2014-01-23T15:23:03-06:00 2013-06-30 560574444 CHERRY BEKAERT LLP 1111 METROPOLITAN AVENUE SUITE 1000 CHARLOTTE NC 28204 990 2012-07-01 510195015 MCCOLL CENTER FOR VISUAL ART MCCO 7043325535 721 NORTH TRYON STREET CHARLOTTE NC 28202 SANDY PATRICK 7043325535 2013-11-19 1 KELLIANNE F BENSON P01345659 7043771678 2012 2015-11-30 17:44:51Z SUZANNE FETSCHER 721 NORTH TRYON STREET CHARLOTTE NC 28202 2285975 0 X WWW.MCCOLLCENTER.ORG X 1976 NC MCCOLL CENTER DEDICATES ITSELF TO CATAPULTING ARTISTS TO THE LEADING EDGE OF CONTEMPORARY ART BY PROVIDING A STATE-OF-THE-ART FACILITY, A CHALLENGING, DYNAMIC ENVIRONMENT, COLLABORATION AMONG ARTISTS AND THE COMMUNITY, BOLD EXHIBITIONS, AND A STRONG AFFILIATION WITH WORLDWIDE ARTS ORGANIZATIONS. 23 23 25 75 0 0 1554628 1761576 387646 317770 118 88 -7051 82987 1935341 2162421 0 0 0 0 1197195 1100060 0 0 312245 1124069 1307319 2321264 2407379 -385923 -244958 13935533 14256211 354980 637956 13580553 13618255 X THE VISION OF MCCOLL CENTER FOR VISUAL ART IS TO BE THE LEADING CENTER FOR THE ADVANCEMENT OF CREATIVE CAPACITY FOR ARTISTS AND THE PUBLIC. THE MISSION IS TO ADVANCE ARTISTS, COMMUNITY AND TO CREATE CONTEMPORARY ART THROUGH RESIDENCIES, EXHIBITIONS, OUTREACH AND EDUCATION. MCCOLL CENTER FOR VISUAL ART BELIEVES THAT ART AND ARTISTS ARE CATALYSTS FOR CULTURAL ADVANCEMENT. 0 0 1636935 45045 MCCOLL CENTER FOR VISUAL ART PROVIDES AN AVENUE FOR THE PUBLIC TO EXPAND THEIR UNDERSTANDING OF CONTEMPORARY ART THROUGH ITS EXHIBITION PROGRAM BY SHOWCASING CURATED OR NATIONALLY ACCLAIMED TRAVELING SHOWS AS WELL AS THE WORK OF THE ARTISTS-IN-RESIDENCE AND AFFILIATE ARTISTS. DURING EACH RESIDENCY, THE COMMUNITY CAN SEE NEW CONTEMPORARY WORK AND MEET THE ARTISTS THROUGH OPEN HOUSES OR OPEN STUDIO SATURDAYS. IN ADDITION, EDUCATIONAL OPPORTUNITIES ARE OFFERED THROUGH WORKSHOPS AND LECTURES, WHICH ARE HELD IN CONJUNCTION WITH CURATED OR TRAVELING EXHIBITIONS. 142606 317770 EDUCATION & OUTREACH: EPIC ART IS THE CORNERSTONE OF THE CENTER'S EDUCATIONAL PROGRAMMING FOR COMMUNITY, ENCOMPASSING ADULT AND SCHOOL AGE CHILDREN'S EDUCATION. THE FIVE TENETS OF EPIC ART ARE: CURRICULUM TOURS, ARTS IN COMMUNITIES, ARTS IN SCHOOLS, OUTREACHES AND SUMMER ART INSTITUTE. 1779541 1 1 0 0 0 0 0 0 0 1 1 1 0 0 0 1 1 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 76 0 1 25 1 0 0 0 0 0 1 1 0 0 0 0 X 23 23 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NC X X SANDRA L PATRICK 7043325535 721 N TRYON STREET CHARLOTTE NC 28202 KIM BLANDING 1.00 X 0 0 0 SHAUN CASSIDY 1.00 X 0 0 0 ROBERT BERGES 1.00 X 0 0 0 CASSIE BROWN 1.00 X 0 0 0 PATRICK DIAMOND 1.00 X 0 0 0 DEIDRE GRUBB 1.00 X 0 0 0 ASTRID CHIRINOS 1.00 X 0 0 0 PAMELA STOWE 1.00 X 0 0 0 THOMAS COTTINGHAM 1.00 X 0 0 0 RUSS DANIEL 1.00 X 0 0 0 ADRIAN WOOLCOCK 1.00 X 0 0 0 RICHARD MCCRACKEN 1.00 X 0 0 0 PAIGE GANTT 1.00 X 0 0 0 CHRIS MCCOY 1.00 X 0 0 0 JEFF TRENNING 1.00 X 0 0 0 BEN DELLINGER 1.00 X 0 0 0 ALVARO GURDIAN JR 1.00 X 0 0 0 BETSY ROSEN 1.00 X 0 0 0 MANUEL ZAPATA 1.00 X 0 0 0 RAY S RIP FARRIS 2.00 X X 0 0 0 SHEILA MULLEN 2.00 X X 0 0 0 DEBRA PLOUSHA MOORE 2.00 X X 0 0 0 BARBARA LAUGHLIN 2.00 X X 0 0 0 ANDY DEWS 1.00 X 0 0 0 SANDRA PATRICK 50.00 X 57713 0 5580 SUZANNE FETSCHER 60.00 X 141595 0 12928 199308 0 18508 1 0 1 0 0 372060 185111 104669 1099736 1761576 TUITION AND FEES 611710 317770 317770 317770 88 88 111746 66439 45307 45307 45307 49750 185111 57115 -7365 -7365 MISCELLANEOUS 900099 45045 45045 45045 2162421 362815 0 38030 X 217816 154523 63293 702835 455750 74992 172093 15947 8816 3615 3516 79919 48150 17543 14226 83543 49795 18402 15346 345588 280039 37009 28540 30596 16956 13640 103680 73669 18514 11497 116756 114956 1800 102387 59073 8819 34495 12751 3540 7182 2029 256942 256942 16041 16041 ARTIST STIPENDS 163383 163383 MISCELLANEOUS 89421 55096 24304 10021 DUES & SUBSCRIPTIONS 47743 30987 14848 1908 SERVICE CHARGES 15181 1016 11031 3134 6850 6850 2407379 1779541 315593 312245 49592 51570 149891 416971 149945 140031 20656 25168 30250 29827 10385809 3620039 6990985 6765770 6544214 6826874 13935533 14256211 38843 58788 292271 579168 23866 0 354980 637956 X 6984477 6738465 105751 389465 6490325 6490325 13580553 13618255 13935533 14256211 X -244958 282660 X X 0 1 X 1 0 X 1467449 1482428 1580571 1554628 1761576 7846652 1467449 1482428 1580571 1554628 1761576 7846652 25736 7820916 36906 38059 41473 29109 111834 257381 42025 314 9064 27072 45045 123520 8227553 1611155 0.95060 0.96050 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 6544214 712983 380000 50323 6826874 7077696 -152293 328353 52836 6544214 5885838 1243748 51890 7077696 5268944 616894 5885838 7149818 -1186695 648400 45779 5268944 0.00000 0.95000 0.05000 0 0 2208439 2208439 5287788 2340850 2946938 1384682 612985 771697 1504900 666204 838696 6765770 FIXED INCOME 1365372 F EQUITIES 4266799 F PRIVATE INVESTMENT FUNDS 1194703 F 6826874 X 2304975 19000 123554 142554 2162421 0 2162421 2549933 19000 123554 142554 2407379 0 2407379 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE CENTER'S ENDOWMENT CONSISTS OF THE BENEFICIAL INTEREST IN THE GREATER CHARLOTTE CULTURAL TRUST. THE ENDOWMENT CONSISTS OF 3 INDIVIDUAL DONOR-RESTRICTED ENDOWMENT FUNDS. AS REQUIRED BY GAAP, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. THE BOARD OF DIRECTORS OF THE CENTER HAS INTERPRETED THE UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT ("UPMIFA") AS REQUIRING, ABSENT EXPLICIT DONOR STIPULATIONS TO THE CONTRARY, THAT THE FOLLOWING AMOUNTS INCLUDED IN THE ENDOWMENT BE CLASSIFIED AS PERMANENTLY RESTRICTED: (A) THE ORIGINAL VALUE OF GIFTS DONATED TO THE PERMANENT ENDOWMENT, (B) THE ORIGINAL VALUE OF SUBSEQUENT GIFTS TO THE PERMANENT ENDOWMENT, AND (C) ACCUMULATIONS TO THE PERMANENT ENDOWMENT MADE IN ACCORDANCE WITH THE DIRECTION OF THE APPLICABLE DONOR GIFT INSTRUMENT AT THE TIME THE ACCUMULATION IS ADDED TO THE FUND BE CLASSIFIED AS PERMANENTLY RESTRICTED. THE REMAINING PORTION OF THE DONOR-RESTRICTED NET ASSETS UNTIL THOSE AMOUNTS ARE APPROPRIATED FOR EXPENDITURE BY THE CENTER IN A MANNER CONSISTENT WITH THE STANDARD OF PRUDENCE PRESCRIBED BY UPMIFA OR SPENT IN ACCORDANCE WITH THE PURPOSE RESTRICTIONS ESTABLISHED BY THE DONOR. IN ACCORDANCE WITH UPMIFA, THE CENTER CONSIDERS THE FOLLOWING FACTORS IN MAKING A DETERMINATION TO APPROPRIATE OR ACCUMULATE DONOR-RESTRICTED ENDOWMENT FUNDS: 1. THE DURATION AND PRESERVATION OF THE FUND 2. THE PURPOSES OF THE CENTER AND THE DONOR-RESTRICTED ENDOWMENT FUND 3. GENERAL ECONOMIC CONDITIONS 4. THE POSSIBLE EFFECT OF INFLATION AND DEFLATION 5. THE EXPECTED TOTAL RETURN FROM INCOME AND THE APPRECIATION OF INVESTMENTS 6. OTHER RESOURCES OF THE CENTER 7. THE INVESTMENT POLICIES OF THE CENTER. FFTC ADMINISTERS THE ENDOWED FUNDS OF THE TRUST. THE BOARD OF DIRECTORS OF THE TRUST AND ULTIMATELY THE CENTER HAVE ADOPTED INVESTMENT AND SPENDING POLICIES FOR ENDOWMENT WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. UNDER THIS POLICY, THE ENDOWMENT ASSETS ARE INVESTED IN A MANNER THAT IS INTENDED TO PRODUCE RESUTLS THAT PROVIDE AN AVERAGE ANNUAL REAL RATE OF RETURN, NET OF FEES, EQUAL TO OR GREATER THAN SPENDING, ADMINISTRATIVE FEES, AND INFLATION (CONSUMER PRICE INDEX). ACTUAL RETURNS IN ANY GIVEN YEAR MAY VARY FROM THIS AMOUNT. TO SATISFY ITS LONG-TERM RATE-OF-RETURN OBJECTIVES, THE TRUST RELIES ON A TOTAL RETURN STRATEGY IN WHICH INVESTMENT RETURNS ARE ACHIEVED THROUGH BOTH CAPITAL APPRECIATION (REAL AND UNREALIZED) AND CURRENT YIELD (INTEREST AND DIVIDENDS). ACCORDINGLY, THE TRUST HAS ADOPTED THE FOLLOWING INVESTMENT ALLOCATION GUIDELINES: EQUITIES: LARGE CAP 40%-80% SMALL CAP 10%-30% EMERGING MARKET 7.5%-22.5% INTERNATIONAL 2.5%-7.5% FIXED INCOME 20%-30% PRIVATE INVESTMENT FUNDS 8%-32% THE TRUST HAS A POLICY OF APPROPRIATING FOR DISTRIBUTION EACH YEAR UP TO A MAXIMUM OF 4% OF THE AVERAGE FAIR VALUE OVER THE PRIOR TWELVE QUARTERS THROUGH THE CALENDAR YEAR PRECEDING THE FISCAL YEAR IN WHICH THE DISTRIBUTION IS PLANNED. THE POLICY WILL BE EVALUATED ON AN ANNUAL BASIS FOR PRUDENCE. IN ESTABLISHING THE SPENDING POLICY, THE EXPECTED RATE OF RETURN ON THE ENDOWMENT IS TAKEN INTO CONSIDERATION. ACCORDINGLY, THE SPENDING POLICY IS EXPECTED TO ALLOW THE ENDOWMENT TO MAINTAIN ITS PURCHASING POWER BY GROWING AT A RATE EQUAL TO PLANNED PAYOUTS. ADDITIONAL REAL GROWTH WILL BE PROVIDED THROUGH NEW GIFTS AND ANY EXCESS INVESTMENT RETURN. THE CENTER'S BOARD OF TRUSTEES DETERMINES ON AN ANNUAL BASIS HOW MUCH, IF ANY, OF THE AMOUNT AVAILABLE FOR DISTRIBUTION WILL BE WITHDRAWN FROM THE TRUST. ONCE AN AMOUNT IS ACTUALLY APPROPRIATED BY THE CENTER'S BOARD OF TRUSTEES FOR DISTRIBUTION, THE FUNDS TO BE DISTRIBUTED ARE RECLASSIFIED FROM TEMPORARILY RESTRICTED NET ASSETS TO UNRESTRICTED NET ASSETS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X, LINE 2: THE CENTER IS EXEMPT FROM FEDERAL INCOME TAX UNDER THE PROVISIONS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE ("IRC"). IN ACCORDANCE WITH IRC REGULATIONS, THE CENTER IS TAXED ON UNRELATED BUSINESS INCOME, WHICH CONSISTS OF EARNINGS FROM ACTIVITIES NOT RELATED TO THE EXEMPT PURPOSE OF THE CENTER. THE CENTER ACCOUNTS FOR TAX UNCERTAINTIES BASED ON A MORE LIKELY THAN NOT RECOGNITION THRESHOLD WHEREBY TAX BENEFITS ARE ONLY RECOGNIZED WHEN THE CENTER BELIEVES THAT THEY HAVE A GREATER THAN 50% LIKELIHOOD OF BEING SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES. THE CENTER HAS EVALUATED ALL ITS TAX POSITIONS AND DETERMINED THAT IT HAD NO UNCERTAIN INCOME TAX POSITIONS AS OF JUNE 30, 2013 AND 2012. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENT DIRECT EXPENSES NETTED AGAINST REVENUES ON 990, BUT NOT ON FINANCIALS 66,439. SPECIAL EVENT EXPENSES NETTED AGAINST REVENUES ON 990, BUT NOT ON FINANCIALS 57,115. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENT DIRECT EXPENSES NETTED AGAINST REVENUES ON 990 BUT NOT ON FINANCIALS 66,439. SPECIAL EVENT EXPENSES NETTED AGAINST REVENUES ON 990 BUT NOT ON FINANCIALS 57,115. ASHES TO ART LUNCHEON 130486 130486 23150 STUDIO PARTY 12 85383 52475 32908 29146 1 18992 2150 16842 4819 234861 185111 49750 57115 57115 -7365 X X X X X 0 0 0 0 0 0 0 0 0 SUZANNE FETSCHER 141595 0 0 0 0 0 7600 0 5328 0 154523 0 0 0 FORM 990, PART VI, SECTION B, LINE 11 A DRAFT OF THE 990 WAS GIVEN TO EACH BOARD MEMBER FOR REVIEW, COMMENT AND APPROVAL PRIOR TO SUBMISSION TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS ARE REQUIRED TO SIGN A CONFLICT OF INTEREST STATEMENT EACH YEAR AND DISCLOSE TO THE FULL BOARD ANY POTENTIAL PROBLEMS. ANY POTENTIAL CONFLICTS MUST BE APPROVED BY THE FULL BOARD. IN THE EVENT OF A POTENTIAL CONFLICT DURING THE YEAR, THAT MEMBER WOULD RECUSE HIMSELF/HERSELF FROM THE DISCUSSIONS AND VOTE. FORM 990, PART VI, SECTION B, LINE 15 THE PRESIDENT'S COMPENSATION IS DETERMINED BY THE INDEPENDENT BOARD. A SUBSET OF THE BOARD CONDUCTS A SALARY REVIEW AND COMPARISON USING SURVEY INFORMATION FROM THE NORTH CAROLINA CENTER FOR NON PROFITS. A SUBSET OF THE BOARD ALSO EVALUATES HER PERFORMANCE BASED ON ACHIEVEMENT OF GOALS AND BUDGET AND MAKES A SALARY RECOMMENDATION TO THE BOARD. THE BOARD COMPENSATION FOR OTHER KEY EMPLOYEES AND TOP MANAGEMENT OFFICIALS IS BASED ON PERFORMANCE REVIEW AND COMPARATIVE SALARY INFORMATION PROVIDED BY THE ARTS AND SCIENCE COUNCIL. DISCUSSIONS ARE DOCUMENTED IN THE EXECUTIVE COMMITTEE MINUTES. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. OTHER FEES FORM 990, PART IX, LINE 11G CONTRACTED SERVICES: PROGRAM SERVICE EXPENSES 280,039. MANAGEMENT AND GENERAL EXPENSES 37,009. FUNDRAISING EXPENSES 28,540. TOTAL EXPENSES 345,588. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: CHANGE IN BENEFICIAL INTEREST 662,660. ALLOCATION OF ALLOWABLE ENDOWMENT BALANCE FOR SPENDING -380,000. CONTRIBUTIONS ROUNDING FORM 990, PART XI, LINE 2C THE FINANCE COMMITTEE MEETS WITH THE INDEPENDENT AUDITORS TO REVIEW THE FINANCIAL STATEMENTS AND RESULTS OF THE AUDIT ALONG WITH ANY RECOMMENDATIONS. THE FINANCE COMMITTEE IS RESPONSIBLE FOR THE SELECTION OF THE INDEPENDENT AUDITORS.