2016-03-22T16:35:44-05:00 2015-06-30 131655065 LUTZ AND CARR CPAS LLP 300 EAST 42ND STREET NEW YORK NY 10017 990 2014-07-01 237397946 DIA CENTER FOR THE ARTS INC DIAC 2129895566 535 WEST 22ND STREET 4TH FLOOR NEW YORK NY 10011 JESSICA MORGAN DIRECTOR 2129895566 2016-03-19 1 FREDERICK MARTENS P00298107 2126972299 2014 2016-08-17 19:52:53Z DIA ART FOUNDATION JESSICA MORGAN 535 WEST 22ND STREET 4TH FLOOR NEW YORK NY 10011 16324732 0 X WWW.DIAART.ORG X 1974 NY DIA ART FOUNDATION IS COMMITTED TO ADVANCE, REALIZE, AND PRESERVE THE VISION OF ARTISTS DIA'S NAME COMES FROM THE GREEK WORD "THROUGH," WHICH REFLECTS ITS ROLE AS A CONDUIT FOR VISIONARY ART PROJECTS. SINCE ITS FOUNDING IN 1974, DIA HAS COMMISSIONED, SUPPORTED, PRESENTED, AND PRESERVED EXCEPTIONAL ARTWORKS, AND FOSTERED LASTING RELATIONSHIPS WITH INDIVIDUAL ARTISTS. DISTINGUISHED BY ITS CONSTELLATION OF SITES, DIA ADVANCES THE EXPERIENCE, APPRECIATION, AND SCHOLARSHIP OF ART THROUGH IN-DEPTH, SINGLE-ARTIST EXHIBITIONS, PERFORMANCES, PUBLICATIONS, PUBLIC AND EDUCATIONAL PROGRAMS, AND THE MAINTENANCE OF PERMANENT SETTINGS OF WORKS OF ART. 16 16 139 31 0 0 7242740 3686316 934661 1292700 46017863 4853485 2195598 2360242 56390862 12192743 132000 121000 0 0 4913081 5481663 56235 30973 776079 5267484 5779508 10368800 11413144 46022062 779599 167726406 163366687 12577387 12887895 155149019 150478792 X DIA ART FOUNDATION IS COMMITTED TO ADVANCE, REALIZE, AND PRESERVE THE VISION OF ARTISTS. DIA'S NAME COMES FROM THE GREEK WORD FOR "THROUGH," WHICH REFLECTS ITS ROLE AS A CONDUIT FOR VISIONARY ART PROJECTS. SINCE ITS FOUNDING IN 1974, DIA HAS COMMISSIONED, SUPPORTED, PRESENTED, AND PRESERVED EXCEPTIONAL ARTWORKS, AND FOSTERED LASTING RELATIONSHIPS WITH INDIVIDUAL ARTISTS. DISTINGUISHED BY ITS CONSTELLATION OF SITES, DIA ADVANCES THE EXPERIENCE, APPRECIATION, AND SCHOLARSHIP OF ART THROUGH IN-DEPTH, SINGLE-ARTIST EXHIBITIONS, PERFORMANCES, PUBLICATIONS, PUBLIC AND EDUCATIONAL PROGRAMS, AND THE MAINTENANCE OF PERMANENT SETTINGS OF WORKS OF ART. 0 0 6225093 121000 1518418 EXHIBITIONS AND LONG-TERM PROJECTS:DIA'S LARGEST EXHIBITION FACILITY IS DIA:BEACON, LOCATED IN BEACON, NEW YORK. DIA:BEACON HOUSES 240,000 SQUARE-FEET OF EXHIBITION AND PUBLIC PROGRAM SPACE USED FOR PUBLIC VIEWING OF PERMANENT COLLECTION AND TEMPORARY EXHIBITIONS, A BOOKSHOP AND CAFE. DIA MAINTAINS 8 LONG-TERM, SITE-SPECIFIC PROJECTS LOCATED IN VARIOUS STATES ACROSS THE COUNTRY INCLUDING: WALTER DE MARIA'S THE LIGHTNING FIELD (1977) LOCATED IN NEW MEXICO, ROBERT SMITHSON'S SPIRAL JETTY (1970) LOCATED IN THE GREAT SALT LAKE IN UTAH; TWO PERMANENT GALLERY INSTALLATIONS IN NEW YORK CITY BY WALTER DE MARIA, THE NEW YORK EARTH ROOM (1977) AND THE BROKEN KILOMETER (1979), AND THE DAN FLAVIN ART INSTITUTE LOCATED IN BRIDGEHAMPTON, NEW YORK. THESE INSTALLATIONS ARE FREE TO THE PUBLIC, WITH THE EXCEPTION OF THE LIGHTNING FIELD, FOR WHICH AN OVERNIGHT STAY IS REQUIRED. IN 2015, DIA PRESENTED ROBERT IRWIN'S EXCURSUS: HOMAGE TO THE SQUARE3AT DIA:BEACON. THE EXHIBITION WAS ORIGINALLY COMMISSIONED BY DIA FOR ITS FORMER SPACE AT 548 WEST 22ND STREET IN NEW YORK CITY. THE INSTALLATION OPENED IN APRIL 1998 WITH THE TITLE PROLOGUE: X183 AND CONSISTED OF EIGHTEEN INTERCONNECTED ROOMS SET APART BY TRANSPARENT SCRIMS. RETITLED EXCURSUS: HOMAGE TO THE SQUARE3, THE SECOND VERSION HAS BECOME A SEMINAL WORK FOR IRWIN, WHICH DIA ACQUIRED IN 2000. FOR THIS NEW INSTALLATION AT DIA:BEACON, THE ARTIST REDESIGNED EXCURSUS TO ENGAGE WITH THE MUSEUM'S ARCHITECTURAL AND LIGHTING SPECIFICITIES, A TECHNIQUE HE HAS ARTICULATED AS "SITE-CONDITIONED," IN WHICH "THE SCULPTURAL RESPONSE DRAWS ALL ITS CUES (REASONS FOR BEING) FROM ITS SURROUNDINGS." 281732 17729 PUBLIC PROGRAMS AND EDUCATION:DIA OFFERS EDUCATIONAL AND PUBLIC PROGRAMS IN NYC AND BEACON. DIA'S 535 WEST 22ND STREET BUILDING HOSTS ARTISTS ON ARTISTS LECTURE SERIES, READINGS IN CONTEMPORARY POETRY, AND DISCUSSIONS IN CONTEMPORARY CULTURE. DIA:BEACON HOSTS AN ANNUAL ARTS EDUCATION PROGRAM; AN EDUCATIONAL OUTREACH PROGRAM IN PARTNERSHIP WITH EVERY SCHOOL IN THE BEACON CITY SCHOOL DISTRICT, SERVING ROUGHLY 300 STUDENTS PER YEAR. THE PROGRAM EMPLOYS 5 TEACHING ARTISTS ANNUALLY WHO DEVELOP ORIGINAL CURRICULA BASED ON DIA'S COLLECTION. DIA:BEACON ALSO OFFERS GUIDED TOURS, MONTHLY GALLERY TALKS FREE WITH MUSEUM ADMISSION, AND QUARTERLY COMMUNITY FREE DAYS, WHICH PROVIDE FREE ADMISSION AND A RANGE OF PROGRAMS TO RESIDENTS OF 9 COUNTIES IN UPSTATE NEW YORK. 326183 PUBLICATIONS:IN 2014 DIA PUBLISHED " THOMAS HIRSCHHORN: GRAMSCI MONUMENT", SERVING AS A MANUAL THAT DETAILS THE COMPLEXITY OF CREATING AN ART WORK IN PUBLIC SPACE, BRINGING TOGETHER CONTEMPORARY SCHOLARSHIP ALONGSIDE ACCOUNTS FROM RESIDENTS, PARTICIPANTS, AND VISITORS. THE ARTWORK TOOK THE FORM OF AN OUTDOOR STRUCTURE COMPRISED OF NUMEROUS PAVILIONS, WHICH INCLUDED EXHIBITION SPACE, A LIBRARY, A STAGE, AN EDUCATION WORKSHOP, AND A LOUNGE. THE STRUCTURE WAS CONSTRUCTED BY RESIDENTS OF FOREST HOUSES, AND THE RESIDENTS AND THE ARTIST RAN A PUBLIC PROGRAM WITHIN THE STRUCTURE OPEN 7 DAYS A WEEK FROM JULY 1 THROUGH SEPTEMBER 15, 2013.DIA'S PUBLICATION PROGRAM HAS PRODUCED OVER 75 VOLUMES INCLUDING MONOGRAPHS, ANTHOLOGIES, AND COLLECTIONS OF CRITICISM AND SCHOLARSHIP. THROUGH THESE PUBLICATIONS DIA HAS ESTABLISHED A TRADITION OF RIGOROUS SCHOLARSHIP AND STRIVES TO OFFER IN-DEPTH EXPLORATIONS OF ITS EXHIBITIONS, SITES, AND PERMANENT COLLECTION. 1470771 DIA INCURS VARIOUS PROGRAM RELATED COSTS FOR CURATORIAL RESEARCH, PRESS, MARKETING, PRINTED MATERIALS AND IT SUPPORT. 1470771 8303779 1 1 0 0 0 0 0 1 0 1 1 1 0 1 1 1 1 0 0 0 0 0 0 1 1 0 0 1 0 1 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 1 59 0 139 1 0 0 0 0 0 1 1 0 0 0 0 X 16 16 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NY X ASHLEY MOHR MITCHELL 2122935573 535 WEST 22ND STREET 4TH FLOOR NEW YORK NY 10011 NATHALIE DE GUNZBERG CHAIRMAN 1.00 X X 0 0 0 HOWARD RACHOFSKY TREASURER 1.00 X X 0 0 0 CHARLES B WRIGHT INTERIM DIRECTOR/SECRETARY 1.00 X X 0 0 0 CHRISTOPHER BASS TRUSTEE 1.00 X 0 0 0 MARK BOOTH TRUSTEE 1.00 X 0 0 0 FRANCES BOWES TRUSTEE 1.00 X 0 0 0 SANDRA J BRANT TRUSTEE 1.00 X 0 0 0 GEORGE CONDO TRUSTEE 1.00 X 0 0 0 GEORGE ECONOMOU TRUSTEE 1.00 X 0 0 0 VIRGINIA LEBERMANN TRUSTEE 1.00 X 0 0 0 RAHEE HONG LEE TRUSTEE 1.00 X 0 0 0 BRICE MARDEN TRUSTEE (THROUGH DEC 2014) 1.00 X 0 0 0 GENNY NISSENBAUM TRUSTEE 1.00 X 0 0 0 IRENE PANAGOPOULOS TRUSTEE 1.00 X 0 0 0 KIRK AUGUST RADKE TRUSTEE 1.00 X 0 0 0 ROBERT RYMAN TRUSTEE 1.00 X 0 0 0 MARISSA SACKLER TRUSTEE 1.00 X 0 0 0 JIMMY TRABOULSI TRUSTEE (THROUGH JUNE 2015) 1.00 X 0 0 0 JESSICA MORGAN DIRECTOR (AS OF OCT 2014) 40.00 X 62500 0 0 ASHLEY MOHR MITCHELL CHIEF OPERATING OFFICER 40.00 X 181669 0 21246 JAMES SCHAEUFELE DIRECTOR OF BEACON OPERATIONS 40.00 X 227520 0 45824 SUSAN BATTON MANAGING DIRECTOR OF BEACON 40.00 X 169244 0 39365 MELISSA PARSOFF DIRECTOR OF COMMUNICATION 40.00 X 132796 0 3757 SARA TUCKER DIRECTOR OF IT 40.00 X 115023 0 44001 JENNIFER BURLENSKI DIRECTOR OF DEVELOPMENT 40.00 X 117936 0 11745 JOHN SPRAGUE BUILDINGS MANAGER 40.00 X 102320 0 12015 1109008 0 177953 7 0 1 0 HIRTLE CALLAHAN AND CO FIVE TOWER BRIDGE SUITE 500 300 B WEST CONSHOHOCKEN PA 19428 INVESTMENT MANAGEMENT 226400 SUSAN COURTEMANCHE 40 POWDER HORN HILL ROAD WILTON CT 06897 FUNDRAISER AND CANDIDATE SEARCH 126382 2 930922 26690 2728704 155637 3686316 ADMISSIONS 713990 1005111 1005111 TRAVELING EXHIBITIONS 713990 287589 287589 1292700 4816370 4816370 3346 3346 2556714 467831 2088883 2088883 2088883 3225772 3188657 37115 37115 37115 289497 930922 289497 0 429451 186004 243447 243447 OTHER INCOME 900099 24566 24566 24566 12192743 1536147 0 6970280 121000 121000 911857 486493 284027 141337 3470581 2573916 562515 334150 72371 51672 13091 7608 666611 428407 188284 49920 360243 233382 100276 26585 99556 62813 34696 2047 52416 26236 26180 68207 68207 30973 30973 326614 326614 330948 136748 150638 43562 599485 463043 77435 59007 720258 649452 70486 320 343673 186344 136013 21316 992821 940653 51860 308 357586 307361 50225 ART ACQUISITION 763136 763136 ART PRODUCTION AND FABR 575090 574305 485 300 BUILDING MAINTENANCE & 226219 185990 35479 4750 BAD DEBT EXPENSE 119500 119500 203999 112828 37275 53896 11413144 8303779 2333286 776079 2848233 1651584 393036 303473 8095008 6706373 11036 199400 336657 295591 423396 451291 49302828 15761635 34492982 33541193 94476032 91183701 13268572 15411907 13381454 13622174 167726406 163366687 765790 1056790 107401 126909 11500000 11500000 204196 204196 12577387 12887895 X 148199184 143968662 2644635 2204930 4305200 4305200 155149019 150478792 167726406 163366687 779599 -5449826 0 X 0 1 X 1 0 X 13850066 3518353 6398144 7242740 3686316 34695619 13850066 3518353 6398144 7242740 3686316 34695619 11022348 23673271 3373621 4049011 5626596 6237467 7376430 26663125 4491 14424 46879 32540 24566 122900 61481644 6595256 0.38500 0.40260 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X 0 58886635 5785031 -526263 3166223 60979180 54353788 200000 7404704 3071857 58886635 52420666 4974200 3041078 54353788 56252001 -794225 3037110 52420666 51089655 8121901 2959555 56252001 0.90310 0.07060 0.02630 0 0 6215652 6215652 2270539 1086647 1183892 39596442 13611914 25984528 1220195 1063074 157121 33541193 FUND OF FUNDS - LONG/SHORT EQUITIES 8190345 F FUND OF FUNDS - EMERGING MARKETS 109964 F FUND OF FUNDS- MULTI STRATEGY EQUITIES 7111598 F 15411907 SECURITY DEPOSITS 1355 CONSTRUCTION IN PROGRESS 13096794 LEASE ACQUISITION COSTS 50828 DEFERRED RENTAL INCOME 473197 13622174 SECURITY DEPOSITS PAYABLE 204196 204196 X 6416303 -5449826 -5449826 11866129 326614 326614 12192743 11086530 0 11086530 326614 326614 11413144 PART III, LINE 1A: THE COLLECTION, WHICH WAS ACQUIRED THROUGH PURCHASES AND CONTRIBUTIONS SINCE DIA'S INCEPTION, IS NOT RECOGNIZED AS AN ASSET ON THE STATEMENT OF FINANCIAL POSITION. PURCHASES OF COLLECTION ITEMS ARE EXPENSED IN THE YEAR OF ACQUISITION. CONTRIBUTIONS OF COLLECTION ITEMS ARE NOT RECOGNIZED IN THE STATEMENT OF ACTIVITIES. PROCEEDS FROM DEACCESSIONS OR INSURANCE RECOVERIES ARE REFLECTED ON THE STATEMENT OF ACTIVITIES BASED ON THE ABSENCE OR EXISTENCE AND NATURE OF DONOR-IMPOSED RESTRICTIONS. ACQUISITIONS AND RELATED FABRICATION COSTS TOTALED $763,136 FOR THE YEAR ENDED JUNE 30, 2015. THE PROCEEDS FROM DEACCESSIONS DURING THE YEAR ENDED JUNE 30, 2014 WERE USED TO ESTABLISH A BOARD DESIGNATED ART ACQUISITION FUND. THERE WERE NO DEACCESSIONS DURING THE YEAR ENDED JUNE 30, 2015. THE COLLECTION IS HELD FOR PUBLIC SERVICE RATHER THAN FINANCIAL GAIN, PROTECTED AND PRESERVED, AND SUBJECT TO AN ORGANIZATIONAL POLICY THAT REQUIRES THE PROCEEDS FROM SALES OF SUCH ITEMS TO BE USED TO ACQUIRE OTHER ITEMS FOR THE COLLECTION. PART III, LINE 4: ASSEMBLED LARGELY DURING THE 1970'S AND EARLY 1980'S BY DIA'S FOUNDERS, PHILIPPA DE MENIL AND HEINER FRIEDRICH, THE ORIGINAL COLLECTION INCLUDED WORKS BY SOME OF THE MOST IMPORTANT ARTISTS OF THE 1960S AND 1970S INCLUDING JOSEPH BEUYS, JOHN CHAMBERLAIN, WALTER DE MARIA, DAN FLAVIN, DONALD JUDD, IMI KNOEBEL, BLINKY PALERMO, FRED SANDBACK, CY TWOMBLY, ANDY WARHOL, AND ROBERT WHITMAN. ANTICIPATING THE CREATION OF DIA:BEACON, THE COLLECTION WAS SIGNIFICANTLY AUGMENTED BEGINNING IN THE LATE 1990'S WITH WORKS BY ARTISTS OF THE SAME GENERATION AS THOSE DIA HISTORICALLY SUPPORTED. THESE INCLUDE BERND AND HILLA BECHER, LOUISE BOURGEOIS, MICHAEL HEIZER, ROBERT IRWIN, ON KAWARA, SOL LEWITT, AGNES MARTIN, BRUCE NAUMAN, ROBERT RYMAN, GERHARD RICHTER, RICHARD SERRA, ROBERT SMITHSON, AND LAWRENCE WEINER. SINCE ITS FOUNDING IN 1974, DIA HAS BEEN DEDICATED TO SUPPORTING INDIVIDUAL ARTISTS AND TO PROVIDING LONG-TERM, IN-DEPTH PRESENTATIONS OF THEIR ART. DIA:BEACON'S EXPANSIVE GALLERIES HAVE BEEN SPECIFICALLY DESIGNED FOR THE DISPLAY OF THE ARTWORKS TO WHICH DIA IS COMMITTED, MANY OF WHICH, BECAUSE OF THEIR CHARACTER OR SCALE, COULD NOT BE EASILY ACCOMMODATED BY MORE CONVENTIONAL MUSEUMS. EACH ARTIST'S WORK IS DISPLAYED IN A DEDICATED GALLERY OR GALLERIES, MANY OF WHICH WERE CREATED IN COLLABORATION WITH THE ARTISTS WHOSE WORKS THEY WILL HOLD. IN ADDITION TO WORKS AT DIA:BEACON, DIA'S COLLECTION COMPRISES LONG-TERM, SITE-SPECIFIC PROJECTS IN THE WESTERN UNITED STATES, NEW YORK CITY, AND BRIDGEHAMPTON, LONG ISLAND. THESE WORKS, INCLUDING THE LIGHTNING FIELD, SPIRAL JETTY, AND THE DAN FLAVIN ART INSTITUTE, REFLECT DIA'S COMMITMENT TO PROMOTING ART THAT EXTENDS BEYOND A TRADITIONAL EXHIBITION FRAMEWORK. PART V, LINE 4: DIA'S ENDOWMENT FUNDS SET ASIDE AND INVESTED TO YIELD ANNUAL PROGRAM AND GENERAL OPERATING SUPPORT FOR THE ENTIRE INSTITUTION VIA A 5.5% ANNUAL DRAW. PART X, LINE 2: MANAGEMENT HAS EVALUATED ALL INCOME TAX POSITIONS, INCLUDING THE POSITION THAT DIA IS EXEMPT FROM INCOME TAXES AND NOT SUBJECT TO INCOME TAXES ON UNRELATED BUSINESS INCOME, AND CONCLUDED THAT NO DISCLOSURES RELATING TO UNCERTAIN TAX POSITIONS ARE REQUIRED IN THE FINANCIAL STATEMENTS. X X X X X X X 1 SUSAN COURTEMANCHE 40 POWDER HORN HILL ROAD WILTON CT 06897 FUNDRAISING 0 0 89188 0 89188 NY FALL GALA 711009 544994 166015 136 50666 68779 9725 36709 SPRING GALA 509410 385928 123482 124 25316 76439 21603 1220419 930922 289497 260 75982 145218 9725 58312 289497 0 1 MELA FOUNDATION 275 CHURCH STREET NEW YORK NY 10013 133352195 501(C)(3) 121000 PROGRAM OPERATING SUPPORT - OPERATIONS OF DREAM HOUSE 1 0 PART I, LINE 2: DIA PROVIDES A GRANT TO THE MELA FOUNDATION, WHICH OPERATES THE PERMANENT ART INSTALLATION DREAM HOUSE, A COLLABORATIVE SOUND AND LIGHT ENVIRONMENT BY COMPOSER LA MONTE YOUNG AND VISUAL ARTIST MARIAN ZAZEELA, IN NEW YORK CITY. THE INSTALLATION WAS ORIGINALLY COMMISSIONED BY DIA ART FOUNDATION AND PRESENTED FROM 1979-85 IN A SIX-STORY BUILDING ON HARRISON STREET IN NEW YORK CITY. THE CURRENT LONG-TERM INSTALLATION ON CHURCH STREET WAS CREATED IN 1993. DIA'S LONG HISTORY AND ON-GOING RELATIONSHIP WITH THE ARTISTS AND OPERATORS PROVIDES INFORMAL GENERAL OVERSIGHT OF DREAM HOUSE OPERATIONS. MELA FOUNDATION PROVIDES DIA WITH REGULAR PROGRAM ANNOUNCEMENTS AND PRESS RELEASES OF EVENTS, AND ANY OTHER OPERATIONAL INFORMATION AS MAY BE REQUESTED BY DIA. X X X X 0 0 0 0 0 0 0 0 0 ASHLEY MOHR MITCHELL CHIEF OPERATING OFFICER 181669 0 0 0 0 0 17500 0 3746 0 202915 0 0 0 JAMES SCHAEUFELE DIRECTOR OF BEACON OPERATIONS 227520 0 0 0 0 0 23000 0 22824 0 273344 0 0 0 SUSAN BATTON MANAGING DIRECTOR OF BEACON 169244 0 0 0 0 0 17477 0 21888 0 208609 0 0 0 SARA TUCKER DIRECTOR OF IT 115023 0 0 0 0 0 17500 0 26501 0 159024 0 0 0 X 5 0 N/A X 9 155637 FAIR MARKET VALUE 0 0 1 0 FORM 990, PART VI, SECTION B, LINE 11 INDEPENDENT AUDITORS PREPARE A DRAFT OF THE FORM 990 WHICH IS REVIEWED BY THE ORGANIZATION'S FINANCE DIRECTOR AND CONTROLLER. ANY CHANGES REQUIRED BY THE FINANCE DIRECTOR OR CONTROLLER ARE MADE BY THE INDEPENDENT AUDITORS WHO THEN RESUBMIT A FINAL DRAFT FOR REVIEW BY THE FINANCE DIRECTOR AND CONTROLLER. A FINAL APPROVED DRAFT FORM 990 IS THEN PREPARED FOR FILING BY THE INDEPENDENT AUDITORS. THE FINAL APPROVED DRAFT IS SUBMITTED TO THE DIRECTOR AND BOARD OF DIRECTORS FOR REVIEW AND APPROVAL. ANY CHANGES REQUIRED BY THE DIRECTOR OR BOARD OF DIRECTORS ARE MADE BY THE INDEPENDENT AUDITORS WHO THEN PREPARE A FINAL SIGNATURE READY FORM 990. THE FINANCE DIRECTOR AND THE DIRECTOR SIGN THE FINAL SIGNATURE ON FORM 990 FOR FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS COMPLETE A QUESTIONNAIRE REGARDING CONFLICT OF INTEREST DISCLOSURES FOR THE TAX PERIOD ON AN ANNUAL BASIS. THE ANSWERS TO THE QUESTIONNAIRE ARE REVIEWED BY THE FINANCE DIRECTOR FOR COMPLIANCE TO THE ORGANIZATION'S CONFLICT OF INTEREST POLICY. IF ANY DISCLOSURES REQUIRE FURTHER INVESTIGATION, THE FINANCE DIRECTOR AND DIRECTOR WORK WITH THE EXECUTIVE COMMITTEE TO INVESTIGATE AND RESOLVE ANY SUCH DISCLOSURES. KEY EMPLOYEES ARE INTERVIEWED ANNUALLY FOR CONFLICT OF INTEREST DISCLOSURES. THE INTERVIEW ANSWERS ARE REVIEWED BY THE FINANCE DIRECTOR FOR COMPLIANCE TO THE ORGANIZATION'S CONFLICT OF INTEREST POLICY. IF ANY DISCLOSURES REQUIRE FURTHER INVESTIGATION, THE FINANCE DIRECTOR WORKS WITH THE DIRECTOR OR DEPUTY DIRECTOR TO INVESTIGATE AND RESOLVE ANY SUCH DISCLOSURES. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR THE DIRECTOR AND OTHER OFFICERS AND KEY EMPLOYEES IS BASED ON AN ANNUAL REVIEW PROCESS THAT EVALUATES AND DOCUMENTS PERFORMANCE AGAINST ANNUAL GOALS AND OBJECTIVES. COMPENSATION IS BASED ON INDUSTRY STATISTICS, COMPARABLE ORGANIZATIONS, EXPERIENCE OF EMPLOYEE, AND, IN THE CASE OF THE DIRECTOR, ANY OTHER INFORMATION THAT THE BOARD OF TRUSTEES FINDS RELEVANT. THE BOARD REVIEWS THE PERFORMANCE OF THE DIRECTOR BASED ON A VARIETY OF FACTORS AND ACCORDING TO THE BEST INTERESTS OF THE ORGANIZATION. THE BOARD MAY, AT THEIR DISCRETION AND IN THE BEST INTEREST OF THE ORGANIZATION, APPROVE CHANGES TO THE DIRECTOR'S COMPENSATION ANNUALLY. THE DIRECTOR REVIEWS PERFORMANCE EVALUATIONS OF OTHER OFFICERS AND KEY EMPLOYEES AND MAKES RECOMMENDATIONS FOR SALARY ADJUSTMENTS BASED ON PREVAILING WAGES AND MERIT. THE BOARD'S FINANCE AND AUDIT COMMITTEE FUNCTIONS AS A COMPENSATION COMMITTEE AND REVIEWS AND APPROVES SALARY RECOMMENDATIONS FOR KEY EMPLOYEES AS PART OF THE BUDGET APPROVAL PROCESS IN MAY. EMPLOYEE COMPENSATION IS ADJUSTED AND SET AT THE START OF EACH FISCAL YEAR, JULY 1. FORM 990, PART VI, SECTION C, LINE 19 AVAILABLE UPON REQUEST.