2011-05-16T10:31:45-05:00 2010-06-30 TAIT WELLER & BAKER LLP 1818 MARKET STREET SUITE 2400 PHILADELPHIA PA 19103 990 2009-07-01 231352256 Pennsylvania Academy of the Fine Arts PENN 2159727600 128 NORTH BROAD STREET PHILADELPHIA PA 19102 JOHN J BERG 2159727600 2011-05-16 1 MARTIN MAUCH 2159798800 2011-05-16 2009 2016-02-24 21:20:13Z EDWARD T LEWIS 128 NORTH BROAD STREET PHILADELPHIA PA 19102 23530241 0 X WWW.PAFA.ORG X 1805 PA THE ACADEMY OPERATES A POST-SECONDARY EDUCATIONAL PROGRAM IN FINE ARTS AS WELL AS A GALLERY COLLECTION OF AMERICAN ART. IN ADDITION, THE ACADEMY SPONSORS FINE ARTS CLASSES FOR ALL AGES AND FREE ART PROGRAMS. 38 38 318 48 0 -74384 4605615 5394149 10403436 10195200 38016 510858 190409 140700 15237476 16240907 1779414 2289473 0 6103141 6309889 0 917496 8680226 8236674 16562781 16836036 -1325305 -595129 75321180 77591634 24443672 24173517 50877508 53418117 THE PENNSYLVANIA ACADEMY OF THE FINE ARTS (PAFA) IS A NATIONAL LEADER IN FINE ARTS EDUCATION THAT BRINGS TOGETHER ARTISTS AND THE PUBLIC THROUGH EXCEPTIONAL TEACHING PROGRAMS, A WORLD-CLASS COLLECTION OF AMERICAN ART, MAJOR EXHIBITIONS AND WIDELY ACCESSIBLE PUBLIC PROGRAMS. 0 0 10522717 2289473 8568042 THE ACADEMY'S POST-SECONDARY FINE ARTS PROGRAM OFFERS PROGRAMS IN PAINTING, PRINT-MAKING, SCULPTING AND DRAWING. THE SCHOOL GRANTS A FOUR YEAR CERTIFICATE, A BACHELOR OF FINE ARTS DEGREE, AND A MASTER OF FINE ARTS DEGREE. 2873892 1064182 THE ACADEMY OPERATES A GALLERY THAT DISPLAYS GREAT WORKS OF AMERICAN ART. IT IS THE OLDEST SUCH GALLERY IN THE U.S. AND ITS PRINCIPAL BUILDING IS A HISTORICAL STRUCTURE. THE SCHOOL ALSO HOSTS SEVERAL SPECIAL EXHIBITIONS. 1055366 698493 THE ACADEMY'S LIFELONG EDUCATION AND COMMUNITY PROGRAMS DIVISION SPONSORS FINE ARTS CLASSES FOR ALL AGES, ADULTS, SPECIAL PRE-SCHOOL, ELEMENTARY, MIDDLE SCHOOL AND HIGH SCHOOL CLASSES AND PROGRAMS, SUMMER CAMPS, FAMILY AND FREE ART PROGRAMS. 14451975 1 1 0 1 0 0 1 0 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 0 0 0 0 1 145 0 1 318 1 1 1 0 0 0 0 1 1 0 0 0 38 38 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 PA X John Berg 2159722007 128 N BROAD STREET PHILADELPHIA PA 19102 DONALD R CALDWELL 5.00 X X 0 0 0 KEVIN F DONOHOE 5.00 X X 0 0 0 HERBERT S RIBAND 5.00 X X 0 0 0 THOMAS N PAPPAS 5.00 X X 0 0 0 JAMES C BIDDLE 5.00 X X 0 0 0 MARK ALDERMAN ESQ 5.00 X 0 0 0 ROGER H BALLOU 5.00 X 0 0 0 GERALD P BARTH 5.00 X 0 0 0 JOHN B BARTLETT ESQ 5.00 X 0 0 0 SALLY J BELLET ESQ 5.00 X 0 0 0 THOMAS L BENNETT CFA 5.00 X 0 0 0 MAX N BERRY ESQ 5.00 X 0 0 0 LYNN NOWICKI CLARKE 5.00 X 0 0 0 JONATHAN L COHEN 5.00 X 0 0 0 ROBERT A FISK 5.00 X 0 0 0 JOHN A FRY 5.00 X 0 0 0 ANTHONY A IBARGUEN 5.00 X 0 0 0 MICHAEL T KENNEDY 5.00 X 0 0 0 MARY LOUISE KRUMRINE PH D 5.00 X 0 0 0 ELLEN BERMAN LEE 5.00 X 0 0 0 MARGUERITE LENFEST 5.00 X 0 0 0 REVEREND HERBERT H LUSK II 5.00 X 0 0 0 FRANCES M MAGUIRE 5.00 X 0 0 0 ANNE E MCCOLLUM 5.00 X 0 0 0 FRANCIS P NEWELL ESQ 5.00 X 0 0 0 DELPHINE POUSSOT 5.00 X 0 0 0 LINDA RICHARDSON 5.00 X 0 0 0 WILLIAM RULON-MILLER 5.00 X 0 0 0 STEVEN S SANDERS 5.00 X 0 0 0 WILLIAM H SCHORLING ESQ 5.00 X 0 0 0 CAROL PRICE SHANIS 5.00 X 0 0 0 HENRY B DU P SMITH 5.00 X 0 0 0 MARTHA MCGEARY SNIDER 5.00 X 0 0 0 JULIE D SPAHR 5.00 X 0 0 0 GERARD H SWEENEY 5.00 X 0 0 0 BARBARA A SYLK 5.00 X 0 0 0 STEVEN VOLLA 5.00 X 0 0 0 DEBORA C ZUG 5.00 X 0 0 0 EDWARD T LEWIS 40.00 X 394923 0 11897 JOHN J BERG 40.00 X 160104 0 10199 MARSHA BRAVERMAN 40.00 X 112482 0 5949 DAVID R BRIGHAM 40.00 X 181956 0 9190 JEFFREY CARR 40.00 X 147936 0 15012 STANISLAUS JOSEF GREIDUS 40.00 X 133461 0 9402 LOUISA HANSHEW 40.00 X 149279 0 5339 1280141 0 66988 7 0 1 0 SAUL EWING LLP 1500 MARKET STREET 38TH FLOOR PHILADELPHIA PA 19102 LEGAL 149033 1 184863 324441 4884845 736916 5394149 Tuition and Fees 900099 8543618 8543618 CONTINUING EDUCATION 900099 698493 698493 Museum Admiss/Collect 900099 437683 437683 Rentals for Exempt Act 900099 358066 358066 Womens Board Revenue 900099 157340 157340 10195200 792547 792547 6537864 6819553 -281689 -281689 -281689 173890 184863 242570 -68680 -68680 412167 227211 184956 111093 73863 Miscellaneous 900099 24424 24424 24424 16240907 10330717 73863 442178 2289473 2289473 543657 543657 4867345 3958343 489426 419576 130356 95591 21725 13040 412604 315459 68764 28381 355927 243938 78713 33276 35760 5716 30044 33500 33500 62073 62073 102579 2599 31840 68140 388328 386754 1074 500 749994 585519 37870 126605 51805 51288 517 1057812 1057812 63055 43777 5697 13581 14532 11133 2594 805 914100 914100 1805965 1805965 303418 303418 Outside and contract la 1432138 1396350 35130 658 Special projects and ev 272711 100472 425 171814 Student Activity Accoun 183917 183917 Women's board expenses 146121 146121 FACILITY RENTAL EXPENSE 143245 143245 475621 348912 86106 40603 16836036 14451975 1466565 917496 2156761 4784713 1419958 2711306 2224258 145208 511375 728277 272932 302498 367146 325990 59294263 11435134 49227103 47859129 11404623 11824329 7737024 8209439 0 700745 75321180 77591634 903889 1063903 864413 1885042 21610150 21000000 1065220 224572 24443672 24173517 X 27585480 27950089 240000 1942265 23052028 23525763 50877508 53418117 75321180 77591634 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 0 0 0 0 1 47500 0 0 47500 0 Part II-B, Line 1i: Explanation of Other Lobbying Activities: LOBBYING FIRMS WERE WORKING DURING THE FISCAL ENDING JUNE 30, 2010 TO SECURE FUNDING FOR ONGOING RENOVATIONS RELATED TO THE RELOCATION OF THEIR BUILDING AND ADMINISTRATIVE OFFICES. THEIR FORMER BUILDING WAS PURCHASED BY THE COMMONWEALTH OF PENNSYLVANIA FOR THE EXPANSION OF THE PENNSYLVANIA CONVENTION CENTER. X X X X 0 19490389 1320 887840 20379549 26154434 -6662612 1433 19490389 1.00000 0 0 2500000 2500000 54030524 9636444 44394080 2366041 1798690 567351 397698 397698 47859129 BENEFICIAL INTERESTS IN PERPETUAL TRUSTS 8209439 F 8209439 Swap Market Valuation 224572 224572 16240907 16836036 -595129 1362277 1773461 3135738 2540609 15004115 1362277 1362277 13641838 62073 2536996 2599069 16240907 14583060 242570 242570 14340490 62073 2433473 2495546 16836036 Part XI, Line 8 - Other Adjustments: CHANGE IN BENEFICIAL INTEREST IN PERPETUAL TRUSTS: 472415. COLLECTION ITEMS PURCHASED BUT NOT CAPITALIZED: -1565831. CHANGE IN MARKET VALUE OF SWAP: -359352. FUNDS RECEIVED FOR ART ACQUISITION: 3510000. LOSS ON REFINANCING: -283771. Part XII, Line 4b - Other Adjustments: RECLASSIFICATION OF SCHOLARSHIPS: 2289473. INVESTMENT RETURN IN EXCESS OF AMOUNT DESIGNATED FOR CURRENT OPERATIONS: 415425. FUNDRAISING EXPENSES: -242570. TUITION REMISSION - EMPLOYEES: 42512. TUITION REMISSION - EXCHANGE STUDENTS: 32156. Part XIII, Line 2d - Other Adjustments: FUNDRAISING EXPENSES: 242570. Part XIII, Line 4b - Other Adjustments: RECLASSIFICATION OF SCHOLARSHIPS: 2289473. TUITION REMISSION - EMPLOYEES: 42512. TUITION REMISSION - EXCHANGE STUDENTS: 32156. OTHER LOSSES - SEVERANCE PAYMENT : 69332. PART III - LINE 1A - WORKS OF ART - FOOTNOTE FROM FINANCIAL STATEMENT The Academy maintains a collection of rare American art that is held for public exhibition. The collection is kept under curatorial care and is subject to the Academy's policy that requires the proceeds from the sales of accessioned collection items to be used only to acquire other items for collection. The Academy does not recognize the contributions of donated collection items, as its collections are not capitalized. During the year ended June 30, 2010 and 2009, the Academy had donated accessions with approximate appraised values totaling $139,120 and $1,088,550, respectively. 1 1 1 THE ACADEMY INCLUDES STATEMENTS IN ITS ADVERTISING THAT THEIR POLICY IS TO NOT DISCRIMINATE AGAINST ANY MINORITY DUE TO RACE,CREED, OR COLOR. 1 1 1 1 0 0 0 0 0 0 0 0 1 0 THE PENNSYLVANIA ACADEMY OF FINE ARTS RECEIVES FROM TIME TO TIME FINANCIAL ASSISTANCE FROM GOVERNMENT PROGRAMS. 1 Wine Auction 358753 184863 173890 242570 358753 184863 173890 242570 242570 -68680 1 scholarships 295 2289473 Procedure for Monitoring Grants in the U.S.: Part I, Line 2: Schedule I, Part I, Line 2: Grant funds are used for financial aid and are applied as a reduction in tuition for students enrolled in the academy. The bursar monitors the use of funds by ensuring that the student receiving aid is enrolled at the Academy. X X 0 1 X X X X X 0 0 0 0 0 0 0 0 0 EDWARD T LEWIS 250000 0 50000 0 94923 0 10959 0 938 0 406820 0 0 0 JOHN J BERG 159288 0 0 0 816 0 6378 0 3821 0 170303 0 0 0 DAVID R BRIGHAM 181731 0 0 0 225 0 0 0 9190 0 191146 0 0 0 JEFFREY CARR 147461 0 0 0 475 0 5898 0 9114 0 162948 0 0 0 LOUISA HANSHEW 149020 0 0 0 259 0 4357 0 982 0 154618 0 0 0 Part I, Line 1a HOUSING WAS PROVIDED FOR THE PRESIDENT, AND SOCIAL CLUB DUES ARE PAID FOR THE PRESIDENT AND THE VICE PRESIDENT OF DEVELOPMENT. Philadelphia Authority for Industrial Development 232237287 noneavail 2010-03-05 19773000 Refinance Debt 0 0 19773000 381960 2010 1 0 1 1 0 0 0 0 1 0.00000 0.00000 0.00000 1 0 1 1 PNC Bank 5.000000000000 0 0 0 David Brigham suitable housing X 200000 200000 0 1 1 200000 X 98 X 6 572029 Average high/low X WINE AUCTION ITEMS 134 161075 AUCTION SALE VALUE 0 1 0 Non Reporting of Revenue: Part I, Line 33: Collection or artwork is not capitalized. Please refer to FOOTNOTE FROM FINANCIAL STATEMENT found in Schedule D, PART XIV which corresponds to Schedule D, PART III - LINE 1A. Form 990, Part VI, Section A, line 2 The Academy uses the services of a Trust Company where a Board member of the Academy is an employee, Henry b. DuP. Smith, and two Board members are paid Directors, Donald R. Caldwell and Thomas N. Pappas. Assets under management with this investment company totaled approximately $16,000,000 and $13,000,000 as of June 30, 2010 and 2009, respectively. For the year ended June 30, 2010, the Academy was charged a 0.4% fee for this service. For the year ended June 30, 2010, this fee was approximately $48,500. In addition, this trust company provides a line of credit for the Academy; interest expense paid during the year for this line of credit was approximately $20,000. In previous years, the trust company in question rendered its services to the Academy free of charge. In the last fiscal year, the trust company began charging for its services, but also made substantial gifts to the Academy, with the result that the net charges, after such gifts, were quite small. The question of the trust company's charges to the Academy was submitted to the Finance Committee, and then to the full Board of Trustees, and after consideration of the trust company's charges, the trust company's gifts to the Academy, and the performance of the trust company, the Board decided that the relationship with the trust company was quite beneficial to the Academy, and that the Academy waived any technical conflict with the trust company. Form 990, Part VI, Section B, line 11 THE FORM 990 WAS PREPARED BY AND UNDER THE SUPERVISION OF THE SENIOR VICE-PRESIDENT OF FINANCE AND OPERATION, WITH PARTICIPATION OF THE DIRECTOR OF FINANCE, AND AFTER CONSULTATION WITH THE VICE CHAIR AND SECRETARY OF THE BOARD OF TRUSTEES AND THE CERTIFIED ACCOUNTANT FIRM WHICH SERVES AS THE ACADEMY'S INDEPENDENT AUDITOR. FINALLY, THE COMPLETED FORM 990 IS SENT TO EACH MEMBER OF THE BOARD OF TRUSTEES BEFORE FILING WITH A REQUEST THAT THE BOARD MEMBER REVIEW THE RETURN AND SUBMIT ANY CORRECTIONS, COMMENTS OR QUESTIONS BEFORE FILING. Form 990, Part VI, Section B, line 12c DURING THE FISCAL YEAR, EACH MEMBER OF THE BOARD OF TRUSTEES AND EACH SENIOR KEY EMPLOYEE COMPLETES A FORM SETTING FORTH, IF ANY, ANY TECHNICAL CONFLICT OF INTEREST HE/SHE HAS WITH THE ACADEMY. SUCH COMPLETED FORMS ARE RETAINED BY THE VICE-CHAIR/SECRETARY OF THE BOARD. IF ANY CONFLICT OF INTEREST IS IDENTIFIED, IT IS REFERRED TO THE APPROPRIATE COMMITTEE OF THE BOARD, WHICH EXAMINES IT AND REFERS IT TO THE ENTIRE BOARD FOR ACTION. THE BOARD DECIDES WHETHER SUCH CONFLICT IS TO BE WAIVED, ON THE GROUNDS THAT THE TRANSACTION OR RELATIONSHIP IN QUESTION IS FAVORABLE TO THE ACADEMY NOTWITHSTANDING THE TECHNICAL CONFLICT, OR WHETHER SUCH RELATIONSHIP OR TRANSACTION IS TO BE NEGATED. Form 990, Part VI, Section B, line 15 THE FIVE OFFICERS OF THE BOARD OF TRUSTEES (PAFA'S GOVERNING BODY), CONSISTING OF THE CHAIR OF THE BOARD; THE VICE CHAIR AND TREASURER; COLLECTIVELY CONSTITUTE THE COMPENSATION COMMITTEE WHICH DELIBERATES AND DECIDES ON THE COMPENSATION OF THE PRESIDENT/CEO OF THE ORGANIZATION. THE COMMITTEE STUDIES COMPARABILITY DATA OBTAINED FROM SEVERAL SOURCES AND IT MAINTAINS COMTEMPORANEOUS SUBSTANTIATION OF THE DELIBERATION AND DECISION IN THE FORM OF NOTES AND MINUTES MADE BY THE BOARD CHAIR WHICH ARE MAINTAINED IN THE PRIVATE OFFICE OF THE BOARD CHAIR. IN THE PRESIDENT/CEO'S FIRST YEAR IN OFFICE, THE PRESIDENT/CEO AND PAFA ENTER INTO A WRITTEN EMPLOYMENT AGREEMENT WHICH EMBODIES THE DECISIONS ON COMPENSATION. IN EACH SUCCEEDING YEAR OF THE PRESIDENT/CEO'S TENURE, THE COMPENSATION COMMITTEE REVIEWS THE COMPENSATION AND MAKES ANY NECESSARY ADJUSTMENTS. WITH RESPECT TO THE COMPENSATION OF OTHER OFFICERS OR KEY EMPLOYEES OF PAFA, RECOMMENDATIONS ARE FIRST MADE BY THE PRESIDENT/CEO (AFTER HIS INTERNAL PROCESS OF CONSULTATION WITH HIS SENIOR STAFF, INCLUDING THE SENIOR VICE PRESIDENT OF FINANCE AND OPERATIONS) WHICH ARE EMBODIED IN THE ANNUAL BUDGET, AND REVIEWED BY THE COMPENSATION COMMITTEE OF THE BOARD AND BY THE BOARD'S FINANCE COMMITTEE (WHICH IS CHAIRED BY THE VICE-CHAIR AND TREASURER OF THE BOARD). THE ANNUAL BUDGET, WHICH EMBODIES THE COMPENSATION OF THE PRESIDENT/CEO (AS INITIALLY PROPOSED BY THE BOARD'S COMPENSATION COMMITTEE) IS ULTIMATELY PRESENTED TO THE ENTIRE BOARD OF TRUSTEES BY THE BOARD'S FINANCE COMMITTEE FOR CONSIDERATION, POSSIBLE AMENDMENT, AND FINALLY ADOPTION. Form 990, Part VI, Section C, line 19 THE DOCUMENTS ARE MAINTAINED IN THE FINANCE OFFICE AND ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 2C THE AUDIT COMMITTEE APPROVES THE ENGAGEMENT LETTER OF THE INDEPENDENT ACCOUNTANT AND MEETS WITH AUDITORS ON A PERIODIC BASIS THROUGHOUT THE YEAR, AND RECEIVES AND REVIEWS THE AUDIT REPORT, WHICH IT PASSES ON FOR REVIEW TO THE FINANCE COMMITTEE OF THE BOARD AND TO THE ENTIRE BOARD WITH ITS COMMENTS.