2013-05-15T15:37:16-05:00 2012-06-30 NEW YORK BOTANICAL GARDEN 200 SOUTHERN BLVD BRONX NY 10458 990 2011-07-01 131693134 NEW YORK BOTANICAL GARDEN NEWY 7188178700 200TH ST SOUTHERN BOULEVARD BRONX NY 10458 ANNEMARIE BLANCATO 7188178700 2013-05-15 2013-05-15 2011 2016-02-24 21:20:13Z GREGORY LONG PRESIDENT 200TH ST SOUTHERN BOULEVARD BRONX NY 10458 241810402 false X WWW.NYBG.ORG X 1891 NY THE NEW YORK BOTANICAL GARDEN IS A MUSEUM OF PLANTS AND A SCIENTIFIC RESEARCH CENTER DEVOTED TO THE STUDY OF PLANTS AND THEIR USES. IT IS THE GARDEN'S MISSION TO IMPROVE PUBLIC UNDERSTANDING OF THE NATURAL WORLD, HORTICULTURE, AND THE RELATIONSHIPS BETWEEN PLANTS AND PEOPLE. IT IS ALSO THE GARDEN'S MISSION TO EXPAND HUMANITY'S KNOWLEDGE OF PLANTS AND HOW THEY ARE UTILIZED. 65 63 710 1000 469200 -103953 73766692 52834083 10408499 12759102 11587103 11489493 813827 1258610 96576121 78341288 0 0 38889517 40191905 217926 231297 4736684 28874235 29637017 67981678 70060219 28594443 8281069 566510226 554522338 104376680 109873748 462133546 444648590 X THE NEW YORK BOTANICAL GARDEN IS A MUSEUM OF PLANTS AND A SCIENTIFIC RESEARCH CENTER DEVOTED TO THE STUDY OF PLANTS AND THEIR USES. IT IS THE GARDEN'S MISSION TO IMPROVE PUBLIC UNDERSTANDING OF THE NATURAL WORLD, HORTICULTURE, AND THE RELATIONSHIPS BETWEEN PLANTS AND PEOPLE. IT IS ALSO THE GARDEN'S MISSION TO EXPAND HUMANITY'S KNOWLEDGE OF PLANTS AND HOW THEY ARE UTILIZED. false false 18999382 299881 BOTANICAL SCIENCE - COLLECTING FOR AND MAINTAINING THE GARDEN HERBARIUM FOR PUBLIC USE, INCLUDING RESEARCH 15753426 5689817 HORTICULTURE AND LIVING COLLECTIONS - PREPARATION OF RESEARCH, MAINTENANCE OF GARDENS AND EXHIBITS FOR PUBLIC USE AND ENJOYMENT 13976688 2031204 EDUCATION AND OUTREACH - DEVELOPMENT, ORGANIZATION, AND PRESENTATION OF EDUCATIONAL COURSES; PUBLIC EXHIBITIONS AND FESTIVALS TO ENHANCE THE EXPERIENCE OF THE VISITING PUBLIC 6226677 4738200 AUXILLIARY SERVICES - PROVIDES SERVICES AND AMENITIES FOR THE CONVENIENCE OF THE VISITING PUBLIC 6226677 4738200 54956173 true true false true false false false true false true true true false false true true true false false false false false false true true false false false false true true false false false false false true false false true false true true false false false false false false false false true 422 0 true 710 true true true false false false false true true false false false false false false X 65 63 true false false false true true true true true false false true true true true true true true true false NY X ANNEMARIE BLANCATO CFO 7188178700 200TH STREET SOUTHERN BLVD C/O FINANCIAL SERVICES-WATSON 105 BRONX NY 104585126 MAUREEN K CHILTON 1.00 X 0 0 0 LIONEL GOLDFRANK III 1.00 X 0 0 0 LEWIS B CULLMAN 1.00 X 0 0 0 MRS NICHOLAS J SAKELLARIADIS 1.00 X 0 0 0 MR THOMAS J HUBBARD 1.00 X 0 0 0 MR WILSON NOLEN 1.00 X 0 0 0 EDWARD P BASS 1.00 X 0 0 0 JAMES BENENSON JR 1.00 X 0 0 0 LARRY E CONDON 1.00 X 0 0 0 EUGENE P GRISANTI 1.00 X 0 0 0 KENNETH ROMAN 1.00 X 0 0 0 WILLIAM C STEERE JR 1.00 X 0 0 0 SHELBY WHITE 1.00 X 0 0 0 MRS THOMAS J HUBBARD 1.00 X X 0 0 0 GREGORY R LONG 35.00 X 433894 0 349040 JOSEPH V COSSABOOM 35.00 X 306621 0 39040 DAVID KLEISER 35.00 X 203356 0 38541 CELESTE KIRTON 35.00 X 105026 0 20165 JENNIFER ROMINIECKI 35.00 X 214544 0 34585 ROBERT HEINISCH 35.00 X 207971 0 37639 JAMES MILLER 35.00 X 185715 0 33336 TODD FORREST 35.00 X 183976 0 34863 CAROLYN LANEY 35.00 X 182865 0 31453 FRANK GENESE 35.00 X 179515 0 34018 MARK CUPKOVIC 35.00 X 169481 0 32540 KAREN YESNICK 35.00 X 169464 0 32537 DENNIS STEVENSON 35.00 X 153371 0 29447 KARL LAUBY 35.00 X 193319 0 33251 2889118 780455 45 true true false UNISTRESS CORPORATION 550 CHESHIRE ROAD PITTSFIELD MA 01202 CONSTRUCTION 2117924 UPTOWN ELECTRIC INC 128-20 14TH AVE COLLEGE POINT NY 11356 CONSTRUCTION 2076197 E W HOWELL 113 CROSSWAYS PARK DR WOODBURY NY 11797 CONSTRUCTION 1849406 CHAMPION CONSTRUCTIONRECINE MAT COR 147 E 2ND STREET MINEOLA NY 11501 CONSTRUCTION 1712351 SPOTCO 512 7TH AVENUE NEW YORK NY 10018 ADVERTISING 1603664 62 3806753 24294001 24733329 1782772 52834083 ADMISSIONS & TOURS 713990 5689817 5689817 GARDEN MEMBERSHIP PROGRAM 713990 3717720 3717720 TUITION & FEES 611600 2031204 2031204 AUXILIARY SERVICES 722210 1020480 1020480 SCIENTIFIC PUBLICATIONS 511190 299881 299881 12759102 4684867 4684867 168769259 161964633 6804626 6804626 6804626 671780 3806753 1431554 -759774 -759774 3035630 1504481 1531149 1061949 469200 LICENSING FEES 812900 487235 487235 487235 78341288 13821051 469200 11216954 2073549 1226170 380406 466973 27638753 20163264 5390105 2085384 2784561 2004563 540798 239200 5401915 4309741 510051 582123 2293127 1650787 445355 196985 116210 116210 190000 190000 139801 139801 231297 231297 596435 315610 247141 33684 2336106 2212307 65929 57870 1755524 1755524 3624182 3156477 305330 162375 2531076 2478894 11800 40382 1139875 1101732 15453 22690 476956 410944 41149 24863 3676952 3676952 8402392 7142033 756215 504144 724163 724163 MISC - OTHER 2275124 2083169 133003 58952 EQUPT PURCHASES & RENTALS 1083908 860714 199128 24066 MEMBERSHIP DISCOUNTS 300198 294502 5696 NON CAP CONSTR EXPS 268115 112790 155325 70060219 54956173 10367362 4736684 4653432 7214167 58581861 49634585 1393608 1844249 665947 879727 1478838 1696642 289630034 76184623 201240579 213445411 201809922 155611152 96686039 124196405 566510226 554522338 16493425 12996931 349691 458074 68090000 68090000 7000000 6500000 12443564 21828743 104376680 109873748 X 246005482 238178601 65687513 48369103 150440551 158100886 462133546 444648590 566510226 554522338 X 8281069 -25766025 X false true true X true true X 78989784 51390553 48620158 63352616 65656187 308009298 78989784 51390553 48620158 63352616 65656187 308009298 59322285 248687013 10346902 6754843 6849957 9089638 6410121 39451461 498973 463189 173202 355498 487235 1978097 349438856 14842675 0.71170 0.73710 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false 139801 139801 69920418 70060219 1000000 250000 false 1000000 1000000 1000000 1000000 4000000 6000000 251238 195922 195809 139801 782770 250000 250000 250000 250000 1000000 1500000 139801 139801 false false false false false false false false false false false false false false ADDITIONAL INFORMATION SCHEDULE C, PART IV THE GARDEN INCURS LOBBYING EXPENDITURES FOR THE PURPOSE OF RAISING PUBLIC FUNDS FOR ITS OPERATING PROGRAM AREAS AND CAPITAL SUPPORT. false false false false X X X false false false 329881962 8314456 -5149052 536666 27603116 304907584 270659675 15259064 55550326 559776 11027327 329881962 262280016 1484766 17381542 550789 9935860 270659675 343429718 10200000 -81114455 510758 9724489 262280016 0.38290 0.51850 0.09860 false false false 30759330 30759330 152596328 29115295 123481033 67364064 33918861 33445203 15784760 13150467 2634293 23125552 23125552 213445411 ALTERNATIVE INVESTMENT / HEDGE FUNDS 113998276 F REAL ESTATE 10198129 C 124196405 INTEREST SWAP VALUATION LIABILITY 18823144 CONDITIONAL ASSET RETIREMENT 3005599 21828743 78341288 70060219 8281069 -16407074 -16407074 -8126005 62121235 -16407074 187021 -16220053 78341288 78341288 70247240 187021 187021 70060219 70060219 RECONCILIATION OF CHANGES - OTHER SCHEDULE D, PAGE 4, PART XI, LINE 8 COST OF GOODS SOLD 1,504,481 FUNDRAISING EVENTS PROFESSIONAL FUNDRAISING FEES -251,665 FUNDRAISING EVENT ADMIN EXPENSES -1,065,795 TOTAL - SCHEDULE D, PART XII, LINE 2D - 187,021 0 COST OF GOODS SOLD -1,504,481 FUNDRAISING EVENTS PROFESSIONAL FUNDRAISING FEES 251,665 FUNDRAISING EVENT ADMIN EXPENSES 1,065,795 TOTAL - SCHEDULE D, PART XIII, LINE 2D 187,021 0 REVENUE AMOUNTS INCLUDED IN FINANCIALS - OTHER SCHEDULE D, PAGE 4, PART XII, LINE 2D COST OF GOODS SOLD 1,504,481 FUNDRAISING EVENTS PROFESSIONAL FUNDRAISING FEES -251,665 FUNDRAISING EVENT ADMIN EXPENSES -1,065,795 TOTAL - SCHEDULE D, PART XII, LINE 2D - 187,021 0 EXPENSE AMOUNTS INCLUDED IN FINANCIALS - OTHER SCHEDULE D, PAGE 4, PART XIII, LINE 2D COST OF GOODS SOLD 1,504,481 FUNDRAISING EVENTS PROFESSIONAL FUNDRAISING FEES -251,665 FUNDRAISING EVENT ADMIN EXPENSES -1,065,795 TOTAL - SCHEDULE D, PART XIII, LINE 2D 187,021 0 SUPPLEMENTAL FINANCIAL INFORMATION SCHEDULE D, PAGE 4, PART XIV THE GARDEN'S COLLECTIONS INCLUDE LIVING PLANTS, HERBARIUM SPECIMENS, ART OBJECTS, BOOKS, PRINTS, AND EPHEMERA. THE GARDEN HAS NOT CAPITALIZED THE COLLECTIONS. THE GARDEN'S COLLECTIONS ARE MAINTAINED FOR PUBLIC EXHIBITION, EDUCATION, AND RESEARCH IN FURTHERANCE OF PUBLIC SERVICE RATHER THAN FOR FINANCIAL GAIN. COLLECTIONS ARE THE MOST VALUABLE ASSETS OF THE GARDEN AND ARE PROTECTED, KEPT UNENCUMBERED, CARED FOR, AND PRESERVED. THE PROCEEDS OF ITEMS IN COLLECTIONS THAT ARE SOLD ARE USED TO ACQUIRE OTHER ITEMS FOR COLLECTIONS. X X X X X true BUCKLEY HALL EVENTS 17-19 MARBLE AVE PLEASEANTVILLE NY 10570 CONS. BALL false 1522759 87457 1435302 PROJECTS PLUS 145 W 45TH STREET NEW YORK NY 10036 FOUND DIN false 856500 65761 790739 BUCKLEY HALL EVENTS 17-19 MARBLE AVE PLEASANTVILLE NY 10570 ORCHID DIN false 540871 49272 491599 COMNET MARKETING 1214 STOWE AVE MEDFORD OR 97501 MEMBERSHIP false 88000 28807 59193 3008130 231297 2776833 NY CONSERV. BALL 1522759 1294345 228414 491677 FOUNDERS AWARD 856500 728025 128475 187946 3 2099274 1784383 314891 751931 4478533 3806753 671780 1431554 1431554 -759774 X X X X X X true false false false false false false false false GREGORY R LONG 392716 41178 316600 32440 782934 JOSEPH V COSSABOOM 303621 3000 6600 32440 345661 DAVID KLEISER 203356 6101 32440 241897 JENNIFER ROMINIECKI 214544 2145 32440 249129 ROBERT HEINISCH 207971 5199 32440 245610 JAMES MILLER 185715 3250 30086 219051 TODD FORREST 183976 5059 29804 218839 CAROLYN LANEY 182865 1829 29624 214318 FRANK GENESE 179515 4937 29081 213533 MARK CUPKOVIC 169481 5084 27456 202021 KAREN YESNICK 169464 5084 27453 202001 DENNIS STEVENSON 153371 4601 24846 182818 KARL LAUBY 193319 1933 31318 226570 SEVERANCE, NONQUALIFIED, AND EQUITY-BASED PAYMENTS SCHEDULE J, PAGE 1, PART I, LINE 4 KARL LAUBY 174,216 0 0 OTHER ADDITIONAL INFORMATION SCHEDULE J, PART III EXPLANATION OF PART II: THE NEW YORK BOTANICAL GARDEN HAS A FORMAL PROCEDURE AND SIGN-OFF PROCESS FOR REVIEW OF EXECUTIVE COMPENSATION. PART II, LINE 1: COMPENSATION FOR THE CEO IS DETERMINED BY THE COMPENSATION COMMITTEE OF THE ORGANIZATION'S BOARD OF MANAGERS. THE MEMBERS OF THE COMPENSATION COMMITTEE ARE ALL INDEPENDENT VOTING MEMBERS OF THE ORGANIZATION'S GOVERNING BODY. THE CEO IS CURRENTLY SERVING PURSUANT TO THE TERMS OF AN EMPLOYMENT AGREEMENT WHICH WAS APPROVED BY THE COMPENSATION COMMITTEE AFTER RETAINING AN INDEPENDENT COMPENSATION CONSULTANT, WHO PRESENTED THE COMMITTEE WITH APPROPRIATE COMPARABILITY DATA. THE CONSULTANT CONCLUDED THAT THE COMPENSATION PROPOSED IN THE EMPLOYMENT AGREEMENT WAS REASONABLE. THE COMPENSATION COMMITTEE CONTEMPORANEOUSLY DOCUMENTED ITS DELIBERATIONS AND DECISION. IN ACCORDANCE WITH THE TERMS OF THE EMPLOYMENT AGREEMENT, THE CEO'S TOTAL COMPENSATION IS COMPOSED OF A BASE SALARY AND PRIVATELY FUNDED DEFERRED COMPENSATION, WHICH IS INTENDED TO SERVE AS A RETENTION INCENTIVE. DEFERRED COMPENSATION PAYABLE UNDER THE TERMS OF THE AGREEMENT IS ACCRUED OVER THE PERIOD IN WHICH RELATED SERVICES ARE PERFORMED. PART II, LINES 2 - 13: COMPENSATION FOR OTHER OFFICERS AND KEY EMPLOYEES IS BASED ON INSTITUTIONAL SALARY COMPARISONS CONDUCTED BY THE GARDEN'S HUMAN RESOURCES OFFICE, WHICH REVIEWS SALARIES PAID BY COMPARABLE ORGANIZATIONS TO THEIR OFFICERS AND KEY EMPLOYEES. THE COMPENSATION COMMITTEE PERIODICALLY REVIEWS THE COMPENSATION LEVELS OF THESE EMPLOYEES. MERIT INCREASES ARE BASED ON A FORMAL PERFORMANCE EVALUATION PROCESS AND APPROVED BY THE CEO IN CONSULTATION WITH THE CHAIRMAN OF THE BOARD OF MANAGERS. TRUST FOR CULTURAL RESOURCES 131693134 649717QE8 2009-08-14 68090000 PURPOSE OF SERIES 2009 BOND: false false false 68090000 948080 true false true true false false false false false true true false true true MORGAN STANLEY false false false false false PURPOSE OF ISSUE DESCRIPTION SCHEDULE K TRUST FOR CULTURAL RESOURCES PROCEEDS OF THE BOND WERE USED TO REPAY A BRIDGE LOAN FROM JP MORGAN CHASE BANK ORIGINATED IN 2008 FOR THE PURPOSE OF REDEEMING THEN OUTSTANDING TAX EXEMPT BONDS WHICH HAD BEEN ISSUED IN 2002 AND 2006 LEON LEVY FOUNDATION CAPITAL PROJECT BRIDGE FINANCING X 3500000 3500000 false true true GREAT ISLAND FOUNDATION CAPITAL PROJECT BRIDGE FINANCING X 2000000 2000000 false true true LEWIS BDOROTHY CULLMAN FOUNDATION CAPITAL PROJECT BRIDGE FINANCING X 1000000 1000000 false true true 6500000 DENIS O'CONNOR EMPLOYEE - 115583 COMPENSATION false SON OF BOARD false MEMBER false ADDITIONAL INFORMATION SCHEDULE L PART V LEON LEVY FOUNDATION THE DIRECTOR OF THE FOUNDATION IS A MEMBER OF THE GARDENS BOARD OF MANAGERS GREAT ISLAND FOUNDATION A TRUSTEE OF THE FOUNDATIONS BOARD IS A MEMBER OF THE GARDENS BOARD OF MANAGERS LEWIS B DOROTHY CULLMAN FOUNDATION THE DIRECTOR OF THE FOUNDATION IS A MEMBER OF THE GARDENS BOARD OF MANAGERS X 21 1256772 GIFT DATE AVG MKT VALUE X ADVERTISING 1 500000 FAIR VALUE - ESTIMATED X PRINT MEDIA 1 26000 FAIR VALUE - ESTIMATED false false false ORGANIZATION'S MISSION FORM 990 - ORGANIZATION'S MISSION THE NEW YORK BOTANICAL GARDEN IS A MUSEUM OF PLANTS AND A SCIENTIFIC RESEARCH CENTER DEVOTED TO THE STUDY OF PLANTS AND THEIR USES. IT IS THE GARDEN'S MISSION TO IMPROVE PUBLIC UNDERSTANDING OF THE NATURAL WORLD, HORTICULTURE, AND THE RELATIONSHIPS BETWEEN PLANTS AND PEOPLE. IT IS ALSO THE GARDEN'S MISSION TO EXPAND HUMANITY'S KNOWLEDGE OF PLANTS AND HOW THEY ARE UTILIZED. EXPLANATION ON VOLUNTEERS AND TYPES OF SERVICES OR BENEFITS FORM 990, PAGE 1, PART I, LINE 6 VOLUNTEERS PROVIDE LIGHT DUTY SERVICES PRIMARILY IN THE GARDEN'S PROGRAM SERVICE FUNCTIONS. ALL OTHER ACCOMPLISHMENT DESCRIPTION FORM 990, PAGE 2, PART III, LINE 4D AUXILLIARY SERVICES - PROVIDES SERVICES AND AMENITIES FOR THE CONVENIENCE OF THE VISITING PUBLIC RELATED PARTY INFORMATION AMONG OFFICERS FORM 990, PAGE 6, PART VI, LINE 2 MR. THOMAS J. HUBBARD MRS. THOMAS J. HUBBARD CHAIR EMERIT SECRETARY FAMILY ELECTION OF MEMBERS AND THEIR RIGHTS FORM 990, PAGE 6, PART VI, LINE 7A THE ELECTED MANAGERS ARE DIVIDED INTO THREE CLASSES, EACH OF WHICH CONSISTS OF A MAXIMUM OF SEVENTEEN MANAGERS. THE TERM OF ONE CLASS OF MANAGERS SHALL EXPIRE AT THE ANNUAL MEETING OF MEMBERS EACH YEAR. A CLASS OF MANAGERS SHALL BE ELECTED AT THE ANNUAL MEETING OF MEMBERS EACH YEAR FOR A TERM WHICH SHALL EXPIRE AT THE THIRD ANNUAL MEETING OF MEMBERS FOLLOWING THE DATE OF SUCH ELECTION. EACH ELECTED MANAGER SHALL BE ASSIGNED TO A CLASS AND SHALL BE ELECTED FOR A TERM EXPIRING ON THE SAME DATE AS THAT OF THE CLASS TO WHICH THE MANAGER HAS BEEN ASSIGNED. THE NUMBER OF ELECTIVE MANAGERS MAY BE INCREASED FROM TIME TO TIME BY VOTE OF THE CORPORATION. EXECUTIVE COMMITTEE COMPOSITION AND SCOPE: THE EXECUTIVE COMMITTEE CONSISTS OF THE BOARD CHAIR, THE VICE CHAIRS, THE PRESIDENT, THE SECRETARY, AND THE TREASURER, EX OFFICIO, AND NOT LESS THAN EIGHT (8) APPOINTED MEMBERS. THE EXECUTIVE COMMITTEE SHALL HAVE AND EXERCISE ALL OF THE POWERS OF THE BOARD OF MANAGERS TO THE EXTENT PERMITTED BY LAW DURING INTERVALS BETWEEN MEETINGS OF THE BOARD OF MANAGERS. THE BOARD CHAIR, OR HIS DESIGNEE, SHALL BE CHAIR OF THE EXECUTIVE COMMITTEE. THE EXECUTIVE COMMITTEE SHALL MAKE RECOMMENDATIONS FOR APPOINTMENTS TO THE COMMITTEES OF THE BOARD, BUT SUCH RECOMMENDATIONS SHALL NOT BE BINDING UPON THE BOARD. DECISIONS SUBJECT TO APPROVAL OF MEMBERS FORM 990, PAGE 6, PART VI, LINE 7B TEN (10) MANAGERS (ELECTIVE AND EX OFFICIO) SHALL CONSTITUTE A QUORUM AT ANY MEETING OF THE BOARD OF MANAGERS AND THE VOTE OF A MAJORITY OF MANAGERS PRESENT AT THE TIME OF THE VOTE, IF A QUORUM IS PRESENT AT SUCH A TIME, SHALL BE THE ACT OF THE BOARD. ORGANIZATION'S PROCESS USED TO REVIEW FORM 990 FORM 990, PAGE 6, PART VI, LINE 11B A COPY OF THE GARDEN'S FORM 990 IS MADE AVAILABLE BY INTERNET ACCESS TO THE GARDEN'S BOARD PRIOR TO FILING. ENFORCEMENT OF CONFLICTS POLICY FORM 990, PAGE 6, PART VI, LINE 12C EACH YEAR IT IS THE POLICY OF THE NEW YORK BOTANICAL GARDEN TO DISTRIBUTE A COPY OF ITS CODE OF ETHICS AND CONFLICT OF INTEREST STATEMENTS TO ITS BOARD MEMBERS AND CERTAIN EMPLOYEES. THIS ACTS AS A REMINDER OF THE POLICIES AND ASKS THAT EACH PERSON DISCLOSE VARIOUS FINANCIAL OR BUSINESS RELATIONSHIPS WHICH MIGHT PRESENT CONFLICTS OF INTEREST. BOARD MEMBERS: ANY MEMBER OF THE BOARD WHO BELIEVES HE OR SHE MAY HAVE A CONFLICT OF INTEREST SHALL DISCLOSE THE POTENTIAL CONFLICT AND ANY AND ALL RELEVANT INFORMATION CONCERNING THE SITUATION THAT GIVES RISE TO THE POTENTIAL CONFLICT TO THE CHAIR OF THE BOARD. (IN THE EVENT THE BOARD CHAIR BELIEVES HE OR SHE MAY HAVE A CONFLICT, THE BOARD CHAIR SHALL DISCLOSE IT TO THE EXECUTIVE COMMITTEE.) THE CHAIR OF THE BOARD WILL BE RESPONSIBLE FOR DETERMINING WHETHER THE PERCEIVED CONFLICT IS AN ACTUAL CONFLICT, AND IF SO, FOR INITIATING AN APPROPRIATE COURSE OF ACTION. EMPLOYEES AND VOLUNTEERS: ANY EMPLOYEE OR VOLUNTEER WHO BELIEVES HE OR SHE MAY HAVE A CONFLICT OF INTEREST SHALL DISCLOSE THE POTENTIAL CONFLICT AND ANY AND ALL RELEVANT INFORMATION CONCERNING THE SITUATION THAT GIVES RISE TO THE POTENTIAL CONFLICT, IN WRITING, TO THE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER. (IN THE EVENT THE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER BELIEVES HE OR SHE MAY HAVE A CONFLICT, HE OR SHE SHALL DISCLOSE IN WRITING TO THE PRESIDENT.) THE VICE PRESIDENT WILL BE RESPONSIBLE FOR DETERMINING WHETHER THE PERCEIVED CONFLICT IS AN ACTUAL CONFLICT, AND IF SO, FOR INITIATING AN APPROPRIATE COURSE OF ACTION. COMPENSATION PROCESS FOR TOP OFFICIAL FORM 990, PAGE 6, PART VI, LINE 15A COMPENSATION FOR THE CEO IS DETERMINED BY THE COMPENSATION COMMITTEE OF THE ORGANIZATION'S BOARD OF MANAGERS. THE MEMBERS OF THE COMPENSATION COMMITTEE ARE ALL INDEPENDENT VOTING MEMBERS OF THE ORGANIZATION'S GOVERNING BODY. THE CEO IS CURRENTLY SERVING PURSUANT TO THE TERMS OF AN EMPLOYMENT AGREEMENT WHICH WAS APPROVED BY THE COMPENSATION COMMITTEE AFTER RETAINING AN INDEPENDENT COMPENSATION CONSULTANT, WHO PRESENTED THE COMMITTEE WITH APPROPRIATE COMPARABILITY DATA. THE CONSULTANT CONCLUDED THAT THE COMPENSATION PROPOSED IN THE EMPLOYMENT AGREEMENT WAS REASONABLE. THE COMPENSATION COMMITTEE CONTEMPORANEOUSLY DOCUMENTED ITS DELIBERATIONS AND DECISION. IN ACCORDANCE WITH THE TERMS OF THE EMPLOYMENT AGREEMENT, THE CEO'S TOTAL COMPENSATION IS COMPOSED OF A BASE SALARY AND PRIVATELY FUNDED DEFERRED COMPENSATION, WHICH IS INTENDED TO SERVE AS A RETENTION INCENTIVE. DEFERRED COMPENSATION PAYABLE UNDER THE TERMS OF THE AGREEMENT IS ACCRUED OVER THE PERIOD IN WHICH RELATED SERVICES ARE PERFORMED. COMPENSATION PROCESS FOR OFFICERS FORM 990, PAGE 6, PART VI, LINE 15B COMPENSATION FOR OTHER OFFICERS AND KEY EMPLOYEES IS BASED ON INSTITUTIONAL SALARY COMPARISONS CONDUCTED BY THE GARDEN'S HUMAN RESOURCES OFFICE, WHICH REVIEWS SALARIES PAID BY COMPARABLE ORGANIZATIONS TO THEIR OFFICERS AND KEY EMPLOYEES. THE COMPENSATION COMMITTEE PERIODICALLY REVIEWS THE COMPENSATION LEVELS OF THESE EMPLOYEES. MERIT INCREASES ARE BASED ON A FORMAL PERFORMANCE EVALUATION PROCESS AND APPROVED BY THE CEO IN CONSULTATION WITH THE CHAIRMAN OF THE BOARD OF MANAGERS. GOVERNING DOCUMENTS DISCLOSURE EXPLANATION FORM 990, PAGE 6, PART VI, LINE 19 COPIES OF GOVERNING DOCUMENTS, FINANCIAL STATEMENTS, AND THE 990 ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. OTHER CHANGES IN NET ASSETS EXPLANATION FORM 990, PART XI, LINE 5 FORM 990, PART XI, RECONCILIATION OF NET ASSETS: UNREALIZED INVESTMENT LOSSES (16,407,074) LOSS ON VALUATION OF DERIVATIVE INSTRUMENTS (9,358,951)