2012-05-14T16:23:56-04:00 2011-06-30 BATCHELOR TILLERY & ROBERTS LLP 3605 GLENWOOD AVENUE SUITE 350 RALEIGH NC 27612 990 2010-07-01 237071511 NORTH CAROLINA MUSEUM OF ART FOUNDATION INC NORT 9198396262 4630 MAIL SERVICE CENTER RALEIGH NC 276994630 CATERRI M WOODRUM 2012-05-14 true RONALD A BATCHELOR 9197878212 2010 2016-02-24 21:20:13Z CATERRI M WOODRUM 2110 BLUE RIDGE ROAD RALEIGH NC 27607 11797561 false X WWW.NCARTMUSEUM.ORG X 1969 NC TO FOSTER AND PROMOTE THE GROWTH, PROGRESS AND GENERAL WELFARE OF THE NORTH CAROLINA MUSEUM OF ART. 24 24 169 379 0 0 9364805 6267876 1692749 4160192 640168 650445 3399 -34280 11701121 11044233 7671894 328864 0 0 4084461 4534487 56986 46551 1394916 4570190 5181198 16383531 10091100 -4682410 953133 33366054 34668604 16734433 13589458 16631621 21079146 THE NORTH CAROLINA MUSEUM OF ART FOUNDATION INC.'S PRIMARY MISSION IS TO FOSTER AND PROMOTE THE GROWTH, PROGRESS, AND GENERAL WELFARE OF THE NORTH CAROLINA MUSEUM OF ART. THE FOUNDATION IS PRIMARILY RESPONSIBLE FOR FUNDRAISING ON BEHALF OF THE MUSEUM AND 70% OF THE FUNDING REQUIRED TO OPERATE AND PROGRAM THE COMBINED (STATE AND FOUNDATION) ENTITY. IN ADDITION TO BEING THE PRIMARY FUNDRAISING ARM OF THE MUSEUM, THE FOUNDATION ALSO MANAGES A SIGNIFICANT MEMBERSHIP BASE FOR THE MUSEUM, AND OPERATES BOTH A RETAIL SHOP AND A FOOD SERVICE OPERATION FOR THE BENEFIT OF THE MUSEUM'S MEMBERS AND VISITORS. false false 6138795 245134 4160192 The Museum of Art is partially supported by state appropriations that largely fund state staff positions and their related benefits, and a portion of the operating costs of running the Museum. The North Carolina Museum of Art Foundation, Inc. provides the majority of financial support needed for education and curatorial programming of the Museum of Art including support for statewide and museum-based education programming, special traveling art exhibitions, supplemental art conservation funds, and public programming to include summer concerts and a year-round film series. 194381 0 0 The North Carolina Museum of Art Foundation, Inc. provides additional support to the Museum of Art by cultivating donors for commissioned works of art and contributions for art acquisitions. All art purchased or commissioned is gifted by the Foundation to the North Carolina Museum of Art. 765627 83730 0 In the prior fiscal year, the North Carolina Museum of Art completed a major expansion initiative, constructing a new 127,000 square foot gallery building to showcase its permanent collection. This innovative new building is surrounded by highly landscaped sculpture gardens and water pools funded entirely from private contributions that were provided as a grant from the North Carolina Museum of Art Foundation to the State of North Carolina. These contributions, largely in the form of pledges receivable, underpin a note and loan agreement with a local lending institution, the proceeds from which were granted by the Foundation to the State during the construction period to pay the cost of construction of these landscaped areas. The final grant to the State of North Carolina under this project agreement was $83,730 for the year ended June 30, 2011. 7098803 true true false true false false false false true true false false true false true true false false false false false false true true false false true false true true false false false false false false false false false false true true false false false false false false false false true 123 0 true 169 true false false false false false true true false false false false X 24 24 false false false false false false false true true false false true true true true true true true true false X X SHARON L FRANK 9196646840 4630 MAIL SERVICE CENTER RALEIGH NC 276994630 X LAWRENCE J WHEELER 55.0 X X 223541 298962 34061 CATERRI M WOODRUM 65.0 X X 247800 0 28491 R PAXTON BADHAM JR 1.0 X X 0 0 0 JEFFREY T BARBER 1.0 X 0 0 0 JAMES B BLACK III 1.0 X 0 0 0 JOSEPHINE R DARDEN 1.0 X 0 0 0 CLAY R DUNNAGAN 1.0 X X 0 0 0 PHILIP G FREELON 1.0 X 0 0 0 RODNEY E GADDY 1.0 X 0 0 0 JOAN H GILLINGS 1.0 X 0 0 0 THOMAS GIPSON 1.0 X 0 0 0 WILLIAM T HOBBS II 1.0 X 0 0 0 JOHN J JENKINS 1.0 X 0 0 0 JAMES Y KERR II 1.0 X 0 0 0 BARRY M LEFFLER 1.0 X 0 0 0 HARRIET B LONG 1.0 X 0 0 0 SUZANNE R MCKINNEY 1.0 X 0 0 0 MARC D OKEN 1.0 X 0 0 0 L RICHARDSON PREYER JR 1.0 X X 0 0 0 GRACE I ROBBINS 1.0 X 0 0 CHRISTY L SHAFFER 1.0 X 0 0 0 KIM D SAUNDERS 1.0 X 0 0 0 J ROBERT TYLER III 1.0 X 0 0 0 CHRISTOPHER R WEBSTER JR 1.0 X 0 0 0 MASON L WILLIAMS 1.0 X X 0 0 0 ROSEMARY WYCHE 1.0 X 0 0 0 ELLEN D STONE 40.0 X 138493 0 23493 DANIEL P GOTTLIEB 40.0 X 131122 0 28805 KATHRYN F YANDELL 40.0 X 108716 0 15389 849672 298962 130239 5 false true false 0 1645747 232902 1005794 3383433 2174965 6267876 PROGRAM FEES 900099 1785964 1785964 MUSEUM SHOP SALES 453220 803770 803770 CAFE SALES 722100 1513770 1513770 OTHER OPERATING REVENUE 900099 56688 56688 4160192 562235 562235 0 2379 2379 518294 430084 88210 88210 88210 286585 232902 323244 -36659 0 0 0 11044233 2589734 2223282 328864 328864 0 0 0 696456 161236 264260 270960 0 3197994 1924650 570999 702345 147081 78422 15941 52718 239005 135112 37009 66884 253951 154780 49073 50098 0 54293 54293 32164 32164 63612 63612 46551 46551 59594 52403 7191 242360 212655 20632 9073 245098 234871 3904 6323 1424555 1147770 166451 110334 83239 47430 15735 20074 0 137132 77395 59737 108553 65385 -4288 47456 0 114725 35261 69435 10029 312035 277333 34702 0 55882 17572 38310 29872 2069 27803 ART PURCHASES 194381 194381 PRODUCTION EXPENSES 467185 457933 8528 724 LECTURE, WORKSHOP & ARTISTS 339002 315081 23921 EXHIBITION VENUE FEES 253400 253400 EARNED INCOME EXPENSE 762655 762333 322 201461 162467 37647 1347 10091100 7098803 1597381 1394916 4492580 4035002 704910 1204987 5411050 3467556 1041404 1101258 252894 272931 604411 475624 108571 128787 15929027 19806421 5425618 4651662 33366054 34668604 8032584 7473847 6172599 5436361 2529250 679250 0 16734433 13589458 X 94536 179655 -47140 3420969 16584225 17478522 16631621 21079146 33366054 34668604 X 953133 3494392 X false true true X false X 14815436 7218777 6870773 8364809 5267880 42537675 6000000 916663 999996 999996 8916655 14815436 13218777 7787436 9364805 6267876 51454330 6052040 45402290 600007 815333 539589 494626 562235 3011790 54466120 18337244 0.83359 0.83749 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false true 63612 false false 63612 LOBBYING ACTIVITY EXPLANATION SCHEDULE C, PART II-B, LINE 1G DURING THE FISCAL YEAR ENDED 6/30/2011 $16,110 WAS PAID TO THE LAW FIRM OF SMITH, ANDERSON, BLOUNT, DORSETT, MITCHELL & JERNIGAN,LLP, $2,365 TO THE LAW FIRM OF K & L GATES, LLP, AND $45,137 TO THE LAW FIRM OF NELSON, MULINS, RILEY & SCARBOROUGH, LLP FOR LOBBYING ASSISTANCE IN SEEKING ADDITIONAL STATE AND LOCAL SUPPORT FOR THE NORTH CAROLINA MUSEUM OF ART. ACTIVITIES INCLUDED MEETING WITH AND CONTACTING GOVERNMENT OFFICIALS AND LEGISLATORS. 16140753 233065 4024665 59594 20338889 12259509 1972244 1956205 47205 16140753 15625396 -3328967 36920 12259509 0.00000 0.79946 0.20054 false false 604411 475624 128787 128787 PREPAID EXPENSES 10000 CSV OF KEY-MAN LIFE INSURANCE 60669 DEPOSITS 6749 BOND ISSUANCE COSTS, NET 33292 PREPAID LOAN ISSUANCE COSTS 6703 LONG TERM RECEIVABLE 4534249 4651662 0 0 11044233 10091100 953133 3494680 -288 3494392 4447525 15100607 3494680 238450 323244 4056374 11044233 11044233 10653082 238738 323244 561982 10091100 10091100 INTENDED USES OF ENDOWMENT FUNDS SCHEDULE D, PART V, LINE 4 The Foundation has adopted investment and spending policies for endowment assets that attempt to provide a predictable stream of funding to programs supported by its endowment. The investment policy was developed with the long-term interests of the endowment in mind and adheres to accepted investment and financial management principles. The investment policy is designed to ensure prudent management of the assets in order to serve the best long-term interests of the Foundation. The Foundation expects its endowment funds, over time, to provide a total real rate of return of 5%, net of fees, over a three-year rolling average. Actual returns in any given year may vary from this amount. RECONCILIATION OF REVENUE - OTHER DIFFERENCES SCHEDULE D, PART XII, LINE 2D $323,244 FUNDRAISING EXPENSES INCLUDED IN FINANCIAL STATEMENT EXPENSES RECONCILIATION OF EXPENSES - OTHER DIFFERENCES SCHEDULE D, PART XIII, LINE 2D $323,244 FUNDRAISING EXPENSES INCLUDED IN FINANCIAL STATEMENT EXPENSES RECONCILIATION OF CHANGE IN NET ASSETS SCHEDULE D, PART XI, LINE 8 $288 REDUCTION IN CASH SURRENDER VALUE OF LIFE INSURANCE NETTED AGAINST CONTRIBUTIONS INCOME FOR BOOK X X X X X X X true CAROL O'BRIEN ASSOCIATES CAP CAMPGN CONSULTING false 46551 46551 ART AUCTION 459491 215497 243994 9045 19239 255483 FRNDS AFR/AMER 19448 16000 3448 2553 1809 3 37021 1405 35616 25011 4414 515960 232902 283058 9045 46803 261706 317554 -34496 true STATE OF NO CAROLINA DEPT CULTURAL RESOURCES 109 EAST JONES STREET RALEIGH NC 276994601 NC GOVERNMENT 83730 INVESTMENT FOR THE BENEFIT OF THE MUSEUM EXPANSION PROJECT UNTIL SUCH FUNDS ARE REQUIRED TO PAY CONSTRUCTION COSTS. SECCA FOUNDATION 750 MARGUERITE DRIVE WINSTON SALEM NC 271065826 560656890 501(C)(3) 236092 SUPPORT OF THE SECCA STATE ENTITY, AN AFFILIATED ORGANIZATION UNDER THE NORTH CAROLINA MUSEUM OF ART 2 0 MONITORING USE OF GRANT FUNDS SCHEDULE I, PART I The Foundation entered into a grant agreement with the State of North CaroliNa dated September 26, 2008. The purpose of the grant agreement is to provide the state with donated funds for the exclusive use in the Museum's expansion project for landscaping. During the period ended June 30, 2011, the Foundation provided the State of North Carolina grants of $83,730 in support of the project. GRANTS AND OTHER ASSISTANCE TO GOVERNMENTS AND ORGANIZATIONS IN THE U.S. SCHEDULE I, PART II, LINE 2 FUNDS OF $236,092 WERE TRANSFERRED PER AN AMENDED DONOR GRANT AGREEMENT TO THE SECCA FOUNDATION FOR THE CONTINUED SUPPORT OF THE SECCA STATE ENTITY, AN AFFILIATED ORGANIZATION UNDER THE STATE ENTITY - NORTH CAROLINA MUSEUM OF ART. X X X X false false false false false false false false false LAWRENCE J WHEELER 0 298962 211440 0 12101 0 17061 12272 2872 1856 243474 313090 0 0 CATERRI M WOODRUM 197620 0 50000 0 180 0 20000 0 9626 0 277426 0 0 0 ELLEN D STONE 137977 0 0 0 516 0 11508 0 13120 0 163121 0 0 0 DANIEL P GOTTLIEB 130606 0 0 0 516 0 11200 0 18740 0 161062 0 0 0 COMPENSATION INFORMATION SCHEDULE J, PART II Dr. Lawrence J. Wheeler is the Director of the North Carolina Museum of Art, a state entity organized under the Department of Cultural Resources. The North Carolina Museum of Art Foundation, Inc. is a non-profit organization in support of the State Museum. Given the common goals of these two organizations, Dr. Wheeler exercises significant influence relative to both entities and his primary compensation through the State of North Carolina is supplemented significantly by the North Carolina Museum of Art Foundation, Inc. In addition to salary supplement, the Foundation entered into a five year consulting agreement with Dr. Wheeler on May 1, 2005. Under the agreement Dr. Wheeler receives an annual consulting fee and certain discretionary bonus payments at the discretion of the Foundation Board and Dr. Wheeler agrees to lend his expertise to the Foundation in various fundraising initiatives, particularly as it relates to the cultivation and solicitation of collectors and donors. The initial term of the agreement continued through April 30, 2010. On July 1, 2010 the Foundation entered into a revised five year consulting agreement with Dr. Wheeler, the terms of which are largely consistent with the previous agreement, except that Dr. Wheeler will receive an annual retention payment payable at the end of each fiscal period in which he remains in active service at the Museum. WAKE CO INDUSTR FACIL & POLLUT CONTROL FINAN AUTH 561352483 2008-01-24 7176605 NC MUSEUM OF ART EXPANSION PROJECT false false false 7176605 50000 7126605 false false true true false false false false false false false false false false false X 151 157351 DONOR DETERMINED FMV X 33 1505648 STOCK QUOTE X EQUIPMENT 1 21165 FAIR MARKET VALUE X SUPPLIES 12 18090 FAIR MARKET VALUE false true false FORM 990 REVIEW PROCESS FORM 990, PART VI - SECTION B, LINE 11B The NCMA Foundation's governance includes an Audit Committee operating under a formal charter. The Audit Committee serves as an independent and objective party to monitor the Foundation's financial and compliance reporting process including oversight of the 990 tax filing as well as its internal control system. The Audit Committee meets with external auditors and Foundation management to review the results of the annual audit and related financial statements and reviews the full 990 tax filing prior to its submission. The 990 is also reviewed by chief legal counsel. MONITORING CONFLICTS OF INTEREST FORM 990, PART VI - SECTION B, LINE 12C The Audit Committee also serves as the ethics committee for the Foundation, overseeing the whistleblower, records retention, conflicts of interest and confidentiality policies. The Audit Committee Chairman is the independent party to which employees and board members may report any ethics concerns or possible conflicts of interest. The Committee meets at least twice per year and more often as necessary. Potential conflicts of interest are reviewed with the Foundation's Chief Deputy Director and Chief Financial Officer as needed for resolution. An annual acknowledgement process occurs with all board members and staff whereby they formally certify receipt of all governance policies and agreement to comply with them. PROCESS FOR DETERMINING COMPENSATION FORM 990, PART VI - SECTION B, LINE 15 The Personnel Committee of the Board of Directors has the primary governing responsibility of overseeing human resource matters and also works in conjunction with the Finance Committee as it relates to any financial impact of decisions taken. The Personnel Committee serves as an independent and objective party to monitor the Foundation's personnel, compensation, stipend and compliance processes as necessary. Their charter outlines specific responsibility for evaluating the performance of the Foundation's Chief employee (the Chief Deputy Director/ and Chief Financial Officer) and setting the senior employee's compensation level based on the results of this evaluation. The Museum Director is a state employee whose compensation is supplemented by the Foundation. The Director also has a consulting agreement with the Foundation under which he receives certain additional compensation upon Board discretion. The Personnel Committee's charter also outlines specific responsibility for evaluating the Museum Director's performance under this agreement and making recommendations to the full board with respect to compensation. To ensure any compensation recommendations are reasonable, the Personnel Committee meets and discusses annually the performance of both the Museum Director and the Foundation's Chief employee based upon specific goals and accomplishments outlined for the year. The Committee reviews the latest American Association of Museum's (AAM) annual salary survey as a basis for comparison of compensation reasonableness. The AAM survey provides benchmark data of US Museums by geographic area, population, and budget size for key museum positions. Final recommendations are submitted to the full board for approval and inclusion in the Foundation's operating budget. MAKING INFORMATION AVAILABLE TO THE PUBLIC FORM 990, PART VI - SECTION C, LINE 19 The Foundation's Articles of Incorporation are on file with the North Carolina Secretary of State and are publicly available. The Foundation's other governing documents, conflict of interest policies and financial statements are not generally made available to the general public except by specific request for purposes clearly identified and approved by the board. All Foundation employees have access to these documents on a shared intranet drive and independent contractors are provided with certain of these documents as appropriate to their legal relationship with the Foundation (example, conflicts of interest policy and sexual harassment policy) as specifically approved by the Board or as required for tax exempt organizations. RECONCILIATION OF NET ASSETS FORM 990, PART XI, LINE 5 $3,494,680 NET UNREALIZED GAIN ON INVESTMENTS - $288 REDUCTION IN CASH SURRENDER VALUE OF LIFE INSURANCE = $3,494,392 OTHER CHANGES IN NET ASSETS OR FUND BALANCES.