2015-05-07T11:13:40-05:00 2014-09-30 450250958 EIDE BAILLY LLP 5299 DTC BLVD STE 1000 GREENWOOD VILLAGE CO 801113329 990 2013-10-01 841515243 ASPEN ART MUSEUM FOUNDATION ASPE 9709258050 637 E HYMAN AVENUE ASPEN CO 81611 JONATHAN LEE PRESIDENT 9709258050 2015-04-30 1 KYLE FRITCH CPA P01313374 3037705700 2015-04-30 2013 2016-02-25 16:41:14Z X JONATHAN LEE 637 E HYMAN AVENUE ASPEN CO 81611 4773679 0 X WWW.ASPENARTMUSEUM.ORG X 1999 CO ESTABLISHMENT AND MAINTENANCE OF AN ENDOWMENT FUND EXCLUSIVELY FOR THE ASPEN ART MUSEUM 9 9 0 9 0 0 1167123 4055297 0 0 150187 62340 -13855 -28659 1303455 4088978 161246 288483 0 0 0 0 0 0 0 13213 5370 174459 293853 1128996 3795125 9926021 14356235 2100 2500 9923921 14353735 THE ESTABLISHMENT AND MAINTENANCE OF AN ENDOWMENT FUND EXCLUSIVELY FOR THE USE OF THE ASPEN ART MUSEUM. 0 0 288483 288483 ESTABLISH AND MAINTAIN AN ENDOWMENT FUND EXCLUSIVELY FOR THE BENEFIT OF THE ASPEN ART MUSEUM. 288483 1 1 0 0 0 0 0 0 0 1 1 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 9 9 1 0 0 0 0 1 0 1 0 0 0 1 0 0 0 0 0 0 CO X X KAREN JOHNSEN 9709258050 637 E HYMAN AVENUE ASPEN CO 81611 X JONATHAN LEE PRESIDENT 2.00 4.00 X X 0 0 0 ALLEN QUESTROM VICE PRESIDENT 2.00 X X 0 0 0 PAM ALEXANDER CO-SECRETARY 2.00 2.00 X X 0 0 0 TOBY DEVAN LEWIS CO-SECRETARY 2.00 2.00 X X 0 0 0 SUSAN MARX TREASURER 2.00 2.00 X X 0 0 0 DANIEL HOLTZ TRUSTEE 2.00 2.00 X 0 0 0 CHARLES BALBACH TRUSTEE 2.00 2.00 X 0 0 0 JOHN PHELAN TRUSTEE 2.00 4.00 X 0 0 0 PAUL SCHORR TRUSTEE 2.00 4.00 X 0 0 0 LARRY MARX TRUSTEE 2.00 X 0 0 0 0 0 0 0 0 0 0 0 4055297 4055297 141828 141828 33071 61730 -28659 -28659 -28659 288483 255000 295636 327335 -7153 -72335 -79488 -79488 4088978 0 0 33681 288483 288483 4190 4190 1126 1126 DUES & SUBSCRIPTIONS 54 54 293853 288483 5370 0 53472 77865 1476906 3997102 15000 1145970 63861 1060112 1082109 7320531 9199159 9926021 14356235 2100 2500 2100 2500 X 1068648 1131160 326957 639062 8528316 12583513 9923921 14353735 9926021 14356235 X 3795125 472436 162253 X 0 1 X 1 0 X X X 0 0 0 ASPEN ART MUSEUM 840746671 7 1 288483 1 288483 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 8822437 4077829 607111 288482 13218895 7346662 1060654 589436 161246 13069 8822437 7898323 2406868 435015 3379898 13646 7346662 5019393 4809728 -137357 1766144 27297 7898323 5009393 10000 5019393 0.95190 0.04810 0 0 1145970 63861 1082109 1082109 X 4857732 472436 162253 634689 4223043 -134065 -134065 4088978 427918 134065 134065 293853 0 293853 PART V, LINE 4: THE ENDOWMENT CONSISTS OF APPROXIMATELY 11 INDIVIDUAL FUNDS ESTABLISHED BY DONORS TO PROVIDE ANNUAL FUNDING FOR SPECIFIC ACTIVITIES AND GENERAL OPERATIONS OF ASPEN ART MUSEUM. ENDOWMENT FUND EARNINGS ARE EITHER RESTRICTED OR UNRESTRICTED BASED ON THE DONOR'S REQUEST. RESTRICTED FUNDS INCLUDE EXHIBITION COSTS, LECTURE SERIES, DIRECTOR COSTS, LATIN AMERICA ART OUTREACH, ROOF DECK EXHIBITION COSTS, AND PUBLICATIONS. THE UNRESTRICTED ENDOWMENT FUND ALLOWS FOR EARNINGS TO BE USED FOR GENERAL MUSEUM PURPOSES. PART X, LINE 2: ASPEN ART MUSEUM AND ASPEN ART MUSEUM FOUNDATION ARE ORGANIZED AS COLORADO NONPROFIT CORPORATIONS AND HAVE BEEN RECOGNIZED BY THE INTERNAL REVENUE SERVICE (IRS) AS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(A) OF THE INTERNAL REVENUE CODE AS ORGANIZATIONS DESCRIBED IN SECTION 501(C)(3), QUALIFY FOR THE CHARITABLE CONTRIBUTION DEDUCTION UNDER SECTIONS 170(B)(1)(A)(VI) AND (VIII), AND HAVE BEEN DETERMINED NOT TO BE PRIVATE FOUNDATIONS UNDER SECTIONS 509(A)(1) AND (3), RESPECTIVELY. EACH ENTITY IS ANNUALLY REQUIRED TO FILE A RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX (FORM 990) WITH THE IRS. AS A WHOLLY OWNED SUBSIDIARY OF THE FOUNDATION, 81611 PROPERTIES, LLC WAS ESTABLISHED SOLELY FOR THE PURPOSE OF OWNING AND HOLDING EMPLOYEE HOUSING PROPERTIES IN ACCORDANCE WITH THE ASPEN/PITKIN COUNTY HOUSING AUTHORITY AND IS INCLUDED IN THE FOUNDATION'S INFORMATIONAL RETURN. THE ENTITIES ARE SUBJECT TO INCOME TAX ON NET INCOME THAT IS DERIVED FROM BUSINESS ACTIVITIES THAT ARE UNRELATED TO THEIR EXEMPT PURPOSES. EACH ENTITY HAS DETERMINED IT IS NOT SUBJECT TO UNRELATED BUSINESS INCOME TAX AND HAS NOT FILED AN EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURN (FORM 990-T) WITH THE IRS. EACH ENTITY BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN AFFECTING ITS ANNUAL FILING REQUIREMENTS, AND AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. THE ENTITIES WOULD RECOGNIZE FUTURE ACCRUED INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS AND LIABILITIES IN INCOME TAX EXPENSE IF SUCH INTEREST AND PENALTIES ARE INCURRED. PART XI, LINE 2D - OTHER ADJUSTMENTS: EQUITY TRANSFER FROM RELATED EXEMPT ORGANIZATION 162,253. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED WITH REVENUE ON FORM 990 -61,730. LOSS ON DISPOSAL OF ASSETS REPORTED WITH EXPENSES ON AUDITED FINANCIALS -72,335. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED WITH REVENUE ON FORM 990 61,730. LOSS ON DISPOSAL OF ASSETS REPORTED WITH EXPENSES ON AUDITED FINANCIALS 72,335. 1 ASPEN ART MUSEUM 637 E HYMAN AVENUE ASPEN CO 81611 840746671 501(C)(3) 288483 MUSEUM OPERATIONS 1 0 PART I, LINE 2: ENDOWMENT FUND DRAW REQUESTS (GRANTS) TO THE MUSEUM ARE REVIEWED BY THE BOARD OF TRUSTEES AND ARE REQUIRED TO BE THE LESSOR OF THE AVERAGE VALUE OF THE FUND AS OF DECEMBER 31 OF EACH OF THE PRECEEDING 3 YEARS OR THE AMOUNT REPORTED BY THE MUSEUM AS EXPENSES FOR THE DONOR DESIGNATION. REPORTS TO DONORS (IF REQUIRED) AND MUSEUM FINANCIAL STATEMENTS ARE USED TO VERIFY GRANT REQUESTS AND SHARED WITH THE BOARD OF TRUSTEES. THE BOARD OF TRUSTEES APPROVES GRANT REQUESTS ANNUALLY. FORM 990, PART VI, SECTION A, LINE 2 LARRY AND SUSAN MARX HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF TRUSTEES OF THE ASPEN ART MUSEUM SHALL APPROVE THE APPOINTMENT OF THE BOARD OF TRUSTEES OF THE FOUNDATION. FORM 990, PART VI, SECTION A, LINE 8B THE FOUNDATION DOES NOT HAVE ANY COMMITTEES WITH THE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11 A COPY OF THE FORM 990 IS SUBMITTED TO THE BOARD OF TRUSTEES FOR REVIEW AND APPROVAL PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS AND FORM 990 ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: EQUITY TRANSFER FROM RELATED EXEMPT ORGANIZATION 162,253. 81611 PROPERTIES LLC 637 E HYMAN AVENUE ASPEN CO 81611 452429880 HOLDS TITLE TO REAL ESTATE CO 33071 1148547 ASPEN ART MUSEUM FOUNDATION ASPEN ART MUSEUM 637 E HYMAN AVENUE ASPEN CO 81611 840746671 ART MUSEUM CO 501(C)(3) LINE 7 N/A 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1