2015-03-06T11:32:34-06:00 2014-06-30 131655065 LUTZ AND CARR CPAS LLP 300 EAST 42ND STREET NEW YORK NY 10017 990 2013-07-01 237397946 DIA CENTER FOR THE ARTS INC DIAC 2129895566 535 WEST 22ND STREET 4TH FLOOR NEW YORK NY 10011 JESSICA MORGAN DIRECTOR 2129895566 2015-02-26 1 FREDERICK MARTENS P00298107 2126972299 2013 2016-02-25 16:41:14Z DIA ART FOUNDATION JESSICA MORGAN 535 WEST 22ND STREET 4TH FLOOR NEW YORK NY 10011 71479920 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. 13 13 155 41 0 0 6398144 7242740 595194 934661 4535134 46017863 1785687 2195598 13314159 56390862 135322 132000 0 0 5236521 4913081 125000 56235 839863 17440799 5267484 22937642 10368800 -9623483 46022062 129810935 167726406 25445555 12577387 104365380 155149019 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 5517295 132000 934661 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. THE LIGHTNING FIELD UNDERWENT A PREVENTATIVE MAINTENANCE PROJECT IN FISCAL YEAR 2013. IN 2014, DIA PRESENTED CARL ANDRE: SCULPTURE AS PLACE, 19582010 AT DIA:BEACON. THE EXHIBITION IS THE FIRST RETROSPECTIVE TO CONSIDER THE FULL SPECTRUM OF CARL ANDRE'S ART: SCULPTURE, POETRY, AND HIS UNCLASSIFIABLE PRODUCTIONS, FROM THE ENIGMATIC ASSEMBLAGES KNOWN AS DADA FORGERIES TO HIS WIDE-RANGING EPHEMERA. 195633 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 350 STUDENTS A YEAR. THE PROGRAM EMPLOYS 6-8 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. 282436 GRAMSCI MONUMENT:DIA COMMISSIONED A NEW WORK, "GRAMSCI MONUMENT" BY ARTIST THOMAS HIRSCHHORN. 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. 1527035 IN 2014 DIA PUBLISHED "CARL ANDRE: SCULPTURE AS PLACE,1958-2010", EXAMINING THE ARTIST'S LEGACY AND BROAD RANGE OF SCULPTURE MADE OVER THE PAST FIFTY YEARS. 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. IN ADDITION, DIA INCURS VARIOUS PROGRAM RELATED COSTS FOR CURATORIAL RESEARCH, PRESS, MARKETING, PRINTED MATERIALS, AND IT SUPPORT. 1527035 7522399 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 83 0 155 1 0 0 0 0 0 1 1 0 0 0 0 X 13 13 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 BRANDT TRUSTEE 1.00 X 0 0 0 VIRGINIA LEBERMANN TRUSTEE 1.00 X 0 0 0 BRICE MARDEN TRUSTEE 1.00 X 0 0 0 GENNY NISSENBAUM TRUSTEE 1.00 X 0 0 0 KIRK 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 CHRISTINE SANTON TRUSTEE 1.00 X 0 0 0 JIMMY TRABOULSI TRUSTEE 1.00 X 0 0 0 PHILLIPE VERGNE DIRECTOR-UNTIL 2/14/14 40.00 X 407399 0 43601 ASHLEY MOHR FINANCE DIRECTOR 40.00 X 145244 0 27467 JAMES SCHAEUFELE OPERATION DIRECTOR 40.00 X 181052 0 53537 SUSAN BATTON ADMINISTRATION DIRECTOR 40.00 X 137736 0 45986 JENNIFER BURLENSKI DEVELOPMENT DIRECTOR 40.00 X 108559 0 13162 MELISSA PARSOFF DIRECTOR OF COMMUNICATION 40.00 X 120220 0 19361 1100210 0 203114 6 0 1 0 HIRTLE CALLAHAN AND CO FIVE TOWER BRIDGE SUITE 500 300 B WEST CONSHOHOCKEN PA 19428 INVESTMENT MANAGEMENT 219292 SUSAN COURTEMANCHE 40 POWDER HORN HILL ROAD WILTON CT 06897 CONSULTANT/PROFESSIONAL FUNDRAISER 126313 2 911015 169011 6162714 161949 7242740 ADMISSIONS 713990 923411 923411 TRAVELING EXHIBITIONS 713990 11250 11250 934661 4352350 4352350 11907 11907 2391222 518012 1873210 1873210 1873210 14656618 41152360 13989409 154056 667209 40998304 41665513 41665513 246008 911015 246008 0 459514 181573 277941 277941 OTHER INCOME 900099 32540 1080 31460 32540 56390862 1213682 0 47934440 132000 132000 735893 338954 259258 137681 3244250 2410536 539597 294117 89343 33585 54053 1705 524358 423686 68315 32357 319237 228787 55018 35432 68376 6812 30220 31344 33308 11502 21314 492 59109 59109 56235 56235 275305 275305 637535 311766 211090 114679 714419 543445 104780 66194 799007 729562 69285 160 255158 186603 49614 18941 1064098 1007970 55820 308 394844 345466 49378 ART FABRICATION & PROD. 443308 443308 BUILDING MAINTENANCE & 254469 192276 60261 1932 OTHER EXPENSES 209833 118202 43836 47795 PUBLIC INFORMATION 58715 57939 285 491 10368800 7522399 2006538 839863 2516080 2848233 540186 393036 7907059 8095008 55883 11036 354322 336657 435303 423396 49152489 14659507 35503410 34492982 57322588 94476032 12257829 13268572 12918275 13381454 129810935 167726406 897345 765790 142775 107401 24000000 11500000 405435 204196 25445555 12577387 X 97659393 148199184 2600787 2644635 4105200 4305200 104365380 155149019 129810935 167726406 46022062 4761577 0 X 0 1 X 1 0 X 3178656 13850066 3518353 6398144 7242740 34187959 3178656 13850066 3518353 6398144 7242740 34187959 11305443 22882516 3260347 3373621 4049011 5626596 6237467 22547042 2837 4491 14424 46879 32540 101171 56836172 5884996 0.40260 0.36630 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X 0 54353788 200000 7404704 3071857 58886635 52420666 4974200 3041078 54353788 56252001 -794225 3037110 52420666 51089655 8121901 2959555 56252001 49319371 4427849 2657565 51089655 0.89410 0.07310 0.03280 0 0 6215652 6215652 2252859 1046908 1205951 39575207 12635907 26939300 1108771 976692 132079 34492982 FUND OF FUNDS - LONG/SHORT EQUITIES 5892768 F FUND OF FUNDS - EMERGING MARKETS 2243680 F FUND OF FUNDS- MULTI STRATEGY EQUITIES 5132124 F 13268572 SECURITY DEPOSITS 1355 CONSTRUCTION IN PROGRESS 12901991 LEASE ACQUISITION COSTS 70303 DEFERRED RENTAL INCOME 407805 13381454 SECURITY DEPOSITS PAYABLE 204196 204196 X 60877134 4761577 4761577 56115557 275305 275305 56390862 10093495 0 10093495 275305 275305 10368800 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. THE PROCEEDS FROM DEACCESSIONS DURING THE YEAR ENDED JUNE 30, 2014 WERE USED TO ESTABLISH A BOARD DESIGNATED ART ACQUISITION FUND. DURING 2014, THIS FUND WAS ESTABLISHED WITH $28,433,997 OF NET PROCEEDS FROM THE SALE OF ARTWORK TO BE USED FOR FUTURE ART ACQUISITIONS. THE BALANCE IN THIS FUND AS OF JUNE 30, 2014 WAS $28,440,200, INCLUDING INVESTMENT INCOME EARNED DURING THE YEAR TOTALING $6,203. THERE WERE NO DEACCESSIONS DURING THE YEAR ENDED JUNE 30, 2013. 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 56235 0 56235 NY FALL GALA 689282 554416 134866 15 29587 85117 20147 SPRING GALA 467741 356599 111142 16 1447 90898 18781 1157023 911015 246008 15 16 31034 176015 38928 246008 0 1 MELA FOUNDATION 275 CHURCH STREET NEW YORK NY 10013 133352195 501(C)(3) 132000 PROGRAM OPERATING SUPPORT 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 PHILLIPE VERGNE DIRECTOR-UNTIL 2/14/14 407399 0 0 0 0 0 5302 0 38299 0 451000 0 0 0 ASHLEY MOHR FINANCE DIRECTOR 145244 0 0 0 0 0 6527 0 20940 0 172711 0 0 0 JAMES SCHAEUFELE OPERATION DIRECTOR 181052 0 0 0 0 0 7823 0 45714 0 234589 0 0 0 SUSAN BATTON ADMINISTRATION DIRECTOR 137736 0 0 0 0 0 6431 0 39555 0 183722 0 0 0 X 3 0 N/A X 6 161949 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 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 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 UPON REQUEST