2014-12-11T10:21:54-06:00 2014-06-30 221914888 NISIVOCCIA LLP 200 VALLEY RD SUITE 300 MT ARLINGTON NJ 07856 990 2013-07-01 221487582 THE MONTCLAIR ART MUSEUM MONT 9737465555 3 SOUTH MOUNTAIN AVENUE MONTCLAIR NJ 07042 LORA URBANELLI DIRECTOR 9737465555 2014-11-18 1 THOMAS R DARTNELL CPA P00224464 9733281825 2014-11-18 2013 2015-11-30 17:44:51Z LORA URBANELLI 3 SOUTH MOUNTAIN AVENUE MONTCLAIR NJ 07042 10626122 0 X WWW.MONTCLAIR-ART.ORG X 1914 NJ THE MONTCLAIR ART MUSEUM, ALONG WITH ITS YARD SCHOOL OF ART, ENGAGES A DIVERSE COMMUNITY THROUGH ITS DISTINCTIVE COLLECTION OF AMERICAN AND NATIVE AMERICAN ART, EXIBITIONS, AND EDUCATIONAL PROGRAMS THAT LINK ART TO CONTEMPORARY LIFE IN A GLOBAL CONTEXT. 39 39 115 268 0 0 2992411 3017593 923103 969073 1306704 465648 171882 408753 5394100 4861067 9580 19090 0 0 2057299 2263421 176582 0 520735 2543733 2823160 4787194 5105671 606906 -244604 24944734 25734653 5157683 5315546 19787051 20419107 X THE MUSEUM COLLECTS, PRESERVES AND PRESENTS AMERICAN AND NATIVE AMERICAN ART. ITS INNOVATIVE EXHIBITIONS AND EDUCATIONAL PROGRAMS INTERPRET AND EXPLORE RELATIONSHIPS BETWEEN THESE TWO EVOLVING ARTISTIC TRADITIONS. THE MUSEUMS EXHIBITIONS OFFER GROUNDBREAKING SCHOLARSHIP, FRESH THEMATIC APPROACHES, FIRST-TIME PRESENTATIONS OF UNDER-RECOGNIZED ARTISTS, EXAMINATIONS OF LITTLE-KNOWN ASPECTS OF MAJOR ARTISTS CAREERS, AND AN ONGOING COMMITMENT TO THE ARTISTS AND CULTURE OF NEW JERSEY. 0 0 1915984 52569 CURATORIAL:THE MONTCLAIR ART MUSEUM INSPIRES AND ENRICHES THE LIVES OF OVER 72,100 VISITORS THROUGH EXHIBITIONS HELD AT THE MUSEUM OR SELF-ORGANIZED NATIONALLY TRAVELING SPECIAL EXHIBITIONS. THE MUSEUM'S PUBLICATIONS OFTEN ACCOMPANY THESE EXHIBITIONS. 1696893 19090 891462 EDUCATION:THE MUSEUM OFFERS A DIVERSE SCHEDULE OF PROGRAMS DESIGNED TO ENGAGE A BROAD RANGE OF AUDIENCES. THROUGH OUR LINE UP OF LECTURES, GALLERY TOURS AND INTERDISCIPLINARY PRESENTATIONS OF MUSIC, DANCE, FILM AND LITERATURE, THE MUSEUM LOOKS FOR UNIQUE WAYS TO PROVIDE VISITORS WITH ACCESSIBLE AND UNIQUE OPPORTUNITIES TO LEARN ABOUT ART. THE MUSEUM ALSO OFFERS A VARIETY OF COURSES IN ART STUDIO PROCESSES WHICH OFTEN RELATE TO CURRENT EXHIBITIONS AND PROGRAMMING. 192495 25042 MEMBERSHIP:THE MONTCLAIR ART MUSEUM INCLUDES MORE THAN 2,500 MEMBER HOUSEHOLDS. MEMBERS HAVE ACCESS TO EXCLUSIVE PROGRAMS AND EVENTS AND ALSO ENJOY DISCOUNTS FROM THE ART SCHOOL. THE MUSEUM ALSO ENJOYS THE ACTIVE SERVICE OF OVER 300 VOLUNTEERS WHO MAKE PROFOUND CONTRIBUTIONS BY WORKING AS INTERNS, SPECIAL EVENTS ASSISTANTS, AND DONORS, TOGETHER PROVIDING MORE THAN 12,000 VOLUNTEER HOURS ANNUALLY. 196039 57255 MUSEUM STORE:THE STORE OFFERS MERCHANDISE RELATED TO THE MUSEUM'S COLLECTIONS OF AMERICAN AND NATIVE AMERICAN ART AS WELL AS NEW AND PRINT-OUT BOOKS. FURTHERMORE, THEY PROVIDE DESIGNED OBJECTS THAT CAN BE ENJOYED BY THE WHOLE FAMILY. 196039 57255 4001411 1 1 0 0 0 0 0 1 0 1 1 0 0 0 0 1 1 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 1 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 1 38 0 115 1 0 0 0 0 0 1 1 0 0 0 0 X 39 39 1 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NJ X X X LORA URBANELLI 9737465555 3 SOUTH MOUNTAIN AVENUE MONTCLAIR NJ 07042 ROSE CALI CO-CHAIR 4.00 X X 0 0 0 CAROL VANCE WALL CO-CHAIR 4.00 X X 0 0 0 NEWTON B SCHOTT JR VICE CHAIR 5.00 X X 0 0 0 FRANK JWALTER III PRESIDENT 6.00 X X 0 0 0 IRA A WAGNER TREASURER 4.00 X X 0 0 0 JAMES LEITNER VICE PRESIDENT & SECRETARY 2.00 X X 0 0 0 LINDER K ANDLINGER VICE PRESIDENT 3.00 X X 0 0 0 SYLVIA COHN VICE PRESIDENT 3.00 X X 0 0 0 LYNN GLASSER VICE PRESIDENT 3.00 X X 0 0 0 KAREN G MANDELBAUM PHD VICE PRESIDENT 3.00 X X 0 0 0 LYN B REITER VICE PRESIDENT 4.00 X X 0 0 0 JASON SLOSBERG MD VICE PRESIDENT 3.00 X X 0 0 0 ADRIAN A SHELBY CHAIR OF EXTERNAL AFFAIRS 2.00 X 0 0 0 ROBERT S CONSTABLE CHAIRMAN EMERITUS 2.00 X 0 0 0 LISA AMATO TRUSTEE 3.00 X 0 0 0 MICHAEL A BACKER TRUSTEE 1.00 X 0 0 0 NICOLE BEARCE TRUSTEE 1.00 X 0 0 0 SUSAN V BERSHAD MD TRUSTEE 1.00 X 0 0 0 SUSAN A COLE TRUSTEE 1.00 X 0 0 0 DEBORAH DAVIS TRUSTEE 1.00 X 0 0 0 JOHN M DOWD TRUSTEE 1.00 X 0 0 0 HOLLY ENGLISH TRUSTEE 2.00 X 0 0 0 AUDREY GAELEN TRUSTEE 1.00 X 0 0 0 NORBERT GAELEN TRUSTEE 1.00 X 0 0 0 MICHAEL HENINGBURG JR TRUSTEE 2.00 X 0 0 0 STEPHEN P HESS TRUSTEE 1.00 X 0 0 0 JAMES E JOHNSON TRUSTEE 1.00 X 0 0 0 HERBERT C KLEIN TRUSTEE 1.00 X 0 0 0 ANDREW LACEY TRUSTEE 1.00 X 0 0 0 ROBERT NOSSA MD TRUSTEE 1.00 X 0 0 0 RUTH M PERRETTI TRUSTEE 1.00 X 0 0 0 STEVEN D PLOFKER TRUSTEE 1.00 X 0 0 0 GRETCHEN PRATER TRUSTEE 1.00 X 0 0 0 ANN SCHAFFER TRUSTEE 2.00 X 0 0 0 SENGAL M G SELASSIE TRUSTEE 1.00 X 0 0 0 NADER TAVAKOLI TRUSTEE 1.00 X 0 0 0 SHARON TAYLOR TRUSTEE 1.00 X 0 0 0 WILLIAM H TURNER III TRUSTEE 1.00 X 0 0 0 JOAN ZIEF TRUSTEE 1.00 X 0 0 0 LORA URBANELLI EXECUTIVE DIRECTOR 40.00 X 141000 0 9131 141000 0 9131 1 0 1 0 0 287076 196321 283972 2250224 70310 3017593 ART SCHOOL TUITION 611710 742139 742139 EDUCATION PROGRAMS 611710 149323 149323 ADMISSION FEES 900099 49584 49584 MEMBERSHIP DUES 900099 25042 25042 CURATORIAL PROGRAMS 611710 2985 2985 969073 272159 272159 117184 79199 37985 37985 37985 5450363 5256874 193489 193489 193489 720301 196321 368803 351498 351498 78534 60179 18355 18355 OTHER REVENUE 900099 915 915 915 4861067 1026328 0 817146 X 19090 19090 150131 90079 30026 30026 1810104 1360518 134389 315197 13604 10913 1223 1468 95785 79162 10776 5847 193797 141083 18200 34514 623616 462400 137379 23837 178820 169939 917 7964 361965 281605 9561 70799 366541 330043 21958 14540 202542 202542 478795 469219 4788 4788 99617 78009 9857 11751 ACQUISITIONS 457897 457897 53367 51454 1909 4 5105671 4001411 583525 520735 151481 221933 995786 191522 3272357 3202466 56677 69208 66003 52126 18527 120034 18692173 8149161 10895901 10543012 9451360 11204788 36642 129564 24944734 25734653 376941 430689 320742 349298 4460000 4514759 20800 5157683 5315546 X 18617954 18609637 712606 1351726 456491 457744 19787051 20419107 24944734 25734653 -244604 876660 0 X X 0 1 X 1 0 X 2726807 1964276 2137726 2792875 2824904 12446588 2726807 1964276 2137726 2792875 2824904 12446588 2425714 10020874 139389 1043197 10452 328184 389343 1910565 14357153 8443962 0.69800 0.69150 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X X EDUCATIONAL PROGRAMING 0 10382355 1202025 1259852 1025440 11818792 10894472 516601 569794 1598512 10382355 9919216 1452091 -50964 425871 10894472 9723378 213957 331129 349248 9919216 9477028 494607 199037 447294 9723378 0.90340 0.05790 0.03870 0 0 132700 132700 16016492 5813357 10203135 2542981 2335804 207177 10543012 X 6245908 876660 508181 1384841 4861067 0 4861067 5155956 508181 508181 4647775 457896 457896 5105671 PART III, LINE 1A: THE COLLECTIONS, WHICH WERE ACQUIRED THROUGH PURCHASES AND CONTRIBUTIONS SINCE THE MUSEUM'S INCEPTION, ARE NOT RECOGNIZED AS ASSETS ON THE STATEMENT OF FINANCIAL POSITION. PURCHASES OF COLLECTION ITEMS ARE RECORDED AS DECREASES IN UNRESTRICTED NET ASSETS IN THE YEAR IN WHICH THE ITEMS ARE ACQUIRED OR AS TEMPORARILY OR PERMANENTLY RESTRICTED NET ASSETS IF THE ASSETS USED TO PURCHASE THE ITEMS ARE RESTRICTED BY DONORS. CONTRIBUTED COLLECTION ITEMS ARE NOT REFLECTED ON THE FINANCIAL STATEMENTS. PROCEEDS FROM DEACCESSIONS OR INSURANCE RECOVERIES ARE REFLECTED AS INCREASES IN THE APPROPRIATE NET ASSET CLASSES. PART III, LINE 4: THE MUSEUM COLLECTS, PRESERVES AND PRESENTS AMERICAN AND NATIVE AMERICAN ART. ITS INNOVATIVE EXHIBITIONS AND EDUCATIONAL PROGRAMS INTERPRET AND EXPLORE RELATIONSHIPS BETWEEN THESE TWO EVOLVING ARTISTIC TRADITIONS. PART V, LINE 4: THE MUSEUM'S ENDOWMENT CONSISTS OF INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. ITS ENDOWMENT INCLUDES BOTH DONOR-RESTRICTED FUNDS AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS. THE MUSEUMS ENDOWMENT PROVIDES A SUPPLEMENTARY SOURCE OF FUNDS FOR CURRENT OPERATIONS, ACQUISITION OF WORKS OF ART, INFRASTRUCTURE REDEVELOPMENT AND OTHER CAPITAL PROJECTS FOR THE BENEFIT OF THE MUSEUM AND ITS PROGRAMS. PART X, LINE 2: THE MUSEUM IS EXEMPT FROM FEDERAL INCOME TAXES UNDER THE PROVISION OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, AND IS ALSO EXEMPT FROM STATE INCOME TAXES UNDER CHAPTER 104 OF TITLE 54, REVISED STATUTES OF THE NEW JERSEY LAW. THE MUSEUM HAS ALSO BEEN CLASSIFIED AS ENTITIES THAT ARE NOT PRIVATE FOUNDATIONS WITHIN THE MEANING OF SECTION 509(A) AND QUALIFY FOR DEDUCTIBLE CONTRIBUTIONS AS PROVIDED IN SECTION 170(B)(1)(A)(VI). ACCORDINGLY, NO PROVISION FOR FEDERAL OR STATE INCOME TAXES HAS BEEN PRESENTED IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE MUSEUM FOLLOWS THE PROVISIONS OF FASB ASC INCOME TAXES. THE STANDARD PRESCRIBES A MINIMUM RECOGNITION THRESHOLD AND MEASUREMENT METHODOLOGY THAT A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN IS REQUIRED TO MEET BEFORE BEING RECOGNIZED IN THE FINANCIAL STATEMENTS. IT ALSO PROVIDES GUIDANCE FOR DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURE, AND TRANSITION AS THEY RELATE TO THOSE TAX POSITIONS. THE MUSEUM DOES NOT EXPECT A SIGNIFICANT INCREASE OR DECREASE TO THE TOTAL AMOUNTS OF UNRECOGNIZED TAX POSITIONS DURING THE FISCAL YEAR ENDED JUNE 30, 2014. HOWEVER, THE MUSEUM IS SUBJECT TO REGULAR AUDIT BY TAX AUTHORITIES. THE MUSEUM BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR THE POSITIONS TAKEN ON ITS TAX RETURNS. NONETHELESS, THE AMOUNTS ULTIMATELY PAID, IF ANY, UPON RESOLUTION OF THE ISSUES RAISED BY THE TAXING AUTHORITIES MAY DIFFER MATERIALLY FROM THE AMOUNTS ACCRUED EACH YEAR. MANAGEMENT BELIEVES ITS NONPROFIT STATUS WOULD BE UPHELD UPON EXAMINATION. AS REQUIRED BY LAW, THE MUSEUM FILES INFORMATIONAL RETURNS WITH BOTH THE UNITED STATES FEDERAL AND STATE OF NEW JERSEY JURISDICTIONS ON AN ANNUAL BASIS- FORM 990 WITH THE INTERNAL REVENUE SERVICE, AND FORM CRI-300R WITH THE STATE. THE MUSEUM IS SUBJECT TO EXAMINATIONS AT ANY TIME WITHIN THREE YEARS FROM THE LATEST FILING DATE FOR FEDERAL AND FOUR YEARS FROM THE LATEST FILING DATE FOR NEW JERSEY. PART XI, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSE 368,803. COST OF GOODS SOLD 60,179. RENTAL EXPENSE 79,199. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSE 368,803. COST OF GOODS SOLD 60,179. RENTAL EXPENSE 79,199. PART XII, LINE 4B - OTHER ADJUSTMENTS: ACQUISITIONS OF COLLECTION ITEMS 457,896. CENTENNIAL BALL 558914 45461 513453 227870 FRIGHT NIGHT AT THE MUSEUM 238709 148204 90505 65514 3 118999 2656 116343 75419 916622 196321 720301 368803 368803 351498 1 SCHOLARSHIPS 41 19090 X X X X 0 0 0 0 0 0 0 0 0 LORA URBANELLI EXECUTIVE DIRECTOR 135000 0 5000 0 1000 0 0 0 9131 0 150131 0 0 0 A NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY 222045817 NONEAVAIL 2014-04-29 4549200 TO PROVIDE THE MUSEUM WITH FUNDS TO (A) REFUND THE NJEDA'S VARIABLE RATE 0 1 0 A 34441 4549200 89200 4460000 2002 1 0 1 1 A 0 0 1 0 0 0 0 0 1 A 1 SCHEDULE K, PART I, SECTION (F) (CONTINUED...) DEMAND BONDS (THE MONTCLAIR ART MUSEUM PROJECT) SERIES OF 2000 PREVIOUSLY ISSUED ON 6/14/2000 AND (B) PAYING CERTAIN COSTS IN THE ISSUANCE OF THE BONDS. X 12 X 3 70310 FAIR VALUE 0 1 0 PART I, LINE 33: DURING 2013, CONTRIBUTED WORKS OF ART WERE DETERMINED TO BE APPROXIMATELY $218,790 BASED ON APPRAISED AND ESTIMATED VALUES. HOWEVER, A ZERO AMOUNT WAS REPORTED ON FORM 990, PART VIII, LINE 1G, BECAUSE THE MUSEUM DID NOT CAPITALIZE ITS COLLECTIONS, AS ALLOWED UNDER SFAS 116 (ASC 958-360-25). FORM 990, PART VI, SECTION A, LINE 2 AUDREY AND NOBERT GAELEN ARE SPOUSES FORM 990, PART VI, SECTION A, LINE 4 THIS YEAR CHANGES WERE MADE TO THE ORGANIZATIONAL DOCUMENTS: (I) TO CLARIFY PROVISIONS WITH RESPECT TO QUORUM DETERMINATIONS AND THE ROLE OF EX-OFFICIO OFFICERS; AND (II) TO UPDATE PROVISIONS RELATING TO THE NAMES AND RESPONSIBILITIES OF STANDING COMMITTEES. FORM 990, PART VI, SECTION B, LINE 11 THE MUSEUM'S CFO WORKS CLOSELY WITH AN EXTERNAL ACCOUNTING FIRM TO PREPARE ITS IRS FORM 990. A DRAFT OF THE 990 IS THEN SHARED AND REVIEWED WITH THE MUSEUM'S DIRECTOR, PRESIDENT, AND TREASURER AND MEMBERS OF ITS FINANCE COMMITTEE. THE CFO AND THESE PARTIES PRESENT A COPY OF THE 990 TO THE MEMBERS OF THE EXECUTIVE, FINANCE AND AUDIT COMMITTEES, WITH A REASONABLE AMOUNT OF TIME FOR THEIR REVIEW. COMMENTS ARE THEN GROUPED, SUMMARIZED, AND PROVIDED THROUGH MANAGEMENT TO THE EXTERNAL ACCOUNTING FIRM. A REFINED DRAFT IS DISTRIBUTED TO THE ENTIRE BOARD OF TRUSTEES FOR THEIR INFORMATION AND COMMENT. ANY APPLICABLE QUESTIONS ARE ADDRESSED, AND THE RETURN IS FINALIZED AND APPROVED FOR FILING WITH THE IRS. THE MUSEUM BELIEVES THIS PROCESS ENSURES THE COMPLETE AND ACCURATE REPORTING OF INFORMATION ON THE ANNUAL RETURN. FORM 990, PART VI, SECTION B, LINE 12C EVERY FISCAL YEAR BOARD OFFICERS, DIRECTORS AND TRUSTEES ARE REQUIRED TO READ OUR CONFLICT OF INTEREST POLICY, AND TO FILL OUT A QUESTIONNAIRE WHICH DISCLOSES ANY POTENTIAL CONFLICTS. THE MUSEUM ALSO REQUIRES KEY EMPLOYEES TO FILL OUT THE SAME FORM. FORM 990, PART VI, SECTION B, LINE 15 A SPECIAL AD-HOC COMMITTEE OF THE BOARD WAS CREATED, TO REVIEW SALARY COMPARABILITY DATA, AND MAKE A RECOMMENDATION TO THE EXECUTIVE COMMITTEE AND FULL BOARD REGARDING AN APPROPRIATE CANDIDATE AND COMPENSATION STRUCTURE. THE COMPENSATION AMOUNTS FOR OTHER KEY EMPLOYEES ARE REVIEWED BY THE EXECUTIVE COMMITTEE AT THE TIME THE POSITION IS FILLED. DURING THE ANNUAL BUDGETING PROCESS THE BOARD TREASURER, MUSEUM DIRECTOR AND CFO REVIEW THE SALARY STRUCTURE OF ALL POSITIONS WITHIN THE MUSEUM. FORM 990, PART VI, SECTION C, LINE 19 THE MONTCLAIR ART MUSEUM, MAKES ITS FORM 990 AVAILABLE FOR PUBLIC INSPECTION AS REQUIRED UNDER SECTION 6104 OF THE INTERNAL REVENUE CODE BY POSTING IT ON GUIDESTAR.ORG. IN ADDITION FORMS 990 AND 1023 AS WELL AS THE FINANCIAL STATEMENTS, AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON WRITTEN REQUEST AT THE ORGANIZATIONS OFFICE AT 3 SOUTH MOUNTAIN AVE, MONTCLAIR, NJ 07042. FORM 990, PART IX, LINE 11G SERVICE FEES RELATED TO BUILDINGS & GROUNDS MAINTENANCE, PARKING ATTENDANTS: PROGRAM SERVICE EXPENSES 125,921. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 125,921. GUARD SERVICES FOR RENTALS: PROGRAM SERVICE EXPENSES 820. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 820. EVENT SERVICES: PROGRAM SERVICE EXPENSES 77,188. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 23,837. TOTAL EXPENSES 101,025. SERVICE FEES RELATED TO TOURS, EDUCATION, AND FAMILY PROGRAM EXPENSES: PROGRAM SERVICE EXPENSES 108,075. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 108,075. SERVICE FEES RELATED TO ART SCHOOL PARTIES AND WORKSHOP INSTRUCTORS: PROGRAM SERVICE EXPENSES 34,000. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 34,000. EXHIBITION CONSULTANTS: PROGRAM SERVICE EXPENSES 37,449. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 37,449. MARKETING SERVICES: PROGRAM SERVICE EXPENSES 53,826. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 53,826. INVESTMENT MANAGEMENT FEES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 77,860. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 77,860. ACCOUNTING FEES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 29,993. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 29,993. GENERAL CONSULTANT EXPENSES: PROGRAM SERVICE EXPENSES 25,121. MANAGEMENT AND GENERAL EXPENSES 29,526. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 54,647. 990 PART XII LINE 2C NO CHANGE FROM PRIOR YEAR.