2013-11-13T15:56:20-06:00 2013-06-30 521855942 TATE AND TRYON 2021 L STREET NW SUITE 400 WASHINGTON DC 20036 990 2012-07-01 530196641 TRUSTEES OF THE CORCORAN GALLERY OF ART TRUS 2026391700 500 SEVENTEENTH STREET NW WASHINGTON DC 200064804 FREDERICK KNOPS 2026391700 2013-11-13 1 ELIZABETH W HELLER P00397829 2022932200 2012 2016-03-07 17:11:31Z PEGGY LOAR 500 SEVENTEENTH STREET NW WASHINGTON DC 200064804 72365327 0 X WWW.CORCORAN.ORG X 1869 DC THE GALLERY WAS FORMED TO ESTABLISH AN INSTITUTION IN WASHINGTON, DC DEDICATED TO ART AND USED FOR THE PURPOSE OF ENCOURAGING AMERICAN GENIUS IN THE PRODUCTION AND PRESERVATION OF WORKS PERTAINING TO THE FINE ARTS AND KINDRED OBJECTS. 13 13 614 150 0 0 3172444 6952654 20072678 20550838 19833190 40072072 -42635 -69247 43035677 67506317 4971310 5126742 0 0 14834613 14737917 0 0 939446 12445368 11438586 32251291 31303245 10784386 36203072 51683924 91459785 14513914 17915002 37170010 73544783 X IN THE WORDS OF ITS FOUNDER, THE CORCORAN IS "DEDICATED TO ART." ITS MUSEUM PRESENTS, INTERPRETS AND PRESERVES THE ART OF OUR TIMES AND OF TIMES PAST; ITS COLLEGE OF ART AND DESIGN NURTURES AND HELPS SHAPE NEW GENERATIONS OF ARTISTS AND DESIGNERS. EDUCATION IS A CENTRAL FOCUS, NOT JUST IN THE CORCORAN'S CLASSROOMS BUT IN ITS GALLERIES AND THROUGHOUT THE GREATER WASHINGTON REGION. THOUGH AMERICAN ART IS THE COLLECTION'S EMPHASIS, THE ART OF OTHER NATIONS AND CULTURES IS, WHEN APPROPRIATE, ACQUIRED AND EXHIBITED.THE CORCORAN IS COMMITTED TO MAKING THE HISTORIC ART IN ITS COLLECTIONS AND THE EMERGING ART OF OUR TIME ACCESSIBLE AND UNDERSTANDABLE TO THE BROADEST POSSIBLE AUDIENCE THROUGH INNOVATIVE EXHIBITIONS AND EDUCATIONAL PROGRAMMING, SYSTEMATIC RESEARCH AND RIGOROUS SCHOLARSHIP. ITS MANY ACTIVITIES EMPHASIZE THE COMBINED RESOURCES OF ITS MUSEUM AND COLLEGE, AND ARE DIRECTED TOWARD DIVERSE COMMUNITIES WITH WIDELY DIFFERING EDUCATIONAL AND SOCIO-ECONOMIC BACKGROUNDS. 0 0 3969899 792005 SINCE ITS FOUNDING IN 1869, THE CORCORAN GALLERY OF ART HAS ACQUIRED THROUGH DONATION AND ACQUISITION AN EXTENSIVE PERMANENT COLLECTION OF AMERICAN AND EUROPEAN ART, INCLUDING PAINTINGS, SCULPTURE, WORKS ON PAPER, AND PHOTOGRAPHS. THROUGH SPECIAL EXHIBITIONS ORGANIZED BY ITS CURATORIAL STAFF AND OTHER LEADING ART INSTITUTIONS FROM AROUND THE WORLD, THE CORCORAN CONTRIBUTES TO THE PUBLIC'S UNDERSTANDING OF AND APPRECIATION FOR HISTORICAL AND CONTEMPORARY ART. 19927037 5126742 18121637 THE CORCORAN COLLEGE OF ART + DESIGN, FOUNDED IN 1890, IS THE OLDEST AND MOST COMPREHENSIVE PROFESSIONAL COLLEGE OF ART AND DESIGN IN WASHINGTON, D.C. THE FULLY ACCREDITED COLLEGE OFFERS FOUR-YEAR BACHELOR OF FINE ARTS (BFA) DEGREE PROGRAMS IN FINE ART, ART STUDIES, GRAPHIC DESIGN, DIGITAL MEDIA DESIGN, INTERIOR DESIGN, PHOTOGRAPHY, AND PHOTOJOURNALISM. THE COLLEGE ALSO OFFERS ASSOCIATE OF FINE ARTS (AFA) DEGREE PROGRAMS IN FINE ART, DIGITAL MEDIA, GRAPHIC DESIGN, AND PHOTOGRAPHY; MASTER OF ARTS (MA) DEGREES IN ART AND THE BOOK, INTERIOR DESIGN, EXHIBITION DESIGN, THE HISTORY OF DECORATIVE ARTS, AND NEW MEDIA PHOTOJOURNALISM; AND A FIVE-YEAR COMBINED BFA/MA IN TEACHING. 828576 1784038 CORCORAN COMMUNITY EDUCATION EXTENDS ITS SERVICES DIRECTLY INTO THE WASHINGTON COMMUNITY BY MAKING SPECIAL EFFORTS TO ENGAGE YOUNG PEOPLE AND AMATEUR ARTISTS THROUGH A SERIES OF PUBLIC PROGRAMS, LECTURES, ART-FOCUSED TOURS, AND MUSEUM EDUCATION FOCUSED ON PROGRAMMING FOR CHILDREN AND YOUNG ADULTS, INCLUDING THE LARGEST ART SUMMER CAMP PROGRAMS IN THE CITY. 24725512 1 1 0 1 0 0 0 1 0 1 1 0 0 1 1 1 1 0 0 0 1 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 1 135 0 1 614 1 0 0 0 0 0 1 1 0 0 0 0 X 13 13 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 0 0 NY X LAUREN GARCIA 2026391700 500 17TH STREET NW WASHINGTON DC 200064804 X HARRY F HOPPER III 2.00 0.00 X X 0 0 0 SARAH E CHAPOTON 2.00 0.00 X X 0 0 0 FREDERICK W KNOPS III 2.00 0.00 X X 0 0 0 FRANK G LAPRADE 2.00 0.00 X 0 0 0 CAROLYN S ALPER 2.00 0.00 X 0 0 0 ANNE N EDWARDS 2.00 0.00 X 0 0 0 MICHELA ENGLISH 2.00 0.00 X 0 0 0 SHANNON J FINLEY 2.00 0.00 X 0 0 0 KATHRYN L GLEASON 2.00 0.00 X 0 0 0 ELEANOR F HEDDEN 2.00 0.00 X 0 0 0 JULIE J JENSEN 2.00 0.00 X 0 0 0 SAREE R PITT 2.00 0.00 X 0 0 0 HENRY L THAGGER III 2.00 0.00 X 0 0 0 FRED BOLLERER 40.00 0.00 X 365439 0 741 PEGGY LOAR 40.00 0.00 X 0 0 0 CATHERINE ARMOUR 40.00 0.00 X 196077 0 8484 LAUREN GARCIA 40.00 0.00 X 190861 0 15288 JOHN GRUNDBERG 40.00 0.00 X 111737 0 22742 PHILIP BROOKMAN 40.00 0.00 X 103883 0 21114 967997 0 68369 5 0 1 0 JULYAN AND JULYAN 1100 G STREET NW WASHINGTON DC 20005 LEGAL 442174 MDB COMMUNICATIONS 1150 18TH ST NW STE 425 WASHINGTON DC 20036 COMMUNICATIONS CONSULTANT 365989 E3DATA FALAR FATMI 1401 PEACHTREE ST STE 500 ATLANTA GA 30309 DIRECTOR OF IT 140000 HEIDRICK & STRUGGLES 1133 PAYSPHERE CIRCLE CHICAGO IL 606741010 HEADHUNTER 129454 4 2013 453207 304452 6192982 190058 6952654 TUITION AND FEES 900099 18318146 18318146 COMMISSIONS 900099 1535200 1535200 EXHIBITIONS AND TOURS 900099 367080 367080 ADMISSIONS AND PROGRAMS 900099 330412 330412 20550838 816287 816287 19816 19816 4547749 38924708 4216672 0 331077 38924708 39255785 39255785 206302 453207 556550 -350248 -350248 230305 85788 144517 144517 MISCELLANEOUS 900099 114343 114343 PARKING 900099 2325 2325 116668 67506317 20697680 0 39855983 5126742 5126742 783756 476837 281415 25504 11925471 7219022 4330568 375881 77881 42730 35151 1060700 726581 272105 62014 890109 457071 433038 616117 5511 610606 92502 92502 3015 3015 16954 16954 1041222 267078 711174 62970 482596 167340 315256 1130903 846730 225066 59107 804999 226749 550446 27804 2520164 1346738 1173426 228951 206923 20222 1806 354880 284555 6047 64278 202713 162777 39936 1116711 534049 582662 184906 43794 141112 FED. FINANCIAL AID 527908 527908 EXHIBITION EXPENSE 283161 283161 LICENSES, REGISTRATION, 107869 88194 16775 2900 OVERHEAD ALLOCATION 0 4519931 -4753101 233170 1723015 1165091 533912 24012 31303245 24725512 5638287 939446 4901 4898 3820970 7443466 461048 1871280 382698 40502181 16150284 16950589 108401 126984 83264 35806 29917994 11921638 18581575 17996356 4601327 28225 7489456 6500000 51683924 91459785 3659296 2361363 587645 781726 9529144 9287690 4918500 737829 565723 14513914 17915002 X 9617108 3938017 7812412 6762278 19740490 62844488 37170010 73544783 51683924 91459785 X 36203072 -177235 348936 X X 0 1 X 1 1 1 X 6633048 4409303 3169945 3172444 6952654 24337394 6633048 4409303 3169945 3172444 6952654 24337394 5470694 18866700 1256312 330541 218559 125415 836103 2766930 601617 73197 59487 13902 116668 864871 27969195 98060708 0.67460 0.85040 X SCHEDULE A, PART IV, SUPPLEMENTAL INFORMATION: PART II, LINE 10: INCOME FROM ACTIVITIES NOT REGULARLY CARRIED ON. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 12250 0 0 12250 0 EXPLANATION OF LOBBYING ACTIVITIES: PART II-B, LINE 1: DURING THE YEAR, THE INSTITUTION PAID FEES TO LOBBYING AGENCIES FOR REPRESENTATIONAL SERVICES. THE FIRMS REPRESENT THE CORCORAN GALLERY OF ART ON CAPITOL HILL FOR THE FURTHERANCE OF ITS MISSIONS. X X X 0 19185774 4180579 153179 9448054 14071478 19502854 6067 -315100 8047 19185774 18339795 17615 1590997 445553 19502854 23175386 42853 1617067 6495511 18339795 27862594 35813 -5828851 -1105830 23175386 0.00000 0.86500 0.13500 0 0 1255835 1255835 19996271 5181065 14815206 3022169 1636658 1385511 4806960 4282265 524695 836759 821650 15109 17996356 PROPERTY HELD FOR SALE 6500000 6500000 PERKINS LOAN ADVANCE 156341 INTEREST RATE SWAP AGREEMENT 409382 565723 X 64748858 -177235 1161187 -4198392 -3214440 67963298 16954 -473935 -456981 67506317 28374085 1161187 702338 1863525 26510560 16954 4775731 4792685 31303245 PART III, LINE 1A: COLLECTION: THE VALUE OF THE COLLECTION HAS BEEN EXCLUDED FROM THE STATEMENTS OF FINANCIAL POSITION BECAUSE THE COLLECTION IS (A) HELD FOR PUBLIC EXHIBITION, EDUCATION, OR RESEARCH IN FURTHERANCE OF PUBLIC SERVICE RATHER THAN FINANCIAL GAIN; (B) ARE PROTECTED, KEPT UNENCUMBERED, CARED FOR, AND PRESERVED; AND (C) SUBJECT TO AN ORGANIZATIONAL POLICY THAT REQUIRES THE PROCEEDS OF ITEMS THAT ARE SOLD TO BE USED TO ACQUIRE OTHER ITEMS FOR COLLECTIONS. ONLY CURRENT YEAR PURCHASES AND PROCEEDS FROM SALES ARE REFLECTED IN THE STATEMENTS OF ACTIVITIES. THE CORCORAN ESTABLISHED COLLECTION PLANS AND A DEACCESSIONING POLICY THAT CONFORM TO ESTABLISHED MUSEUM STANDARD GUIDELINES. INCLUDED IN THESE GUIDELINES IS A POLICY OF THE CORCORAN THAT PROCEEDS FROM THE SALE OF ANY COLLECTION ITEMS ARE TO BE USED TO PURCHASE ADDITIONAL COLLECTION ITEMS. PART III, LINE 4: THE COLLECTION OF THE CORCORAN WAS FOUNDED WITH THE PERSONAL ART COLLECTION OF WILLIAM WILSON CORCORAN IN 1869. IN 1925, THE TRUSTEES OF THE CORCORAN ADDED TO THE COLLECTION BY ACCEPTING THE BEQUEST OF WILLIAM ANDREWS CLARK'S COLLECTION OF ART. OVER THE YEARS, MANY DONORS HAVE GENEROUSLY ENRICHED THE MUSEUM'S COLLECTION BY GIFTS OF ART WORKS AND CONTRIBUTIONS FOR ACQUISITION. IN THE COURSE OF ITS HISTORY, THE CORCORAN HAS ESTABLISHED COLLECTIONS IN FIVE DISTINCT AREAS: HISTORIC AMERICAN ART (C. 1650-1980), HISTORIC EUROPEAN ART (C. 1600-1914), PHOTOGRAPHY AND MEDIA ARTS, DECORATIVE ARTS (CLASSICAL ANTIQUITY - PRESENT), AND CONTEMPORARY ART (POST-1980). THE CORCORAN SERVES THREE MAJOR CONSTITUENCIES THROUGH ITS EXHIBITIONS AND PROGRAMMING: LOCAL AREA RESIDENTS, NATIONAL AND INTERNATIONAL VISITORS TO THE NATION'S CAPITAL, AND THE LOCAL ARTISTIC COMMUNITY. THE CORCORAN EMPLOYS CURATORIAL STAFF TO ENSURE THAT THE COLLECTION IS PROTECTED AND PRESERVED. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE CORCORAN'S ENDOWMENT CONSISTS OF SEVERAL INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. ITS ENDOWMENT INCLUDES BOTH DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS. AS REQUIRED BY ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. AS OF JUNE 30, 2013, THE ENDOWMENT HAD DEFICIENCIES REPORTED IN UNRESTRICTED NET ASSETS OF $6,192,183. THESE DEFICIENCIES RESULTED FROM UNFAVORABLE MARKET FLUCTUATIONS THAT OCCURRED SHORTLY AFTER THE INVESTMENT OF NEW PERMANENTLY RESTRICTED CONTRIBUTIONS AND CONTINUED APPROPRIATIONS THAT WERE DEEMED PRUDENT BY THE BOARD OF TRUSTEES. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X, LINE 2: THE CORCORAN BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN, AND THEREFORE, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. AT A MINIMUM, THE TAX YEARS ENDING IN 2010 THROUGH 2013 ARE OPEN FOR EXAMINATION BY TAX AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENT 392,770. GAIN ON INTEREST RATE SWAP AGREEMENT 184,569. SCHOLARSHIPS -4,775,731. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EVENTS -556,550. COST OF GOODS SOLD -85,788. BAD DEBT EXPENSE 168,403. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENTS 556,550. COST OF GOODS SOLD 85,788. BAD DEBT EXPENSE 60,000. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 4,775,731. NORTH AMERICA 0 1 PROGRAM SERVICES ART EXHIBITION 20000 0 1 0 0 0 1 20000 0 20000 0 0 0 0 0 0 BALL 575021 402514 172507 516012 ARTINI 84488 50693 33795 40538 659509 453207 206302 556550 556550 -350248 1 SCHOLARSHIPS 511 5126742 FMV PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: GRANTS CONSIST OF SCHOLARSHIPS TO STUDENTS TO ATTEND CORCORAN COLLEGE OF ART. IN GENERAL, THE SCHOLARSHIP IS APPLIED DIRECTLY TO THE STUDENT'S ACCOUNT TO OFFSET TUITION AND FEES. X 1 1 X X X X 0 0 0 0 0 0 0 0 0 FRED BOLLERER 360039 0 0 0 5400 0 0 0 6921 0 372360 0 0 0 CATHERINE ARMOUR 196077 0 0 0 0 0 769 0 7950 0 204796 0 0 0 LAUREN GARCIA 190861 0 0 0 0 0 0 0 15738 0 206599 0 0 0 SUPPLEMENTAL INFORMATION PART III FRED BOLLERER SERVED AS THE CORCORAN'S PRESIDENT UNTIL APRIL 2013. HIS COMPENSATION REPORTED HERE REPRESENTS HIS SALARY FOR THE ENTIRE 2012 CALENDAR YEAR, RATHER THAN FOR THE 10 MONTHS DURING WHICH HE SERVED AS PRESIDENT FOR THE FISCAL YEAR ENDED JUNE 30, 2013. PEGGY LOAR BECAME THE CORCORAN'S INTERIM PRESIDENT IN APRIL 2013. HER REPORTABLE COMPENSATION FOR THE PERIOD APRIL THROUGH JUNE 2013 WILL BE INCLUDED ON HER FORM W-2 FOR THE 2013 CALENDAR YEAR. THIS COMPENSATION WILL BE REPORTED ON THE CORCORAN'S 2013 FORM 990, FOR THE FISCAL YEAR ENDED JUNE 30, 2014. X 94 X 10 190058 FAIR MARKET VALUE 0 1 0 FORM 990, PART VI, SECTION B, LINE 11 A DRAFT COPY OF THE COMPLETE RETURN IS SENT TO THE FINANCE COMMITTEE OF THE BOARD OF TRUSTEES FOR REVIEW. ALL QUESTIONS AND COMMENTS RAISED BY THE COMMITTEE ARE ADDRESSED PRIOR TO SUBMISSION TO THE IRS. ONCE THE 990 HAS BEEN FILED, THE CHAIRMAN OF THE FINANCE COMMITTEE REPORTS TO THE BOARD THAT THE REVIEW TOOK PLACE AND THAT THE FORM HAS BEEN FILED. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS SHALL NOT VOTE ON, APPROVE, OR RECOMMEND ANY TRANSACTION IN WHICH THEY HAVE AN ACTUAL OR POTENTIAL CONFLICT OF INTEREST. IF THEY ARE PRESENT AT A MEETING OF THE BOARD OR ANY COMMITTEE AT WHICH SUCH A MATTER IS CONSIDERED, THEY MUST DISQUALIFY THEMSELVES FROM PARTICIPATING IN THE DISCUSSION AND VOTE BY EXCUSING THEMSELVES FROM THAT PORTION OF THE MEETING. IN ADDITION, BOARD MEMBERS AND OFFICERS ARE REQUIRED TO COMPLETE A CONFLICT OF INTEREST STATEMENT ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15A THE COMPENSATION OF THE DIRECTOR/PRESIDENT IS DETERMINED BY THE EXECUTIVE COMMITTEE AND IS REVIEWED EVERY THREE YEARS. CHANGES TO HIS OR HER SALARY ARE GUIDED BY THE FOLLOWING FACTORS: (A) THE INTRINSIC QUALITY OF HIS OR HER MANAGEMENT, INTELLECTUAL LEADERSHIP, AND PUBLIC REPRESENTATION OF THE CORCORAN; (B) THE ORGANIZATION'S FINANCIAL PERFORMANCE AND STABILITY; (C) THE COMPENSATION OF SIMILAR POSITIONS OF OTHER, SIMILAR ORGANIZATIONS BASED ON SURVEYS AND COMPENSATION STUDIES; AND (D) ADDITIONAL, SIMILAR FACTORS THE COMMITTEE DEEMS APPROPRIATE, SUCH AS DONATIONS PROCURED. THE COMPENSATION OF OTHER OFFICERS AND KEY EMPLOYEES IS DETERMINED BY THE DIRECTOR/PRESIDENT USING THE SAME GUIDELINES DESCRIBED ABOVE. FORM 990, PART VI, SECTION C, LINE 19 ALL GOVERNING DOCUMENTS INCLUDING THE 990 ARE MADE AVAILABLE UPON REQUEST. FORM 990, PART VII, LINE 1A: FRED BOLLERER SERVED AS THE CORCORAN'S PRESIDENT UNTIL APRIL 2013. HIS COMPENSATION REPORTED HERE REPRESENTS HIS SALARY FOR THE ENTIRE 2012 CALENDAR YEAR, RATHER THAN FOR THE 10 MONTHS DURING WHICH HE SERVED AS PRESIDENT FOR THE FISCAL YEAR ENDED JUNE 30, 2013. PEGGY LOAR BECAME THE CORCORAN'S INTERIM PRESIDENT IN APRIL 2013. HER REPORTABLE COMPENSATION FOR THE PERIOD APRIL THROUGH JUNE 2013 WILL BE INCLUDED ON HER FORM W-2 FOR THE 2013 CALENDAR YEAR. THIS COMPENSATION WILL BE REPORTED ON THE CORCORAN'S 2013 FORM 990, FOR THE FISCAL YEAR ENDED JUNE 30, 2014. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENT 392,770. GAIN ON INTEREST RATE SWAP AGREEMENT 184,569. BAD DEBT EXPENSE -228,403. FORM 990, PART XII, LINE 2C: THE AUDIT OVERSIGHT PROCESS HAS REMAINED UNCHANGED FROM THE PREVIOUS YEAR.