2014-05-14T12:59:31-05:00 2013-09-30 141918990 TEMPLETON & COMPANY LLP 222 LAKEVIEW AVENUE SUITE 1200 WEST PALM BEACH FL 33401 990 2012-10-01 590624432 NORTON MUSEUM OF ART INC FKA NORTON GALLERY AND SCHOOL OF ART INC NORT 5618325196 1451 S OLIVE AVENUE WEST PALM BEACH FL 33401 LUCY BUKOWSKI 5618325196 2014-05-14 1 RICHARD JUBACK P00630706 5617989988 2012 2015-11-30 17:44:51Z HOPE ALSWANG 1451 S OLIVE AVENUE WEST PALM BEACH FL 33401 7376849 0 X WWW.NORTON.ORG X 1941 FL TO PRESERVE, DEVELOP, EXHIBIT AND INTERPRET OUR OUTSTANDING PERMANENT COLLECTIONS. 30 29 96 300 0 0 4280329 4947550 692008 664117 707247 946174 91307 141081 5770891 6698922 0 0 0 0 3890743 4219879 76000 30000 662980 7604909 7480251 11571652 11730130 -5800761 -5031208 107370785 109751710 30465099 30858728 76905686 78892982 X THE NORTON MUSEUM OF ART STRIVES TO PRESERVE, DEVELOP, EXHIBIT AND INTERPRET ITS OUTSTANDING COLLECTIONS AND TO EDUCATE THE PUBLIC THROUGH SPECIAL EXHIBITIONS, PUBLICATIONS AND PROGRAMS. THE NORTON SEEKS TO STRENGTHEN AWARENESS OF THE ARTS IN OUR REGION THROUGH ENCOURAGING PARTICIPATION, REACHING OUT TO IMPROVE THE QUALITY OF LIFE IN ALL COMMUNITIES THROUGH APPRECIATION OF AND INSPIRATION THROUGH THE VISUAL ARTS. 0 0 3731466 467826 EXHIBITIONS: DURING FY 13 THE NORTON MUSEUM PRESENTED 16 EXHIBITIONS OF WHICH 13 WERE ORGANIZED BY THE NORTON MUSEUM STAFF. THEY INCLUDED ART IN ALL MEDIA FROM INSTALLATION, PHOTOGRAPHY, TRADITIONAL OIL PAINTING AND DRAWINGS TO FASHIONS AND FILMS WHICH COMPLETED THE STORY OF THE POPULAR EXHIBITION "KEEP CALM AND CARRY ON: WORLD WAR II AND THE BRISTISH HOME FRONT", 1938-1951.THE MUSEUM PRESENTED SEVERAL FIRSTS ONCE AGAIN. THE FIRST RUDIN PRIZE FOR EMERGING PHOTOGRAPHERS WAS AN EXHIBITION WITH A FINALIST SELECTED FROM FIVE INTERNATIONAL ARTISTS SELECTED BY FIVE WELL KNOW ARTISTS. THIS WAS RARELY SEEN, NEW WORK MADE POSSIBLE BY THE GENEROUS GIFT OF SUPPORTER BETH RUDIN DEWOODY. SLYVIA PLIMACK MANGOLD: LANDSCAPE AND TREES SHOWCASED THE PAINTINGS AND DRAWINGS FOR THE FIRST TIME OF THIS MATURE ARTIST WHO IS RECEIVING RECOGNITION THROUGH THE GENEROSITY OF THE RAW INITIATIVE - RECOGNITION OF ART BY WOMEN. THE POPULAR PHOTOGRAPHER ANNIE LEIBOVITZ WAS REPRESENTED BY 39 OF HER ICONIC PORTRAITS OF CELEBRITIES AND ARTISTS IN ANOTHER EXHIBITION ORGANIZED BY THE NORTON AND SUPPORTED BY BENEFACTORS. ONE OF THE STRENGTHS OF THE NORTON COLLECTION IS REPRESENTING DIVERSE IDEAS AND VOICES, ESPECIALLY AFRICIAN, AFRICAN AMERICAN AND AFRICAN BRITISH ARTISTS. PAINTINGS AND SCUPLTURE FROM THE LATE 19TH CENTRURY THROUGH THE PRESENT WERE FEATURED IN THE MOST POPULAR EXHIBITION OF THE SEASON: SAY IT LOUD. HISTORICAL EXHIBITIONS PRESENTED HERE INCLUDED THE RADICAL CAMERA; NEW YORK'S PHOTO LEAGUE, 1935-51 AND DORIS DUKE'S SHANGRI LA: ARCHITECTURE, LANDSCAPE AND ISLAMIC ART. THIS EXHIBITION WAS COMPLEMENTED BY SELECTIONS FROM OUR CHINESE ART COLLECTION FROM THE MIDDLE EAST AND THE MIDDLE KINGDOM: ISLAMIC AND CHINESE ARTISTIC EXCHANGE. WE ALSO MIXED ART, ARCHITECTURE AND TOYS FROM CHILDREN OF ALL AGES IN THE NORTON, ORGANIZED BLOCK BY BLOCK: INVENTING AMAZING ARCHITECTURE EXPANDING UPON CONSTRUCTION WITH "LEGO" PARTS AND PROMOTING OUR OWN FUTURE BUILDING EXPANSION. THE REGIONAL AND NATIONAL MEDIA COVERED ALL OF OUR EXHIBITIONS AS WELL AS PROMOTED THE ACCOMPANYING ARTIST INTERVIEWS AND PROGRAMS. 2112534 ACQUISITIONS AND CONSERVATION: IN FY 13 THE NORTON MUSEUM ACQUIRED 25 PAINTINGS, DRAWINGS AND SCUPLTURES AND OVER 280 PHOTOGRAPHS BY PURCHASE AND GIFT ENCHANCING THE COLLECTONS OF CHINESE, PHOTOGRAPHY, AMERICAN, EUROPEAN AND CONTEMPORARY ART. THE NORTON MUSEUM IS DISTINGUISHED IN THE SOUTHEAST UNITED STATES AS ONE OF THE FOREMOST CENTERS TO VIEW HISTORICAL, INTERNATIONAL AND CONTEMPORARY ART SINCE ITS FOUNDING IN 1941. GROWTH OF THE COLLECTION AND ITS PUBLIC DISPLAY THROUGH EXHIBITION ARE THE ESSENCE OF ITS EXISTENCE. AMONG THESE ACQUISITIONS ARE WORKS BY KNOWN AND EMERGING ARTISTS AND WORKS WHICH COMPLEMENT AREAS OF STRENGTH AND WEAKNESSES. NEW PHOTOGRAPHS INCLUDE EXCEPTIONAL PRINTS BY AMERICAN MASTERS WILLIAM EGGLESTON AND EDWARD WESTON, BOTH GIFTS TO NORTON AND REPRESENTING THE FIRST IMAGE TO ENTER THE NORTON COLLECTION. EXCEPTIONAL PAINTINGS WERE GIFTED TO THE NORTION INCLUDING A 15TH C.-16TH C. PANEL PAINTING BY LORENZO LOTTO, AN EARLY 18TH C. LANDSCAPE BY CLAUDE JOSEPH VERNET AND OUTSTANDING AMERICAN CONTEMPORARY PAINTINGS BY RICHARD DIEBENHORN AND WAYNE THIEBAUD. ACQUISITIONS INCLUDED A MAJOR DRAWING BY JENNY SAVILLE, WHO WAS FEATURED IN AN EXHIBITION IN 2012 AND A 1971 PAINTING BY LYNDA BENGLIS, AMONG OTHER SIGNIFICANT WORKS. THE CHINESE COLLECTION WAS ENCHANCED BY A TANG DYNASTY (9TH C.) EWER AND ARISTOCRATIC LADIES SUMMER SURCOAT OF THE LATE QING DYNASTY, LATE 19TH C.IMPORTANT CONSERVATION OF THE COLLECTION INCLUDED MAINTENANCE OF OUR SCULPTURES ON VIEW OUTDOORS AND A TREATMENT OF THE VERNET PAINTING TO STABILIZE THIS IMPORTANT GIFT, WHICH RESULTED IN A DRAMATIC, REFRESHED APPEARANCE. 3284800 440446 EDUCATION: IN FY 13, THE NORTON EDUCATIONAL DEPARTMENT SERVED APPROXIMATELY 40,000 DIRECTLY THROUGH PROGRAMS. APPROXIMATELY 10,000 CHILDREN AND YOUTHS PARTICIPATED IN GRADE LEVEL APPROPRIATE MUSEUM TOURS AND ACTIVITIES, APPROXIMATELY 80% AT NO CHARGE. THROUGH ITS PROGRESSIVE AFTERSCHOOL ART COMMUNITY EDUCATION PROGRAM(PACE), NORTON'S TEACHING ARTISTS SHARED FREE ART LESSONS WITH APPROXIMATELY 1,000 CHILDREN IN UNDERSERVED COMMUNITIES THROUGHTOUT THE YEAR. APPROXIMATELY 190 TEACHERS AND SCHOOL DISTRICT ADMINISTRATORS RECEIVED ART-INTEGRATED PROFESSIONAL DEVELOPMENT AT NO CHARGE. THE MUSEUM BEGAN TO PROVIDE FREE BUSING FOR TOUR GROUPS FROM TITLE-1 PALM BEACH COUNTY PUBLIC SCHOOLS. LECTURES, COLLECTION AND SPECIAL EXHIBITION TOURS AND GALLERY TALKS PROVIDED LIFE-LONG LEARNING OPPORTUNITIES TO APPROXIMATELY 12,000 ADULTS THROUGH CONTACT WITH MUSEUM-TRAINED DOCENTS, MUSEUM EDUCATORS, CURATORS, OUTSIDE EXPERTS AND CONTEMPORARY ARTISTS. SPECIAL PROGRAMS, INCLUDING THE ANNUAL CHINESE MOON FESTIVAL, APPROXIMATELY 1,400 PARTICIPANTS FOR CULTURAL ART ACTIVITIES, MUSIC AND TOURS OF THE COLLECTION AND SPECIAL EXHIBITIONS. ART AFTER DARK EVENING PROGRAMS DREW 14,850 OVER THE COURSE OF THE YEAR FOR PUBLIC TOURS, GALLERY TALKS, FILMS, LIVE MUSIC AND DANCE PERFORMANCES, AND CULINARY EVENTS. THROUGH ALL THESE OFFERINGS, THE MUSEUM CONTINUES TO SEEK NEW WAYS TO ATTRACT AND SERVE A DIVERSE COMMUNITY WITH EDUCATIONAL PROGRAMS THAT LEAD VISITORS OF ALL AGES TO A RICHER ENGAGEMENT WITH THE ARTS. 9128800 1 1 0 0 0 0 0 1 0 1 1 1 0 0 0 1 1 0 0 0 0 0 0 1 1 0 0 0 0 1 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 1 120 0 96 1 0 0 0 0 0 1 1 0 0 0 0 X 30 29 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 FL X X LUCY BUKOWSKI 5618325196 1451 S OLIVE AVENUE WEST PALM BEACH FL 33401 KEMP STICKNEY 4.00 X 0 0 0 JOEY PEARSON 4.00 X 0 0 0 MITCH RUBENSTEIN 4.00 X 0 0 0 JANIE MAYVILLE 4.00 X 0 0 0 CHRISTINE AYLWARD 2.00 X 0 0 0 RICHARD BAROVICK 2.00 X 0 0 0 RUTH BAUM 2.00 X 0 0 0 BRUCE BEAL 2.00 X 0 0 0 M DIANE BODMAN 2.00 X 0 0 0 JANE CARROLL 2.00 X 0 0 0 R REED DANIEL 2.00 X 0 0 0 ANNIE FALK 2.00 X 0 0 0 BRUCE GENDELMAN 2.00 X 0 0 0 PETER GEORGESCU 2.00 X 0 0 0 PAMELA GOERGEN 2.00 X 0 0 0 GAYLE GROSS 2.00 X 0 0 0 NICKI HARRIS 2.00 X 0 0 0 HARRY HOWELL 2.00 X 0 0 0 HENRY KAUFMAN 2.00 X 0 0 0 JANE KORMAN 2.00 X 0 0 0 GIL MAURER 2.00 X 0 0 0 CARLOS MORRISON 2.00 X 0 0 0 JOHN NIBLACK 2.00 X 0 0 0 JERRY PEARLMAN 2.00 X 0 0 0 JOHN RICHMAN 2.00 X 0 0 0 RALPH SALTZMAN 2.00 X 0 0 0 JEAN SHARF 2.00 X 0 0 0 ANNE SMITH 2.00 X 0 0 0 DEBORAH STAPLETON 2.00 X 0 0 0 HOPE ALSWANG 40.00 X X 266273 0 59000 LUCY BUKOWSHI 40.00 X 129676 0 0 395949 0 59000 2 0 1 0 FOSTER & PARTNERS 22 HESTER RD LONDON UK SW11 4AN ARCHITECTS 350000 1 1249627 594242 3103681 217629 4947550 ADMISSIONS 713990 467826 467826 PROGRAM REVENUE 611610 196291 196291 664117 403596 403596 30315 103499 -73184 -73184 -73184 542578 0 542578 542578 542578 199671 594242 363509 -163838 -163838 455074 210919 244155 244155 FACILITY USE REVENUE 531390 107905 107905 OTHER INCOME 900099 26043 26043 133948 6698922 908272 0 843100 552467 453111 99356 2947926 2421268 382775 143883 433377 373058 41669 18650 286109 217992 50326 17791 1500 1500 32018 32018 30000 30000 228600 228600 800919 413890 251126 135903 358260 358260 412803 321757 67466 23580 136570 113219 8316 15035 999793 809832 139971 49990 224873 136612 65124 23137 15752 13445 974 1333 362842 293902 50798 18142 1181723 957196 165441 59086 469213 463713 5500 EXHIBITS 1157801 1157801 ACQUISITION OF ART 956427 956427 PRINTING AND GRAPHIC DE 141157 118928 635 21594 11730130 9128800 1938350 662980 5425 5425 2739649 2589066 4831951 5070928 43152 5261 90785 73387 251128 163599 43951277 16461900 28642477 27489377 52048244 54818974 16210873 17074708 2474896 2428780 32205 32205 107370785 109751710 423672 706281 541427 652447 29500000 29500000 30465099 30858728 X 37807536 38573552 6784746 5361885 32313404 34957545 76905686 78892982 107370785 109751710 -5031208 7018504 0 X X 0 1 X 1 0 X 4946427 2528210 4154534 4280329 4310218 20219718 468960 465628 607238 437000 455074 2433900 5415387 2993838 4761772 4717329 4765292 22653618 0 0 0 22653618 -1135934 1593755 2925050 748018 976488 5107377 -1135934 1593755 2925050 748018 976488 5107377 105310 117709 87935 99256 133948 544158 4384763 4705302 7774757 5564603 5875728 28305153 0.80030 0.81390 0.18040 0.16940 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X 0 32569857 1776275 867866 -256453 34957545 31205106 54065 1338786 -28100 32569857 32882924 54200 -2776624 -1044606 31205106 31616784 97489 591265 -577386 32882924 33385674 236170 -2601390 -596330 31616784 0 0 869214 3844545 4713759 522500 36212009 14331473 22403036 79154 79154 0 2172845 1808919 363926 251010 242354 8656 27489377 BENEFICIAL INTEREST IN PERPETUAL TRUSTS 16954195 F BENEFICIAL INTEREST IN REMAINDER TRUSTS 120513 F 17074708 X 14111293 7018504 677927 7696431 6414862 228600 55460 284060 6698922 12123997 677927 677927 11446070 228600 55460 284060 11730130 PART III, LINE 1A: THE NORTON HAS ELECTED TO EXCLUDE THE VALUE OF OBJECTS IN THE PERMANENT COLLECTION FROM THE STATEMENT OF FINANCIAL POSITION, AS PERMITTED BY SFAS NO. 116. AN ADDITION OF ART TO THE PERMANENT COLLECTION IS MADE EITHER BY GIFT OR THROUGH PURCHASE USING ART ACQUISITION FUNDS. THE ACCEPTANCE AND DISPOSAL OR REMOVAL OF WORKS OF ART IN THE COLLECTION IS PERFORMED IN ACCORDANCE WITH A FORMAL POLICY ADOPTED BY THE BOARD OF TRUSTEES IN 2003. PURCHASES FOR THE COLLECTION ARE RECORDED AS EXPENDITURES FOR THE ACQUISITION OF ART OBJECTS IN THE STATEMENT OF ACTIVITIES FOR THE YEAR IN WHICH THE OBJECTS ARE ACQUIRED. PART III, LINE 4: RALPH AND ELIZABETH NORTON ESTABLISHED THE NORTON MUSEUM OF ART AS THE NORTON GALLERY AND SCHOOL OF ART IN 1941. IT WAS FOUNDED ON THE BASIS OF THEIR PRIVATE COLLECTION COMPRISED OF A HANDFUL OF OLD MASTER PAINTINGS AND FAR MORE EXTENSIVE HOLDINGS OF FRENCH AND AMERICAN PAINTING, SCULPTURE, AND WORKS ON PAPER, MOST MADE AFTER 1870. BEFORE HIS DEATH IN 1953, NORTON EXPANDED THE COLLECTION TO INCLUDE CHINESE ART, SUCH AS ANCIENT BRONZES AND JADES, CERAMICS, FURNITURE, AND TEXTILES. HIS BEQUEST ADDED MANY MORE WORKS IN EACH OF THESE CATEGORIES OF THE COLLECTION. IN SUBSEQUENT DECADES, ACQUISITIONS FROM ALL SOURCES HAVE ENRICHED THE ORIGINAL COLLECTING AREAS OF EUROPEAN, AMERICAN, AND CHINESE ART IN TERMS OF BREADTH AND DEPTH WHILE CONFORMING TO THE HIGH QUALITATIVE STANDARDS ESTABLISHED BY THE NORTONS. TODAY, THE COLLECTION NUMBERS APPROXIMATELY 7,000 OBJECTS. AMONG THE MOST SOUGHT-AFTER WORKS FOR LOANS TO EXHIBITIONS BOTH HERE AND ABROAD ARE MONET'S "GARDENS OF VILLA MORENO," GAUGUIN'S "CHRIST IN THE GARDEN OF OLIVES," POLLOCK'S "NIGHT MIST," AND OUR THREE O'KEEFFE PAINTINGS. THE NORTON MUSEUM OF ART STRIVES TO PRESERVE, DEVELOP, EXHIBIT AND INTERPRET ITS OUTSTANDING COLLECTION AND TO EDUCATE THE PUBLIC THROUGH SPECIAL EXHIBITIONS, PUBLICATIONS AND PROGRAMS. AS A RECOGNIZED LEADER IN THE ARTS IN THE YEARS SINCE ITS FOUNDING, THE NORTON MUSEUM OF ART BRINGS A SIGNIFICANT CULTURAL AND EDUCATIONAL PRESENCE TO THE STATE OF FLORIDA AND REACHES NATIONALLY AND INTERNATIONALLY THROUGH ITS PROGRAMMING AND VISITORS, LOANS OF WORKS OF ART, AND TRAVELING EXHIBITIONS. A PRINCIPAL STRENGTH OF THE NORTON LIES IN ITS PERMANENT COLLECTION SINCE THE QUALITY, DEPTH AND BREADTH OF ITS HOLDINGS ARE USED AS THE BASIS FOR EXHIBITIONS, EDUCATIONAL PROGRAMS AND SCHOLARSHIP. FOR EXAMPLE, SCHOOL AND SUMMER CAMP TOURS INTRODUCE APPROXIMATELY 10,000 K-12 STUDENTS TO WORKS IN THE MUSEUM'S COLLECTION EACH YEAR. NINE MUSEUM COLLECTION THEME TOURS AND FIVE SPECIAL EXHIBITION TOURS ARE AVAILABLE FOR TEACHERS TO CHOOSE FROM, FREE OF CHARGE, ON TOPICS RANGING FROM MEDIEVAL AND RENAISSANCE TREASURES TO THE ART OF SCIENCE AND AFRICAN AMERICAN ART AND CULTURE. THE NORTON COLLECTION IS ALSO THE FOCUS OF EDUCATIONAL PROGRAMS FOR ADULTS. CONCERTS AND PERFORMANCES RELATE TO SPECIAL EXHIBITIONS AND CULTURAL THEMES REPRESENTED BY WORKS IN THE GALLERIES. TOURS, AND TREASURE OF THE MONTH TALKS ALLOW VISITORS TO ENGAGE WITH DOCENTS AND STAFF IN THE GALLERIES IN INFORMAL DISCUSSIONS OF SUBJECTS IN ART AND WORKS ON VIEW. A CLOSER LOOK PROVIDES PUBLIC ACCESS TO LECTURES FOR DOCENT CANDIDATES CONCERNING SPECIFIC WORKS IN THE MUSEUM COLLECTION AND THE HISTORICAL CONTEXTS AND CIRCUMSTANCES OF THEIR ORIGIN. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE NORTON'S ENDOWMENT IS ESTABLISHED FOR THE PURPOSES EXPRESSED IN THE MISSION OF THE NORTON. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X, LINE 2: THE NORTON IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER INTERNAL REVENUE CODE SECTION 501(C)(3). ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN RECORDED IN THE FINANCIAL STATEMENTS. THE NORTON IS REQUIRED TO OPERATE IN CONFORMITY WITH THE PROVISIONS OF THE INTERNAL REVENUE CODE TO MAINTAIN ITS EXEMPT STATUS. UNDER THE PROVISIONS OF FASB ASC 740, UNCERTAINTY IN INCOME TAXES, MANAGEMENT ANALYZES TAX POSITIONS IN JURISDICTIONS WHERE IT IS REQUIRED TO FILE INCOME TAX RETURNS. INTEREST AND PENALTIES ATTRIBUTABLE TO INCOME TAXES, IF ANY, ARE INCLUDED IN OPERATING EXPENSES. NO SUCH INTEREST OR PENALTIES WERE RECORDED FOR THE YEARS ENDED SEPTEMBER 30, 2013 AND 2012. THE NORTON IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR YEARS PRIOR TO SEPTEMBER 30, 2010. PART XI, LINE 2D - OTHER ADJUSTMENTS: INVENTORY RELATED COST OF GOODS SOLD 210,919. SPECIAL EVENTS EXPENSES 363,509. RENTAL EXPENSES 103,499. PART XI, LINE 4B - OTHER ADJUSTMENTS: CHARITABLE GIFT ANNUITY PAYMENTS 55,460. PART XII, LINE 2D - OTHER ADJUSTMENTS: INVENTORY RELATED COST OF GOODS SOLD 210,919. SPECIAL EVENTS EXPENSES 363,509. RENTAL EXPENSES 103,499. PART XII, LINE 4B - OTHER ADJUSTMENTS: CHARITABLE GIFT ANNUITY PAYMENTS 55,460. X X X X X 1 CREBBS GROUP 2719 HILLCREST ROAD RICHMOND VA 23225 FUNDRAISING 0 30000 0 30000 30000 30000 FL ART IN BLOOM 262000 233500 28500 30628 18446 54582 BAL DES ARTS 376742 338742 38000 46560 49665 68653 3 155171 22000 133171 10020 2686 82269 793913 594242 199671 87208 70797 205504 363509 -163838 X 0 0 X X 0 1 0 0 0 0 0 0 0 HOPE ALSWANG 266273 0 0 0 0 0 59000 0 0 0 325273 0 0 0 PART I, LINE 1B THE NORTON MUSEUM OWNS SIX HOUSES ON A STREET ADJACENT TO THE MUSEUM. IN 2013, IT WAS DECIDED TO RENOVATE ONE OF THESE HOUSES FOR USE BY THE NORTON'S DIRECTOR, AND AS A PLACE WHERE THE DIRECTOR CAN HOST SMALL GATHERINGS OF DONORS AND OTHER GUESTS. THE DIRECTOR BEGAN LIVING IN THE HOUSE IN AUGUST, 2013. AS THIS IS A NEW DEVELOPMENT, A FORMAL WRITTEN POLICY HAS NOT YET BEEN WRITTEN. X 1 64561 MARKET VALUE X JEWELRY 1 153068 MARKET VALUE 0 1 1 THIRD PARTY USE: PART I, LINE 32B: THE NORTON SELLS ARTWORK THROUGH ESTABLISHED AUCTION HOUSES SUCH AS SOTHEBY'S AND CHRISTIE'S. NON REPORTING OF REVENUE: PART I, LINE 33: THE NORTON HAS ELECTED NOT TO ASSIGN A FINANCIAL VALUE TO GIFTS OF ART TO BE HELD IN THE COLLECTIONS FOR PURPOSES RELATED TO ITS MISSION, OR FOR WHICH THE PROCEEDS FROM ANY SALE WILL BE USED TO ACQUIRE OTHER ITEMS FOR COLLECTIONS, AS ALLOWED BY SFAS 116. FORM 990, PART VI, SECTION B, LINE 11 THE NORTON'S GOVERNANCE COMMITTEE REVIEWS A PRELIMINARY DRAFT OF THE SECTIONS RELATED TO GOVERNANCE, COMPENSATION, PROGRAM ACHIEVEMENTS, AND OTHER OPERATING ISSUES. THE TREASURER IS INVOLVED THROUGHOUT THE PROCESS, AND CONDUCTS A THOROUGH REVIEW OF THE FINAL DRAFT BEFORE IT GOES TO THE FULL BOARD OF TRUSTEES. THE FINAL DRAFT IS THEN PROVIDED TO THE ENTIRE BOARD OF TRUSTEES NO LESS THAN TWO WEEKS PRIOR TO THE DUE DATE FOR THEIR REVIEW AND CONCURRENCE. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, THE BOARD IS PROVIDED WITH A CONFLICT OF INTEREST QUESTIONNAIRE WHICH IS USED BY THE ORGANIZATION TO DETERMINE IF THERE ARE ANY CONFLICTS BETWEEN THE BOARD AND THE ORGANIZATION. FORM 990, PART VI, SECTION B, LINE 15A INITIALLY, THE CHAIRMAN OF THE BOARD REVIEWS COMPARABLE SALARY DATA OF SIMILAR POSITIONS IN OTHER ORGANIZATIONS. THE CHAIRMAN THEN REVIEWS THE SELF-EVALUATION FORM PREPARED BY THE DIRECTOR AND CHIEF EXECUTIVE OFFICER WHICH INCLUDES MAJOR ACCOMPLISHMENTS DURING THE YEAR. HE MEETS WITH THE CEO TO DISCUSS HER PERFORMANCE DURING THE PAST YEAR AS WELL AS GOALS FOR THE COMING YEAR. THE EXECUTIVE COMMITTEE THEN MEETS TO EVALUATE THE INFORMATION GATHERED BY THE CHAIRMAN AND TO DECIDE ON COMPENSATION FOR THE NEXT YEAR. A WRITTEN AGREEMENT IS PREPARED AND SIGNED BY BOTH THE CHAIRMAN OF THE BOARD AND THE CEO. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION RETAINS ALL REQUIRED PUBLIC INSPECTION DOCUMENTS AT ITS CORPORATE OFFICE. SHOULD THE PUBLIC REQUEST TO REVIEW ANY OF THE DOCUMENTS, THE ORGANIZATION HAS THEM READILY AVAILABLE FOR INSPECTION. FORM 990, PART VII, LINE 2C: THE POLICY FOR THE OVERSIGHT COMMITTEE HAS NOT CHANGED DURING THE YEAR.