2013-05-08T15:34:56-05:00 2012-06-30 131655065 LUTZ AND CARR CPAS LLP 300 EAST 42ND STREET NEW YORK NY 10017 990 2011-07-01 237397946 DIA CENTER FOR THE ARTS INC DIAC 2129895566 535 WEST 22ND STREET 4TH FLOOR NEW YORK NY 10011 PHILIPPE VERGNE 2129895566 2013-05-06 1 FREDERICK MARTENS P00298107 2126972299 2013-05-06 2011 2016-02-25 16:41:14Z DIA ART FOUNDATION PHILIPPE VERGNE 535 WEST 22ND STREET 4TH FLOOR NEW YORK NY 10011 18766814 0 X WWW.DIAART.ORG X 1974 NY DIA ART FOUNDATION IS A CONTEMPORARY ART INSTITUTION. SINCE ITS FOUNDING IN 1974, DIA HAS FULFILLED ITS MISSION BY DEDICATING RESOURCES TO REALIZING SITE-SPECIFIC AND SINGLE-ARTIST PROJECTS, ORGANIZING EXHIBITIONS, AND COLLECTING IN-DEPTH THE WORK OF INFLUENTIAL ARTISTS OF THE 1960S AND 1970S. IN ADDITION, DIA PRODUCES A VARIETY OF PUBLIC AND EDUCATIONAL PROGRAMS AT ITS SITES THROUGHOUT NEW YORK AND THE WESTERN UNITED STATES. 10 10 132 12 0 0 13850066 3518353 1138049 1113802 2519325 2856672 1870025 1752749 19377465 9241576 870425 240971 0 0 4671512 4924835 58400 164174 1118163 5412812 5295827 11013149 10625807 8364316 -1384231 129996387 124849079 13020278 12798300 116976109 112050779 X DIA ART FOUNDATION WAS FOUNDED IN 1974 TO SUPPORT AMBITIOUS AND INNOVATIVE ARTISTS WHOSE WORKS EXCEED THE SCOPE OF TRADITIONAL MUSEUMS AND GALLERIES. TAKEN FROM THE GREEK WORD MEANING "THROUGH," DIA INITIATES, SUPPORTS, PRESENTS, AND PRESERVES EXTRAORDINARY, LONG-TERM ART PROJECTS, AND COLLECTS IN-DEPTH THE WORK OF THE SOME OF THE MOST RENOWNED ARTISTS OF THE LAST HALF-CENTURY. 0 0 7366796 240971 1299043 EXHIBITIONS AND LONG-TERM PROJECTS:DIA'S LARGEST EXHIBITION FACILITY IS DIA:BEACON, LOCATED IN BEACON, NEW YORK. APPROXIMATELY 240,000 SQUARE-FEET OF THE BUILDING ARE USED FOR PUBLIC VIEWING OF PERMANENT COLLECTION AND TEMPORARY EXHIBITIONS, A BOOKSHOP AND CAFE. ATTENDANCE DURING THE FISCAL YEAR 2012 TOTALED 74,589 VISITORS. DIA MAINTAINS 8 LONG-TERM, SITE-SPECIFIC PROJECTS LOCATED IN VARIOUS STATES ACROSS THE COUNTRY INCLUDING: WALTER DE MARIA'S THE LIGHTNING FIELD (1977) LOCATED IN NEW MEXICO, WHICH RECEIVES APPROXIMATELY 700 VISITORS ANNUALLY; ROBERT SMITHSON'S SPIRAL JETTY (1970) LOCATED IN THE GREAT SALT LAKE IN UTAH; TWO PERMANENT GALLERY INSTALLATIONS IN NEW YORK CITY BY WALTER DE MARIA, THE NEW YORK EARTH ROOM (1977) AND THE BROKEN KILOMETER (1979), WHICH EACH RECEIVE APPROXIMATELY 10,000 VISITOR EACH; AND THE DAN FLAVIN ART INSTITUTE LOCATED IN BRIDGEHAMPTON, NEW YORK WHICH RECEIVES APPROXIMATELY 2,000 VISITORS ANNUALLY. THESE INSTALLATIONS ARE FREE TO THE PUBLIC, WITH THE EXCEPTION OF THE LIGHTNING FIELD, FOR WHICH AN OVERNIGHT STAY IS REQUIRED. 181222 2398 PUBLIC PROGRAMS AND EDUCATION:DIA'S EDUCATION PROGRAMS IN NEW YORK CITY WORK WITH TITLE 1, K-12 SCHOOLS THROUGHOUT THE CITY, PROVIDING STUDENTS AND TEACHERS WITH THE OPPORTUNITY TO EXPERIENCE DIA'S PERMANENT SITES AND CONTEMPORARY ART PROGRAMMING THROUGH GUIDED TOURS AND IN-CLASS WORKSHOPS. DIA'S 535 WEST 22ND STREET BUILDING HOSTS ARTISTS ON ARTISTS LECTURE SERIES AND READINGS IN CONTEMPORARY POETRY. DIA:BEACON RUNS AN ARTS EDUCATION PROGRAM, SERVING AROUND 350 STUDENTS A YEAR. THE PROGRAM WORKS IN PARTNERSHIP WITH EVERY K-12 PUBLIC SCHOOL IN THE LOCAL BEACON SCHOOL DISTRICT, EMPLOYING 7 TEACHING ARTISTS A YEAR TO DEVELOP LESSON PLANS IN COLLABORATION WITH LOCAL EDUCATORS. DIA:BEACON ALSO OFFERS TEACHING ARTIST-LED TOURS, MONTHLY GALLERY TALKS FREE WITH MUSEUM ADMISSION, AND COMMUNITY FREE DAY 4 TIMES A YEAR, ALLOWING FREE ADMISSION TO RESIDENTS OF 9 COUNTIES IN UPSTATE NEW YORK. 254967 PUBLICATIONS:DIA'S PUBLICATION PROGRAM, IMPLEMENTED IN 1987, HAS PRODUCED OVER 75 VOLUMES INCLUDING MONOGRAPHS, ANTHOLOGIES, AND COLLECTIONS OF CRITICISM AND SCHOLARSHIP. THROUGH THESE PUBLICATIONS DIA HAS ESTABLISHED A TRADITION OF RIGOROUS SCHOLARSHIP AND STRIVES TO OFFER IN-DEPTH EXPLORATIONS OF OUR EXHIBITIONS, SITES, AND PERMANENT COLLECTION. 125489 29481 IN FY12 DIA PRESENTED A SERIES OF YVONNE RAINER'S DANCE WORKS AT DIA:BEACON. 125489 29481 7928474 1 1 0 0 0 0 0 1 0 1 1 1 0 1 1 1 1 0 0 0 0 0 0 1 1 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 64 0 132 1 0 0 0 0 0 1 1 0 0 0 0 X 10 10 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NY X ANA OCANSEY - CONTROLLER 2122935573 535 WEST 22ND STREET 4TH FLOOR NEW YORK NY 10011 NATHALIE DE GUNZBERG 1.00 X X 0 0 0 HOWARD RACHOFSKY 1.00 X X 0 0 0 CHRISTINE STANTON 1.00 X X 0 0 0 CHRISTOPHER BASS 1.00 X 0 0 0 FRANCES BOWES 1.00 X 0 0 0 SANDRA J BRANDT 1.00 X 0 0 0 VIRGINIA LEBERMANN 1.00 X 0 0 0 DONALD R MULLEN 1.00 X 0 0 0 ROBERT RYMAN 1.00 X 0 0 0 MARISSA SACKLER 1.00 X 0 0 0 JIMMY TRABOULSI 1.00 X 0 0 0 CHARLES B WRIGHT 1.00 X 0 0 0 PHILLIPE VERGNE 40.00 X 407824 0 34126 CAROLYN K CARSON 40.00 X 167885 0 15309 ASHLEY MOHR 40.00 X 8942 0 0 LAURA RAICOVICH 40.00 X 270261 0 34247 JAMES SCHAEUFELE 40.00 X 189923 0 30285 SUSAN BATTON 40.00 X 137025 0 3173 JENNIFER BURLENSKI 40.00 X 105327 0 8597 SARA TUCKER 40.00 X 101543 0 29524 1388730 0 155261 7 0 1 0 BARRETT INC 106 MILL PLAIN ROAD DANBURY CT 06811 CONSTRUCTION MANAGERS 459989 HIRTLE CALLAHAN AND CO FIVE TOWER BRIDGE SUITE 500 300 B WEST CONSHOHOCKEN PA 19428 INVESTMENT MANAGEMENT 207069 KRAMER LEVIN NAFTALIS & FRANKEL 1177 AVENUE OF THE AMERICAS NEW YORK NY 10036 LEGAL-REAL ESTATE ADVISORY 177269 3 874843 84575 2558935 448928 3518353 ADMISSIONS 713990 696981 696981 TRAVELING EXHIBITIONS 713990 416821 416821 1113802 2089003 2089003 8517 8517 1951491 614643 1336848 1336848 1336848 9172534 8404865 767669 767669 767669 234059 874843 234059 0 664631 271671 392960 208870 184090 OTHER INCOME 900099 14424 8250 6174 14424 9241576 1330922 0 4392301 240971 240971 1069221 440047 319885 309289 2941561 2341433 376208 223920 66365 29177 37188 491388 398478 63720 29190 356300 248879 68500 38921 42372 37364 5008 64358 4300 60058 164174 164174 241007 241007 558345 226197 85701 246447 49896 49223 673 591864 444432 69579 77853 705523 659638 45495 390 234666 178160 44811 11695 1085656 1028022 57081 553 376340 339214 37126 ART FABRICATION & PROD. 593617 592697 920 BUILDING MAINTENANCE & 573874 555321 16320 2233 OTHER EXPENSES 100470 37082 50563 12825 ARTIST FEES 77839 77839 10625807 7928474 1579170 1118163 2216026 1387091 268182 482728 9530501 7756240 93690 64671 337451 323381 530257 359840 49035548 12311996 37841654 36723552 56042410 54301317 11052832 10837843 12083384 12612416 129996387 124849079 1084420 818808 121329 0 11500000 11500000 314529 479492 13020278 12798300 X 110790569 105646501 2080340 2299078 4105200 4105200 116976109 112050779 129996387 124849079 X -1384231 -3541099 X 0 1 1 X 0 X 3696520 3442940 3178656 13850066 3518353 27686535 3696520 3442940 3178656 13850066 3518353 27686535 11755686 15930849 2701948 3694546 3260347 3373621 4049011 17079473 27654 15084 2837 4491 14424 64490 44830498 5742643 0.35540 0.38700 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X 0 56252001 -794225 3037110 52420666 51089655 8121901 2959555 56252001 49319371 4427849 2657565 51089655 18364550 38248996 -4180430 3113745 49319371 0.89540 0.07830 0.02630 0 0 6215652 6215652 2252859 967431 1285428 39574016 10487383 29086633 993021 857182 135839 36723552 FUND OF FUNDS - LONG/SHORT EQUITIES 4457082 F FUND OF FUNDS - MULTI-STRATEGY 4518493 F FUND OF FUNDS - EMERGING MARKETS 1862268 F 10837843 SECURITY DEPOSITS 1355 CONSTRUCTION IN PROGRESS 12194980 LEASE ACQUISITION COSTS 109217 DEFERRED RENTAL INCOME 306864 12612416 SECURITY DEPOSITS PAYABLE 479492 479492 9241576 10625807 -1384231 -3541099 -3541099 -4925330 5459470 -3541099 -3541099 9000569 241007 241007 9241576 10384800 0 10384800 241007 241007 10625807 PART III, LINE 1A: THE COLLECTION, WHICH WAS ACQUIRED THROUGH PURCHASES AND CONTRIBUTIONS SINCE THE ORGANIZATION'S INCEPTION, IS NOT RECOGNIZED AS AN ASSET ON THE STATEMENT OF FINANCIAL POSITION. PURCHASES OF COLLECTION ITEMS ARE EXPENSED IN THE YEAR OF ACQUISITION. CONTRIBUTIONS OF COLLECTION ITEMS ARE NOT RECOGNIZED IN THE STATEMENT OF ACTIVITIES. PROCEEDS FROM DEACCESSIONS OR INSURANCE RECOVERIES ARE REFLECTED ON THE STATEMENT OF ACTIVITIES BASED ON THE ABSENCE OR EXISTENCE AND NATURE OF DONOR-IMPOSED RESTRICTIONS. THERE WERE NO DEACCESSIONS OR INSURANCE RECOVERIES DURING THE YEARS ENDED JUNE 30, 2012 OR 2011. THE COLLECTION IS HELD FOR PUBLIC SERVICE RATHER THAN FINANCIAL GAIN, PROTECTED AND PRESERVED, AND SUBJECT TO AN ORGANIZATIONAL POLICY THAT REQUIRES THE PROCEEDS FROM SALES OF SUCH ITEMS TO BE USED TO ACQUIRE OTHER ITEMS FOR COLLECTIONS. THE COLLECTION IS INSURED FOR $125,000,000. PART III, LINE 4: ASSEMBLED LARGELY DURING THE 1970'S AND EARLY 1980'S BY DIA'S FOUNDERS, PHILIPPA DE MENIL AND HEINER FRIEDRICH, THE ORIGINAL COLLECTION INCLUDED WORKS BY SOME OF THE MOST IMPORTANT ARTISTS OF THE 1960S AND 1970S INCLUDING JOSEPH BEUYS, JOHN CHAMBERLAIN, WALTER DE MARIA, DAN FLAVIN, DONALD JUDD, IMI KNOEBEL, BLINKY PALERMO, FRED SANDBACK, CY TWOMBLY, ANDY WARHOL, AND ROBERT WHITMAN. ANTICIPATING THE CREATION OF DIA:BEACON, THE COLLECTION WAS SIGNIFICANTLY AUGMENTED BEGINNING IN THE LATE 1990'S WITH WORKS BY ARTISTS OF THE SAME GENERATION AS THOSE DIA HISTORICALLY SUPPORTED. THESE INCLUDE BERND AND HILLA BECHER, LOUISE BOURGEOIS, MICHAEL HEIZER, ROBERT IRWIN, ON KAWARA, SOL LEWITT, AGNES MARTIN, BRUCE NAUMAN, ROBERT RYMAN, GERHARD RICHTER, RICHARD SERRA, ROBERT SMITHSON, AND LAWRENCE WEINER. SINCE ITS FOUNDING IN 1974, DIA HAS BEEN DEDICATED TO SUPPORTING INDIVIDUAL ARTISTS AND TO PROVIDING LONG-TERM, IN-DEPTH PRESENTATIONS OF THEIR ART. DIA:BEACON'S EXPANSIVE GALLERIES HAVE BEEN SPECIFICALLY DESIGNED FOR THE DISPLAY OF THE ARTWORKS TO WHICH DIA IS COMMITTED, MANY OF WHICH, BECAUSE OF THEIR CHARACTER OR SCALE, COULD NOT BE EASILY ACCOMMODATED BY MORE CONVENTIONAL MUSEUMS. EACH ARTIST'S WORK IS DISPLAYED IN A DEDICATED GALLERY OR GALLERIES, MANY OF WHICH WERE CREATED IN COLLABORATION WITH THE ARTISTS WHOSE WORKS THEY WILL HOLD. IN ADDITION TO WORKS AT DIA:BEACON, DIA'S COLLECTION COMPRISES LONG-TERM, SITE-SPECIFIC PROJECTS IN THE WESTERN UNITED STATES, NEW YORK CITY, AND BRIDGEHAMPTON, LONG ISLAND. THESE WORKS, INCLUDING THE LIGHTNING FIELD, SPIRAL JETTY, AND THE DAN FLAVIN ART INSTITUTE, REFLECT DIA'S COMMITMENT TO PROMOTING ART THAT EXTENDS BEYOND A TRADITIONAL EXHIBITION FRAMEWORK. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: DIA'S ENDOWMENT FUNDS SET ASIDE AND INVESTED TO YIELD ANNUAL PROGRAM AND GENERAL OPERATING SUPPORT FOR THE ENTIRE INSTITUTION VIA A 5.5% ANNUAL DRAW. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: MANAGEMENT HAS EVALUATED ALL INCOME TAX POSITIONS, INCLUDING THE POSITION THAT DIA IS EXEMPT FROM INCOME TAXES AND NOT SUBJECT TO INCOME TAXES ON UNRELATED BUSINESS INCOME, AND CONCLUDED THAT NO DISCLOSURES RELATING TO UNCERTAIN TAX POSITIONS ARE REQUIRED IN THE FINANCIAL STATEMENTS. X X X X X X X 1 MF PRODUCTIONS 425 WEST 13TH STREET STE 403 NEW YORK NY 10014 FUNDRAISING GALA COORDINATION 0 1106202 66174 1040028 NGK GLOBAL LLC 25 EAST 67TH STREET 5C NEW YORK NY 10065 SOLICIATION 0 135850 48000 87850 SUSAN COURTEMANCHE 40 POWDER HORN HILL ROAD WILTON CT 06897 STRATEGIC PLANNING 0 0 50000 0 1242052 164174 1127878 NY FALL GALA 710801 551492 159309 723 49800 49839 6000 52947 SPRING GALA 398101 323351 74750 515 52785 21450 1108902 874843 234059 1238 49800 102624 6000 74397 234059 0 1 MELA FOUNDATION 275 CHURCH STREET NEW YORK NY 10013 133352195 501(C)(3) 137000 0 OPERATING SUPPORT TRIPLE AUGHT FOUNDATION HC 61 BOX 33 HIKO NV 89017 880400144 501(C)(3) 100000 0 PROJECT SUPPORT 2 0 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: DIA PROVIDES A GRANT TO THE MELA FOUNDATION, WHICH OPERATES THE PERMANENT ART INSTALLATION DREAM HOUSE, A COLLABORATIVE SOUND AND LIGHT ENVIRONMENT BY COMPOSER LA MONTE YOUNG AND VISUAL ARTIST MARIAN ZAZEELA, IN NEW YORK CITY. THE INSTALLATION WAS ORIGINALLY COMMISSIONED BY DIA ART FOUNDATION AND PRESENTED FROM 1979-85 IN A SIX-STORY BUILDING ON HARRISON STREET IN NEW YORK CITY. THE CURRENT LONG-TERM INSTALLATION ON CHURCH STREET WAS CREATED IN 1993. DIA'S LONG HISTORY AND ON-GOING RELATIONSHIP WITH THE ARTISTS AND OPERATORS PROVIDES INFORMAL GENERAL OVERSIGHT OF DREAM HOUSE OPERATIONS. MELA FOUNDATION PROVIDES DIA WITH REGULAR PROGAM ANNOUNCEMENTS AND PRESS RELEASES OF EVENTS, AND ANY OTHER OPERATIONAL INFORMATION AS MAY BE REQUESTED BY DIA. DURING THE YEAR ENDED JUNE 30, 2012, DIA PROVIDED A GRANT TO TRIPLE AUGHT FOUNDATION, TOWARDS THE SUPPORT OF A LONG-TERM SITE-SPECIFIC ART PROJECT. DIA'S LONG HISTORY AND ON-GOING RELATIONSHIP WITH THE FOUNDATION AND THE ARTIST PROVIDES INFORMAL GENERAL OVERSIGHT OF THE PROJECT. THE FOUNDATION PROVIDES DIA WITH PERIODIC UPDATES AS TO THE STATUS OF THE PROJECT, AND ANY OTHER RELEVANT INFORMATION AS MAY BE REQUESTED. X X X X X X 1 0 0 0 0 0 0 0 0 PHILLIPE VERGNE 405354 0 0 0 2470 0 16241 0 17885 0 441950 0 0 0 CAROLYN K CARSON 167885 0 0 0 0 0 6821 0 8488 0 183194 0 0 0 LAURA RAICOVICH 156146 0 0 0 114115 0 6441 0 27806 0 304508 0 0 0 JAMES SCHAEUFELE 189923 0 0 0 0 0 7399 0 22886 0 220208 0 0 0 PART I, LINE 4A LAURA RAICOVICH, DEVELOPMENT DIRECTOR, RECEIVED SEVERANCE OF $94,634, PAID IN CALENDAR YEAR 2011. X 7 N/A X 5 445904 FAIR MARKET VALUE X 1 3024 FAIR MARKET VALUE 0 0 0 FORM 990, PART VI, SECTION B, LINE 11 INDEPENDENT AUDITORS PREPARE A DRAFT OF THE FORM 990 WHICH IS REVIEWED BY THE ORGANIZATION'S FINANCE DIRECTOR AND CONTROLLER. ANY CHANGES REQUIRED BY THE FINANCE DIRECTOR OR CONTROLLER ARE MADE BY THE INDEPENDENT AUDITORS WHO THEN RESUBMIT A FINAL DRAFT FOR REVIEW BY THE FINANCE DIRECTOR AND CONTROLLER. A FINAL APPROVED DRAFT FORM 990 IS THEN PREPARED FOR FILING BY THE INDEPENDENT AUDITORS. THE FINAL APPROVED DRAFT IS SUBMITTED TO THE DIRECTOR AND BOARD OF DIRECTORS FOR REVIEW AND APPROVAL. ANY CHANGES REQUIRED BY THE DIRECTOR OR BOARD OF DIRECTORS ARE MADE BY THE INDEPENDENT AUDITORS WHO THEN PREPARE A FINAL SIGNATURE READY FORM 990. THE FINANCE DIRECTOR AND THE DIRECTOR SIGN THE FINAL SIGNATURE READY FORM 990 FOR FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS COMPLETE A QUESTIONNAIRE REGARDING CONFLICT OF INTEREST DISCLOSURES FOR THE TAX PERIOD ON AN ANNUAL BASIS. THE ANSWERS TO THE QUESTIONNAIRE ARE REVIEWED BY THE FINANCE DIRECTOR FOR COMPLIANCE TO THE ORGANIZATION'S CONFLICT OF INTEREST POLICY. IF ANY DISCLOSURES REQUIRE FURTHER INVESTIGATION, THE FINANCE DIRECTOR AND DIRECTOR WORK WITH THE EXECUTIVE COMMITTEE TO INVESTIGATE AND RESOLVE ANY SUCH DISCLOSURES. KEY EMPLOYEES ARE INTERVIEWED ANNUALLY FOR CONFLICT OF INTEREST DISCLOSURES. THE INTERVIEW ANSWERS ARE REVIEWED BY THE FINANCE DIRECTOR FOR COMPLIANCE TO THE ORGANIZATION'S CONFLICT OF INTEREST POLICY. IF ANY DISCLOSURES REQUIRE FURTHER INVESTIGATION, THE FINANCE DIRECTOR WORKS WITH THE DIRECTOR OR DEPUTY DIRECTOR TO INVESTIGATE AND RESOLVE ANY SUCH DISCLOSURES. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR THE DIRECTOR AND OTHER KEY EMPLOYEES IS BASED ON AN ANNUAL REVIEW PROCESS THAT EVALUATES AND DOCUMENTS PERFORMANCE AGAINST ANNUAL GOALS AND OBJECTIVES. COMPENSATION IS BASED ON INDUSTRY STATISTICS, COMPARABLE ORGANIZATIONS, EXPERIENCE OF EMPLOYEE, AND, IN THE CASE OF THE DIRECTOR, ANY OTHER INFORMATION THAT THE BOARD OF TRUSTEES FINDS RELEVANT. THE BOARD REVIEWS THE PERFORMANCE OF THE DIRECTOR BASED ON A VARIETY OF FACTORS AND ACCORDING TO THE BEST INTERESTS OF THE ORGANIZATION. THE BOARD MAY, AT THEIR DISCRETION AND IN THE BEST INTEREST OF THE ORGANIZATION, APPROVE CHANGES TO THE DIRECTOR'S COMPENSATION ANNUALLY. THE DIRECTOR REVIEWS PERFORMANCE EVALUATIONS OF KEY EMPLOYEES AND MAKES RECOMMENDATIONS FOR SALARY ADJUSTMENTS BASED ON PREVAILING WAGES AND MERIT. THE BOARD'S FINANCE COMMITTEE FUNCTIONS AS A COMPENSATION COMMITTEE AND REVIEWS AND APPROVES SALARY RECOMMENDATIONS FOR KEY EMPLOYEES AS PART OF THE BUDGET APPROVAL PROCESS IN MAY. EMPLOYEE COMPENSATION IS ADJUSTED AND SET AT THE START OF EACH FISCAL YEAR, JULY 1. FORM 990, PART VI, SECTION C, LINE 19 UPON REQUEST CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -3,541,099.