2011-05-13T07:40:54-05:00 2010-06-30 CBIZ Tofias 350 Massachusetts Avenue Cambridge MA 02139 990 2009-07-01 042103607 Museum of Fine Arts MUSE 6173693281 465 Huntington Avenue Boston MA 02115 Mark B Kerwin 6173693281 2011-05-12 1 JOSEPH M GISO MST 6177610600 2011-05-11 2009 2016-02-24 21:20:13Z Malcolm A Rogers 465 Huntington Avenue Boston MA 02115 393706828 0 X www.mfa.org X 1870 MA See Schedule O. 41 39 1452 1150 -472981 -473020 53382292 49987517 31892934 34898993 -26892497 28025518 10769269 9874141 69151998 122786169 5034804 5830473 0 47322909 45453675 0 4771462 66621212 64315369 118978925 115599517 -49826927 7186652 1082535325 1109956349 269318967 251407220 813216358 858549129 See Schedule O. 0 0 15615307 1555629 EDUCATION PROGRAMS:The Museum maintains an ongoing series of education programs and activities at our facility in Boston in order to further the mission of the Museum and provide educational opportunities in art. Education programs cover a wide spectrum of topics and include a variety of studio art classes and workshops for children, teens and adults, lectures, films, concerts, a variety of other courses, free demonstrations and talks in the galleries, free workshops for educators, school group tours, partnerships with local area schools, after-school programs and community groups to engage youth in arts and programs for family visits to the Museum. Over 177,000 visitors participated in these various programs. 14140154 6556905 Exhibitions:With a collection of nearly 450,000 objects, the Museum owns some of the most rare and important artistic treasures in the world. Such a collection enables the Museum to present many special exhibitions with a balance between scholarly programs and those with broad public appeal. During fiscal year 2010, the Museum presented more than 24 exhibitions. Some highlights include: 'new and native beauty': the art and craft of greene & greene (july 14 - oct 18, 2009); echoes of heian - kao: court culture in the floating workd (july 25, 2009 - march 7, 2010); glorious beasts in persian paintings (aug 22, 2009 - april 11, 2010); tibet/china confluences (aug 26, 2009 - may 23, 2010); luxuries from japan: cultural exchange in the 17th and 18th centuries (sept 30, 2009 - jan 17, 2011); patterns of long ago: reflections of china in japanese no costumes (sept 30, 2009 - may 31, 2010); cafe and cabaret: toulouse - lautrec's paris (nov 21, 2009 - aug 8, 2010); object, image, collector: african and oceanic art in focus (dec 12, 2009 - july 18, 2010); luis melendez: master of the spanish still life (feb 2 - may 9, 2010); under the skin: tattoos in japanese prints (april 3, 2010 - jan 2, 2011); romantic interludes: woman in firdawsi's shanama (april 24, 2010 - jan 17, 2011); signs and symbols: the community arts initiative artist project (april 24 - sept 6, 2010); visiting masterpieces: vincent van gogh's the sower (may 11 - aug 17, 2010); the secrets of tomb 10a: egypt 2000bc (oct 18, 2009 - june 27, 2010); bharat ratna! jewels of modern indian art (nov 14, 2009 - june 6, 2010); albrecht durer: virtuoso printmaker (nov 21, 2009 - july 5, 2010); etc. 25539279 5830473 23534428 School of Museum of Fine Arts program:The School of Museum of Fine Arts (the School) is nationally accredited by and a member of the National Association of Schools of Art and Design. (The School is not a separately incorporated organization and is a division of the Museum). Courses are offered in ceramics, drawing, film and animation, foundations, glass, metals, painting, performance, photography, printmaking and papermaking, sculpture, sound, text and image arts, video, and visual and critical studies. The School awards a diploma, two types of certificates, and through its affiliation with Tufts University, Medford, MA, offers three undergraduate and two graduate degree programs. In addition, the School offers continuing education programs. During the 2009-10 academic year, the School had 1,397 students across all programs. 2826097 2856372 enterprise:the museum shop offers a wide variety of merchandise relating to the museum's collections and special exhibitions. offerings at the shop include art books, posters, cards, glass, textiles, jewelry and sculpture. the museum shop also conducts a web-based retail business. the museum shop offers for sale in its shop or through its web-based outlet items as denoted above from the museum's collections and from special exhibitions which contribute importantly to the achievement of the museum's exempt educational purpose by making works of art familiar to a broader segment of the public.the museum is exempt as an educational organization on the basis of its ownership, maintenance, and exhibition for public viewing of works of art. The sales of such items contributes importantly to the achievement to the museum's exempt educational purposes by stimulating and enhancing public awareness, interest, and appreciation of art. moreover, a broader segment of the public may be encouraged to visit the museum itself to share in its educational functions and programs as a result of seeing the items sold. 28011857 operating support:operating support consists of all other areas of the museum, including protective services, facilities and other areas which support the operations of the museum and its mission. 945624 2194751 parking facilities:the museum owns a parking garage and has two open air parking lots. all of these facilities are open to members and visitiors to the museum. the operation of adjacent parking lots by the museum in area of insufficient parking spaces for the use of its visitors contribites importantly to the musuem's exempt purpose by encouraging visitation and longer periods viewing of its collections, and special exhibitions. any profits from the fee charged for the use of the lot is placed in the general operating fund. encouragement to museum visitation, of course, is provided through convenient parking. 795060 1406160 food services:the museum is organized and operated as an art museum. the eating facilities are open to the museum staff, employees, and members of the public visiting the museum and are of a size commensurate with accommodation of these special groups of partons. the facilities are accessible from the museum's galleries and other public areas but not directly accessible from the street. The patronage of the eating facilities by the general public is not directly nor indireectly solicited nor are the facilities contemplated or designed to serve as a public restaurant but merely to serve the exempt purposes of the museum. this allows visitors to devote more time to the museum's educational exhibits, and enhances efficient museum operation by enabling staff to remain on-site throughout the day. the operation of the eating facilities within the museum premises helps to attract visitors to the museum exhibits. beacuse there are places of refershment in the museum visitors are able to devite a greater portion of their time and attention to the museum's collection, exhibits and other educational facilities. the museum creates an educational program for its participants, focusing on an exhibit, lecture or tour for private and corporate functions. 3162216 4910280 membership & visitors:nearly 900,000 visitors attended the museum druing fiscal year 2010. The museum has an admission charge; howeverm druing the fiscal year 2010, During fiscal year 2010 there were ten community days during which admission charges were waived and the museum has free admisioon each wednesday evening. the museum has apporximately 64,000 active members. there are 8 levels of annual membership with fees ranging from $75 to $1,000. each category offers a wide variety of privileges, such as free admission, publications, reciprocal member benefits at other major art museum around the u.s. and special events. 2037206 2321699 OTHER MISC. PROGRAM SERVICES: 37778060 13689262 93072800 1 1 0 1 0 0 1 0 1 1 0 1 0 0 1 0 1 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 1 0 1 1 1 0 0 0 1 0 0 0 1 2826 18 1 1452 1 1 1 0 0 0 0 1 1 0 0 0 41 39 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA NY X X Mark B Kerwin CPA CFO 6173693281 465 Huntington Avenue Boston MA 021155523 Peter C Aldrich 1.00 X 0 0 0 Barbara Alfond 1.00 X X 0 0 0 Gabriella Beranek 1.00 X 0 0 0 Bettina Burr 1.00 X X 0 0 0 cleve killingsworth 1.00 X 0 0 0 David D Croll 1.00 X 0 0 0 John Deutch 1.00 X 0 0 0 Susan Donahue 1.00 X 0 0 0 William R Elfers 1.00 X 0 0 0 Stephen A Fine 1.00 X 0 0 0 Nicholas Greville 1.00 X 0 0 0 Jeffrey E Horvitz 1.00 X 0 0 0 William Hunt 1.00 X 0 0 0 Ellen Jaffe 1.00 X 0 0 0 Susan B Kaplan 1.00 X 0 0 0 jody gill 1.00 X 0 0 0 Katherine R Kirk 1.00 X 0 0 0 C Kevin Landry 1.00 X 0 0 0 Lawrence J Lasser 1.00 X 0 0 0 Joyce Linde 1.00 X 0 0 0 Richard Lubin 1.00 X X 0 0 0 Ellyn McColgan 1.00 X 0 0 0 Sandra O Moose 1.00 X 0 0 0 Scott Nathan 1.00 X 0 0 0 Slocumb Hollis Perry 1.00 X 0 0 0 Roger Servison 1.00 X 0 0 0 Sylvia Simmons 1.00 X 0 0 0 timothy phillips 1.00 X 0 0 0 stokley towles 1.00 X X 0 0 0 M Penny Vinik 1.00 X 0 0 0 Ernst von Metzsch 1.00 X 0 0 0 Pamela Voss 1.00 X 0 0 0 Carol Wall 1.00 X 0 0 0 Matthew A Weatherbie 1.00 X 0 0 0 theresa stone - MIT 1.00 X 0 0 0 peter gomes - harvard u 1.00 X 0 0 0 donna m deprisco - bpl 1.00 X 0 0 0 carol johnson - superintendent 1.00 X 0 0 0 mayor thomas m menino 1.00 X 0 0 0 paula matthews - boston 1.00 X 0 0 0 carol whittemore - mfa 1.00 X 0 0 0 Malcolm A Rogers 40.00 X 599189 0 167778 Patricia Jacoby 40.00 X 302857 0 34422 katherine g getchell 40.00 X 281686 0 29113 mark kerwin 40.00 X 254327 0 37329 kimberly french 40.00 X 253365 0 31832 Deborah H Dluhy 40.00 X 230699 0 23130 daniel p poteet II 40.00 X 151736 0 25390 walter upton 40.00 X 327744 0 32050 Charles H Hall 40.00 X 176625 0 26176 Sally K O'hare 40.00 X 178939 0 18079 William J McAvoy 40.00 X 174768 0 31080 Cynthia Glott 40.00 X 165517 0 27078 3097452 0 483457 43 0 1 0 John Moriarty & Associates 3 church st winchester MA 01890 construction 67299056 goppion spa viale edisson 58-6 20090 Trezzan milano IT frame/case maker 3475752 childs bertman tseckares 110 canal st boston MA 02114 architectural & engineering 1073005 baupost value partners lpiv 10 st james ave suite 1700 boston MA 02116 investment management 1027648 traditional line 143 w 21st street new york NY 10011 carpenter/exhibition installer 952254 49 7251302 105661 42630554 49987517 Tuition School 611600 23534428 23534428 Admission Fees Income 713990 4910280 4910280 Exhibition Income 713990 4898656 4898656 Education Program Reve 611710 1555629 1555629 34898993 3356102 -126641 3482743 2488072 3051162 -563090 -563090 -345343 -217747 288121641 1865997 265318222 22803419 1865997 24669416 24669416 5407647 2551275 2856372 2857454 -1082 Other Ancillary Servic 900099 3979948 3979863 85 Parking 812930 2194751 2194751 Food services 722100 1406160 1406160 7580859 122786169 45337221 -472981 27934412 5695193 5695193 135280 135280 2128550 569958 1211008 347584 33392433 27716253 3181583 2494597 2412284 1925560 295245 191479 4529906 3770487 549254 210165 2990502 2387112 366014 237376 712144 712144 488685 36585 452100 263056 76908 186148 78525 78525 5208035 888552 4267400 52083 3277033 1192987 1868262 215784 2652538 2272767 379771 2331424 1767488 408709 155227 1251353 179739 1059467 12147 6255289 5749575 455261 50453 1121042 689892 260973 170177 4298348 3425127 873221 13228592 12922083 296696 9813 851242 412174 439068 purchase works of art 6949520 6949520 school expenses 3813778 3813778 exhibition & spec. prog 3449967 3449967 equipment & rental 3199754 3044841 109383 45530 printing & duplication 698027 577461 9845 110721 4187017 2711369 1085847 389801 115599517 93072800 17755255 4771462 2822412 642654 127075594 78649598 92775015 88926945 3308906 2226364 1690806 1799143 2775016 2407394 581142669 124452252 416680942 456690417 284899876 308052058 149524622 169577977 22085 960051 983799 1082535325 1109956349 49128943 26210734 6553574 5135223 185000000 185000000 2741315 2579125 25895135 32482138 269318967 251407220 X 129528510 250831429 434627227 344970120 249060621 262747580 813216358 858549129 1082535325 1109956349 X 0 1 1 X 1 1 X 116303183 68005918 141271930 53382292 49987517 428950840 116303183 68005918 141271930 53382292 49987517 428950840 69708065 359242775 10940719 9981850 11625229 5266330 3356102 41170230 470121070 224275801 0.76410 0.60630 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 0 0 0 0 1 78525 0 0 78525 0 Part IV, Supplemental Information: The Museum has contracted with a government relations firm that represents its interests with members of congress in regards to the process of seeking federally appropriated dollars through legislation. This contract ended in March 2010. The Museum is a member of an organization that advocates with state and city government officials for issues related to, and funding for, the arts. X X X X 1 431307346 15286729 51488970 825952 9099257 4122551 484035285 565221813 14883910 -132050777 886089 13208912 2652599 431307346 0.46000 0.54000 1 0 20304653 20304653 368037891 111237797 256800094 29931127 13214455 16716672 162868998 162868998 456690417 150154000 F beneficial interest in perpetual trust 19423977 F 169577977 BOND ISSUANCE COST 299255 OTHER ASSETS 684544 983799 line of credit 1078751 asset retirement obligation 7140107 liability under interest rate swap 23769292 other liabilities 493988 32482138 122786169 115599517 7186652 42763827 837730 -5455438 38146119 45332771 163321304 42763827 837730 962213 44563770 118757534 4122551 -93916 4028635 122786169 118025110 6548144 6548144 111476966 4122551 4122551 115599517 Part III, Line 1a: In accordance with the general practice of art museums, the costs of works of art are charged directly to the funds available for such purposes and are not capitalized. The value of objects acquired by gift cannot be reasonably estimated and, therefore, are not recorded in the statement of activities. Part III, Line 4: The Museum of Fine Arts, Boston was founded in 1870 for the purposes of "erecting a museum for the preservation and exhibition of works of art, of making, maintaining and exhibiting collections of such works, and of affording instruction in the fine arts." The collections are central to the Museum's endeavors, and to fostering the understanding and enjoyment of original works of art. The MFA is one of the world's great encyclopedic institutions and as such actively collects works of art from all time periods and across all continents. All the works of art contribute to the Museum's guided tours, lectures, films, gallery talks, concerts, arts festivals, education programs, inter-museum loan, permanent, temporary and traveling exhibitions, which in the end fulfill its mission. Part V, Line 4: Description of Intended Use of Endowment Funds: The Museum's endowment is utilized to support the mission of the Museum, including the preservation, exhibition and maintenance of the Museum's collection, as well as various education and other programs of the Museum. The Museum's endowment consists of over 700 individual donor-restricted endowment funds. Part X: Description of Uncertain Tax Positions Under FIN 48: No ASC 740 disclosure noted in footnotes of Consolidated Financial statements for the year ended June 30, 2010. Part XI, Line 8 - Other Adjustments: change in fair value of split interest agreements: -74321. change in fair value of interest rate swap agreements: -6113432. change in fair value of foreign currency contract: -54262. market rent value under real estate purchase agreement: 750000. eliminate intercompany liabilities in an non-active subsidiary corp.: 36577. Part XII, Line 2d - Other Adjustments: change in fair value of split interest agreements: -74321. change in fair value of interest rate swap agreements: -6113432. change in fair value of foreign currency contract: -54262. cost of sales - merchandising operations: 2551275. market rent value under real estate purchase agreement: 750000. rental expenses: 3051162. internal repair and maintenance charges: 851791. Part XII, Line 4b - Other Adjustments: art in bloom expense net with revenue: -93916. Part XIII, Line 2d - Other Adjustments: cost of sales - merchandising operations: 2551275. art in bloom expense net with revenue: 93916. rental expenses: 3051162. internal repair and maintenance charges: 851791. 1 Central america and the caribbean 0 0 Investment n/a 0 0 0 0 Scholarships to foreign students attending SMFA East Asia and the pacific 7 83500 Apply to student tuition accounts Scholarships to foreign students attending SMFA South Asia 1 13780 Apply to student tuition accounts Scholarships to foreign students attending SMFA Europe 2 38000 Apply to student tuition accounts Procedure for Monitoring Grants Outside the U.S.: Schedule F, Part I, Line 2: 100% of total grants and other assistance to foreign individuals are related to institutional financial aid for which students apply through the financial aid office. All aid is awarded based on certain guidelines and is credited directly to students' tuition accounts. All awards are directly related to the students' education at the institution's physical location in the United States. Students are required to complete a review of art with instructors at the end of each semester to receive credit. Method Used to Acccount for Expenditures: Schedule F, Part I, Line 3: IN ACCORDANCE WITH IRS FREQUENTLY ASKED QUESTIONS: Form 990 Schedule F - Foreign Activities - Reporting Foreign Investments in Part I (Tip #9), THE ORGANIZATION IS NOT REPORTING EXPENDITURES ASSOCIATED WITH ITS FOREIGN INVESTMENTS. 1 Student financial aid - operating funds scholarship 384 3867662 Student financial aid - endowed funds scholarship 128 599619 Student financial aid - full scholarship 15 253412 Student financial aid - merit scholarship 91 753663 Student travel awards 85 185018 faculty enrichment award programs 15 35819 Procedure for Monitoring Grants in the U.S.: Part I, Line 2: Schedule I, Part I, Line 2: 96% of total grants and other assistance are related to institutional financial aid for which students apply through the financial aid office. All aid is awarded based on certain guidelines and is credited directly to students' tuition accounts. All awards are directly related to the students' education at the institution's physical location in the United States. Students are required to complete a review of art with instructors at the end of each semester to receive credit. Traveling scholar grants are awarded to fifth year students based upon a proposal and portfolio grading. Traveling scholars are required to show their work at an annual exhibition held on the organization's premises. Faculty enrichment awards are given to current, on-site faculty member to pursue various projects. X X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 Malcolm A Rogers 535105 0 0 0 64084 0 160498 0 7280 0 766967 0 0 0 Patricia Jacoby 299809 0 0 0 3048 0 22050 0 12372 0 337279 0 0 0 katherine g getchell 281470 0 0 0 216 0 22050 0 7063 0 310799 0 0 0 mark kerwin 253775 0 0 0 552 0 22050 0 15279 0 291656 0 0 0 kimberly french 252983 0 0 0 382 0 19624 0 12208 0 285197 0 0 0 Deborah H Dluhy 227971 0 0 0 2728 0 20621 0 2509 0 253829 0 0 0 daniel p poteet II 150167 0 0 0 1569 0 13763 0 11627 0 177126 0 0 0 walter upton 325634 0 0 0 2110 0 19625 0 12425 0 359794 0 0 0 Charles H Hall 174659 0 0 0 1966 0 14348 0 11828 0 202801 0 0 0 Sally K O'hare 177917 0 0 0 1022 0 16121 0 1958 0 197018 0 0 0 William J McAvoy 174520 0 0 0 248 0 16200 0 14880 0 205848 0 0 0 Cynthia Glott 165301 0 0 0 216 0 15300 0 11778 0 192595 0 0 0 Part I, Line 1a Housing allowance of $62,500 was paid to Malcolm Rogers based on the employment contract. club dues of $450 were made to a social club for Deborah Dluhy. Mass Health and Educational Facilities authority 042456011 57586CV69 2007-12-13 185000000 New Money for Construction 0 0 185802983 1134172 184668811 2010 0 0 1 1 0 1 1 0 1 0.00000 0.00000 0.00000 1 0 1 1 Bank of America 20.000000000000 0 0 0 BCBSCleve Killingsworth Trustee 5932741 Mr. Killingsworth was Director/Chairman of the board & CEO of Blue Cross Blue Shield of MA, Inc. (BCBS) until December of 2009. Mr. Killingsworth left the MFA's trustee position at same time. The MFA offers its employees health insurance through BCBS plans. 0 Baupost group llcScott Nathan Trustee 223291 Mr. Nathan is a shareholder of Baupost group, llc. The MFA invests in Baupost Value Partners IV LP and pays management fees via its interest. 0 X 335 0 79 0 1 0 Non Reporting of Revenue: Part I, Line 33: In accordance with the general practice of art museums, the costs of works of art are charged directly to the funds available for such purposes and are not capitalized. The value of objects acquired by gift cannot be reasonably estimated and, therefore, are not recorded in the statement of activities. Form 990, Part VI, Section B, line 11 The Audit committee reviews the 990 during a committee meeting. A copy of the full 990 is provided to the committee, who review and approve the 990 prior to its review by the full governing body. This review is reported to the Board at its spring meeting. The full 990 is made available to the governing board via an internal website. Form 990, Part VI, Section B, line 12c Board members are required to sign conflict of interest forms on an annual basis. Completion of the forms is tracked and the contents of the forms are reviewed by the Museum. Form 990, Part VI, Section B, line 15 The Board maintains a Compensation Committee. This committee reviews available data from the MFA's peer museums, as well as participating in surveys with peer museums concerning compensation. The committee utilized the information obtained concerning peer museums' directories salary and other compensation information, combined with performance measurement, to discuss and determine appropriate compensation for the director and key officers. Documentation of peer data on compensation and performance measurement is maintained. Form 990, Part VI, Section C, line 19 The Museum's full financial statements are available on the Commonwealth of Massachusetts Attorney General's website, Guidestar.org and upon request from the Museum. Certain excerpts of the financial statements are available on the Museum's website (www.mfa.org). Form 990, Part XI, Line 2c: The Museum maintains an audit committee which is responsible for the oversight of the audit of the Museum's financial statements. The audit committee selects the auditor and approves the auditors fees on an annual basis before the engagement letter with the audit firm is signed by Museum management. Management works with the auditors on scheduling and preparation of schedules. Management compiles the financial statements for the fiscal year under audit and provides these to the auditors. The financial statements are reviewed by the auditors. Management provides draft audited financial statements to the audit committee prior to a formal meeting at which the draft financial statements are presented to the committee. Both management and the auditors attend the committee meeting. The auditors meet with the audit committee separately from management for discussion and questions & answers. The audit committee approves the financial statements and presents the approved financial statements to the full board for final review and approval. Schedule K Supplental Information The Schedule K calculation was performed by an independent third party which specializes in performing these calculations. The Museum's bonds were issued in December 2007 and mature in 2037, a thirty year period. The percentage calculated as private business use is for the current fiscal year spanning July 1, 2009 through June 30, 2010. The overall measurement period for private business use is measured over the entire thirty year term of the bonds. Form 990, SCHEDULE K, Supplemental Information on Tax Exempt Bonds Part I, Bond Issues and Part IV Arbitrage Part I- Bond Issues, Line A: Column (c) Additional CUSIP #57586CK95 Part IV- Arbitrage, Line 3b: Additional Name of Provider: Merrill Lynch Part IV- Arbitrage, Line 3c: Additional Term of Hedge: 3.08 years Part IV, Line 6: Did the bond issue qualify for an exception to rebate?: the museum's bond issuance is not exempt from a rebate analysis. the museum has not yet filed an arbitrage rebate analysis due to the newness of the bonds but will file an arbitrage rebate analysis when required. The Schedule K calculation was performed by an independent third party which specializes in performing these calculations. The Museum's bonds were issued in December 2007 and mature in 2037, a thirty year period. The percentage calculated as private business use is for the current fiscal year spanning July 1, 2009 through June 30, 2010. The overall measurement period for private business use is measured over the entire thirty year term of the bonds. Form 990, Part I, Line 1 & Part III, Line 1: Founded in 1870, the Museum has a collection of over 450,000 objects. The collection includes works of art ranging from masters of American painting to the icons of Impressionism, from exquisite Asian scrolls to Egyptian mummies. All activities and services provided by the Museum are related to its chartered purpose ("for the purpose of erecting a museum for the preservation and exhibition of works of art, or making, maintaining and exhibiting collections of such works, and for affording instruction in the fine arts..."). In order to accomplish this purpose, the Museum maintains an ongoing series of on-site programs and activities, as well as in partnership with other museums located throughout the world. These programs allow for improvement of access to works of art. The Museum receives nearly 1,000,000 visitors each year who attend exhibitions, lectures, concerts and courses on site. Additionally, the Museum provides a number of days throughout the year with free admission to further increase access to the Museum and its services. Form 990, Schedule L, Part IV As disclosed in Schedule L, the MFA invests in Baupost Value Partners IV, LP. A trustee of the MFA, Scott Nathan, has an ownership interest in the entity to which a management fee is paid. The determination to invest in this partnership was made by the MFA's Investment Committee. The Committee determined that the investment in Baupost was the best fit for the portfolio amongst investments of the same type. Mr. Nathan was not involved in any part of the due diligence surrounding the selection of the investment and excuses himself from any discussion concerning the investment. The MFA is charged a standard management fee. MUSEUM ENTERPRISE PARTNERS INC 465 HUNTINGTON AVENUE BOSTON MA 02115 043554307 sales of art and related merchandise DE N/A C 36573 1.00000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0