2014-05-15T09:35:50-05:00 2013-06-30 BATCHELOR TILLERY & ROBERTS LLP 3605 GLENWOOD AVENUE SUITE 350 RALEIGH NC 27612 990 2012-07-01 237071511 NORTH CAROLINA MUSEUM OF ART FOUNDATION INC % CATERRI M WOODRUM NORT 9198396262 4630 MAIL SERVICE CENTER Suite RALEIGH NC 276994630 CATERRI M WOODRUM 9196646753 2014-05-15 true Ronald A Batchelor 9197878212 2012 2015-11-30 17:44:51Z CATERRI M WOODRUM 2110 BLUE RIDGE ROAD RALEIGH NC 27607 21092568 false X WWW.NCARTMUSEUM.ORG X 1969 NC TO FOSTER AND PROMOTE THE GROWTH, PROGRESS AND GENERAL WELFARE OF THE NORTH CAROLINA MUSEUM OF ART. 26 26 203 693 0 9426334 15243389 5526445 3031159 985585 919692 -105090 -26184 15833274 19168056 2000 0 0 0 4758158 4298942 17671 36997 1319979 6253599 6215576 11031428 10551515 4801846 8616541 35788231 43912912 10987258 8740276 24800973 35172636 THE NORTH CAROLINA MUSEUM OF ART FOUNDATION INC.'S PRIMARY MISSION IS TO FOSTER AND PROMOTE THE GROWTH, PROGRESS, AND GENERAL WELFARE OF THE NORTH CAROLINA MUSEUM OF ART. THE FOUNDATION IS PRIMARILY RESPONSIBLE FOR FUNDRAISING ON BEHALF OF THE MUSEUM AND 70% OF THE FUNDING REQUIRED TO OPERATE AND PROGRAM THE COMBINED (STATE AND FOUNDATION) ENTITY. IN ADDITION TO BEING THE PRIMARY FUNDRAISING ARM OF THE MUSEUM, THE FOUNDATION ALSO MANAGES A SIGNIFICANT MEMBERSHIP BASE FOR THE MUSEUM, AND OPERATES BOTH A RETAIL SHOP AND A FOOD SERVICE OPERATION FOR THE BENEFIT OF THE MUSEUM'S MEMBERS AND VISITORS. false false 7335933 0 3031159 The Museum of Art is partially supported by state appropriations that largely fund state staff positions and their related benefits, and a small portion of the operating costs of running the Museum. The North Carolina Museum of Art Foundation, Inc. provides the majority of financial support needed for education and curatorial programming of the Museum of Art including support for statewide and museum-based education programming, special traveling art exhibitions, supplemental art conservation funds, and public programming to include summer concerts and a year-round film series. 456451 0 0 The North Carolina Museum of Art Foundation, Inc. provides additional support to the Museum of Art by cultivating donors for commissioned works of art and contributions for art acquisitions. All art purchased or commissioned is gifted by the Foundation to the North Carolina Museum of Art. A large majority of the artwork added to the State's art collection is gifted by the Foundation. 7792384 true true false true false false false false false true true false false true false true true false false false false false false true true false false false false true true false false false false false false false false false false true true false false false false false false false true 132 0 true 203 true false false false false false true true false false false false X 26 26 false false false false false false false true true false false true true true true true true true true false X X CATERRI M WOODRUM 9196646840 4630 MAIL SERVICE CENTER RALEIGH NC 276994630 LAWRENCE J WHEELER 55.0 X X 230039 298981 46270 CATERRI M WOODRUM 60.0 X X 254653 0 31175 R PAXTON BADHAM JR 1.0 X X 0 0 0 JEFFREY T BARBER 1.0 X 0 0 0 JAMES B BLACK III 1.0 X 0 0 0 SUZANNE REEVES BROOKS 1.0 X 0 0 0 MARION L JOHNSON CHURCH 1.0 X 0 0 0 JOSEPHINE R DARDEN 1.0 X 0 0 0 JOE DAVY 1.0 X 0 0 0 CLAY R DUNNAGAN 1.0 X X 0 0 0 RODNEY E GADDY 1.0 X 0 0 0 JOAN H GILLINGS 1.0 X 0 0 0 ANN B GOODNIGHT 1.0 X 0 0 0 WILLIAM T HOBBS II 1.0 X 0 0 0 BARRY LEFFLER 1.0 X 0 0 0 L RICHARDSON PREYER JR 1.0 X X 0 0 0 GRACE I ROBBINS 1.0 X 0 0 0 KIM D SAUNDERS 1.0 X 0 0 0 CHRISTY L SHAFFER 1.0 X 0 0 0 CHRISTOPHER R WEBSTER JR 1.0 X 0 0 0 MASON L WILLIAMS 1.0 X X 0 0 0 CAROLE WILSON 1.0 X 0 0 0 BRIAN CIAVERELLA 1.0 X 0 0 0 STEVEN C LILLY 1.0 X 0 0 0 RICHARD L MCNEEL 1.0 X 0 0 0 LARRY E ROBBINS 1.0 X 0 0 0 MICHAEL SANDMAN 1.0 X 0 0 0 AARON SPENCER 1.0 X 0 0 0 ELLEN D STONE 40.0 X 145319 0 27007 DANIEL P GOTTLIEB 40.0 X 132534 0 29961 KATHRYN F YANDELL 40.0 X 109591 0 17491 872136 298981 151904 5 false true false HUNTON WILLIAMS PO BOX 405759 ATLANTA GA 303845759 LEGAL SERVICES 122825 1 X 1594861 221496 5529996 7897036 5066857 15243389 PROGRAM FEES 900099 1085517 1085517 MUSEUM SHOP SALES 453220 522148 522148 CAFE SALES 722511 1390637 1390637 OTHER OPERATING REVENUE 900099 32857 32857 3031159 790555 790555 0 2989 2989 0 0 0 1908555 1779418 129137 129137 129137 115921 221496 145094 -29173 0 0 0 19168056 1607665 2346175 0 0 0 0 735656 169285 286315 280056 0 2890694 1863231 373234 654229 120741 63637 22196 34908 290490 173491 44022 72977 261361 159473 54052 47836 0 77293 1976 75317 34275 2275 32000 52210 52210 36997 36997 84193 75201 8992 1575066 1479108 61048 34910 218830 217941 545 344 1143017 952596 65181 125240 104460 67385 18638 18437 0 78278 60818 17460 182997 128940 49786 4271 0 110258 67743 34124 8391 209634 209634 0 93430 15686 77744 21935 -196 22131 EARNED INCOME EXPENSE 720273 719882 360 31 ART PURCHASES 456451 456451 LECTURE, WORKSHOP & ARTISTS 492694 492694 PRODUCTION EXPENSES 244736 244870 -1418 1284 315546 170263 145215 68 10551515 7792384 1439152 1319979 4642895 3005989 583653 1423472 3368302 2417312 1083758 1053860 0 0 0 0 0 0 280819 245514 0 0 5317780 636490 140328 4681290 21871793 28079462 0 0 0 0 0 0 3816683 3006013 35788231 43912912 6321097 4879848 0 0 0 0 4666161 3860428 0 0 0 0 0 0 0 0 0 0 10987258 8740276 X 694138 4852858 4475590 5939256 19631245 24380522 24800973 35172636 35788231 43912912 8616541 1755122 X false true X true false X 6870773 8364809 5267880 8426338 14243393 43173193 916663 999996 999996 999996 999996 4916647 0 7787436 9364805 6267876 9426334 15243389 48089840 3679237 44410603 539589 494626 562235 732540 793544 3122534 0 0 51212374 15952152 0.86718 0.77628 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false true 52210 false false 52210 LOBBYING ACTIVITY EXPLANATION SCHEDULE C, PART II-B, LINE 1G DURING THE FISCAL YEAR ENDED 6/30/2013, $52,210 WAS PAID TO THE LAW FIRM OF SMITH, ANDERSON, BLOUNT, DORSETT, MITCHELL & JERNIGAN, LLP FOR LOBBYING ASSISTANCE IN SEEKING ADDITIONAL STATE AND LOCAL SUPPORT FOR THE NORTH CAROLINA MUSEUM OF ART. ACTIVITIES INCLUDED MEETING WITH AND CONTACTING GOVERNMENT OFFICIALS AND LEGISLATORS. 21801882 4420890 2597244 84193 28735823 20338889 1653577 -126098 64486 21801882 16140753 233065 4024665 59594 20338889 12259509 1972244 1956205 47205 16140753 15625396 -3328967 36920 12259509 0.00000 0.81530 0.18470 false false 4530000 4530000 787780 636490 151290 4681290 PREPAID EXPENSES 44630 CSV OF KEY-MAN LIFE INSURANCE 59156 DEPOSITS 6357 BOND ISSUANCE COSTS, NET 22684 LONG TERM RECEIVABLE 2873186 3006013 0 0 X 21327611 1755122 259339 145094 2159555 19168056 19168056 10955948 259339 145094 404433 10551515 10551515 INTENDED USES OF ENDOWMENT FUNDS SCHEDULE D, PART V, LINE 4 The Foundation has adopted investment and spending policies for endowment assets that attempt to provide a predictable stream of funding to programs supported by its endowment. The investment policy was developed with the long-term interests of the endowment in mind and adheres to accepted investment and financial management principles. The investment policy is designed to ensure prudent management of the assets in order to serve the best long-term interests of the Foundation. The Foundation expects its endowment funds, over time, to provide a total real rate of return of 5%, net of fees, over a three-year rolling average. Actual returns in any given year may vary from this amount. RECONCILIATION OF REVENUE - OTHER DIFFERENCES SCHEDULE D, PART XI, LINE 2D $145,094 FUNDRAISING EXPENSES INCLUDED IN FINANCIAL STATEMENT EXPENSES RECONCILIATION OF EXPENSES - OTHER DIFFERENCES SCHEDULE D, PART XII, LINE 2D $145,094 FUNDRAISING EXPENSES INCLUDED IN FINANCIAL STATEMENT EXPENSES UNCERTAIN TAX POSTIONS UNDER FIN 48 (ASC 740) SCHEDULE D, PART X, LINE 2 MANAGEMENT OF THE FOUNDATION DOES NOT BELIEVE THE FINANCIAL STATEMENTS INCLUDE ANY UNCERTAIN TAX POSITIONS. TAX YEARS ENDED JUNE 30, 2010 THROUGH JUNE 30, 2013 REMAIN OPEN FOR EXAMINATION BY TAXING AUTHORITIES AS OF THE DATE OF THIS REPORT. X X X X X X X true CAROL O'BRIEN ASSOCIATES CAP CAMPGN CONSULTING false 36997 36997 ART AUCTION 290336 221496 68840 9123 4261 101688 JUDACIA GAL FD 23495 23495 12897 1057 2 13740 13740 5372 5156 327571 221496 106075 9123 22530 107901 139554 -33479 X X X X false false false false false false false false false LAWRENCE J WHEELER 0 298981 210039 0 20000 0 25034 16174 3075 1987 258148 317142 0 0 CATERRI M WOODRUM 224323 0 30000 330 20000 12355 287008 0 0 0 ELLEN D STONE 144551 0 0 768 12193 15994 173506 0 0 0 DANIEL P GOTTLIEB 131903 0 0 631 11493 19648 163675 0 0 0 COMPENSATION INFORMATION SCHEDULE J, PART II Dr. Lawrence J. Wheeler is the Director of the North Carolina Museum of Art, a state entity organized under the Department of Cultural Resources. The North Carolina Museum of Art Foundation, Inc. is a non-profit organization in support of the state museum. Given the common goals of these two organizations, Dr. Wheeler exercises significant influence relative to both entities and his primary compensation through the State of North Carolina is supplemented significantly by the North Carolina Museum of Art Foundation, Inc. (67%). In addition to salary supplements, the Foundation maintains a consulting agreement with Dr. Wheeler which provides additional compensation in exchange for his expertise and involvement in various fundraising activities, particularly as they relate to the cultivation and solicitation of collectors and donors. The most recent consulting agreement commenced on July 1, 2010 and is for a five year period ending June 30, 2015. Under this agreement, Dr. Wheeler receives annual consulting fees, certain bonus payments paid at the discretion of the Foundation Board, and the services of a third party financial planning consultant paid by the Foundation. A WAKE CO INDUSTR FACIL & POLLUT CONTROL FINAN AUTH 561352483 2008-01-24 7176605 NC MUSEUM OF ART EXPANSION PROJECT false false false A 0 0 7176605 0 0 0 50000 0 0 7126605 0 0 false false true true A false false false false 0.00000 0.00000 0.00000 false false false false A false false false false false false 0 false 0 false false A false X 94 82026 DONOR DETERMINED FMV X 27 337684 STOCK QUOTE X 1 4530000 FMV X EQUIPMENT 2 91043 FAIR MARKET VALUE X SUPPLIES 14 15054 FAIR MARKET VALUE X FURNITURE 1 50 FAIR MARKET VALUE X GIFT CERTIFICATES 10 11000 FAIR MARKET VALUE false true false FORM 990 REVIEW PROCESS FORM 990, PART VI - SECTION B, LINE 11B The NCMA Foundation's governance includes an Audit Committee operating under a formal charter. The Audit Committee serves as an independent and objective party to monitor the Foundation's financial and compliance reporting process including oversight of the 990 tax filing as well as its internal control system. The Audit Committee meets with external auditors and Foundation management to review the results of the annual audit and related financial statements and reviews the full 990 tax filing prior to its submission. A copy of the 990 tax filing is made available to the full board for comment before filing. The 990 is also reviewed by chief legal counsel. MONITORING CONFLICTS OF INTEREST FORM 990, PART VI - SECTION B, LINE 12C The Audit Committee also serves as the ethics committee for the Foundation, overseeing the whistleblower, records retention, conflicts of interest and confidentiality policies. The Audit Committee Chairman is the independent party to which employees and board members may report any ethics concerns or possible conflicts of interest. The Committee meets at least twice per year and more often as necessary. Potential conflicts of interest are reviewed with the Foundation's Chief Deputy Director and Chief Financial Officer as needed for resolution. An annual acknowledgement process occurs with all board members and staff whereby they formally certify receipt of all governance policies and agreement to comply with them. PROCESS FOR DETERMINING COMPENSATION FORM 990, PART VI - SECTION B, LINE 15 The Personnel Committee of the Board of Directors has the primary governing responsibility of overseeing human resource matters and also works in conjunction with the Finance Committee as it relates to any financial impact of decisions taken. The Personnel Committee serves as an independent and objective party to monitor the Foundation's personnel, compensation, stipend and compliance processes as necessary. Their charter outlines specific responsibility for evaluating the performance of the Foundation's Chief employee (the Chief Deputy Director/ and Chief Financial Officer) and setting the senior employee's compensation level based on the results of this evaluation. The Museum Director is a state employee whose compensation is supplemented by the Foundation. The Director also has a consulting agreement with the Foundation under which he receives certain additional compensation upon Board discretion. The Personnel Committee's charter also outlines specific responsibility for evaluating the Museum Director's performance under this agreement and making recommendations to the full board with respect to compensation. To ensure any compensation recommendations are reasonable, the Personnel Committee meets and discusses annually the performance of both the Museum Director and the Foundation's Chief employee based upon specific goals and accomplishments outlined for the year. The Committee reviews the latest American Association of Museum's (AAM) annual salary survey as a basis for comparison of compensation reasonableness. The AAM survey provides benchmark data of US Museums by geographic area, population, and budget size for key museum positions. Final recommendations are submitted to the full board for approval and inclusion in the Foundation's operating budget. MAKING INFORMATION AVAILABLE TO THE PUBLIC FORM 990, PART VI - SECTION C, LINE 19 The Foundation's Articles of Incorporation are on file with the North Carolina Secretary of State and are publicly available. The Foundation's other governing documents, conflict of interest policies and financial statements are not generally made available to the general public except by specific request for purposes clearly identified and approved by the board. All Foundation employees have access to these documents on a shared intranet drive and independent contractors are provided with certain of these documents as appropriate to their legal relationship with the Foundation (example, conflicts of interest policy and sexual harassment policy) as specifically approved by the Board or as required for tax exempt organizations. The Foundation's latest 990 tax filing is posted on a public website, Guidestar. SIGNIFICANT CONTRIBUTIONS FORM 990, PART VIII - LINE 1 North Carolina State Art Society, Inc. (the "Society") was incorporated by the General Assembly of North Carolina on October 7, 1927. The purpose of the Society, a not-for-profit organization under Section 501(c)(3) of the Internal Revenue Code, was the promotion of the North Carolina Museum of Art and the management of funds held by the Society. On November 5, 2012, the Society was dissolved and its remaining net assets totaling approximately $4.9 million of investments were transferred to the Foundation. On December 4, 2012, the North Carolina Council of State approved the transfer of approximately 34 acres of property located along the easterly side of Blue Ridge Road and part of the Museum Park from the State of North Carolina to the Foundation. The property has an estimated fair value of $4,530,000, based on an independent appraisal. This transfer is intended to provide future income streams to the Museum once developed.