2016-05-11T08:32:02-05:00 2015-06-30 510232475 COVER & ROSSITER PA 62 ROCKFORD ROAD WILMINGTON DE 19806 990 2014-07-01 510066038 The Henry Francis du Pont Winterthur Museum Inc HENR 3028884600 Route 52 Winterthur DE 19735 Robert Necarsulmer CFO 3028884600 2016-05-10 1 Peter Kennedy P00571422 3026566632 2016-05-02 2014 2016-08-17 19:52:53Z Robert Necarsulmer Route 52 Winterthur DE 19735 287273536 0 X www.Winterthur.org X 1930 DE Winterthur's mission is to preserve and enhance the legacy of its founder, Henry Francis du Pont, for the benefit and enjoyment of the public, including: the care, development, and study of its preeminent collection of decorative and fine arts made or used in America; the enhancement and interpretation of one of America's finest naturalistic gardens; the operation of graduate programs in American material culture and art conservation at the highest academic level; the operation and development of a library to support these important cultural goals; and the preservation of the historically important buildings and grounds. 33 32 434 300 55099 0 7016692 8549269 2838555 3957139 14286582 21254177 1310538 1837881 25452367 35598466 744936 725266 0 0 14848310 19182574 34425 19502 1190202 12091373 12889858 27719044 32817200 -2266677 2781266 402717305 397704007 20488825 24397056 382228480 373306951 X Winterthur's mission is to preserve and enhance the legacy of its founder, Henry Francis du Pont, for the benefit and enjoyment of the public, including: the care, development, and study of its preeminent collection of decorative and fine arts made or used in America; the enhancement and interpretation of one of America's finest naturalistic gardens; the operation of graduate programs in American material culture and art conservation at the highest academic level; the operation and development of a library to support these important cultural goals; and the preservation of the historically important buildings and grounds. 0 0 10383891 3606541 Public Visitation, Membership, and Public Relations:Winterthur hosted 216,169 visitors for tours, educational programs, and special and community events during FY2015. Member households for the year totaled 12,000. 5,466 school children and college students participated in offerings through the Public Programs Department and in addition we provided programs for regional libraries and also teacher training workshops. Garden programs attracted 5,891 participants at 79 programs and events. Winterthur gave approximately 100,000 guided garden tours. Winterthur welcomed new and returning visitors through the presentation of four academic conferences, an intensive two week study program, lecture series on decorative arts, English history, life in the American country house, costume history and garden topics, and collection workshops. There were 57 adult programs with an attendance of 5,662. There were also weekly family programs. This year musical performances had over 1,500 people attending. Nearly 4,000 members of the community learned about Winterthur through staff lectures at neighboring institutions and special programs.Winterthur set record attendance through its exhibition program. This year's special exhibition was Costumes of Downton Abbey based on the popular TV series. The exhibition highlighted 40 costumes worn on the TV series and contrasted the story of life at Winterthur with the fictional Downton Abbey. It introduced tens of thousands of first time visitors to Winterthur's many historical and garden features and dramatically expanded membership support. Accompanying the exhibition was an extensive lecture series, special presentations by the curators, and events featuring music and food. In March a major exhibition on Pennsylvania German decorative arts with accompanying catalogue opened and runs until January 2016.The institution continued to publicize all offerings locally and nationally, with an increased emphasis on electronic media. 10134193 725266 350598 Curatorial, Conservation, Education, Library Programs: Including Collection and Library Materials:The staff in the Collections Department continue to upgrade and improve the catalogue records and add photography to the online database; to date Winterthur has re-catalogued a total of 59,373 objects and added 151,892 digital images to the database. The museum collection, which is used for exhibition, research and teaching purposes, continues to grow with a total of 552 gifts and 18 purchases. Collections staff continue to research and publish information about the collection. During FY2015 these included a major book, "Printed Textiles: British and American Cottons and Linens 1700-1850 and various smaller publications related to exhibitions including, "Cultivating Style in a Multiethnic World: New York Furniture, 1640-1860", "A Colorful Folk: Pennsylvania Germans and the Art of Everyday Life", and "The Diligent Needle: Instrument of Profit, Pleasure, and Ornament". Winterthur is working with ten other institutions on a collaboration project, Four Centuries of Massachusetts Furniture, which over the course of FY2013 and FY2015 will include seven exhibitions, three symposiums, two books, an online database of documented Boston furniture, enhanced cataloguing of Massachusetts furniture at two participating institutions, and dozens of public programs.This past year 16 graduate students were enrolled in the Winterthur Program in American Material Culture (administered with the University of Delaware), and 30 graduate students studied in the Winterthur/University of Delaware Program in Art Conservation. Graduates of these Master Degree programs serve in museums, historic houses, and conservation facilities in North America, Europe, and elsewhere. Additionally, Winterthur hosted 34 visiting scholars who availed themselves of the library collections to research various material culture and design topics.Charged with collection care, exhibit preparation, instruction of students in the WUDPAC program and research, outreach and professional engagement, the Conservation Department has been active in all areas.The IMLS funded Chinese Export Lacquer Project was a major activity this year with treatment of several complex objects, planning a symposium and workshop to he beld October 29-30, 2015 and opening of a related exhibit on the conservation of lacquer.Research resulting in professional papers and/or presentations included a wide variety of topics - the cleaning of furniture brasses, conservation of Chinese export lacquer, analysis and treatment of furniture finishes, the effect of air movement on historic textiles, fraktur, the deterioration of cadmium yellows, metallurgical origins of ancient glass, identification of zinc based paints, and teaching heritage preservation in Iraq.Outreach continued with conservation participation in Terrific Tuesdays, teacher workshops, programming for high school students and both public and special interest conservation tours. A Delaware Department of the Arts grant will allow further development of school related conservation programming. Winterthur hosted a Mellon Foundation funded course on historic book structures for conservators and an FAIC funded course on cleaning furniture finishes. Staff taught courses at other institutions ranging from a workshop on cleaning ceramics to Raman spectroscopy and preservation of technical drawings.Exhibit preparation included extensive treatment of fraktur for A Colorful Folk, mounts and installation for several library case exhibits, conservation of objects and significant contributions of content for Brittle Beauty: Understanding and Conserving Chinese Export Lacquer as well as preparation of collections for Gallery rotations and Yuletide.The extensive capital projects underway - the shutter/window/gutters/chimneys/roof project and the NEH funded Sustaining Collections project have required significant departmental attention and collaboration in design and execution. Both projects address serious infrastructure issues and will significantly improve collection care and energy efficiency. The Sustaining Collections project was presented at the annual American Institute for Conservation in 2014 and has been the subject of two articles.The shutter and storm window replacement project required enrobing the museum building in scaffolding, so staff have taken advantage of the access provided to address a myriad of other issues including gutters, roof leaks, and serious chimney structural issues. Completed in spring 2015, the museum now has new composite shutters, non-reflecting storm windows covering newly painted and caulked original wood sashes, new light filtration, and a secure roof, gutters and chimneys that will exclude insects, water, damaging light levels and unconditioned outside air.The Sustaining Collections project has involved multiple energy saving mechanical upgrades and installation of a web based monitoring and control system in the Museum, Galleries and Research Building. By providing extensive real-time data, the new system allows operational adjustments such as cycling systems off at night to reduce energy usage while monitoring collection conditions to ensure they meet preservation standards. The project will be completed in the fall of 2015 and management will transition to a continuous commissioning model jointly managed by facilities and conservation.The Registration Department is tasked with maintaining paper and digital records related to the museum collection. The department manages paperwork and logistics related to loans to/from Winterthur and for exhibits, accessions and deaccessions, object movement and collection inventory, and risk management. The Registration Department inventoried 8,329 objects; facilitated and documented 20,235 object moves; accessioned 816 museum objects; and managed loans of 262 objects to Winterthur and 154 objects from Winterthur to other institutions.Registration staff continues to work with Winterthur's digital asset management team to improve online museum collections data. Catalog data is now available for 88,643 museum objects.The mission of the library is to acquire, catalog, preserve, and make its collections available to the public. During FY2015, the Library added 218 archival lots and 2,787 books and periodicals by purchase and gift; cataloged and updated 2,886 records; and lent 313 books via interlibrary loan. We counted 873 user days in the manuscript and archive collections and 5,748 user days in the Printed Book and Periodical Collection. Staff added significantly to our electronic resources with the production of digital collections and staged three exhibitions featuring library resources. During FY2015, WinterCat, the library's online catalog, welcomed 5,570 users, from 56 countries, who together consulted 152,210 pages. 2800966 Garden Program:Winterthur maintains a world-renowned 200-acre naturalistic garden that welcomes visitors from all parts of the globe. The collection of rare and historic plants includes magnolias, azaleas, minor bulbs, conifers, and specimen trees. Significant varieties in the collection are tracked or "accessioned" through a records system, which currently includes more than 7,500 accessions. In FY2015 we continued the restoration of numerous garden areas including the Reflecting Pool, Enchanted Woods, the Quarry Garden, Sycamore Hill, and Oak Hill. Restoration of ironwork and statuary continued in the Reflecting Pool and East Terrace areas with the re-installation of a 17th century gate, stabilization and repair of a historic umbrella seat, and the return of sundial with lead figures to the garden. 2395053 1447686 Marketing Program (Expenses $2,055,975)(Revenue $1,447,686):Winterthur signed two new and renewed one existing licensees that will broaden and deepen awareness of the institution with products tightly tied to the collection and museum offerings. Based on increased attendance, the retail stores had one of their biggest years in sales and revenue with continued growth from e-commerce. This increased visibility and knowledge of Winterthur.Publications Program (Expenses $339,078):In FY2015 Winterthur celebrated the announcement of five new publications:"Printed Textile: British and American Cottons and Linens, 1700-1850" (September 2014, co-published with The Monacelli Press); "The Delaware Antiques Show Catalogue" (November 2014); "A Colorful Folk: Pennsylvania Germans & the Art of Everyday Life" (February 2015); "Cultivating Style in a Multiethnic World: New York Furniture, 1640-1860" (February 2015); and "Historic Rooms of Winterthur: Paintings by Michael John Hunt" (June 2015).In addition, Winterthur published a paperback reprint of the 2012 exhibition catalogue "Paint, Pattern & People: Furniture of Southeastern Pennsylvania, 1725-1850" (May 2015) and signed a co-publishing agreement with the Newport (Rhode Island) Historical Society for the production of a future volume on the Claggett family of clockmakers. The Publications Office continued to support the editorial needs of other museum departments with work on exhibition labels, brochures, and marketing materials. The institution also prepared two print and online issues of the academic journal "Winterthur Portfolio" (with the University of Chicago Press). 2395053 1447686 25714103 1 1 0 0 0 0 0 1 0 1 1 1 0 1 1 1 1 0 0 0 1 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 1 0 0 1 1 0 0 0 0 0 0 0 1 165 0 1 434 1 1 1 0 0 0 0 0 0 0 0 0 X 33 32 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X X Robert Necarsulmer 3028884600 Winterthur Museum 5105 Kennett Pike Winterthur DE 19735 Dr David P Roselle Executive Director & Trust 50.00 X X 269949 0 16978 Mrs Katharine P Booth Chairman 1.00 X X 0 0 0 Mr Pierre du Pont Hayward Vice Chairman & Secretary 1.00 X X 0 0 0 Mr David L De Luca Vice Chairman 1.00 X X 0 0 0 Mrs Alice Cary Brown Trustee 1.00 X 0 0 0 Mr David W Dangremond Trustee 1.00 X 0 0 0 Mr Logan D Delany Jr Trustee 1.00 X 0 0 0 Mr William K du Pont Trustee 1.00 X 0 0 0 Ms Catherine G Ebert Trustee 1.00 X 0 0 0 Mrs Anne B Ervin Trustee 1.00 X 0 0 0 Mr Frank J Guzzetta Trustee 1.00 X 0 0 0 Mr James B Hawkes Trustee 1.00 X 0 0 0 Mr Morrison H Heckscher Trustee 1.00 X 0 0 0 Mr John A Herdeg Trustee 1.00 X 0 0 0 Ms Cynthia A Hewitt Trustee 1.00 X 0 0 0 Mr Frank L Hohmann III Trustee 1.00 X 0 0 0 Mrs Olivia Barclay Jones Trustee 1.00 X 0 0 0 Mrs Richard I G Jones Trustee 1.00 X 0 0 0 Mr Barron U Kidd Trustee 1.00 X 0 0 0 Mr Nicholas P Lambrow Trustee 1.00 X 0 0 0 Mr Forbes Maner Trustee 1.00 X 0 0 0 Mr Joshua W Martin III Trustee 1.00 X 0 0 0 Mr John L McGraw Trustee 1.00 X 0 0 0 Mrs Elizabeth H Owens Trustee 1.00 X 0 0 0 Mr Bruce C Perkins Trustee 1.00 X 0 0 0 Dr Donald J Puglisi Trustee 1.00 X 0 0 0 Mrs Lynn Springer Roberts Trustee 1.00 X 0 0 0 Mr Geoffrey M Rogers Trustee 1.00 X 0 0 0 Ms Robin E Sarratt Trustee 1.00 X 0 0 0 Mr Mark E Stalnecker Trustee 1.00 X 0 0 0 Mr P Coleman Townsend Jr Trustee 1.00 X 0 0 0 Mr Rodman Ward Jr Trustee 1.00 X 0 0 0 Dr Richard C Weiss Trustee 1.00 X 0 0 0 The Honorable W L Lyons Brown Chairman & Trustee Emeritu 1.00 X 0 0 0 Mr Samuel Schwartz Chairman & Trustee Emeritu 1.00 X 0 0 0 Mrs George P Bissell Jr Trustee Emerita 1.00 X 0 0 0 Mrs Louisa C Duemling Trustee Emerita 1.00 X 0 0 0 Mrs Elizabeth B Johnson Trustee Emerita 1.00 X 0 0 0 Mrs Julia Bissell Leisenring Trustee Emerita 1.00 X 0 0 0 Ruth Lord Trustee Emerita 1.00 X 0 0 0 Mr Blaine T Phillips Trustee Emeritus 1.00 X 0 0 0 Mr David D Wakefield Trustee Emeritus 1.00 X 0 0 0 Mr David B Warren Trustee Emeritus 1.00 X 0 0 0 Mr Charles O Wood III Trustee Emeritus 1.00 X 0 0 0 Mr Edmond L Lincoln Honorary Trustee 1.00 X 0 0 0 Mr George A Weymouth Honorary Trustee 1.00 X 0 0 0 Mr Robert Necarsulmer CFO and Treasurer 50.00 X 181935 0 2968 Ms Denise D Adams Assistant Treasurer 50.00 X 77853 0 2695 Ms Jane Drummond Assistant Secretary 50.00 X 66448 0 2847 Mr Robert R Davis Dir.-Development 50.00 X 204423 0 13194 Mr John Savage Dir.-Museum Affairs 50.00 X 162438 0 10594 Ms Lisbeth Selsor Dir.-Human Resources & Support Svcs 50.00 X 153430 0 15241 Mr Brock Jobe Professor 50.00 X 149544 0 14197 Mr Christopher Strand Dir.-Garden and Estate 50.00 X 140173 0 23685 1406193 0 102399 10 0 1 0 EDiS Company 110 South Poplar St Suite 400 Wilmington DE 19805 Construction Contractor 2542678 Limbach Company LLC 31-35th St Pittsburgh PA 15201 Equipment Maintenance 1131595 SC&A Construction Inc 3411 Silverside Rd Wilmington DE 19810 Construction Contractor 595461 David P Roser Inc PO Box 104 Hockessin DE 19707 General Contractor 173624 Connor Printing Inc 2977 Dutton Mill Rd Aston PA 19014 Printing Company 172615 11 1155878 608007 685863 6099521 427922 8549269 Admissions 900099 3284915 3284915 Academic Programs Cost Share 900099 297854 297854 Usage Fees 900099 228773 228773 Teaching/Consulting 900099 52744 52744 92853 92853 3957139 4005104 4005104 156557 156557 510819 96321 414498 414498 414498 267151490 7975 249910392 0 17241098 7975 17249073 17249073 288939 608007 524898 -235959 -235959 2646244 1143459 1502785 1447686 55099 35598466 5404825 55099 21589273 725266 725266 683848 683848 10885501 9086846 1243742 554913 5084125 3911847 860046 312232 1723937 1390578 272454 60905 805163 648873 120278 36012 77114 77114 65000 65000 19502 19502 763144 763144 258174 72129 186045 344110 343110 1000 894882 607384 221038 66460 190073 190073 2350008 2199400 116492 34116 141231 118547 10133 12551 898151 797150 72661 28340 201381 201381 4047318 3574175 426141 47002 315426 3993 311369 64 Collection Acquisitions 774023 774023 Publications and market 403761 403761 Gardens and grounds 286030 286030 Library materials 238348 238348 641684 532643 90936 18105 32817200 25714103 5912895 1190202 184530 1914522 4751386 2258490 579755 167808 461862 409355 366111 518815 104137367 68078453 33591337 36058914 147063096 152431499 212815014 201660110 2904214 2284494 402717305 397704007 2339794 2219695 260044 290020 3795000 3555000 5368062 4796633 8725925 13535708 20488825 24397056 X 322369079 311298150 30967471 29712610 28891930 32296191 382228480 373306951 402717305 397704007 2781266 -11702795 0 X X 0 1 X 1 1 1 X 8219235 7820761 5979054 7016692 8549269 37585011 8219235 7820761 5979054 7016692 8549269 37585011 5312614 32272397 3688136 3429973 4355655 3885118 4672502 20031384 57616395 21599912 0.56010 0.55760 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X X Digitize collections & reco 0 363356222 3409584 9570562 672591 18792409 763144 356108224 329367641 2570116 49516555 665486 16819514 613090 363356222 311616930 1199718 35369738 648520 17429480 740745 329367641 331606281 3405865 -5867098 622034 16126097 779987 311616930 300886376 3916976 55259968 359561 27136439 961039 331606281 0.83660 0.07270 0.09070 0 0 6705791 6705791 87920432 60850124 27070308 9511144 7228329 2282815 36058914 87648089 F Endowment Cash 1833957 F Limited Partnerships 56366791 F Private Equity Funds 28367945 F Other Mutual Funds 27443328 F 201660110 Construction in Process 1721721 Life Insurance Receivable 497137 Debt Issuance Cost 65636 2284494 Accrued pension expense 13456184 Bond Interest Swap Liability 79524 13535708 X 24800884 -11702795 1668357 -10034438 34835322 763144 763144 35598466 33722413 1668357 1668357 32054056 763144 763144 32817200 Part III, Line 1a: In conformity with FASB ASC 958-605, the financial statements exclude the value of the collection objects and library holdings. No determination can be made as to the aggregate value of such items. Winterthur records proceeds from deaccessions and disbursements for current period accessions in the statement of activity as revenue and expenditures, respectively. Proceeds from sales of collection items are limited to the acquisition of other items for collections. Winterthur employs conservation and curatorial staff to ensure that the collection is protected and preserved. Part III, Line 4: Winterthur's collection of decorative and fine arts remains one of the best in the country, and objects are displayed in 175 museum rooms and 35,000 square feet of self-guided galleries. The collections include over 90,000 objects including furniture, architecture, textiles, paintings, metals, ceramics, glass, and works of art on paper. The comprehensive research library features books, periodicals, manuscripts, visual images, and ephemera. Much of the scholarship on early American material culture has been written on the basis of research conducted at Winterthur, via both its collection of objects as well as the material found in its library. The Winterthur and University of Delaware Program in American Material Culture (WPAMC) is the country's leading graduate program in the study of American decorative arts and material life, and the Winterthur/University of Delaware Program in Art Conservation (WUDPAC) is one of only four graduate programs in the United States that educates and trains conservation professionals in multiple disciplines to care for our cultural heritage. Winterthur Museum, Garden & Library is committed to providing an array of artistic and educational programming. Currently, we are designing exhibitions, programs, and events that utilize our rich collection materials and vast knowledge base to appeal to Winterthur's traditional visitor while encouraging the patronage of a new, diverse, and intergenerational audience. Over the years, through innovative exhibitions, programs, and events, Winterthur has become a unique national treasure, a vital community resource, and a place that engages adults and youth in entertaining and memorable experiences that are relevant to their lives. Winterthur's goal has been to interpret its collections through enticing programs that help young visitors understand people, art, and landscapes-past and present. Culture enthusiasts and families with children make up the bulk of Winterthur's general attendance, of over 216,000 in FY2015. Many of these visitors are cultural tourists and museum members who take garden tours, docent guided gallery tours, guided-period room tours, special focus tours, or partake in Winterthur's family and school programming. Winterthur offers eighteen interactive, curriculum-based and developmentally-appropriate programs for students in preschool through the 12th grade. These programs take place both at Winterthur and in school classrooms throughout the Delaware Valley as part of our school outreach program, and are often geared toward our changing exhibitions. Part X, Line 2: Winterthur has adopted the provisions of FASB ASC 740-10-50, Accounting for Uncertainty in Income Taxes. Management continually evaluates uncertain tax positions and expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings, as applicable. Management's evaluation is that there is no income tax liability. This evaluation is based on settled and established positions within the Internal Revenue Code and management believes there is no significant uncertainty related to its evaluation. Part XI, Line 2d - Other Adjustments: Special Event Expenses 524,898. Cost of Goods Sold 1,143,459. Part XII, Line 2d - Other Adjustments: Special Event Expenses 524,898. Cost of Goods Sold 1,143,459. Caribbean 0 0 Investment 9775436 0 0 0 0 0 0 9775436 0 9775436 1 0 0 1 1 0 X X X X X X 1 Daniller & Company 3724 Jefferson Street Suite 302 Austin TX 78731 Fall Acquisitions 0 41675 19502 22173 41675 19502 22173 DE NJ PA MD Point to Point Races 517817 484605 33212 24642 237592 Delaware Antiques Show 379129 123402 255727 21300 73125 168239 896946 608007 288939 21300 97767 405831 524898 -235959 1 Winterthur Program in American Material Culture 16 605054 FMV Research Fellowship 31 90812 FMV NEH Fellowship 3 29400 FMV Part I, Line 2: The only disbursements made to non-affiliated persons in furtherance of its mission and exempt purpose are to the graduate students (Winterthur program in American Material Culture) and research fellowships (Research Fellowship Program). The graduate student awards are made according to admission procedures consistent with practices at the University of Delaware, which co-sponsors the awards, and supervised by University of Delaware faculty. All Research Fellowship awards are made according to selection procedures consistent with practices of the National Endowment for the Humanities, which funds some of the Fellowships. Graduate student award funds are monitored according to internal fiscal practices of both the Winterthur Museum and the University of Delaware. Research Fellowship expenditures are monitored by annual reports to NEH (for NEH-funded fellowships) and by monthly internal tracking of non-NEH fellowships. X 1 1 X X X X 0 0 0 0 0 0 0 0 0 Dr David P Roselle Executive Director & Trust 269949 0 0 0 0 0 16978 0 10114 0 297041 0 0 0 Mr Robert Necarsulmer CFO and Treasurer 181935 0 0 0 0 0 2968 0 5740 0 190643 0 0 0 Mr Robert R Davis Dir.-Development 204423 0 0 0 0 0 13194 0 1059 0 218676 0 0 0 Mr John Savage Dir.-Museum Affairs 162438 0 0 0 0 0 10594 0 6319 0 179351 0 0 0 Ms Lisbeth Selsor Dir.-Human Resources & Support Svcs 153430 0 0 0 0 0 4951 0 11637 0 170018 0 0 0 Mr Brock Jobe Professor 149544 0 0 0 0 0 3907 0 11448 0 164899 0 0 0 Mr Christopher Strand Dir.-Garden and Estate 140173 0 0 0 0 0 9526 0 15421 0 165120 0 0 0 A Delaware Economic Development Authority 510269736 2012-03-01 4335000 Refinance Series 2002 Bond Issue 0 0 0 A 4335000 91606 4335000 2003 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 0 1 0 1 1 Wells Fargo Bank NA 7.000000000000 1 0 0 0 0 A 0 Ruth Lord Daughter of Founder 0 Pursuant to bequest, she is given the right to use Residence #6 rent-free for life without paying maintenance costs. Winterthur was given the remainder interest in the property. Mrs. Lord permitted Winterthur to use Residence #6 to house visiting scholars & associates. Mrs. Lord passed away in August 2014. 0 Mr Joshua W Martin III Counsel at law firm used by Winterthur 0 The Trustee does no work for the Winterthur account & no consideration is given to Winterthur's work with the firm in the determination of the amount of compensation the Trustee receives from the firm. It is also important to note that the Trustee was on the Winterthur Board for a number of years before he joined Potter, Anderson and Corroon. In addition, Potter, Anderson and Corroon was Winterthur's primary law firm for many years before the Trustee joined the firm. It is an established policy that all Trustees recuse themselves from Committee or Board decisions for which they or their firms have a potential conflict of interest. Mr. Joshua W. Martin III retired from the board in May 2015. 0 Mr Nicholas P Lambrow Banking relationship with Trustee 0 Mr. Nicholas P. Lambrow became a Trustee of Winterthur in May 2012. Mr. Lambrow is President Delaware Region at M&T Bank. Winterthur has done business with M&T and Wilmington Trust Company (which was acquired by M&T) for many years. Mr. Lambrow played no role in this business being awarded to M&T Bank and does not have any direct compensation tied to the retention of this business. It is an established policy that all Trustees recuse themselves from Committee or Board decisions for which they or their firms have a potential conflict of interest. 0 X 552 FASB ASC 958-360-25 X FASB ASC 958-360-25 X 35 427922 Fair Market Value 6 0 1 1 Part I, Line 32b: Winterthur uses a brokerage account with an unrelated financial institution to process non-cash contributions of stock. Deaccessioned material is sold thru public auction houses, e.g. Sotheby's, Pook & Pook, Inc. and Christie's. Part I, Line 33: A zero amount is reported in Sch M, Part I, line 3(c), because Winterthur does not capitalize its collection, as allowed under FASB ASC 958-360-25 . Form 990, Part VI, Section A, line 2 Some Board members share a family relationship. Form 990, Part VI, Section B, line 11 The Audit Committee reviews the Form 990 before the return is signed and filed. Form 990, Part VI, Section B, line 12c Each Trustee must complete a Conflict of Interest Policy Disclosure Statement upon his/her election to the Board and annually thereafter. Board members are required to acknowledge a potential conflict to the Board prior to entering into a transaction with the Museum. The minutes of the Board meeting at which a disclosure of conflict is made shall reflect the occurrence and the outcome. The Executive Director monitors contracts and vendor payments for potential conflicts of interest and informs the Chairman of the Board. The Chairman then brings the potential conflict to the Board for discussion when deemed possibly material. Form 990, Part VI, Section B, line 15 The Human Resources Committee of the Board of Trustees oversees a national salary survey every three years. The Committee also gathers local salary data to help establish current market values for the Museum's salaried positions. The collected survey data supports a salary structure that aligns every position within a salary range. The Human Resources Committee reviews all salary rates including the Executive Director and departmental Directors and then approves the rates of pay prior to budget approval for the next fiscal year. Form 990, Part VI, Section C, line 19 While the Museum routinely provides copies of the audited financial statements when requested,it has never received a request for its conflict of interest policy or governing documents. Although there is no legal requirement that it do so, in the interest of transparency, requests of this nature will be evaluated by the Museum and responded to on a case by case basis. Form 990, Part XII, Line 2c Winterthur has an Audit Committee that is responsible for the selection and oversight of the independent auditor.