2012-10-26T17:28:11-05:00 2012-03-31 952302617 SINGERLEWAK LLP 2050 MAIN STREET 7TH FLOOR IRVINE CA 92614 990 2011-04-01 951660847 ORANGE COUNTY MUSEUM OF ART ORAN 9497591122 850 SAN CLEMENTE DRIVE NEWPORT BEACH CA 92660 GLENN PETERS 9497591122 2012-10-17 1 DEBRA RAINEY CPA P00031927 9492618600 2011 2016-02-24 21:20:13Z GLENN PETERS 850 SAN CLEMENTE DRIVE NEWPORT BEACH CA 92660 7510103 0 X WWW.OCMA.NET X 1997 CA ORANGE COUNTY MUSEUM OF ART (OCMA) ENRICHES LIVES THROUGH MODERN AND CONTEMPORARY ART. 21 21 60 200 0 0 3060267 3263123 192356 196034 692464 717198 5370 -133531 3950457 4042824 0 0 0 0 2097585 1980891 0 0 482446 1421245 2853909 3518830 4834800 431627 -791976 21546932 20380160 202034 635529 21344898 19744631 THE MUSEUM'S COLLECTION FOCUSES ON ART OF THE 20TH AND 21ST CENTURIES, WITH A PARTICULAR FOCUS ON THE ART OF CALIFORNIA. 0 0 3887825 196034 EXHIBITION AND CONSERVATION OF ART WORKS, IN CONJUNCTION WITH EDUCATION AND LECTURE PROGRAMS. 3887825 1 1 0 0 0 0 0 1 0 1 1 1 0 0 0 1 1 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 54 0 60 1 0 0 0 0 0 1 1 0 0 0 0 X 21 21 0 0 0 0 0 1 1 1 1 0 0 1 1 1 1 1 0 1 1 0 CA X X PAULETTE GIBSON 9497591122 850 SAN CLEMENTE DRIVE NEWPORT BEACH CA 92660 DARREL D ANDERSON 0.30 X X 0 0 0 TRACE CHALMERS 0.30 X 0 0 0 DAVID EMMES II 0.30 X X 0 0 0 SCOTT N FLANDERS 0.30 X X 0 0 0 STEPHEN T FRY 0.30 X X 0 0 0 ALLAN HUNTER 0.30 X X 0 0 0 BRYAN LEWIS 0.30 X 0 0 0 ELLEN R MARSHALL 0.30 X X 0 0 0 LILLY MERAGE 0.30 X 0 0 0 JULIAN MOVSESIAN 0.30 X 0 0 0 JAMES MUZZY 0.30 X X 0 0 0 DR JAMES B PICK 0.30 X X 0 0 0 MICHAEL D RAY 0.30 X 0 0 0 ROBERT S ROTH 0.30 X 0 0 0 J STEVEN ROUSH 0.30 X X 0 0 0 BARAA SARAKBY 0.30 X 0 0 0 SHEILA SONENSHINE 0.30 X 0 0 0 JENNIFER VAN BERGH 0.30 X 0 0 0 TIMOTHY W WEISS 0.30 X 0 0 0 CRAIG W WELLS 0.30 X X 0 0 0 ANNETTE WILEY 0.30 X X 0 0 0 GLENN PETERS 40.00 X 150000 0 0 DENNIS SZAKACS 40.00 X 292010 0 0 442010 0 0 2 0 1 0 0 127053 904866 128173 2103031 28675 3263123 ADMISSIONS AND FEES 713990 162242 162242 TOURING EXHIBITIONS 713990 33792 33792 196034 264298 264298 3586344 3133444 452900 452900 452900 54000 904866 272465 -218465 -218465 133079 61370 71709 71709 SITE RENTALS 900099 13225 13225 13225 4042824 196034 0 583667 442771 207564 103802 131405 1294075 1003607 150357 140111 106774 84319 12697 9758 137271 96208 22390 18673 25280 25280 420688 400567 19960 161 258703 131035 3924 123744 672681 597091 54005 21585 54115 15140 37126 1849 188358 187517 841 182631 145857 14492 22282 11115 11115 200882 200882 176330 171029 1276 4025 FUTURE BUILDING PROJECT 369769 369769 PROGRAMS AND PREVIEWS 219319 219218 25 76 REPAIRS AND MAINTENANCE 44890 44595 0 295 DUES AND SUBSCRIPTIONS 21453 12020 1549 7884 7695 1407 5690 598 4834800 3887825 464529 482446 715293 714601 249350 179030 1163581 705240 190000 180000 28814 25325 269868 368365 9099928 2534359 6632755 6565569 6800563 6526727 5468542 5113011 28166 2292 21546932 20380160 202034 635529 202034 635529 X 6906706 6368290 7189934 6128083 7248258 7248258 21344898 19744631 21546932 20380160 X -791976 -808291 X X 0 1 1 X 0 X 3971791 6092957 3102753 2646233 2358257 18171991 3971791 6092957 3102753 2646233 2358257 18171991 8138015 10033976 426845 271975 272476 374009 277523 1622828 -1205 -1205 19793614 433841 0.50690 0.50610 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X 0 10804371 76582 529141 10351812 10087928 1242319 505667 20209 10804371 8046532 2414278 372881 10087928 11584875 131854 -2851069 794537 24591 8046532 0.29980 0.70020 0.00000 0 0 4294076 4294076 4364507 2133819 2230688 441345 400540 40805 6565569 ALTERNATIVE INVESTMENTS 2075845 F FIXED INCOME 3037166 F 5113011 4042824 4834800 -791976 -567819 -240472 -808291 -1600267 3536375 -567819 61370 -506449 4042824 0 4042824 4896170 61370 61370 4834800 0 4834800 PART III, LINE 1A: IN CONFORMITY WITH THE PRACTICE FOLLOWED BY MANY MUSEUMS, ART OBJECTS PURCHASED BY OR DONATED TO THE MUSEUM ARE NOT CAPITALIZED IN THE STATEMENT OF FINANCIAL POSITION. COLLECTIONS OF ART OBJECTS ARE HELD FOR PUBLIC EXHIBITION, EDUCATION OR RESEARCH; ARE PROTECTED, KEPT UNENCUMBERED AND PRESERVED; AND ARE SUBJECT TO REQUIREMENTS THAT PROCEEDS FROM SALES OF COLLECTION ITEMS BE USED TO ACQUIRE OTHER ITEMS FOR THE COLLECTION. PURCHASED COLLECTION ITEMS ARE RECORDED AS DECREASES IN UNRESTRICTED NET ASSETS IN THE YEAR IN WHICH THE ITEMS ARE ACQUIRED, OR IN TEMPORARILY RESTRICTED NET ASSETS IF THE NET ASSETS USED TO PURCHASE THE ITEMS ARE RESTRICTED BY DONORS. CONTRIBUTED COLLECTION ITEMS ARE EXCLUDED FROM THE FINANCIAL STATEMENTS. PROCEEDS FROM DEACCESSIONS OR INSURANCE RECOVERIES ARE REFLECTED AS INCREASES IN THE APPROPRIATE NET ASSET CLASSES IN THE STATEMENT OF ACTIVITIES. CONTRIBUTIONS OF DONATED ART ARE NOT RECOGNIZED IN THE MUSEUM'S STATEMENT OF ACTIVITIES. PART III, LINE 4: THE MUSEUM'S COLLECTION IS COMPRISED OF OVER 3,000 WORKS OF ART. THE COLLECTION'S FOCUS IS ON MODERN AND CONTEMPORARY ART AND INCLUDES PAINTING, SCULPTURE, PHOTOGRAPHY, DRAWING, PRINTMAKING, VIDEO, DIGITAL, AND INSTALLATION ART PRODUCED DURING THE TWENTIETH AND TWENTY-FIRST CENTURIES. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE MUSEUM'S ENDOWMENT FUNDS CONSIST OF FUNDS FUNCTIONING AS ENDOWMENT THROUGH (A) DESIGNATION BY THE BOARD, AND (B) DONOR-RESTRICTED ENDOWMENT FUNDS. ENDOWMENT ASSETS INCLUDE DONOR-RESTRICTED FUNDS THAT THE MUSEUM MUST HOLD IN PERPETUITY. THE MUSEUM HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ENDOWMENT ASSETS THAT ATTEMPT TO PRESERVE THE REAL PURCHASING POWER OF THE ENDOWMENT FUND AND TO PROVIDE RELATIVELY PREDICTABLE AND STABLE STREAM OF CURRENT INCOME FOR ANNUAL OPERATIONS NEEDS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE MUSEUM PERFORMED AN EVALUATION OF UNCERTAIN TAX POSITIONS AND DID NOT NOTE ANY MATTERS THAT WOULD REQUIRE RECOGNITION IN THE STATEMENT OF ACTIVITIES OR WHICH MAY HAVE AN EFFECT ON ITS TAX-EXEMPT STATUS. PART XI, LINE 8 - OTHER ADJUSTMENTS: COLLECTION ITEMS PURCHASED -240,472. PART XII, LINE 2D - OTHER ADJUSTMENTS: RETAIL COST OF GOODS SOLD 61,370. PART XIII, LINE 2D - OTHER ADJUSTMENTS: RETAIL COST OF GOODS SOLD 61,370. ART OF DINING 417179 382179 35000 1709 48615 10500 114992 ART AUCTION 541687 522687 19000 96649 958866 904866 54000 1709 48615 10500 211641 272465 -218465 X X 1 1 X X 0 0 0 0 0 0 0 0 0 DENNIS SZAKACS 244700 0 45000 0 2310 0 0 0 0 0 292010 0 0 0 SUPPLEMENTAL INFORMATION PART III PART I, LINE 1A: DURING THE FISCAL YEAR ENDING 3/31/12, DENNIS SZAKACS, DIRECTOR, RECEIVED $2,310 FOR CHILDCARE EXPENSES. DENNIS SZAKACS X 200000 180000 0 1 1 180000 X 4 94500 FAIR MARKET VALUE X 7 15952 FAIR MARKET VALUE X 1 950 FAIR MARKET VALUE X FURNITURE 1 10500 FAIR MARKET VALUE X LINENS AND FLORAL 1 450 FAIR MARKET VALUE X JEWELRY 1 823 FAIR MARKET VALUE 0 0 1 0 NON REPORTING OF REVENUE: PART I, LINE 33: IN CONFORMITY WITH THE PRACTICE FOLLOWED BY MANY ART MUSEUMS, ART OBJECTS DONATED TO THE MUSEUM ARE NOT CAPITALIZED IN THE STATEMENT OF FINANCIAL POSITION. FORM 990, PART VI, SECTION A, LINE 7A ORANGE COUNTY MUSEUM OF ART HAS TRUSTEES. THERE ARE ALSO EMERITI TRUSTEES, WHO HAVE NO VOTING RIGHTS AND DO NOT NECESSARILY PAY DUES AT THE LEVEL EXPECTED OF TRUSTEES. FORM 990, PART VI, SECTION A, LINE 7B THE BOARD OF TRUSTEES ELECTS TRUSTEES TO THE GOVERNING BODY. ACCORDING TO THE BYLAWS, THE EXECUTIVE COMMITTEE HAS THE ABILITY TO EXECUTE DECISIONS WHEN THE FULL BOARD OF TRUSTEES IS NOT CONVENED. IN MOST CASES, THE BOARD OF TRUSTEES ACTS ON BOARD-LEVEL MATTERS, WHEREVER POSSIBLE, RATHER THAN THE EXECUTIVE COMMITTEE. FORM 990, PART VI, SECTION B, LINE 11 A DRAFT COPY OF FORM 990 (INCLUDING ALL PERTINENT SCHEDULES) WAS PROVIDED TO THE ORGANIZATION'S AUDIT CHAIR AND FINANCE COMMITTEE TO REVIEW AND APPROVE BEFORE IT WAS FILED WITH THE INTERNAL REVENUE SERVICE. A COPY WAS ALSO PROVIDED TO THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 12C TO ENSURE THE ORGANIZATION OPERATES IN A MANNER CONSISTENT WITH CHARITABLE PURPOSES AND DOES NOT ENGAGE IN ACTIVITIES THAT COULD JEOPARDIZE ITS TAX-EXEMPT STATUS, PERIODIC REVIEWS SHALL BE CONDUCTED. THE PERIODIC REVIEWS SHALL, AT A MINIMUM, INCLUDE THE FOLLOWING SUBJECTS: A. WHETHER COMPENSATION ARRANGEMENTS AND BENEFITS ARE REASONABLE, BASED ON COMPETENT SURVEY INFORMATION, AND THE RESULTS OF ARMS LENGTH BARGAINING. B. WHETHER PARTNERSHIPS, JOINT VENTURES, AND ARRANGEMENTS WITH MANAGEMENT ORGANIZATIONS CONFORM TO THE ORGANIZATION'S WRITTEN POLICIES; ARE PROPERLY RECORDED; REFLECT REASONABLE INVESTMENT OR PAYMENTS FOR GOODS AND SERVICES; FURTHER CHARITABLE PURPOSES AND DO NOT RESULT IN INUREMENT, IMPERMISSIBLE PRIVATE BENEFIT OR IN AN EXCESS BENEFIT TRANSACTION. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE, WITH BOARD APPROVAL, IS RESPONSIBLE FOR THE DETERMINATION OF COMPENSATION FOR THE DIRECTOR AND KEY EMPLOYEE POSITION(S). THIS PROCESS INCLUDES REVIEW OF COMPENSATION DATA FROM COMPARATIVE NON-PROFIT INDUSTRIES WITH SIMILAR OPERATING BUDGETS AS WELL AS RETAINING OUTSIDE LEGAL COUNSEL TO REVIEW ALL WRITTEN COMPENSATION AGREEMENTS. FORM 990, PART VI, SECTION C, LINE 19 THE FOLLOWING ORGANIZATIONAL DOCUMENTS OF THE TAX-EXEMPT ORGANIZATION WILL BE AVAILABLE (FOR INSPECTION OR COPYING) AT THE ORGANIZATION'S MAIN OFFICE DURING NORMAL BUSINESS HOURS AT NO CHARGE: INTERNAL REVENUE SERVICE DETERMINATION LETTER, ARTICLES OF INCORPORATION, AND BY-LAWS. - ALL OF THE AFOREMENTIONED ORGANIZATIONAL DOCUMENTS WILL ALSO BE POSTED ON THE ORGANIZATION'S WEBSITE. THE ORGANIZATION WILL MAKE BEST EFFORTS TO ENSURE THAT THE DOCUMENTS POSTED ON THE ORGANIZATION'S WEBSITE ARE THE MOST UPDATED VERSIONS OF SUCH DOCUMENTS (E.G., IN THE SITUATION WHERE THE ORGANIZATION'S ARTICLES OF INCORPORATION ARE REVISED). - THE PUBLIC INSPECTION COPY OF THE ORGANIZATION'S FORM 990 AND FORM 990-T, FROM THE PREVIOUS THREE YEARS (AT A MINIMUM), WILL BE AVAILABLE (FOR INSPECTION OR COPYING) AT THE ORGANIZATION'S MAIN OFFICE DURING NORMAL BUSINESS HOURS AT NO CHARGE; ADDITIONALLY, THE PRIOR YEAR 990 AND 990-T WILL ALSO BE POSTED ON THE ORGANIZATION'S WEBSITE. - THE PUBLIC INSPECTION COPY OF THE FORM 990 WILL NOT INCLUDE SCHEDULE A EXCESS CONTRIBUTORS OR SCHEDULE B NAMES AND ADDRESSES OF CONTRIBUTORS. - THE ORGANIZATION WILL MAKE BEST EFFORTS TO ENSURE THAT THE FORM 990 AND 990-T HELD AT THEIR MAIN OFFICE AND POSTED ON THEIR WEBSITE ARE THE MOST UPDATED VERSIONS OF SUCH. FOR EXAMPLE, IN THE INSTANCE THAT A FORM 990 OR 990-T HAS BEEN AMENDED, THE AMENDED VERSION OF THE FORM SHOULD BE THE ONE AVAILABLE FOR PUBLIC INSPECTION. - WHEN RESPONDING TO A PUBLIC INFORMATION REQUEST FOR ANY ORGANIZATIONAL DOCUMENT OR FORM 990 (INCLUDING FORM 990-T) BY ANYONE, THE ORGANIZATION SHALL FULFILL SUCH REQUEST IN A TIMELY FASHION WITHOUT INQUIRING AS TO THE REASON FOR THE PUBLIC INSPECTION REQUEST. - A COPY OF THE ORGANIZATION'S (MOST UPDATED VERSIONS) OF THE AUDITED FINANCIAL STATEMENTS AND CONFLICT OF INTEREST POLICY WILL BE POSTED ON THE ORGANIZATION'S WEBSITE. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -567,819. COLLECTION ITEMS PURCHASED -240,472. TOTAL TO FORM 990, PART XI, LINE 5: -808,291. FORM 990, PART XII, LINE 2C: THE AUDIT COMMITTEE, A SUB-COMMITTEE OF THE FINANCE COMMITTEE, REVIEWS AND APPROVES ALL AUDIT ACTIVITY, UP TO AND INCLUDING TAX RETURNS. THIS COMMITTEE WILL BE RESPONSIBLE TO PRESENT ALL REQUIRED DOCUMENTS TO THE BOARD. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. PRIOR PERIOD ADJUSTMENT AND FILING OF AMENDED RETURNS DURING THE YEAR ENDED MARCH 31, 2012, THE MUSEUM RECORDED A PRIOR PERIOD ADJUSTMENT TO REVENUES, CONTRIBUTIONS RECEIVABLE AND TEMPORARILY RESTRICTED NET ASSETS AS OF AND FOR THE YEAR ENDED MARCH 31, 2011, RELATED TO CORRECTION OF AN ERROR IN RECORDING CONTRIBUTIONS, WHERE PAYMENTS ARE RECEIVED IN INSTALLMENTS OVER TWO OR MORE YEARS. AS A RESULT, THE MUSEUM FILED AMENDED TAX RETURNS REFLECTING THE RESTATEMENT FOR THE YEARS 2008, 2009 AND 2010. PLEASE REFER TO THOSE AMENDED RETURNS FOR THE EFFECT ON THOSE YEARS.