2012-03-15T13:17:10-05:00 2011-06-30 TATE AND TRYON 2021 L STREET NW SUITE 400 WASHINGTON DC 20036 990 2010-07-01 530196641 TRUSTEES OF THE CORCORAN GALLERY OF ART TRUS 2026391700 500 SEVENTEENTH STREET NW WASHINGTON DC 200064804 FRED BOLLERER 2026391700 2012-03-19 1 2022932200 2010 2016-02-24 21:20:13Z FRED BOLLERER 500 SEVENTEENTH STREET NW WASHINGTON DC 200064804 27802603 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. 9 9 654 235 0 0 4409302 3169945 19851186 19913625 2849675 640092 49389 85519 27159552 23809181 3389148 4437205 0 0 12159069 14343456 0 0 1662193 11883459 12242352 27431676 31023013 -272124 -7213832 52796529 43104552 15103891 14600950 37692638 28503602 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 3756082 904352 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. 19840788 4437205 18125826 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 A 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. 1050965 1034119 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. 24647835 1 1 0 1 0 0 1 0 1 1 0 0 1 1 1 1 0 0 0 0 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 0 1 157 0 1 654 1 0 0 0 0 0 1 1 0 0 0 0 X 9 9 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NY X FRED BOLLERER 2026391700 500 17TH STREET NW WASHINGTON DC 200064804 HARRY F HOPPER III 2.00 X X 0 0 0 SARAH E CHAPOTON 2.00 X X 0 0 0 CHRISTOPHER M NIEMCZEWSKI 2.00 X X 0 0 0 SAREE R PITT 2.00 X 0 0 0 JOSEPHINE S COOPER 2.00 X 0 0 0 CHERRIE W DOGGETT 2.00 X 0 0 0 ANNE N EDWARDS 2.00 X 0 0 0 JULIE J JENSEN 2.00 X 0 0 0 FREDERICK W KNOPS III 2.00 X 0 0 0 FRANCO NUSCHESE 2.00 X 0 0 0 RONALD D ABRAMSON ESQ 1.00 X 0 0 0 DUANE W BECKHORN 1.00 X 0 0 0 PAUL I CORDDRY 1.00 X 0 0 0 TIMOTHY C COUGHLIN 1.00 X 0 0 0 EMANUEL J FRIEDMAN 1.00 X 0 0 0 ANNE B HAZEL 1.00 X 0 0 0 JOHN T HAZEL JR 1.00 X 0 0 0 FREEBORN G JEWETT JR 1.00 X 0 0 0 BERNARD KOTEEN 1.00 X 0 0 0 ROBIN B MARTIN 1.00 X 0 0 0 JOHN J ROBERTS 1.00 X 0 0 0 JEANNE W RUESCH 1.00 X 0 0 0 DEANE L SHATZ 1.00 X 0 0 0 FRED BOLLERER 40.00 X 321978 0 0 MARIANA NORK 40.00 X 158021 0 3742 KIRK PILLOW 40.00 X 207526 0 3359 PHILLIP BROOKMAN 40.00 X 100742 0 5781 STEPHEN M BROWN 40.00 X 106963 0 3359 JANICE MARKS 40.00 X 102647 0 3742 PAUL GREENHALGH 40.00 X 303823 0 3742 1301700 0 23725 7 1 1 0 REAL CHANGE STRATEGIES 1616 ANDERSON ROAD MCLEAN VA 22102 STRATEGIC MANAGEMENT 227408 HOLLAND & KNIGHT PO BOX 864084 ORLANDO FL 328864084 LEGAL SERVICES 171421 PETER DAGRETZIKOS 13203 WILTON OAKS DRIVE SILVER SPRING MD 20906 PAINTING 137708 3 4835 623282 254597 2287231 63260 3169945 TUITION AND FEES 900099 18964228 18964228 EXHIBITIONS AND TOURS 900099 596509 596509 ADMISSIONS AND PROGRAM 900099 352888 352888 19913625 175586 175586 42973 42973 3656283 246850 3438627 217656 246850 464506 464506 275315 623282 421282 -145967 -145967 262539 133513 129026 129026 MISCELLANEOUS 900099 37841 37841 PARKING 900099 21646 21646 59487 23809181 20064297 0 574939 4437205 4437205 888002 549923 285322 52757 11699629 7214720 3805226 679683 860586 644963 108206 107417 895239 470233 425006 319629 16357 303272 79348 79348 52265 52265 36023 36023 1421352 247026 1055685 118641 420710 243589 176982 139 1417697 1041951 247125 128621 418226 173778 197083 47365 2614168 1235753 1378415 238170 195096 30445 12629 356643 314244 11013 31386 235341 189681 45660 1078135 514905 563230 188365 73021 115344 EXHIBITION EXPENSE 686526 658822 27704 LICENSES, REGISTRATION, 576077 550944 24223 910 FED. FINANCIAL AID 560885 560885 PRINTING & PUBLICATIONS 256616 256616 OVERHEAD ALLOCATION 0 4234268 -4619093 384825 1286176 823855 416766 45555 31023013 24647835 4712985 1662193 8899 11468319 5251099 1558173 600636 635567 433897 536819 477663 125425 106140 663076 981113 27783041 9420529 18346746 18362512 9262320 8894893 10200084 7987700 52796529 43104552 3925421 3162767 478416 697118 10149952 10219881 550102 521184 15103891 14600950 X 8960697 302263 9792568 8876200 18939373 19325139 37692638 28503602 52796529 43104552 X -7213832 -1975204 X X 0 1 1 X 1 1 X 12963460 8203669 6633048 4409303 3169945 35379425 12963460 8203669 6633048 4409303 3169945 35379425 795156 34584269 954302 826975 1256312 330541 218559 3586689 54875 48960 601617 73197 59487 838136 39804250 95181289 0.86890 0.86320 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 52265 0 0 52265 0 EXPLANATION OF OTHER LOBBYING ACTIVITIES: PART II-B, LINE 1I: 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 18339795 17615 1590997 -445553 19502854 23175386 42853 1617067 6495511 18339795 27862594 35813 -5828851 -1105830 23175386 0.16920 0.73250 0.09830 0 0 1255835 1255835 21320800 5266803 16053997 4379348 3367889 1011459 827058 785837 41221 18362512 INTERESTS IN SPLIT INTEREST AGREEMENT 1102242 PROPERTY HELD FOR SALE 6885458 7987700 PERKINS LOAN ADVANCE 94341 INTEREST RATE SWAP AGREEMENT 426843 521184 23809181 31023013 -7213832 1262184 -3237388 -1975204 -9189036 21764994 1262184 248026 -4073169 -2562959 24327953 36023 -554795 -518772 23809181 30954030 248026 3974598 4222624 26731406 36023 4255584 4291607 31023013 PART III, LINE 1A: COLLECTION: THE VALUE OF THE COLLECTION HAS BEEN EXCLUDED FROM THE STATEMENTS OF FINANCIAL POSITION. 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. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: 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, TAX YEARS ENDING IN 2008 THROUGH 2011 ARE OPEN FOR EXAMINATION BY TAXING AUTHORITIES. PART XI, LINE 8 - OTHER ADJUSTMENTS: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENT 116,976. GAIN ON INTEREST RATE SWAP AGREEMENT 65,439. BAD DEBT RECOVERY 2,316. CHANGE IN VALUE OF PROPERTY HELD FOR SALE -3,422,119. PART XII, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENT 116,976. GAIN ON INTEREST RATE SWAP AGREEMENT 65,439. SCHOLARSHIPS -4,255,584. PART XII, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EVENTS -421,282. COST OF GOODS SOLD -133,513. PART XIII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENTS 421,282. COST OF GOODS SOLD 133,513. BAD DEBT RECOVERY -2,316. CHANGE IN VALUE OF PROPERTY HELD FOR SALE 3,422,119. PART XIII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 4,255,584. BALL 694990 486493 208497 300467 NOW AT NIGHT 111069 85893 25176 32500 37524 1 92538 50896 41642 18934 31857 898597 623282 275315 51434 369848 421282 -145967 1 SCHOLARSHIPS 506 4437205 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 1 0 0 0 0 0 0 0 0 FRED BOLLERER 320444 0 0 0 1534 0 0 0 4103 0 326081 0 0 0 MARIANA NORK 150521 0 7500 0 0 0 0 0 4892 0 162913 0 0 0 KIRK PILLOW 185987 0 21539 0 0 0 0 0 3359 0 210885 0 0 0 PAUL GREENHALGH 253823 0 0 0 50000 0 0 0 5161 0 308984 0 0 0 PART I, LINE 4A PAUL GREENHALGH, FORMER PRESIDENT, RECEIVED A BOARD-APPROVED SEVERANCE OF $50,000 IN CONJUNCTION WITH HIS RESIGNATION DURING FY 2011. X 134 0 X 18 63260 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 15 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 EXECUTIVE DIRECTOR 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. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 1,262,184. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENT 116,976. GAIN ON INTEREST RATE SWAP AGREEMENT 65,439. BAD DEBT RECOVERY 2,316. CHANGE IN VALUE OF PROPERTY HELD FOR SALE -3,422,119. TOTAL TO FORM 990, PART XI, LINE 5: -1,975,204. FORM 990, PART XII, LINE 2C: THE AUDIT OVERSIGHT PROCESS HAS REMAINED UNCHANGED FROM THE PREVIOUS YEAR.