2012-08-14T18:15:10-05:00 2011-09-30 SINGERLEWAK LLP 10960 WILSHIRE BLVD STE 700 LOS ANGELES CA 900243783 990 2010-10-01 954739699 PETERSEN AUTOMOTIVE MUSEUM FOUNDATION PETE 3109646356 6060 WILSHIRE BLVD LOS ANGELES CA 90036 TERRY KARGES 3109646356 2012-08-14 1 LIOR TEMKIN 3104773924 2012-08-14 2010 2016-02-24 21:20:13Z DH PEPP 6060 WILSHIRE BLVD LOS ANGELES CA 90036 4342060 0 X WWW.PETERSEN.ORG X 1999 CA THE FOUNDATION OBTAINS, PRESERVES AND DISPLAYS VINTAGE, CLASSIC AND OTHER RARE OR VALUABLE AUTOMOBILES AND OBJECTS WITH THE PURPOSE OF EDUCATING THE PUBLIC AS TO THE CULTURAL, SOCIAL, AND ENVIRONMENTAL EFFECTS FROM THE RISE OF THE AUTOMOBILE. 7 6 61 87 228231 -22396 1071336 1517095 2005627 2273573 14433 -3023 223860 308887 3315256 4096532 0 0 0 0 1813626 2029453 0 0 336688 2205218 2190497 4018844 4219950 -703588 -123418 21223934 21158342 875638 826848 20348296 20331494 THE FOUNDATION OBTAINS, PRESERVES AND DISPLAYS VINTAGE, CLASSIC AND OTHER RARE OR VALUABLE AUTOMOBILES AND OBJECTS WITH THE PURPOSE OF EDUCATING THE PUBLIC AS TO THE CULTURAL, SOCIAL, AND ENVIRONMENTAL EFFECTS FROM THE RISE OF THE AUTOMOBILE. 0 0 3266712 2477379 PUBLIC EDUCATION PROGRAMS ARE OFFERED TO SCHOOL CHILDREN, SENIORS, FAMILIES, AUTOMOTIVE ENTHUSIAST, AND THE GENERAL PUBLIC THROUGH THE MAY FAMILY FOUNDATION DISCOVERY CENTER, AS WELL AS EXHIBITS AND TOURS. 3266712 1 1 0 0 0 0 1 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 34 0 1 61 1 1 1 0 0 0 0 1 1 0 0 0 0 0 X 7 6 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 0 1 0 0 CA X JOSEPH WICKHAM CFO 3239646364 6060 WILSHIRE BLVD LOS ANGELES CA 90036 WILLIAM H AHMANSON 2.00 X 0 0 0 BRUCE MEYER 1.00 X 0 0 0 MARGARET M PETERSEN 1.00 X 0 0 0 LAWRENCE PIRO MD 1.00 X 0 0 0 DAVID SYDORICK 1.00 X 0 0 0 WILLIAM H TILLEY 1.00 X 0 0 0 STEVEN E YOUNG 5.00 X 0 0 0 RICHARD MESSER RETIRED 62010 40.00 X 67654 0 6337 DH PEPP 40.00 X 70096 0 0 DAVID HIRSCH RESIGNED 32011 40.00 X 29710 0 1790 JOSEPH S WICKHAM START DATE 32011 40.00 X 0 0 0 167460 0 8127 0 0 0 0 0 684404 832691 1517095 MUSEUM ADMISSION FEES 900099 702585 702585 MUSEUM USE & SERVICES 900099 675639 675639 PARKING INCOME 812930 657244 429013 228231 MEMBERSHIP EVENTS 900099 238105 238105 2273573 7995 7995 92039 92039 92039 92039 2286 13304 -11018 -11018 -11018 436030 232224 203806 203806 OTHER INCOME 900099 13042 13042 13042 4096532 2249148 228231 102058 254379 7526 157730 89123 1514047 1186055 282710 45282 11959 8201 2835 923 89556 82168 4532 2856 159512 107959 39396 12157 17146 17146 76289 76289 18464 13433 5031 50250 38250 12000 176894 112644 64250 75100 75100 255334 247674 7660 216718 188876 21276 6566 UTILITIES 324459 314725 9734 EXHIBIT COSTS 214009 214009 MAINTENANCE & REPAIRS 213693 207282 6411 JANITORIAL 165655 160685 4970 BANK & CREDIT CARD FEES 99863 99863 286623 185116 3007 98500 4219950 3266712 616550 336688 114872 141482 135315 121785 758 0 23295 56576 213780 205658 39191 61922 2297953 1778621 559582 519332 363494 349834 19773647 19701753 21223934 21158342 514101 553182 290250 229315 71287 44351 875638 826848 X 706254 848852 19642042 19482642 20348296 20331494 21223934 21158342 X -123418 106616 X 0 1 1 X 0 X 2299759 2776194 864632 1071336 1517095 8529016 2837282 3280039 2108101 1888001 2249148 12362571 5137041 6056233 2972733 2959337 3766243 20891587 160000 94000 126550 352000 731300 1463850 160092 727420 122550 34321 1044383 320092 821420 249100 386321 731300 2508233 18383354 62005 53628 114 98433 89016 303196 118255 -1790 -14255 -22397 79813 62005 171883 -1676 84178 66619 383009 3188 7836 13042 24066 5199046 6228116 2974245 3051351 3845904 21298662 0.86310 0.89630 0.01800 0.01560 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 0 1658656 1305128 353528 520008 439210 80798 119289 34283 85006 519332 UNCONDITIONAL PROMISE TO GIVE 19295253 VEHICLES & OBJECTS AVAIL. FOR EXHIBIT 406500 19701753 PARKING TAX PAYABLE 4506 SALES TAX PAYABLE 2790 DEPOSIT 37055 44351 4096532 4219950 -123418 -12384 119000 106616 -16802 5857993 -12384 1832649 -58804 1761461 4096532 0 4096532 5993795 1832649 1832649 4161146 58804 58804 4219950 PART III, LINE 1A: THE FOUNDATION'S COLLECTION IS MADE UP OF VEHICLES, MOTORCYCLES, AND OBJECTS THAT ARE HELD FOR EXHIBITION AND VARIOUS OTHER EDUCATIONAL PROGRAM ACTIVITIES. PART III, LINE 4: THE COLLECTION IS OF RARE AND COLLECTIBLE VEHICLES FOR THE EDUCATION OF THE GENERAL PUBLIC AS TO THE CULTURAL, SOCIAL AND ENVIRONMENTAL EFFECTS FROM THE RISE OF THE AUTOMOBILE. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: IN ACCORDANCE WITH FINANCIAL ACCOUNTING STANDARDS BOARD ("FASB") ACCOUNTING STANDARDS CODIFICATION ("ASC") TOPIC NO. 740, "UNCERTAINTY IN INCOME TAXES" ("ASC 740"), THE FOUNDATION RECOGNIZES THE IMPACT OF TAX POSITIONS IN THE FINANCIAL STATEMENTS IF THAT POSITION IS MORE LIKELY THAN NOT TO BE SUSTAINED ON AUDIT, BASED ON THE TECHNICAL MERITS OF THE POSITION. TO DATE, THE FOUNDATION HAS NOT RECORDED ANY UNCERTAIN TAX POSITIONS. THE FOUNDATION RECOGNIZES POTENTIAL ACCRUED INTEREST AND PENALTIES RELATED TO UNCERTAIN TAX POSITIONS, IF ANY, IN INCOME TAXEXPENSE. DURING THE YEAR ENDED SEPTEMBER 30, 2011, THE FOUNDATION PERFORMED AN EVALUATION OF UNCERTAIN TAX POSITIONS AND DID NOT NOTE ANY MATTERS THAT WOULD REQUIRE RECOGNITION IN THE FINANCIAL STATEMENTS OR WHICH MIGHT HAVE AN EFFECT ON ITS TAX-EXEMPT STATUS. THE FEDERAL INCOME TAX RETURNS OF THE FOUNDATION ARE SUBJECT TO IRS EXAMINATION FOR THE 2008 THROUGH 2011 TAX YEARS. STATE OF CALIFORNIA INCOME TAX RETURNS ARE SUBJECT TO EXAMINATION FOR THE 2007 THROUGH 2011 TAX YEARS. PART XII, LINE 2D - OTHER ADJUSTMENTS: MEMBERSHIP EVENT EXPENSES -58,804. PART XIII, LINE 4B - OTHER ADJUSTMENTS: MEMBERSHIP EVENT EXPENSES 58,804. PART XI, LINE 7 - PRIOR PERIOD ADJUSTMENT: DURING THE 2010 TAX YEAR, THE FOUNDATION HAD PERFORMED A REVIEW OF ITS VEHICLES AND OBJECTS AVAILABLE FOR EXHIBIT, NOT PART OF THE PERMANENT COLLECTION, AND DETERMINED EIGHT VEHICLES WITH AN ESTIMATED AGGREGATE FAIR VALUE OF $119,000 THAT WERE RECEIVED BETWEEN FISCAL 2000 TO 2009, WERE IMPROPERLY RECORDED AS CONTRIBUTIONS AS OF AND DURING THE YEAR ENDED SEPTEMBER 30, 2011. THEREFORE, A PRIOR PERIOD ADJUSTMENT WAS MADE IN THE AMOUNT OF $119,000. X 12 0 APPRAISALS 0 0 0 NON REPORTING OF REVENUE: PART I, LINE 33: IN CONFORMITY WITH THE PRACTICE FOLLOWED BY MANY MUSEUMS, PERMANENT COLLECTION ITEMS PURCHASED BY OR DONATED TO THE FOUNDATION ARE NOT CAPITALIZED IN THE STATEMENT OF FINANCIAL POSITION. THE FOUNDATION'S COLLECTION IS MADE UP OF VEHICLES, MOTORCYCLES, AND OBJECTS THAT ARE HELD FOR EXHIBITION AND VARIOUS OTHER EDUCATIONAL PROGRAM ACTIVITIES. EACH OF THE ITEMS IS CATALOGED, PRESERVED AND CARED FOR, AND ACTIVITIES VERIFYING THEIR EXISTENCE AND ASSESSING THEIR CONDITION ARE PERFORMED CONTINUOUSLY. FORM 990, PART VI, SECTION B, LINE 11 THE INFORMATIONAL RETURN IS PREPARED BY OUTSIDE ACCOUNTANTS AND REVIEWED BY THE EXECUTIVE DIRECTOR. IT IS THEN PROVIDED TO THE BOARD PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION REQUIRES THE BOARD OF DIRECTORS TO SIGN THE CONFLICT OF INTEREST STATEMENT NOTIFYING OF ANY CHANGES. FORM 990, PART VI, SECTION B, LINE 15A COMPENSATION IS DETERMINED BY THE BOARD BASED ON MARKET RATES, INDIVIDUAL PRIOR PAY HISTORY AND IT IS ALSO COMPARED TO OTHER ORGANIZATIONS OF SIMILAR EMPLOYEE SIZE AND/OR BUDGET SIZE. THIS IS REVIEWED ANNUALLY BY THE BOARD FOR ANY CHANGES. FORM 990, PART VI, SECTION C, LINE 18 ALL INFORMATIONAL RETURN DOCUMENTS ARE AVAILABLE TO THE PUBLIC EITHER THROUGH WWW.GUIDESTAR.ORG OR UPON REQUEST. FORM 990, PART VI, SECTION C, LINE 19 ALL GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, INFORMATIONAL RETURNS AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -12,384. PRIOR PERIOD ADJUSTMENTS: 119,000. TOTAL TO FORM 990, PART XI, LINE 5: 106,616. FORM 990, PART XI, LINE 5, PRIOR PERIOD ADJUSTMENT: DURING THE 2010 TAX YEAR, THE FOUNDATION HAD PERFORMED A REVIEW OF ITS VEHICLES AND OBJECTS AVAILABLE FOR EXHIBIT, NOT PART OF THE PERMANENT COLLECTION, AND DETERMINED EIGHT VEHICLES WITH AN ESTIMATED AGGREGATE FAIR VALUE OF $119,000 THAT WERE RECEIVED BETWEEN FISCAL 2000 TO 2009, WERE IMPROPERLY RECORDED AS CONTRIBUTIONS AS OF AND DURING THE YEAR ENDED SEPTEMBER 30, 2011. THEREFORE, A PRIOR PERIOD ADJUSTMENT WAS MADE IN THE AMOUNT OF $119,000.