2015-11-13T10:42:57-06:00 2014-12-31 540504608 BROWN EDWARDS & COMPANY LLP 2102 LANGHORNE ROAD SUITE 200 LYNCHBURG VA 245011121 990 2014-01-01 540505959 THOMAS JEFFERSON FOUNDATION INC THOM 4349849806 PO BOX 316 CHARLOTTESVILLE VA 22902 LAURA TERRY VICE PRESIDENT & CFO 4349849806 2015-11-11 1 SUSAN ACKLEY P00025524 4349489000 2014 2016-02-25 16:41:14Z LESLIE G BOWMAN PO BOX 316 CHARLOTTESVILLE VA 22902 43643610 0 X WWW.MONTICELLO.ORG X 1923 VA THE THOMAS JEFFERSON FOUNDATION'S MISSION IS TO PRESERVE MONTICELLO AND EDUCATE THE WIDEST AUDIENCE REGARDING THOMAS JEFFERSON INCLUDING SCHOLARS AND THE GENERAL PUBLIC. 15 14 459 176 592294 -57733 19509123 22113442 8580573 8584155 4698037 4774020 4659681 4567745 37447414 40039362 87419 97810 0 0 12021926 13365560 0 0 1676418 12428327 14048675 24537672 27512045 12909742 12527317 287185592 312126696 35832154 38968377 251353438 273158319 X THE THOMAS JEFFERSON FOUNDATION'S MISSION IS TWO-FOLD: PRESERVATION - TO CONSERVE, PROTECT AND MAINTAIN MONTICELLO IN A MANNER THAT LEAVES IT ENHANCED AND UNIMPAIRED FOR FUTURE GENERATIONS. EDUCATION - TO INTERPRET AND PRESENT THOMAS JEFFERSON TO THE WIDEST POSSIBLE AUDIENCES, INCLUDING SCHOLARS AND THE GENERAL PUBLIC. 0 0 17392145 12585492 THE THOMAS JEFFERSON FOUNDATION OPERATES MONTICELLO, THE HOME OF THE NATION'S THIRD PRESIDENT AND AUTHOR OF THE AMERICAN DECLARATION OF INDEPENDENCE. OVER 435,000 PEOPLE VISIT MONTICELLO ANNUALLY. ADMISSION INCLUDES AN INTERPRETIVE GUIDED TOUR OF HIS HOME, ONE OF OUR COUNTRY'S FOREMOST ARCHITECTURAL MASTERPIECES AND THE ONLY HOME IN AMERICA NAMED TO THE UNITED NATIONS WORLD HERITAGE LIST. IN ADDITION TO ADMISSION REVENUE THE ABOVE TOTAL ALSO INCLUDES GIFTS AND GRANTS, AND SALES FROM THE RETAIL OPERATIONS OF THE MUSEUM SHOPS, CATALOG AND ONLINE RETAIL. THE REVENUE CONTRIBUTES TO THE PRESERVATION OF MONTICELLO FOR FUTURE GENERATIONS, WHICH IS ONE OF THE MISSIONS OF THE FOUNDATION. THE FOUNDATION'S RESTORATION DEPARTMENT IS DEDICATED TO THE ARCHITECTURAL PRESERVATION OF THE UNITED NATIONS WORLD HERITAGE HOUSE WHILE THE CURATORIAL COLLECTIONS ARE UNDER THE CARE OF A FULL-TIME CURATORIAL DEPARTMENT. $103,880 IN DONATED SERVICES AND EQUIPMENT WERE USED IN CONJUNCTION WITH THE ADMISSIONS PROGRAM. 4305798 97810 THE THOMAS JEFFERSON FOUNDATION OPERATES THE ROBERT H. SMITH INTERNATIONAL CENTER FOR JEFFERSON STUDIES (ICJS), WHICH HOUSES THE THOMAS JEFFERSON LIBRARY. THE CENTER IS ALSO DEVOTED TO RESEARCH AND EDUCATION OF THE GENERAL PUBLIC AS WELL AS SCHOLARLY RESEARCH AND PUBLICATIONS, THROUGH THE JEFFERSON LIBRARY, ARCHAEOLOGICAL RESEARCH AND PUBLICATION, AND OTHER ADULT EDUCATION PROGRAMS. THE ICJS ALSO IS RESPONSIBLE FOR THE RESEARCH AND PUBLICATION OF 23 VOLUMES OF RESEARCH, THE PAPERS OF THOMAS JEFFERSON, EMBRACING THE PERIOD FROM JEFFERSON'S RETIREMENT FROM THE PRESIDENCY IN MARCH 1809 UNTIL HIS DEATH IN 1826, KNOWN AS THE "RETIREMENT SERIES". $17,018 IN DONATED SERVICES AND EQUIPMENT WERE USED IN CONJUNCTION WITH THE ICJS PROGRAM. 21697943 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 0 0 1 0 1 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 1 X 73 0 1 459 1 1 1 0 0 0 0 1 1 0 0 0 1 1 0 X 15 14 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 VA AL AK AZ AR CA CO CT FL GA HI IL KS KY LA ME MD MA MI MN MS NH NJ NM NY NC OH OK OR PA RI SC TN UT WA WV WI ND DC X LAURA B TERRY CFO 4349849859 1050 MONTICELLO LOOP ROAD CHARLOTTESVILLE VA 22902 DONALD A KING JR CHAIRMAN 5.00 X X 0 0 0 DAVID R GOODE VICE CHAIRMAN AND TREASURER 1.00 X X 0 0 0 LIBBY H O'CONNELL SECRETARY 1.00 X X 0 0 0 JOHN H BIRDSALL TRUSTEE 1.00 X 0 0 0 JF BRYAN TRUSTEE 1.00 X 0 0 0 HARLAN CROW TRUSTEE 1.00 X 0 0 0 GINGER HUANG DIETRICH TRUSTEE 1.00 X 0 0 0 GLYNN D KEY TRUSTEE 1.00 X 0 0 0 FRITZ R KUNDRUN TRUSTEE 1.00 X 0 0 0 RICHARD A MAYO TRUSTEE 1.00 X 0 0 0 JON MEACHAM TRUSTEE 1.00 X 0 0 0 CHARLOTTE MOSS TRUSTEE 1.00 X 0 0 0 PAMELA REYNOLDS TRUSTEE 1.00 X 0 0 0 GILBERT P SCHAFER III TRUSTEE 1.00 X 0 0 0 MICHELLE SMITH TRUSTEE 1.00 X 0 0 0 JOHN CHARLES THOMAS TRUSTEE 1.00 X 0 0 0 LESLIE G BOWMAN PRESIDENT 50.00 X 376446 0 77703 ANN H TAYLOR EXECUTIVE VICE PRESIDENT 50.00 X 226202 0 16858 LAURA B TERRY VICE PRESIDENT & CFO 50.00 X 85922 0 1846 ANDREW J O'SHAUGHNESSY SAUNDERS DIR-RH SMITH ICJS 50.00 X 150061 0 14525 SUSAN R STEIN RICHARD GILDER CURATOR &VP 50.00 X 147495 0 12685 KENNETH L MITCHELL ASSISTANT VICE PRESIDENT 50.00 X 129604 0 13254 GARY L SANDLING VICE PRESIDENT VISITOR SER 50.00 X 119653 0 9115 JOHN J LOONEY EDITOR, THOMAS JEFFERSON P 50.00 X 118528 0 13731 JOSHUA J SCOTT DIRECTOR OF DEVELOPMENT 50.00 X 117157 0 10047 VICTORIA W JONES FORMER VICE PRESIDENT & CFO 50.00 X 31504 0 2375 1502572 0 172139 8 0 1 0 FAULCONER CONSTRUCTION PO BOX 7706 CHARLOTTESVILLE VA 22906 CONSTRUCTION 1479742 SULLIVAN MECHANICAL CONTRACTORS INC PO BOX 304 SHENANDOAH VA 22849 CONSTRUCTION 1205809 R A SIMMONS WILL DRILLING CO INC 60 DRILL RIG DRIVE BUCHANAN VA 24066 CONSTRUCTION 413260 PROGRESS PRINTING 2677 WATERLICK ROAD LYNCHBURG VA 24502 PRINTING 358832 W W ASSOCIATES INC PO BOX 4119 LYNCHBURG VA 24502 CONSTRUCTION 249176 18 5887 8813 22098742 187965 22113442 ADMISSIONS FEES 900099 8099326 8099326 OTHER PROGRAM INCOME 900099 240957 240957 EDUCATION PROGRAM 900099 136955 136955 FOOD SERVICE SALES 453220 106917 106917 8584155 1432826 -422528 1855354 28524 28524 106631 0 106631 106631 106631 3603383 262189 3341194 3341194 555331 2785863 7774649 3342059 4432590 3973099 459491 40039362 12585492 592294 4748134 32563 32563 65247 65247 694444 151463 542981 10149577 8751052 704403 694122 453370 368075 55678 29617 1240308 1043173 143048 54087 827861 692452 86387 49022 139167 25990 113177 68949 68949 493298 493298 1373331 974652 297529 101150 397705 375428 22277 1489060 1286499 145087 57474 589361 496118 74594 18649 357 357 675589 605815 66078 3696 823171 555335 68144 199692 1089952 1053686 36266 3151895 2342553 620199 189143 349451 349451 EQUIPMENT RENTAL AND MA 1335653 1059360 129617 146676 PRINTING AND PUBLICATIO 847836 745971 17613 84252 SHIPPING & HANDLING 543222 543222 CONSERVATION AND COLLEC 396054 396054 284624 132878 102908 48838 27512045 21697943 4137684 1676418 10798628 16766226 11635294 17203163 211194 142970 1746673 1670903 573165 677237 93740348 22938411 69340267 70801937 40922544 39672466 151389804 164617458 568023 574336 287185592 312126696 2139569 2424659 29776000 29746000 3916585 6797718 35832154 38968377 X 154240299 161393656 57612556 71134748 39500583 40629915 251353438 273158319 287185592 312126696 X 12527317 12352247 155061 -3229744 X X 0 1 X 1 0 X 10831598 8449190 7767020 19509123 22113442 68670373 10831598 8449190 7767020 19509123 22113442 68670373 31646514 37023859 891729 658810 988644 973456 1567981 5080620 477542 442975 473406 533964 385846 2313733 76308 109384 111203 116045 106917 519857 76584583 74098321 0.48340 0.48100 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X 1 118858771 2888639 5336479 2746172 124337717 109207525 1630894 10544536 2524184 118858771 102323595 1482521 7227122 2328018 109207525 100185452 2485325 2393349 2238226 102825900 95993551 2193004 4144361 2145464 100185452 0.45000 0.33000 0.22000 0 0 14158145 14158145 54686159 11268305 43417854 113210 103390 9820 8938534 6772801 2165733 15844300 4793915 11050385 70801937 PRIVATE INVESTMENT COMPANIES 164617458 F 164617458 INTEREST RATE SWAP LIABILITIES 3814813 NET PENSION LIABILITY 2449650 ANNUITY & SPLIT-INTEREST LIABILITIES 533255 6797718 X 52165330 12352247 155061 3342059 15849367 36315963 493298 3230101 3723399 40039362 30360449 3342059 3342059 27018390 493298 357 493655 27512045 PART III, LINE 1A: PART III, LINES 1A & 4: AFS FOOTNOTE 1 HISTORIC PROPERTIES AND COLLECTIONS: THE FOUNDATION HAS ELECTED NOT TO CAPITALIZE ITS HISTORIC PROPERTIES AND COLLECTIONS. THESE COLLECTIONS ARE RELATED TO THOMAS JEFFERSON AND HIS PLANTATION HOME, MONTICELLO. THE MOST PRECIOUS ARTIFACT IN THE COLLECTION IS THE HOUSE ITSELF AND THE SURROUNDING LANDSCAPE, WHICH WERE DESIGNED BY THOMAS JEFFERSON BETWEEN 1769 AND 1809. THE CURATORIAL COLLECTIONS CHIEFLY CONSIST OF PAINTINGS, DECORATIVE ARTS AND ARTIFACTS, APPROXIMATELY 2,600 OF WHICH RELATE DIRECTLY TO JEFFERSON AND MONTICELLO, AND ABOUT 1,900 BOOKS WITH TITLES AND EDITIONS SELECTED TO DUPLICATE JEFFERSON'S ORIGINAL LIBRARY. ABOUT 40 OF THESE VOLUMES ARE JEFFERSON'S OWN COPIES. THE FOUNDATION'S RESTORATION DEPARTMENT IS DEDICATED TO THE ARCHITECTURAL PRESERVATION OF THE HOUSE, WHILE THE CURATORIAL COLLECTIONS ARE UNDER THE CARE OF A FULL CURATORIAL DEPARTMENT. THE FOUNDATION'S COLLECTIONS ARE MAINTAINED FOR PUBLIC EXHIBITION, EDUCATION, AND RESEARCH IN ORDER TO ADVANCE UNDERSTANDING OF JEFFERSON AND MONTICELLO IN FURTHERANCE OF PUBLIC SERVICE. THE FOUNDATION'S COLLECTIONS MANAGEMENT POLICY REQUIRES THAT THE PROCEEDS FROM THE SALE OF ANY ARTIFACT FROM THE FOUNDATION'S COLLECTION WOULD BE USED TO ACQUIRE ADDITIONAL ARTIFACTS FOR THE COLLECTION. THE FOUNDATION DOES NOT RECOGNIZE THE DONATIONS OF COLLECTION ITEMS AS CONTRIBUTION INCOME, AS THE COLLECTIONS ARE NOT CAPITALIZED. PART V, LINE 4: ALL ENDOWMENT INVESTMENTS ARE CLASSIFIED AS NONCURRENT ASSETS TO RECOGNIZE THE FOUNDATION'S INTENTION TO CONTINUALLY REINVEST EARNINGS AND PRESERVE PRINCIPAL EXCEPT TO THE EXTENT OF ANY ANNUAL WITHDRAWALS IN ACCORDANCE WITH THE ENDOWMENT SPENDING POLICY. THE FOUNDATION HAS A POLICY OF APPROPRIATING 5% OF THE AVERAGE MARKET VALUES OF ENDOWMENT FUNDS AS OF JUNE 30, OF EACH OF THE THREE YEARS PRECEDING THE FISCAL YEAR IN WHICH SPENDING IS PLANNED. IN ESTABLISHING THIS POLICY, THE FOUNDATION CONSIDERED THE LONG TERM EXPECTED TOTAL REAL RETURN ON ITS ENDOWMENT. ACCORDINGLY, OVER THE LONG TERM, THE FOUNDATION EXPECTS ITS SPENDING POLICY TO ALLOW ITS ENDOWMENT TO GROW AT AN AVERAGE ANNUAL REAL TOTAL RETURN OF 5%. THIS IS CONSISTENT WITH THE FOUNDATION'S OBJECTIVE TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS HELD IN PERPETUITY OR FOR A SPECIFIED TERM WHILE SUPPORTING THE OPERATIONS OF THE FOUNDATION. PART X, LINE 2: THE FOUNDATION HAS NET OPERATING LOSS CARRYFORWARDS TOTALING MORE THAN $3 MILLION, WITH EXPIRATIONS RANGING FROM 2019 TO 2029. A 100% VALUATION ALLOWANCE HAS BEEN RECORDED AGAINST THIS DEFERRED TAX ASSET BECAUSE IT IS UNCERTAIN THAT THE CARRYFORWARDS REPRESENTS A FUTURE TAX BENEFIT. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 3,342,059. PART XI, LINE 4B - OTHER ADJUSTMENTS: OTHER CHANGES IN PENSION ASSETS AND LIABILITIES 1,653,002. UNREALIZED GAIN ON INTEREST RATE SWAP CONTRACT 1,577,099. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 3,342,059. PART XII, LINE 4B - OTHER ADJUSTMENTS: LOSS OF DISPOSITION OF PROPERTY ROYALTY INCOME INLCUDED IN COST OF GOODS SOLD 357. PART V, LINES 1A-G REFLECTS REVISED METHODOLOGY TO ALIGN THE ENDOWMENT FUNDS REPORTING TO MATCH THE FOUNDATION'S AUDITED FINANCIAL STATEMENTS. ADJUSTMENTS WERE MADE IN PRIOR YEARS TO REFLECT THE REVISED BEGINNING OF YEAR BALANCE. 1 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICE CONFERENCE 64140 0 0 0 0 0 0 64140 0 64140 INTERNATIONAL CENTER FOR JEFFERSON STUDIES - FELLOWSHIP EAST ASIA AND THE PACIFIC 1 6000 CHECK USD INTERNATIONAL CENTER FOR JEFFERSON STUDIES - FELLOWSHIP EUROPE (INCLUDING ICELAND & GREENLAND) 7 23380 CHECK USD INTERNATIONAL CENTER FOR JEFFERSON STUDIES - FELLOWSHIP RUSSIA AND NEIGHBORING STATES 1 4267 CHECK USD 0 0 0 0 0 0 PART I, LINE 3: THE ROBERT H. SMITH INTERNATIONAL CENTER FOR JEFFERSON STUDIES AT MONTICELLO, IN PARTNERSHIP WITH THE ARAB CENTER FOR SCIENTIFIC RESEARCH & HUMANE STUDIES, HOSTED "NATURAL RIGHTS IN THE POST-REVOLUTIONARY ARAB WORLD: REALITIES & CHALLENGES" ON APRIL 18-20, 2014, IN RABAT, MOROCCO. LEADING JEFFERSON SCHOLARS AND REPRESENTATIVES FROM THROUGHOUT THE ARAB WORLD EXPLORED THOMAS JEFFERSON'S IDEAS AT THIS CONFERENCE. 1 FELLOWSHIPS 32 32563 N/A NONE PART 1 THE FELLOWSHIP AWARDS ARE MADE TO DOCTORAL CANDIDATES AND POSTDOCTORAL SCHOLARS WORKING ON THOMAS JEFFERSON RELATED OR THOMAS JEFFERSON ERA PROJECTS. ALL FELLOWS ARE EXPECTED TO BE IN RESIDENCE AT THE ROBERT H. SMITH INTERNATIONAL CENTER FOR JEFFERSON STUDIES, WHERE THEY HAVE ACCESS TO THE FOUNDATION'S EXPERT STAFF AND RESEARCH HOLDINGS AT THE JEFFERSON LIBRARY AS WELL AS THOSE OF THE UNIVERSITY OF VIRGINIA. POTENTIAL FELLOWS MUST SUBMIT A SUCCINCT DESCRIPTION OF THE RESEARCH PROJECT (500 WORDS), ONE-PARAGRAPH SUMMARY OF THE PROJECT AND A RESUME. AWARDS ARE MADE TWICE YEARLY. THE APPLICATIONS ARE REVIEWED BY A SELECTION COMMITTEE CONSISTING OF SEVERAL FOUNDATION STAFF MEMBERS AND PROFESSORS AT THE UNIVERSITY OF VIRGINIA HISTORY DEPARTMENT. THE FELLOWSHIP AWARDS ARE GIVEN FOR THE MOST WORTHY PROPOSALS. X X 1 1 X X X X X X 0 1 0 0 0 0 0 0 1 1 LESLIE G BOWMAN PRESIDENT 376446 0 0 0 0 0 33100 0 44603 0 454149 0 0 0 ANN H TAYLOR EXECUTIVE VICE PRESIDENT 226202 0 0 0 0 0 11257 0 5601 0 243060 0 0 0 ANDREW J O'SHAUGHNESSY SAUNDERS DIR-RH SMITH ICJS 150061 0 0 0 0 0 8908 0 5617 0 164586 0 0 0 SUSAN R STEIN RICHARD GILDER CURATOR &VP 147495 0 0 0 0 0 7112 0 5573 0 160180 0 0 0 PART I, LINE 1A THE FOUNDATION HAS A TRAVEL REIMBURSEMENT POLICY IN PLACE WHICH DETAILS TRAVEL ELIGIBLE FOR REIMBURSEMENT. ANY SUCH REQUEST MUST BE APPROVED BY THE EMPLOYEE'S SUPERVISOR. IN THE CASE OF THE FOUNDATION PRESIDENT ALL REIMBURSEMENTS ARE REVIEWED BY THE BOARD CHAIR. PART I, LINE 1A; THE FOUNDATION REQUIRES MS. BOWMAN TO LIVE IN FOUNDATION PROVIDED HOUSING. VALUATION OF THE HOUSING PROVIDED IS ASSESSED BY AN INDEPENDENT THIRD-PARTY REALTOR. PART I, LINE 1A; THE FOUNDATION COVERS A PORTION OF HEALTH CLUB MEMBERSHIP FOR ALL EMPLOYEES WHO ELECT SUCH MEMBERSHIP. PART I, LINE 4B LESLIE G. BOWMAN - $17,500 CONTRIBUTION TO NONQUALIFIED DEFERRED COMPENSATION PLAN PART I, LINE 8 NEW CFO PART II, LINE 1A BASE COMPENSATION PER W-2 = $393,946. $17,500 DEDUCTED FROM COLUMN (B)(I) AND ADDED TO COLUMN (C) TO REFLECT 457(B) CONTRIBUTION. BASE COMPENSATION PER W-2 $393,946 LESS: 457(B) CONTRIBUTION - 17,500 --------- BASE COMPENSATION PER SCHEDULE J, PART II $376,446 A EDA OF ALBEMARLE COUNTY VIRGINIA 521297503 2011-12-20 29840000 SEE PART VI 0 0 0 A 94000 29840000 2009 1 0 1 1 A 0 0 0 0 0 0 1 A 1 1 0 NA 0 0 0 NA 0 0 1 A 1 PART I, LINE A(F) CURRENT REFUNDING OF ISSUER'S VARIABLE RATE REVENUE BONDS (THOMAS JEFFERSON FOUNDATION, INC.), SERIES 2007, ISSUED ON JUNE 27, 2007 TO FINANCE THE COSTS OF CONSTRUCTION OF A VISITOR CENTER. MR RICHARD A MAYO TRUSTEE 191502 THE FOUNDATION INVESTS IN MAYO INVESTMENT ADVISERS, LLC, A FUND MANAGED BY MR. MAYO, A MEMBER OF THE BOARD OF TRUSTEES. MAYO INVESTMENT ADVISERS CHARGED INVESTMENT MANAGEMENT FEES WHICH TOTALED $191,502 FOR 2014. MR. MAYO IS NOT A MEMBER OF THE FOUNDATION'S INVESTMENT COMMITTEE AND THEREFORE NOT INCLUDED IN THE INVESTMENT SELECTION AND APPROVAL PROCESS. 0 X 24 129465 FAIR MARKET VALUE X HANDMADE JEWELRY 1 58500 FAIR MARKET VALUE 0 0 1 0 FORM 990, PART V, QUESTIONS 7G AND 7H THE FOUNDATION DID NOT RECEIVE CONTRIBUTIONS OF QUALIFIED INTELLECTUAL PROPERTY IN 2014, THEREFORE THERE WAS NO FORM 8899 REQUIRED. ADDITIONALLY, THE FOUNDATION DID NOT RECEIVE ANY CONTRIBUTION OF PROPERTY THAT WOULD REQUIRE THE FOUNDATION TO FILE FORM 1098-C. FORM 990, PART VI, SECTION B, LINE 11 THE FOUNDATION'S FORM 990 IS REVIEWED AND APPROVED BY MANAGEMENT AND THEN FORWARDED TO THE AUDIT COMMITTEE FOR REVIEW. UPON APPROVAL BY THE AUDIT COMMITTEE, THE FORM 990 IS DISTRIBUTED TO ALL MEMBERS OF THE BOARD OF TRUSTEES AND THEN SUBSEQUENTLY FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE FOUNDATION HAS A WRITTEN "ETHICS POLICY AND CODE OF CONDUCT" WHICH REQUIRES THE BOARD OF TRUSTEES, EMPLOYEES, INTERNS AND VOLUNTEERS TO ANNUALLY REVIEW THE POLICY AND DISCLOSE IN WRITING ANY POTENTIAL CONFLICTS OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE REVIEWS COMPENSATION FOR OFFICERS AND UPPER MANAGEMENT ANNUALLY. THE FOUNDATION REGULARLY USES SALARY INFORMATION OBTAINED FROM THE FOLLOWING SALARY SURVEYS: ASSOCIATION OF ART MUSEUM DIRECTORS, NATIONWIDE MUSEUM AND CULTURAL INSTITUTION COMPENSATION SURVEY, AND THE NOT FOR PROFIT COMPENSATION SURVEY. THE EXECUTIVE COMMITTEE REVIEWS THE SURVEY INFORMATION AS COMPARED WITH THE SALARY PAID TO OFFICERS AND UPPER MANAGEMENT, GIVES INPUT, AND APPROVES THE COMPENSATION. THE EXECUTIVE AND FINANCE COMMITTEE HAVE THE FINAL APPROVAL FOR ALL OFFICER AND KEY EMPLOYEE COMPENSATION. THE EXECUTIVE COMMITTEE DOCUMENTS ITS REVIEW AND APPROVAL WITHIN THE MINUTES OF THE EXECUTIVE COMMITTEE MEETING. FORM 990, PART VI, SECTION C, LINE 18 THE FOUNDATION MAKES ITS 990, 990T AND IRS DETERMINATION LETTER (FORM 1023) AVAILABLE UPON REQUEST. FORM 990, PART VI, SECTION C, LINE 19 THE FOUNDATION DOES NOT PUBLISH ITS ORGANIZATIONAL DOCUMENTS, "ETHICS POLICY AND CODE OF CONDUCT" AND FINANCIAL STATEMENTS. THESE DOCUMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN PENSION LIABILITY -1,653,002. UNREALIZED LOSS ON INTEREST RATE SWAP CONTRACT -1,577,099. LOSS ON DISPOSITION OF PROPERTY ROYALTIES INCLUDED IN AFS COGS 357. FORM 990, PART XII, LINE 2C - THE AUDIT COMMITTEE WHICH CONSISTS OF INDEPENDENT TRUSTEES IS RESPONSIBLE FOR OVERSIGHT OF THE FOUNDATION'S AUDIT AND SELECTION OF AN INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT.