2012-05-15T08:52:36-05:00 2011-06-30 KPMG LLP 1676 INTERNATIONAL DRIVE MCLEAN VA 22102 990 2010-07-01 231365388 Philadelphia Museum of Art PHIL 2157638100 PO Box 7646 Philadelphia PA 191017646 ROBERT T RAMBO 2156847801 2012-05-15 1 KPMG 7032868000 2010 2016-02-24 21:20:13Z Timothy Rub PO Box 7646 Philadelphia PA 191017646 147392010 0 X www.philamuseum.org X 1876 PA Collecting, maintaining and displaying works of art. 69 67 812 468 19998 -19478 67601617 43990030 7975558 7518362 3791757 17116523 1022346 2130985 80391278 70755900 0 0 0 0 23484898 24553728 147464 14990 3740168 49441089 37877590 73073451 62446308 7317827 8309592 668655898 728107814 93254278 91964661 575401620 636143153 X See Schedule O.The Philadelphia Museum of Art in partnership with the city, the region and art museums around the globe - seeks to preserve, enhance, interpret and extend the reach of its great collections in particular and the visual arts in general, to an increasing and increasingly diverse audience as a source of delight, illumination, and lifelong learning. 0 0 7969548 The acquisition of approximately 80 works of art for display in the Museum, serving the general public. 896640 434434 Special exhibition - Roberto Capucci: Art into Fashion: Italian fashion designer and artist Roberto Capucci is revered by contemporary designers for his innovative silhouettes and masterful use of form, color, and materials. This exhibition which featured over eighty works, as well as original drawings and sketches, was the first survey of his work in the United States. 2517773 488377 Education programs for children, disabled, and general public to provide a better understanding of Museum's collection & art in general. Program attendance - 158,705. 2186688 0 Conservation of works of art - restoration, repair and preservation of various objects in the collections during fiscal year 2011. 16096685 0 Security & maintenance 6366624 Curatorial and collections activities 1660405 1790739 Museum shop operating expenses 1088094 Marketing 2466492 985055 Various special exhibitions 1732619 339360 Various publications 4503174 3783097 Membership and visitor services 303848 155169 Rights & reproductions and photography 528039 235628 Group sales and special events 250723 External affairs 1831475 Information services, audio visual and telecommunications 932985 Library and community programs 39947851 7289048 51331812 1 1 0 1 0 0 1 0 1 1 1 0 0 1 1 1 0 0 0 1 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 0 1 X 244 0 1 812 1 1 1 1 CJ CA EI VI 0 0 0 1 1 0 0 0 0 X 69 67 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 PA NJ NY CT FL X Robert T Rambo 2156847801 PO Box 7646 Philadelphia PA 191017646 Timothy F Rub 35.00 X X 453178 0 24260 Gail M Harrity 35.00 X X 327210 0 23926 John R Alchin 1.00 X 0 0 0 Dennis Alter 1.00 X 0 0 0 Barbara Aronson 1.00 X 0 0 0 Sheldon M Bonovitz 1.00 X 0 0 0 Ira Brind 1.00 X 0 0 0 Julian Brodsky 1.00 X 0 0 0 Priscilla S Brown 1.00 X 0 0 0 Renee Chenault-Fattah 1.00 X 0 0 0 Dr Constance E Clayton 1.00 X 0 0 0 Betsy Z Cohen 1.00 X 0 0 0 Ruth M Colket 1.00 X 0 0 0 Peter D Davenport 1.00 X 0 0 0 Hon Nelson A Diaz 1.00 X 0 0 0 Edith Robb Dixon 1.00 X 0 0 0 John G Drosdick 1.00 X 0 0 0 Edward Fernberger Jr 1.00 X 0 0 0 Jaimie Spector Field 1.00 X 0 0 0 Penny Fox 1.00 X 0 0 0 Mrs Jack M Friedland 1.00 X 0 0 0 David Haas 1.00 X 0 0 0 Lynne Honickman 1.00 X 0 0 0 Joan M Johnson 1.00 X 0 0 0 Kenneth S Kaiserman 1.00 X 0 0 0 James Nelson Kise 1.00 X 0 0 0 Berton E Korman 1.00 X 0 0 0 Ronald P Lassin 1.00 X 0 0 0 HF Gerry Lenfest 1.00 X 0 0 0 Victoria McNeil Le Vine 1.00 X 0 0 0 Maxine Lewis 1.00 X 0 0 0 Charles E Mather III 1.00 X 0 0 0 John H McFadden 1.00 X 0 0 0 Mary Patterson McPherson 1.00 X 0 0 0 John J Medveckis 1.00 X 0 0 0 Harvey S Shipley Miller 1.00 X 0 0 0 Martha Hamilton Morris 1.00 X 0 0 0 Ronald J Naples 1.00 X 0 0 0 Theodore T Newbold 1.00 X 0 0 0 John A Nyheim 1.00 X 0 0 0 Raymond G Perelman 1.00 X 0 0 0 Lynda Resnick 1.00 X 0 0 0 Andrew M Rouse 1.00 X 0 0 0 Mark E Rubenstein 1.00 X 0 0 0 Keith L Sachs 1.00 X 0 0 0 David William Seltzer 1.00 X 0 0 0 Martha McGeary Snider 1.00 X 0 0 0 Marion Stroud Swingle 1.00 X 0 0 0 Bruce E Toll 1.00 X 0 0 0 Constance H Williams 1.00 X 0 0 0 Dr John T Williams 1.00 X 0 0 0 Jerry Wind 1.00 X 0 0 0 Charles K Williams II 1.00 X 0 0 0 Mickey Cartin 1.00 X 0 0 0 H Richard Dietrich III 1.00 X 0 0 0 Dr Donald B Parks 1.00 X 0 0 0 Lyn M Ross 1.00 X 0 0 0 Tom Corbett 1.00 X 0 0 0 Michael A Nutter 1.00 X 0 0 0 Anna C Verna 1.00 X 0 0 0 Nancy Barness 1.00 X 0 0 0 Mary Anne Dutt Justice 1.00 X 0 0 0 Liz Price 1.00 X 0 0 0 Lisa D Kabnick 1.00 X 0 0 0 Sherry A Varrelman 1.00 X 0 0 0 Cynthia Holstad 1.00 X 0 0 0 Gretchen Burke 1.00 X 0 0 0 Angelica Zander Rudenstine 1.00 X 0 0 0 Joan F Thalheimer 1.00 X 0 0 0 Robert T Rambo 35.00 X 216924 0 22601 Lawrence Berger 35.00 X 137726 0 13796 Kelly M O'Brien 35.00 X 195156 0 18563 Ali Shaikholislami 35.00 X 160550 0 13064 Alice Beamesderfer 35.00 X 143171 0 18753 Stuart Gerstein 35.00 X 127118 0 14847 Suzette Sherman 35.00 X 130882 0 17204 Robin E Proctor 35.00 X 133839 0 18315 Lesley Pratt 35.00 X 129265 0 14172 2155019 0 199501 25 0 1 0 Gehry Partners LLP 12541 Beatrice Street Los Angeles CA 90066 Architects 5440857 Allied Barton Sercurity Services 161 Washington Street Suite 600 Conshohocken PA 19428 Security 4237768 LF Driscoll Co 9 PRESIDENTIAL BOULEVARD Bala Cynwyd PA 19004 Construction 1158163 JPC Group 228 Blackwood-Barnesboro Road Hilltop NJ 08012 Construction 390937 Morgan Lewis & Bockius LLP 1701 Market Street Philadelphia PA 19103 Legal 272020 10 6829581 9730077 27430372 2083083 43990030 Admissions 900099 3908599 3908599 Other special exh 900099 985055 985055 Parking revenues 812930 717602 717602 Education programs 611710 488377 488377 Concession fees 900099 379640 379640 1039089 1039089 7518362 5695595 5695595 631 631 86220138 74799841 11420297 11420297 11420297 3627008 1836269 1790739 1790739 Sale of art objects 900099 216888 216888 Miscellaneous 900099 103360 103360 Other investment incom 900000 19998 19998 340246 70755900 8211859 19998 18534013 1494660 659115 835545 18254366 15001295 1337665 1915406 778756 640694 71644 66418 2406755 2153595 57476 195684 1619191 1236570 224719 157902 80000 80000 65392 65392 96166 96166 14990 14990 2675061 2675061 966269 966269 2770636 2345364 141738 283534 330770 259139 33113 38518 8135915 7646842 308684 180389 343075 296487 43711 2877 66827 58647 7795 385 899586 697275 168238 34073 5970284 5594753 237020 138511 847776 268115 578979 682 Acquisitions 7969548 7969548 Special exhibitions 2427884 2427884 Education, library & co 1535924 1535924 Fundraising programs 707111 707111 Administration - Other 489339 489339 1500027 1478130 18209 3688 62446308 51331812 7374328 3740168 112520084 90481533 33362331 36312009 1105071 1542983 2570781 2508201 3255202 3129680 270185634 48507177 200782004 221678457 87109133 67926137 220075187 295087487 7876105 9441327 668655898 728107814 13359346 15330407 1105864 1408655 66820000 65745000 11969068 9480599 93254278 91964661 X 223941857 259352449 103013258 123322301 248446505 253468403 575401620 636143153 668655898 728107814 X 8309592 52431941 X 0 1 1 X 0 X 77408054 106640154 63375285 67601617 43990030 359015140 2850000 3420000 3350000 2825000 3200000 15645000 80258054 110060154 66725285 70426617 47190030 374660140 101486853 273173287 13270287 13781603 10039377 5885724 5696226 48673217 568250 568250 423901607 56702803 0.64440 0.65790 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 113144 113144 62350142 62463286 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 82619 78486 90732 113144 364981 250000 250000 250000 250000 1000000 1500000 X X X X 0 306840267 8274320 64541782 16642745 363013624 268481033 17464919 37345507 16451192 306840267 346808622 9475535 -69864722 17938402 268481033 0.21000 0.79000 1 0 2983347 2983347 203943107 43623002 160320105 11496535 4884175 6612360 51762645 51762645 221678457 Limited partnerships and other 57684324 F Global bond funds 16717895 F US stock funds 21546921 F Global stock funds 38199298 F Global(exUS)developed mkts stock fds 44026838 F Global(exUS)emerging mkts stock fds 27417188 F Hedge funds 72014215 F Private equity & venture capital fds 17480808 F 295087487 Obligations under split-interest agreements 2648334 Contractual obligations 6832265 9480599 70755900 62446308 8309592 52495352 -63411 52431941 60741533 125611827 52495352 3200000 1836267 57531619 68080208 2675061 631 2675692 70755900 64870294 3200000 1899678 5099678 59770616 2675061 631 2675692 62446308 Part III, Line 1a: The collections, which were acquired through purchases and contributions since the Museum's inception, are not recognized as assets on the statement of financial position. Purchases of collection items are recorded as decreases in net assets in the year in which the items are acquired. Unexpended proceeds from deaccessions are reflected in the unrestricted net asset class. Their use is limited, however, by museum professional standards, which require that such proceeds be made available solely for acquisition of other art objects. Part III, Line 4: The Museum is home to over 225,000 objects, spanning the creative achievements of the Western world since the first century AD and those of Asia since the third millennium BC. The European holdings date from the Medieval era to the present, and the collection of arms and armor is the second largest in the United States. The American collections are among the finest in the country, as are the expanding collections of modern and contemporary art. In addition, the Museum houses encyclopedic holdings of costume and textiles as well as prints, drawings, and photographs that are displayed in rotation for reasons of preservation. Description of Intended Use of Endowment Funds: Part V, Line 4: The endowment is used to maintain the collection of artwork and to acquire future works of art that enhance and promote the mission of the Philadelphia Museum of Art. Description of Uncertain Tax Positions Under FIN 48: Part X: The Museum has been recognized by the Internal Revenue Service as exempt from federal income tax under Section 501(c)(3) of the U.S. Internal Revenue Code, except for taxes on income from activities unrelated to its exempt purpose. Accordingly, no provision for income taxes has been made in the accompanying financial statements. Accounting principles generally accepted in the United States require management to evaluate tax positions taken by the Museum and recognize a tax liability (or asset) if the museum has an uncertain tax position that more likely than not would not be sustained upon examination by the IRS. Management has concluded that as of June 30, 2011, there are no uncertain tax positions taken or expected to be taken by the Museum that would require recognition of a liability (or asset) or disclosure in the financial statements. Part XI, Line 8 - Other Adjustments: Change in fair value of interest rate exchange agreement -63,411. Part XII, Line 2d - Other Adjustments: Cost of goods sold 1,836,267. Part XII, Line 4b - Other Adjustments: Interest income on tax-exempt bonds 631. Part XIII, Line 2d - Other Adjustments: Cost of goods sold 1,836,267. Change in FMV of interest rate exchange agreements 63,411. Part XIII, Line 4b - Other Adjustments: Interest income on tax-exempt bonds 631. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 25109927 0 0 0 25109927 0 25109927 1 0 1 1 1 0 X X X X 0 0 0 0 0 0 0 0 0 Timothy F Rub 451888 0 0 0 1290 0 1696 0 22564 0 477438 0 0 0 Gail M Harrity 325920 0 0 0 1290 0 12250 0 11676 0 351136 0 0 0 Robert T Rambo 214944 0 0 0 1980 0 10925 0 11676 0 239525 0 0 0 Lawrence Berger 136361 0 0 0 1365 0 5928 0 7868 0 151522 0 0 0 Kelly M O'Brien 194864 0 0 0 292 0 6909 0 11654 0 213719 0 0 0 Ali Shaikholislami 159033 0 0 0 1517 0 8044 0 5020 0 173614 0 0 0 Alice Beamesderfer 141829 0 0 0 1342 0 7313 0 11440 0 161924 0 0 0 Robin E Proctor 133026 0 0 0 813 0 6910 0 11405 0 152154 0 0 0 Philadelphia Authority for Industrial Development 222237287 7178182U1 2008-06-17 68560000 PAID Series 2008-Refinance debt & funding for expansion & renovation 0 0 0 68560000 58750000 599295 9210705 2009 1 0 1 1 0 0 0 0 0 0.00000 0.00000 0.00000 1 0 1 0 0 0 0 X 558 X 113 2083083 Market Value 18 0 0 0 Form 990, Part VI, Section B, line 11 Form 990 is prepared by the Museum's Finance Department. The return is reviewed by management and outside independent tax advisors. The return is made available to all trustees for review prior to it being filed with Internal Revenue Service. Form 990, Part VI, Section B, line 12c The Museum's Conflict of Interest Policy is reviewed and updated periodically by The Museum's Board of Trustees. The Museum's Board of Trustees and Officers complete an Annual Related Party Questionnaire. The Museum's Conflict of Interest Policy requires, amoung other things, that trustees and officers disclose conflicts and potential conflicts and that interested parties not participate in any vote to consider a transaction that might constitute a conflict. Form 990, Part VI, Section B, line 15 The process the Museum uses to establish compensation for officers and key employees includes a complete review of executive compensation levels by the Museum's independent Compensation subcommittee. The review is based on a market analysis prepared by the Museum's Finance department under the direction and supervision of the Compensation subcommittee using published compensation surveys and available tax returns for Not-for-profit organizations comparable in scope and size to the Philadelphia Museum of Art. The Compensation subcommittee contemporaneously documents the results of the deliberations and decisions in the minutes. Form 990, Part VI, Section C, line 19 The Museum's Form 990 is posted annually on the website www.guidestar.org. The Museum also publishes an annual report, which includes the audited Statement of Financial Position, Statement of Activities and Statement of Cash Flows. Commencing in 2011, the Museum's Annual Report and Audited Financial Statements are posted on its website. The Museum's governing documents and conflict of interest policy are available upon request. Changes in Net Assets or Fund Balances: Form 990, Part XI, line 5: Net unrealized gains on investments: 52,495,352. Change in fair value of interest rate exchange agreement -63,411. Total to Form 990, Part XI, Line 5: 52,431,941. The Anne H & Frederick Vogel III Collection for Philadelphia Museum of Art PO Box 7646 Philadelphia PA 19101 364459089 Assembling a collection of American Furniture & Decorative Art for PMA. PA 501(c)3 509(a)(3) I N/A 0 Samuel S Fleisher Art Memorial PO Box 7646 Philadelphia PA 19101 232249360 Operate and maintain a school of art and museum. PA 501(c)3 9 N/A 0 Foundation for Self-Taught American Artists 30 South 17th Street 12th Floor Philadelphia PA 19103 202097461 Document the work of self-taught American artists PA 501(c)3 9 N/A 0 CBM TRUST 620 LIBERTY AVENUE PITTSBURGH PA 15222 236206279 CHARITABLE TRUST PA N/A T 840 25490 1.00000 JM TRUST ONE WEST FOURHT STREET 2ND FLOOR WINSTONSALEM NC 27101 236215469 CHARITABLE TRUST NC N/A T 7980 393099 1.00000 GE TRUST 620 LIBERTY AVENUE PITTSBURGH PA 15222 236205874 CHARITABLE TRUST PA N/A T 93721 2240614 1.00000 BT TRUST ONE WEST FOURHT STREET 2ND FLOOR WINSTONSALEM NC 27101 236215670 CHARITABLE TRUST NC N/A T 6738 180456 1.00000 MTK Trust ONE WEST FOURHT STREET 2ND FLOOR WINSTONSALEM NC 27101 236217477 CHARITABLE TRUST NC N/A T 26412 763603 1.00000 OVK Trust ONE WALL STREET 23RD FLOOR NEW YORK NY 10286 136734265 CHARITABLE TRUST NY N/A T 20404 425237 1.00000 HSL TRUST 2525 PENNSYLVANIA AVENUE PHILADELPHIA PA 19130 256902157 CHARITABLE TRUST PA N/A T 86591 1.00000 VS TRUST 2525 PENNSYLVANIA AVENUE PHILADELPHIA PA 19130 906125902 CHARITABLE TRUST PA N/A T 391796 1.00000 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 CBM TRUST A 840 FMV JM TRUST A 7980 FMV GE TRUST A 93721 FMV BT TRUST A 6738 FMV MTK TRUST A 26412 FMV OVK TRUST A 20404 FMV