2013-05-15T13:46:25-05:00 2012-06-30 420714325 MCGLADREY LLP 100 INTERNATIONAL DRIVE SUITE 1400 BALTIMORE MD 21202 990 2011-07-01 526000162 BALTIMORE MUSEUM OF ART BALT 4435731839 10 ART MUSEUM DRIVE BALTIMORE MD 21218 DOREEN BOLGER 4435731711 2013-05-13 1 JULIA FLANNERY CPA P00928918 4102469300 2011 2016-02-24 21:20:13Z DOREEN BOLGER 10 ART MUSEUM DRIVE BALTIMORE MD 21218 38642330 0 X WWW.ARTBMA.ORG X 1914 MD THE BALTIMORE MUSEUM OF ART SEEKS INNOVATION AND EXCELLENCE IN AN ARTISTIC PROGRAM (SEE SCH. O) THAT FOCUSES ON ART OF THE MODERN ERA, FROM THE 19TH CENTURY TO THE PRESENT. 36 36 237 252 73002 -15416 9162568 10106295 990964 832859 4130442 3577675 350776 439316 14634750 14956145 0 0 0 0 8082111 8286665 66000 72000 1412044 5937565 7544966 14085676 15903631 549074 -947486 87893266 91526824 7176832 14489062 80716434 77037762 X THE BALTIMORE MUSEUM OF ART SEEKS INNOVATION AND EXCELLENCE IN AN ARTISTIC PROGRAM THAT FOCUSES ON ART OF THE MODERN ERA, FROM THE 19TH CENTURY TO THE PRESENT. THE MUSEUM IS COMMITTED TO CREATING AN ENVIRONMENT THAT INSPIRES CREATIVITY, ENCOURAGES LEARNING, AND FOSTERS HUMAN UNDERSTANDING IN A PLACE WHERE EVERYONE FEELS WELCOME. 0 0 3827173 792882 COLLECTION CARE & EXHIBITIONSCARE OF THE BMA'S OUTSTANDING COLLECTION OF 90,000 WORKS OF ART INVOLVES THE DEDICATED PROFESSIONAL CARE BY A TEAM OF CURATORS, CONSERVATORS, AND REGISTRARS, WHO CAREFULLY MONITOR ITS STORAGE, PRESERVATION, AND DOCUMENTATION. THE BMA COLLECTIONS AND FACILITY TEAM MAINTAINS AND MONITORS SAFE ENVIRONMENTAL RANGES, CURRENTLY 50% +/- 5% RELATIVE HUMIDITY AND 70 DEGREES +/- 2 DEGREES INDOOR TEMPERATURE, WHICH ARE DEEMED NECESSARY FOR ART PRESERVATION. BMA-ORGANIZED EXHIBITIONS, WHETHER IN BALTIMORE OR TRAVELLING NATIONALLY, ARE INSPIRED BY THE COLLECTION. IN FY 2012, EXHIBITIONS DRAWN ALMOST EXCLUSIVELY FROM THE COLLECTION INCLUDED "SONDHEIM ARTSCAPE PRIZE FINALISTS 2011" (JUNE 25-AUGUST 7, 2011); "BAKER ARTIST AWARD WINNERS 2011" (SEPTEMBER 7-OCTOBER 2, 2011); "HAND HELD: PERSONAL ARTS FROM AFRICA" (SEPTEMBER 25, 2011-FEBRUARY 5, 2012); "PRINT BY PRINT: SERIES FROM DURER TO LICHTENSTEIN" (OCTOBER 30, 2011-MARCH 25, 2012); "EMBROIDERED TREASURES: TEXTILES FROM CENTRAL ASIA" (NOVEMBER 13, 2011-JULY 8, 2012); AND "CANDIDA HOFER: INTERIOR WORLDS" (NOVEMBER 16, 2011-FEBRUARY 26, 2012). AN IMPORTANT COMPONENT OF COMMUNITY OUTREACH, STUDENT ART FROM BALTIMORE CITY PUBLIC SCHOOLS AND BALTIMORE COUNTY PUBLIC SCHOOLS WAS DISPLAYED FROM MAY 2-13, 2012 TO THE DELIGHT OF STUDENTS AND FAMILIES, AS WELL AS THE 3,779 VISITORS TO THE EXHIBITIONS. IN FY 2012, 110 OBJECTS FROM THE BMA COLLECTION WERE LENT FOR EXHIBITIONS AT SEVEN INTERNATIONAL VENUES, AND 115 OBJECTS WERE LENT FOR EXHIBITIONS AT 13 U.S. VENUES. NEARLY 100 ARTWORKS TRAVELED TO THE JEWISH MUSEUM, NEW YORK, AND THEN TO THE VANCOUVER ART GALLERY, BRITISH COLUMBIA, CHRONICLING THE VISIONARY COLLECTING OF HENRI MATISSE AND OTHER MODERNISTS BY BMA DONORS CLARIBEL AND ETTA CONE. 2627405 39977 EDUCATION & INTERPRETATIONEDUCATIONAL PROGRAMS WERE ACCESSIBLE TO VISITORS OF ALL BACKGROUNDS, PARTICULARLY WITH THE BMA'S FREE GENERAL ADMISSION POLICY LAUNCHED IN 2006. BMA EDUCATORS USED A WIDE RANGE OF INTERPRETIVE STRATEGIES TO INTERPRET THE COLLECTION FOR A BROAD PUBLIC AUDIENCE, WHICH WAS 205,350 STRONG IN FY12. 20,925 SCHOOLCHILDREN TOOK FREE SCHOOL TOURS WITH VOLUNTEER DOCENTS TRAINED AT WEEKLY SESSIONS WITH CURATORS, EDUCATORS, CONSERVATORS, SCHOLARS, AND WORKING ARTISTS. TEACHER WORKSHOPS, THE BMA'S TEACHER RESOURCE CENTER, AND ELECTRONICALLY DISTRIBUTED ART-TO-GO PROVIDED EDUCATORS WITH MATERIALS AND TRAINING THEY NEED TO INTEGRATE BMA ARTWORKS INTO CLASSROOM ACTIVITIES, LINKING CLOSELY TO THE CURRICULUM. THE BMA ENGAGED THE WHOLE FAMILY IN LEARNING THROUGH FREE, DROP-IN ACTIVITIES, WHICH WERE EXPANDED IN RESPONSE TO THE INTERESTS OF NEW AUDIENCES ATTRACTED BY FREE ADMISSION. INTERPRETIVE FAMILY TOURS AND ART-MAKING WORKSHOPS WERE OFFERED ON SUNDAY AFTERNOONS. A WIDE RANGE OF PUBLIC PROGRAMS-LECTURES, PANEL DISCUSSIONS, GALLERY TALKS, SEMINARS, AND CLASSES-ENGAGED ADULT AUDIENCES WITH WORKS OF ART IN THE COLLECTION AND THE ISSUES AND IDEAS THAT SURROUND THEM. THE BMA SERVED AS A RESOURCE FOR COLLEGE AND UNIVERSITY TEACHING AT INSTITUTIONS IN THE BALTIMORE-WASHINGTON METROPOLITAN AREA, WHERE THERE ARE 200,000 COLLEGE AND UNIVERSITY STUDENTS. MARKETING AND COMMUNICATIONS STAFF PROMOTED THESE BMA EXHIBITIONS, PUBLICATIONS, AND EDUCATIONAL PROGRAMS TO A WIDE AUDIENCE THROUGH THE BMA WEBSITE WWW.ARTBMA.ORG AS WELL AS PRINT AND ELECTRONIC MEDIA. 6355940 OPERATIONSOPENED IN 1929 AS A SINGLE BUILDING ADJACENT TO THE CAMPUS OF THE JOHNS HOPKINS UNIVERSITY, THE BMA NOW COMPRISES 10 CONTIGUOUS BUILDINGS AND WINGS (210,000 SQ. FT.), ONE HISTORIC STRUCTURE, AND TWO OUTDOOR SCULPTURE GARDENS (3 ACRES), AS WELL AS FOUR PARKING LOTS. THE MUSEUM HAS REPLACED ALL OF ITS TEN ROOFING SYSTEMS IN THE LAST 17 YEARS TO PREVENT DAMAGE TO THE COLLECTION FROM WATER INFILTRATION AND REDUCE ENERGY CONSUMPTION BY INCREASING THE INSULATION VALUE OF THE BUILDING ENVELOPE. THE MUSEUM HAS ALSO REGULARLY UPGRADED ITS MECHANICAL AND ELECTRICAL SYSTEMS TO ACHIEVE AND MAINTAIN A HIGH LEVEL OF COLLECTIONS CARE WHILE ALSO ACHIEVING ECONOMIES IN ENERGY MANAGEMENT AND PROCUREMENT. PREVENTATIVE MAINTENANCE OF THESE SYSTEMS WAS CARRIED OUT REGULARLY BY TWO ENGINEERS AND AN ELECTRICIAN. SECURITY WAS ASSURED THROUGH DILIGENT SUPERVISION OF 45 SECURITY GUARDS BY EXPERIENCED AND HIGHLY TRAINED SECURITY MANAGERS; UP-TO-DATE SECURITY POLICIES AND PROCEDURES; EFFECTIVE INTEGRATION OF THE CONTROL AND MAINTENANCE OF ELECTRONIC SYSTEMS; AND CROSS-DEPARTMENTAL RESPONSES TO INCIDENTS INVOLVING VISITORS AND/OR ART WORKS. THE FACILITY WAS STAFFED ON A 24-HOUR BASIS, AND AN EMERGENCY CONTACT LIST WAS MAINTAINED. THE BMA HAS A FULLY OPERATIONAL AND ADEQUATE FIRE DETECTION SYSTEM. THE BMA'S EMERGENCY PLAN IDENTIFIES APPROPRIATE RESPONSES TO PROBLEMS AND ASSIGNS AREAS OF RESPONSIBILITY TO SPECIFIC STAFF MEMBERS. FIRE AND EVACUATION PROCEDURES ARE CLEARLY OUTLINED. THE BMA IS EQUIPPED WITH AN EMERGENCY GENERATOR CAPABLE OF OPERATING CONTINUOUSLY FOR FIVE DAYS; EMERGENCY SUPPLIES ARE CENTRALLY LOCATED. 12810518 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 1 0 0 0 1 0 0 1 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 57 0 1 237 1 1 1 1 VI CJ 0 0 0 1 1 0 0 0 0 X 36 36 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MD X X CHRISTINE DIETZE BONANNO 4435731839 10 ART MUSEUM DRIVE BALTIMORE MD 21218 FREDERICK S KOONTZ 1.00 X X 0 0 0 JEANETTE C KIMMEL 1.00 X X 0 0 0 STILES TUTTLE COLWILL 1.00 X X 0 0 0 JAMES D THORNTON 1.00 X X 0 0 0 SANDRA LEVI GERSTUNG 1.00 X X 0 0 0 ALEXANDER C BAER 1.00 X X 0 0 0 BEVERLY BENTLEY CARROLL 1.00 X 0 0 0 DIANE CHO 1.00 X 0 0 0 LYNN DEERING 1.00 X 0 0 0 NANCY DORMAN 1.00 X 0 0 0 CHARLES W NEWHALL III 1.00 X 0 0 0 FREDERICA K SAXON 1.00 X 0 0 0 CLAIR ZAMOISKI SEGAL 1.00 X 0 0 0 VIRGINIA ADAMS 1.00 X 0 0 0 ELISABETH J BURCH 1.00 X 0 0 0 LEROY COMEGYS 1.00 X 0 0 0 LAURENCE J EISENSTEIN 1.00 X 0 0 0 AMY L GOULD 1.00 X 0 0 0 PRISCILLA HOBLITZELL 1.00 X 0 0 0 ARTHUR HOUGHTON 1.00 X 0 0 0 CONNIE IMBODEN 1.00 X 0 0 0 TONYA INGERSOL 1.00 X 0 0 0 SUSAN B KATZENBERG 1.00 X 0 0 0 KEITH A LEE 1.00 X 0 0 0 RICHARD F LINDSTROM 1.00 X 0 0 0 WALTER G LOHR JR 1.00 X 0 0 0 CAROL MACHT 1.00 X 0 0 0 ELLEN MACKS 1.00 X 0 0 0 JENNIFER O'HARA MARTIN 1.00 X 0 0 0 ROBERT J MATHIAS 1.00 X 0 0 0 MICHAEL MERSON 1.00 X 0 0 0 PHYLLIS MEYERHOFF 1.00 X 0 0 0 FIONA ONG 1.00 X 0 0 0 MICHAEL ROSENBAUM 1.00 X 0 0 0 JEAN SILBER 1.00 X 0 0 0 DAVID WARNOCK 1.00 X 0 0 0 DOREEN BOLGER STAFF 40.00 X 275025 0 31338 CHRISTINE DIETZE BONANNO STAFF 40.00 X 119389 0 24594 ALAN DIRICAN STAFF 40.00 X 133678 0 21442 JUDITH GIBBS STAFF 40.00 X 144756 0 18391 BECCA SEITZ STAFF 40.00 X 108272 0 26300 ANNE MANNING STAFF 40.00 X 105075 0 21573 JAY FISHER 40.00 X 100741 0 16252 986936 0 159890 7 0 1 0 LEWIS CONTRACTORS 55 GWYNNS MILL COURT OWINGS MILLS MD 21117 CONSTRUCTION CONTRACTOR 1258675 ZIGER SNEAD LLP ARCHITECTS 1006 MORTON STREET BALTIMORE MD 21201 ARCHITECT 527621 MARSHALL CRAFT ASSOCIATES INC 6112 YORK ROAD BALTIMORE MD 21212 ARCHITECT 365442 SYNTHESIS 9175 GUILFORD ROAD COLUMBIA MD 21046 OWNER'S REP. 244739 4 439842 5797266 3869187 400103 10106295 TRAVELING EXHIBITS 900099 616909 616909 PROGRAM REVENUE 900099 175973 175973 EDUCATION & GROUP TOUR 900099 39977 39977 832859 1711390 -4952 1716342 110449 0 110449 110449 110449 24895486 23029201 1866285 1866285 1866285 693480 656984 36496 77954 -41458 DEACCESSIONS 900099 156503 156503 PARKING REVENUE 900099 135868 135868 292371 14956145 832859 73002 3943989 423748 98144 227460 98144 5785428 4711221 371547 702660 1569099 1283585 175146 110368 508390 414180 42170 52040 200236 33448 166788 19502 19502 56670 56670 34000 34000 72000 72000 316745 316745 235377 168592 66785 357236 240025 50882 66329 86569 86569 3085671 3085671 40272 28303 6439 5530 66591 50231 9415 6945 110521 85719 24802 439128 366958 32606 39564 184910 184910 ACCESSIONS 1169189 1169189 EXHIBITION AND COLLECTI 565010 565010 MISCELLANEOUS 376859 308912 67858 89 EDUCATIONAL & ARTISTIC 200480 200480 15903631 12810518 1681069 1412044 1506332 697324 861708 1245486 6909734 6900666 181435 192790 325444 302763 12738951 1494864 7156833 11244087 45122064 33238265 25419736 36684742 409980 1020701 87893266 91526824 761396 2715278 141959 212898 2689920 5823662 3583557 5737224 7176832 14489062 X 28148276 25796135 25070848 23570556 27497310 27671071 80716434 77037762 87893266 91526824 X -947486 -2731186 X 0 1 1 X 0 X 19816873 9878320 9337867 9162568 10106295 58301923 19816873 9878320 9337867 9162568 10106295 58301923 58301923 1482204 1610872 1752679 1869373 1821839 8536967 417699 191614 167763 183450 307139 1267665 68106555 7783212 0.85600 0.86170 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 1 0 1 139 0 0 1 276 0 1 38654 39069 0 EXPLANATION OF LOBBYING ACTIVITIES: PART II-B, LINE 1: IN FY12, MUSEUM STAFF, VOLUNTEERS, AND A PAID LOBBYIST COMMUNICATED WITH STATE ELECTED OFFICIALS AND STATE EMPLOYEES TO REQUEST BOND FUNDING IN, AND TO SUPPORT THE ANNUAL ALLOCATION TO THE MARYLAND STATE ARTS COUNCIL (MSAC). MSAC IS A STATE AGENCY THAT MAKES GRANTS TO CULTURAL NONPROFITS ORGANIZATIONS IN THE STATE, INCLUDING THE BMA. THIS COMMUNICATION INCLUDED WRITING LETTERS AND EMAILS TO SPECIFIC OFFICIALS AND EMPLOYEES, TELEPHONE CALLS AND MEETINGS WITH SPECIFIC OFFICIALS AND EMPLOYEES, AND TRAVELING TO THE STATE CAPITAL TO PARTICIPATE IN MARYLAND ARTS DAY, A RALLY IN SUPPORT OF ARTS FUNDING ORGANIZED BY MARYLAND CITIZENS FOR THE ARTS, A NONPROFIT ORGANIZATION. X X X X 0 66447969 1780257 595338 2650954 66172610 55430515 2802971 13027060 4812577 66447969 50164119 1614896 7141615 3490115 55430515 65413240 1672733 -14353665 2568189 50164119 0.37040 0.38360 0.24600 0 0 472266 472266 9287468 755547 8531921 1993251 216394 1776857 985966 522923 463043 11244087 HEDGE FUNDS OF FUNDS 932452 F METROPOLITAN WEST FDS TOTAL RETURN BD FD CL I (MWTIX) 7189429 F PRIVATE EQUITY FUNDS 3012159 F SPDR S&P 500 ETF TRUST (SPY) 9979899 F TWEEDY BROWNE FUND INC. GLOBAL VALUE FUND (TBGVX) 5205462 F SPDR S&P DIVIDEND (SDY) 5119021 F ISHARES RUSSELL 1000 GROWTH (IWF) 5246320 F 36684742 PAYABLES UNDER SPLIT INTEREST AGREEMENT 971792 LINE OF CREDIT 4500000 INTEREST RATE SWAP 265432 5737224 14956145 15903631 -947486 -2551990 -179196 -2731186 -3678672 12744394 -2551990 -2551990 15296384 316745 -656984 -340239 14956145 16423066 836180 836180 15586886 316745 316745 15903631 PART III, LINE 1A: THE MUSEUM'S PERMANENT COLLECTION CONSISTS OF OVER 90,000 OBJECTS. THE VALUE OF THE MUSEUM'S COLLECTION OF ART OBJECTS ARE NOT CAPITALIZED AND HAVE BEEN EXCLUDED FROM THE STATEMENTS OF FINANCIAL POSITION. CONTRIBUTED COLLECTION ITEMS ARE NOT RECOGNIZED AS CONTRIBUTION REVENUE. PURCHASES OF ART OBJECTS BY THE MUSEUM (ACCESSIONS) ARE FUNDED WITH TEMPORARILY RESTRICTED NET ASSETS AND ARE RECORDED AS NONOPERATING DECREASES IN NET ASSETS IN THE STATEMENTS OF ACTIVITIES. SALES OF ART OBJECTS BY THE MUSEUM (DEACCESSIONS) ARE RECORDED AS NONOPERATING INCREASES IN NET ASSETS IN THE STATEMENTS OF ACTIVITIES. PART III, LINE 4: THE BALTIMORE MUSEUM OF ART SEEKS INNOVATION AND EXCELLENCE IN AN ARTISTIC PROGRAM THAT FOCUSES ON THE 19TH CENTURY TO THE PRESENT. THE COLLECTION CONSISTS OF 90,000 WORKS OF ART. THE MUSEUM IS COMMITTED TO CREATING AN ENVIRONMENT THAT INSPIRES CREATIVITY, ENCOURAGES LEARNING, AND FOSTERS HUMAN UNDERSTANDING IN A PLACE WHERE EVERYONE FEELS WELCOME. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE MUSEUM ADOPTED THE ACCOUNTING STANDARD ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, WHICH ADDRESSES THE DETERMINATION OF WHETHER TAX BENEFITS CLAIMED OR EXPECTED TO BE CLAIMED ON A TAX RETURN SHOULD BE RECORDED IN THE FINANCIAL STATEMENTS. UNDER THIS POLICY, THE MUSEUM MAY RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE-LIKELY-THAN-NOT THAT THE TAX POSITION WOULD BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITION. MANAGEMENT HAS EVALUATED THE MUSEUM'S TAX POSITIONS AND HAS CONCLUDED THAT THE MUSEUM HAS TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH PROVISIONS OF THIS GUIDANCE. THE MUSEUM IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR THE U.S. FEDERAL, STATE OR LOCAL TAX AUTHORITIES FOR YEARS BEFORE JUNE 30, 2009. PART XI, LINE 8 - OTHER ADJUSTMENTS: LOSS ON INTEREST RATE SWAP -179,196. PART XII, LINE 4B - OTHER ADJUSTMENTS: RECLASSIFICATION OF COST OF GOODS SOLD -656,984. PART XIII, LINE 2D - OTHER ADJUSTMENTS: RECLASSIFICATION OF COST OF GOODS SOLD 656,984. LOSS ON INTEREST RATE SWAP 179,196. CENTRAL AMERICA AND THE CARIBBEAN INVESTMENTS 172408 NORTH AMERICA 0 0 PROGRAM SERVICES TRAVELING EXHIBITION 188381 0 0 0 0 0 0 360789 0 360789 0 0 0 0 0 0 X X X X X X 1 TER MOLEN WATKINS & BRANDT 2 NORTH RIVERSIDE PLAZA CHICAGO IL 60606 CAMPAIGN CONSULTANT 0 0 72000 -72000 72000 -72000 MD X X X X 0 0 0 0 0 0 0 0 0 DOREEN BOLGER STAFF 271194 0 0 0 3831 0 17270 0 14068 0 306363 0 0 0 ALAN DIRICAN STAFF 133678 0 0 0 0 0 8765 0 12677 0 155120 0 0 0 JUDITH GIBBS STAFF 144756 0 0 0 0 0 9347 0 9044 0 163147 0 0 0 MARYLAND ECONOMIC DEVELOPMENT CORP 521376562 NONEAVAIL 2010-12-20 8000000 CURRENT REFUNDING OF 2006 ISSUE AND CONSTRUCTION PROJECT 0 0 0 8000000 94250 3429412 2300000 2270588 1 0 0 1 0 0 0 0 1 0 1 0 0 0 0 X FORM 990, SCHEDULE K THESE BONDS WERE ISSUED AS DRAW DOWN BONDS WITH A MAXIMUM AUTHORIZED DRAW DOWN AMOUNT OF $8,000,000. PART II REFLECTS THE PROCEEDS DRAWN AND SPENT AS OF JUNE 30, 2012. OTHER SPENT PROCEEDS IS THE AMOUNT OF THE BOND ISSUE USED TO REFUND THE 2006 ISSUE. X 477 EXCLUDED UNDER SFAS 116 X 29 400103 FMV 21 0 1 1 THIRD PARTY USE: PART I, LINE 32B: PUBLIC AUCTION IS THE USUAL MECHANISM FOR THE DISPOSAL OF WORKS BEING DE-ACCESSIONED FROM THE COLLECTION AFTER REVIEW BY THE DIRECTOR, CURATORS, AN ACCESSIONS COMMITTEE AND FINAL APPROVAL BY THE EXECUTIVE COMMITTEE AND THE BOARD OF TRUSTEES. THE MUSEUM DOES NOT USE A THIRD PARTY OR RELATED ORGANIZATION TO SOLICIT OR PROCESS NONCASH CONTRIBUTIONS. NON REPORTING OF REVENUE: PART I, LINE 33: THE MUSEUM'S PERMANENT COLLECTION CONSISTS OF OVER 90,000 OBJECTS. IN CONFORMITY WITH ACCOUNTING POLICIES GENERALLY FOLLOWED BY ART MUSEUMS, THE VALUE OF THE MUSEUM'S COLLECTION OF ART OBJECTS IS NOT CAPITALIZED AND HAS BEEN EXCLUDED FROM THE STATEMENTS OF FINANCIAL POSITION, AND GIFTS OF ART OBJECTS ARE NOT RECOGNIZED AS CONTRIBUTED REVENUE. FORM 990, PART VI, SECTION B, LINE 11 THE AUDIT COMMITTEE REVIEWS A COPY OF FORM 990 IN DETAIL. AFTER THE AUDIT COMMITTEE COMPLETES ITS REVIEW, A DRAFT IS SENT TO THE ENTIRE BOARD FOR COMMENTS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE BMA HAS A QUESTIONNAIRE THAT REQUIRES TRUSTEES WITH VOTING PRIVILEGES TO DISCLOSE INTERESTS THAT COULD GIVE RISE TO CONFLICTS. ONE HUNDRED PERCENT OF VOTING TRUSTEES COMPLETED THE QUESTIONNAIRE AND CERTIFIED THE DOCUMENT WITH THEIR RESPECTIVE SIGNATURES. NO CONFLICTS OF INTEREST WERE IDENTIFIED. TRUSTEES ARE ASKED TO BRING ANY CONFLICTS OF INTEREST TO THE ATTENTION OF THE CHAIRMAN OF THE BOARD OF TRUSTEES AS CHAIR OF THE EXECUTIVE COMMITTEE. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES RECOMMENDS COMPENSATION FOR THE DIRECTOR BASED ON PERFORMANCE AND THE REVIEW OF COMPARABLE DATA FROM SIMILAR INSTITUTIONS, THE BOARD OF TRUSTEES APPROVES THE ANNUAL OPERATING BUDGET WHICH INCLUDES COMPENSATION FOR THE DIRECTOR. THE DECISIONS OF THE COMPENSATION COMMITTEE ARE COMMUNICATED IN WRITING FROM THE BOARD CHAIR TO THE DEPUTY DIRECTOR FOR FINANCE AND ADMINISTRATION, WRITTEN NOTES ACCOMPANY THE BUDGET AND MINUTES OF THE BOARD OF TRUSTEES MEETINGS ARE MAINTAINED. IN 2008, THE MUSEUM CONDUCTED A COMPENSATION STUDY AND EVALUATED ALL POSITIONS WITHIN THE MUSEUM FOR BOTH INTERNAL AND EXTERNAL EQUITY; POSITIONS WERE BENCHMARKED AGAINST THE SALARIES OF SIMILAR POSITIONS AT PEER INSTITUTIONS. DATA WAS GATHERED FROM A VARIETY OF SOURCES INCLUDING SURVEY DATA FROM NATIONAL MUSEUM ASSOCIATIONS AS WELL AS LOCAL MARKETS, POSITIONS WERE BENCHMARKED AND SALARY RANGES DETERMINED EXCEPT FOR DEPUTY DIRECTORS WHOSE COMPENSATION IS CURRENTLY UNDER STUDY AND CONSIDERATION. FOR ALL OTHER POSITIONS, THE STRUCTURE OF THE STUDY AND THE RANGES WERE DEVELOPED BY AN OUTSIDE COMPENSATION CONSULTANT WHO WORKED CLOSELY WITH THE DIRECTOR OF HUMAN RESOURCES AND THE DEPUTY DIRECTOR FOR FINANCE AND ADMINISTRATION. A COMPENSATION STUDY TASK FORCE WHICH INCLUDED MEMBERS OF MANAGEMENT AND THE BOARD OF TRUSTEES REVIEWED AND RECOMMENDED THE RESULTS TO THE BOARD OF TRUSTEES FOR APPROVAL, THE APPROVED RANGES ARE USED BY THE DIRECTOR TO DETERMINE ANNUAL SALARY RECOMMENDATIONS. THE BOARD OF TRUSTEES APPROVES THE ANNUAL OPERATING BUDGET WHICH INCLUDES COMPENSATION FOR OFFICERS AND KEY EMPLOYEES, WRITTEN NOTES ACCOMPANY THE BUDGET AND MINUTES OF THE BOARD OF TRUSTEES MEETINGS ARE MAINTAINED. FORM 990, PART VI, SECTION C, LINE 19 BMA MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART VII, SECTION B IN FEBRUARY OF 2011, THE MUSEUM ISSUED A REQUEST FOR PROPOSAL FOR ARCHITECTURAL AND ENGINEERING SERVICES FOR AN UPCOMING RENOVATION OF THE MUSEUM. AFTER AN OPEN AND COMPETITIVE PROCESS, IN APRIL, 2011, THE ARCHITECTURAL FIRM OF ZIGER/SNEAD WAS SELECTED AND ANNOUNCED AS THE ARCHITECT FOR THE PROJECT. FORMER TRUSTEE, STEVE ZIGER IS A PARTNER OF ZIGER/SNEAD. MR. ZIGER TENDERED HIS RESIGNATION IN AUGUST 2010. FORM 990, PART VIII, LINE 11A FUNDS RECEIVED THROUGH THE SALE OF ART OBJECTS (DEACCESSIONS) ARE RESTRICTED FOR THE PURPOSE OF PURCHASING OTHER ART OBJECTS. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -2,551,990. LOSS ON INTEREST RATE SWAP -179,196. TOTAL TO FORM 990, PART XI, LINE 5: -2,731,186.