRA LEVI GERSTUNG TRUSTEE 1.00 X 0 0 0 MARTHA GLENN TRUSTEE 1.00 X 0 0 0 F MACKEY HUGHES TRUSTEE 1.00 X 0 0 0 PATRICIA H JOSEPH TRUSTEE 1.00 X 0 0 0 BARBARA KATZ TRUSTEE 1.00 X 0 0 0 SUSAN B KATZENBERG TRUSTEE 1.00 X 0 0 0 MADELINE E LACOVARA TRUSTEE 1.00 X 0 0 0 CAROL MACHT TRUSTEE 1.00 X 0 0 0 JENNIFER O'HARA MARTIN TRUSTEE 1.00 X 0 0 0 ROBERT J MATHIAS TRUSTEE 1.00 X 0 0 0 AMY FRENKIL MEADOWS TRUSTEE 1.00 X 0 0 0 MICHAEL MERSON TRUSTEE 1.00 X 0 0 0 CHARLES W NEWHALL III TRUSTEE 1.00 X 0 0 0 FIONA ONG TRUSTEE 1.00 X 0 0 0 DONALD J PETERS TRUSTEE 1.00 X 0 0 0 MICHAEL ROSENBAUM TRUSTEE 1.00 X 0 0 0 KIRSTEN SANDBERG TRUSTEE 1.00 X 0 0 0 FREDERICA K SAXON TRUSTEE 1.00 X 0 0 0 JEAN SILBER TRUSTEE 1.00 X 0 0 0 MARK WAGNER TRUSTEE 1.00 X 0 0 0 DAVID WARNOCK TRUSTEE 1.00 X 0 0 0 DOREEN BOLGER STAFF EXECUTIVE DIRECTOR/SECRETARY 40.00 X 279148 0 26690 CHRISTINE DIETZE BONANNO STAFF CHIEF FINANCIAL OFFICER 40.00 X 138725 0 28516 JUDITH GIBBS STAFF DEPUTY DIR. OF DEVELOPMENT 40.00 X 147078 0 20011 JAY FISHER STAFF DEPUTY DIR. OF CURATORIAL 40.00 X 120921 0 19211 NANCY PROCTOR DIR OF DIG. EXP & COMM 40.00 X 116109 0 574 ANNE MANNING STAFF DEPUTY DIR. OF EDUCATION 40.00 X 108289 0 23825 910270 0 118827 6 0 1 0 WHITING TURNER CONTRACTING COMPANY 300 E JOPPA ROAD BALTIMORE MD 21286 CONSTRUCTION 8019105 ZIGER SNEAD LLP ARCHITECTS 1006 MORTON STREET BALTIMORE MD 21201 ARCHITECT 371878 ICS SOLUTIONS LLC 2130 NODLEIGH TERRACE JARRETTSVILLE MD 21084 SECURITY SYSTEM 236741 SYNTHESIS 9175 GUILFORD ROAD COLUMBIA MD 21046 OWNER'S REP. 132530 SECURITAS SECURITY SERVICES USA INC PO BOX 403412 ATLANTA GA 30384 OUTSOURCES SECURITY 126759 7 X 465663 725009 8506662 7538766 1798796 17236100 TRAVELING EXHIBITS 900099 754638 754638 PROGRAM REVENUE 900099 151215 151215 EDUCATION & GROUP TOUR 900099 7923 7923 913776 1615825 734 1615091 117209 0 117209 117209 117209 15004330 9271411 5732919 5732919 5732919 114535 725009 214286 -99751 -99751 689182 649159 40023 41179 -1156 PARKING REVENUE 900099 138949 138949 DEACCESSIONS 900099 40115 40115 179064 25735165 913776 41913 7543376 2413050 89350 2234350 89350 5600276 4649804 267060 683412 1393245 1168042 129012 96191 466051 349838 75729 40484 82043 46600 1609 33834 20476 20476 52642 52642 24000 24000 41310 41310 286973 286973 148176 96097 52079 398477 283623 47424 67430 128384 128384 7279428 7279428 28665 21170 3416 4079 49180 44290 2780 2110 110580 79237 31343 401485 314475 54609 32401 187876 187876 EXHIBITION AND COLLECTI 2896582 2896582 ACCESSIONS 671376 671376 EDUCATIONAL & ARTISTIC 172794 172794 511870 416368 68423 27079 23364939 18628221 3535616 1201102 750622 742008 980167 539563 4592525 4072630 460148 459988 298678 261297 17328964 2949280 15281055 14379684 37989215 27152675 60668553 72387481 1918646 733545 122939609 120728871 4539271 1477764 748023 53329 6326301 6219934 6335000 8300000 1165039 1039667 19113634 17090694 X 30611364 27470960 37618594 38040931 35596017 38126286 103825975 103638177 122939609 120728871 X 2370226 -2579384 21360 X 0 1 X 1 1 1 X 9162568 10106295 16777799 14382586 17236100 67665348 9162568 10106295 16777799 14382586 17236100 67665348 7011152 60654196 1869373 1821839 1980260 2120548 1733034 9525054 183450 307139 145397 210735 179064 1025785 78216187 8392137 0.77550 0.76430 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 0 0 0 0 1 98 0 1 25544 25642 0 PART II-B, LINE 1: IN FY15, BMA STAFF AND TRUSTEES AND A PAID LOBBYIST COMMUNICATED WITH STATE ELECTED OFFICIALS AND EMPLOYEES TO REQUEST BOND FUNDING TO SUPPORT THE MUSEUM'S CONTINUING EFFORT TO INSTALL FIRE SUPPRESSION EQUIPMENT THROUGHOUT THE MUSEUM AND TO REPLACE AN AGING COOLING TOWER AND FAN WALL. IN ADDITION, BMA STAFF AND TRUSTEES COMMUNICATED WITH STATE ELECTED OFFICIALS AND EMPLOYEES TO ENCOURAGE SUPPORT FOR THE ANNUAL ALLOCATION TO THE MARYLAND STATE ARTS COUNCIL (MSAC). MSAC IS A STATE AGENCY THAT MAKES GRANTS TO CULTURAL NONPROFITS ORGANIZATIONS IN MARYLAND, INCLUDING THE BMA. BMA EMPLOYEES ALSO PARTICIPATED IN MARYLAND ARTS DAY, AN ANNUAL RALLY ORGANIZED BY MARYLAND CITIZENS FOR THE ARTS, TO RAISE AWARENESS OF THE CONTRIBUTIONS THE ARTS MAKE TO THE MARYLAND ECONOMY AND TO INDIVIDUAL COMMUNITIES ACROSS THE STATE. X X X X 0 93682489 2430817 4382232 3505818 96989720 79120965 2944929 15425427 3808832 93682489 66172610 6199022 10213356 3464023 79120965 66447969 1780257 595338 2650954 66172610 55430515 2802971 13027060 4812577 66447969 0.28400 0.38110 0.33490 0 0 472266 472266 13333418 1620607 11712811 1993251 365888 1627363 1530029 962785 567244 14379684 HEDGE FUNDS OF FUNDS 429975 F ISHARES MSCI ACWX EX US (ACWX) 8762970 F ISHARES RUSSELL 1000 GROWTH (IWF) 9573475 F METROPOLITAN WEST FDS TOTAL RETURN BD FD CL I (MWTIX) 7381252 F PRIVATE EQUITY FUNDS 6449766 F SPDR S&P 500 ETF TRUST (SPY) 13364811 F SPDR S&P DIVIDEND (SDY) 7703383 F TWEEDY BROWNE FUND INC. GLOBAL VALUE FUND (TBGVX) 7679126 F ISHARES RUSSELL 1000 VALUE (IWD) 11042723 F 72387481 PAYABLES UNDER SPLIT INTEREST AGREEMENT 915441 INTEREST RATE SWAP 124226 1039667 X 23732253 -2579384 -2579384 26311637 286973 -863445 -576472 25735165 23920051 842085 842085 23077966 286973 286973 23364939 PART III, LINE 1A: THE MUSEUM'S PERMANENT COLLECTION CONSISTS OF OVER 95,000 OBJECTS. THE VALUE OF THE MUSEUM'S COLLECTION OF ART OBJECTS IS NOT CAPITALIZED AND HAS BEEN EXCLUDED FROM THE STATEMENTS OF FINANCIAL POSITION. CONTRIBUTED COLLECTION ITEMS ARE NOT RECOGNIZED AS CONTRIBUTION REVENUE. PURCHASES OF ART OBJECTS BY THE MUSEUM (ACCESSIONS) ARE FUNDED WITH TEMPORARILY RESTRICTED NET ASSETS AND ARE RECORDED AS NONOPERATING DECREASES IN NET ASSETS IN THE STATEMENTS OF ACTIVITIES. SALES OF ART OBJECTS BY THE MUSEUM (DEACCESSIONS) ARE RECORDED AS NONOPERATING INCREASES IN NET ASSETS IN THE STATEMENTS OF ACTIVITIES. PART III, LINE 4: THE BALTIMORE MUSEUM OF ART SEEKS INNOVATION AND EXCELLENCE IN AN ARTISTIC PROGRAM THAT FOCUSES ON THE 19TH CENTURY TO THE PRESENT. THE COLLECTION CONSISTS OF 95,000 WORKS OF ART. THE MUSEUM IS COMMITTED TO CREATING AN ENVIRONMENT THAT INSPIRES CREATIVITY, ENCOURAGES LEARNING, AND FOSTERS HUMAN UNDERSTANDING IN A PLACE WHERE EVERYONE FEELS WELCOME. PART X, LINE 2: THE MUSEUM ADOPTED THE ACCOUNTING STANDARD ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, WHICH ADDRESSES THE DETERMINATION OF WHETHER TAX BENEFITS CLAIMED OR EXPECTED TO BE CLAIMED ON A TAX RETURN SHOULD BE RECORDED IN THE FINANCIAL STATEMENTS. UNDER THIS POLICY, THE MUSEUM MAY RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE-LIKELY-THAN-NOT THAT THE TAX POSITION WOULD BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITION. MANAGEMENT HAS EVALUATED THE MUSEUM'S TAX POSITIONS AND HAS CONCLUDED THAT THE MUSEUM HAS TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH PROVISIONS OF THIS GUIDANCE. THE MUSEUM IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR THE U.S. FEDERAL, STATE OR LOCAL TAX AUTHORITIES FOR YEARS BEFORE JUNE 30, 2012. PART XI, LINE 4B - OTHER ADJUSTMENTS: RECLASSIFICATION OF COST OF GOODS SOLD -649,159. FUNDRAISING EXPENSES NETTED WITH REVENUE -214,286. PART XII, LINE 2D - OTHER ADJUSTMENTS: RECLASSIFICATION OF COST OF GOODS SOLD 649,159. GAIN ON INTEREST RATE SWAP -21,360. FUNDRAISING EXPENSES NETTED WITH REVENUE 214,286. CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 INVESTMENTS 1338303 0 0 0 0 0 0 1338303 0 1338303 1 0 1 0 0 0 X X X X X X 1 TER MOLEN WATKINS & BRANDT 2 NORTH RIVERSIDE PLAZA CHICAGO IL 60606 CAMPAIGN FUNDRAISING 0 0 41310 -41310 41310 -41310 MD GALA 839544 725009 114535 14701 199585 839544 725009 114535 14701 199585 214286 -99751 X X X X 0 1 0 0 0 0 0 0 0 DOREEN BOLGER STAFF EXECUTIVE DIRECTOR/SECRETARY 279148 0 0 0 0 0 17010 0 9680 0 305838 0 0 0 CHRISTINE DIETZE BONANNO STAFF CHIEF FINANCIAL OFFICER 138725 0 0 0 0 0 8505 0 20011 0 167241 0 0 0 JUDITH GIBBS STAFF DEPUTY DIR. OF DEVELOPMENT 147078 0 0 0 0 0 9273 0 10738 0 167089 0 0 0 FORM 990, SCHEDULE J, PART II, COLUMN C THE ORGANIZATION HAS ESTABLISHED A SECTION 457(F) PLAN FOR ITS HIGHEST COMPENSATED EMPLOYEE PARTICIPATION. THE MUSEUM MAINTAINS A SEPARATE ACCOUNT IN THE NAME OF THE PARTICIPANT WHO IS ENTITLED TO THE COMPENSATION. EMPLOYER CONTRIBUTIONS MAY BE MADE TO THE PLAN EACH YEAR IN AN AMOUNT SPECIFIED IN THE PARTICIPANT'S AGREEMENT. A PARTICIPANT IS ENTITLED TO RECEIVE A DISTRIBUTION OF AN AMOUNT EQUAL TO THE PARTICIPANT'S VESTED ACCOUNT, ON THE FIXED PAYMENT DATE SPECIFIED IN THE PARTICIPANT'S AGREEMENT. A MARYLAND ECONOMIC DEVELOPMENT CORP 521376562 2010-12-20 8000000 CURRENT REFUNDING OF 2006 ISSUE AND CONSTRUCTION PROJECT 0 0 0 A 1780066 8000000 94250 3932051 2300000 2015 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 1 0 0 1 0 0 0 1 A 1 PART II, LINE 1: THESE BONDS WERE ISSUED AS DRAW DOWN BONDS WITH A MAXIMUM AUTHORIZED DRAW DOWN AMOUNT OF $8,000,000. AS OF DECEMBER 31, 2014, NO FURTHER DRAWS ARE TO BE MADE. THEREFORE, THE UNDRAWN AMOUNT OF $1,673,699 IS CONSIDERED TO BE RETIRED. THIS AMOUNT IS REFLECTED ON PART II LINE 1. ALSO REFLECTED ON PART II LINE I ARE PRINCIPAL AMORTIZATION PAYMENTS OF $106,367, WHICH WERE MADE FROM JANUARY 1, 2015 THROUGH JUNE 30, 2015. PART II, LINE 11: OTHER SPENT PROCEEDS IS THE AMOUNT OF THE BOND ISSUE USED TO REFUND THE 2006 ISSUE. X 451 EXCLUDED UNDER SFAS 116 X EXCLUDED UNDER SFAS 116 X 48 1798796 FMV 0 1 1 PART I, LINE 32B: PUBLIC AUCTION IS THE USUAL MECHANISM FOR THE DISPOSAL OF WORKS BEING DE-ACCESSIONED FROM THE COLLECTION AFTER REVIEW BY THE DIRECTOR, CURATORS, AN ACCESSIONS COMMITTEE AND FINAL APPROVAL BY THE EXECUTIVE COMMITTEE AND THE BOARD OF TRUSTEES. THE MUSEUM DOES NOT USE A THIRD PARTY OR RELATED ORGANIZATION TO SOLICIT OR PROCESS NONCASH CONTRIBUTIONS. PART I, LINE 33: THE MUSEUM'S PERMANENT COLLECTION CONSISTS OF OVER 95,000 OBJECTS. IN CONFORMITY WITH ACCOUNTING POLICIES GENERALLY FOLLOWED BY ART MUSEUMS, THE VALUE OF THE MUSEUM'S COLLECTION OF ART OBJECTS IS NOT CAPITALIZED AND HAS BEEN EXCLUDED FROM THE STATEMENTS OF FINANCIAL POSITION, AND GIFTS OF ART OBJECTS ARE NOT RECOGNIZED AS CONTRIBUTED REVENUE. FORM 990, PART VI, SECTION B, LINE 11 THE AUDIT COMMITTEE REVIEWS A COPY OF FORM 990 IN DETAIL. AFTER THE AUDIT COMMITTEE COMPLETES ITS REVIEW, A DRAFT IS SENT TO THE ENTIRE BOARD FOR COMMENTS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE BMA HAS A QUESTIONNAIRE THAT REQUIRES TRUSTEES WITH VOTING PRIVILEGES TO DISCLOSE INTERESTS THAT COULD GIVE RISE TO CONFLICTS. ONE HUNDRED PERCENT OF VOTING TRUSTEES COMPLETED THE QUESTIONNAIRE AND CERTIFIED THE DOCUMENT WITH THEIR RESPECTIVE SIGNATURES. NO CONFLICTS OF INTEREST WERE IDENTIFIED. TRUSTEES ARE ASKED TO BRING ANY CONFLICTS OF INTEREST TO THE ATTENTION OF THE CHAIRMAN OF THE BOARD OF TRUSTEES AS CHAIR OF THE EXECUTIVE COMMITTEE. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES RECOMMENDS COMPENSATION FOR THE DIRECTOR BASED ON PERFORMANCE AND THE REVIEW OF COMPARABLE DATA FROM SIMILAR INSTITUTIONS, THE BOARD OF TRUSTEES APPROVES THE ANNUAL OPERATING BUDGET WHICH INCLUDES COMPENSATION FOR THE DIRECTOR. THE DECISIONS OF THE COMPENSATION COMMITTEE ARE COMMUNICATED IN WRITING FROM THE BOARD CHAIR TO THE DEPUTY DIRECTOR FOR FINANCE AND ADMINISTRATION, WRITTEN NOTES ACCOMPANY THE BUDGET AND MINUTES OF THE BOARD OF TRUSTEES MEETINGS ARE MAINTAINED. THE MUSEUM PARTICIPATES ANNUALLY IN SALARY SURVEYS TO BENCHMARK COMPENSATION RANGES AGAINST PEER INSTITUTIONS. THE BOARD OF TRUSTEES APPROVES THE ANNUAL OPERATING BUDGET WHICH INCLUDES COMPENSATION FOR OFFICERS AND KEY EMPLOYEES. WRITTEN NOTES ACCOMPANY THE BUDGET AND MINUTES OF THE BOARD OF TRUSTEES MEETINGS ARE MAINTAINED. FORM 990, PART VI, SECTION C, LINE 19 BMA MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PART VIII, LINE 11A FUNDS RECEIVED THROUGH THE SALE OF ART OBJECTS (DEACCESSIONS) ARE RESTRICTED FOR THE PURPOSE OF PURCHASING OTHER ART OBJECTS. FORM 990, PART XI, LINE 9: GAIN ON INTEREST RATE SWAP 21,360.