2026-05-13T18:02:59-05:00 2025-06-30 952302617 SINGERLEWAK LLP 10960 WILSHIRE BLVD SUITE 1100 LOS ANGELES CA 90024 990 2024-07-01 952264067 MUSEUM ASSOCIATES MUSE 3238576172 5905 WILSHIRE BLVD LOS ANGELES CA 90036 MICHAEL GOVAN CEO AND WALLIS ANNENBERG DIR. 3238576172 2026-04-30 1 0 LIOR TEMKIN P00748170 3104773924 2026-04-30 2024 2025-03-06 01:10:19Z LOS ANGELES COUNTY MUSEUM OF ART (LACMA) MARK C DE BACA 5905 WILSHIRE BLVD LOS ANGELES CA 90036 240152718 0 X WWW.LACMA.ORG X 1938 CA SEE SCHEDULE O 59 56 594 144 -498004 0 87956077 124608518 45292476 87157255 19228703 19571775 3638003 4017673 156115259 235355221 78554 395921 0 0 36575948 41127426 57600 120000 6423051 71322523 82871527 108034625 124514874 48080634 110840347 1664831782 1814001780 752793007 759251142 912038775 1054750638 X SEE SCHEDULE O 0 0 52264450 395921 1440580 EXHIBITION, CURATORIAL, CONSERVATION & ART PROGRAMS:LACMA PRESENTED 16 EXHIBITIONS AND PERMANENT COLLECTION INSTALLATIONS IN FISCAL 2024-2025, FEATURING ARTWORKS FROM ITS OWN COLLECTION AND FROM LENDERS AROUND THE WORLD. PUBLIC PROGRAMS, FILMS, AND CONCERTS ARE DEVELOPED IN COORDINATION WITH SPECIAL EXHIBITIONS. MANY WORKS FROM THE MUSEUM'S COLLECTION OF OVER 150,000 OBJECTS ARE TREATED BY CONSERVATORS, WHILE THE MUSEUM'S RESEARCH LIBRARY AND SCHOLARLY PUBLICATIONS PROVIDE REFERENCE SUPPORT TO MUSEUM STAFF AND OUTSIDE SCHOLARS. ALL OF THESE ACTIVITIES SERVE TO MEET THE GOALS OF CONSERVATION, EXHIBITION AND INTERPRETATION OF ART INTO MEANINGFUL AESTHETIC, INTELLECTUAL, AND CULTURAL EXPERIENCES. 18447184 FACILITY ENHANCEMENT:IN FISCAL 2024-2025, LACMA CONTINUED WORK TOWARDS A MAJOR, NEW MUSEUM BUILDING. MOST OF THESE COSTS WERE CAPITALIZED AND ARE NOT REFLECTED ON THIS LINE. THIS CATEGORY OF EXPENSE ALSO REFLECTS FINANCING AND DEPRECIATION EXPENSE REPRESENTING AMORTIZATION OF THE CAPITALIZED COSTS OF CONSTRUCTING THE MUSEUM'S PHYSICAL FACILITIES, AN ACTIVITY THAT IS ONE OF THE CORE REASONS MUSEUM ASSOCIATES WAS FOUNDED. 15475056 305884 ART ACQUISITION:WORKS OF ART IN ALL MEDIA, FROM EVERY HISTORICAL PERIOD, AND FROM EVERY CORNER OF THE GLOBE ARE PURCHASED TO ENHANCE THE MUSEUM'S PERMANENT COLLECTION. SUCH ADDITIONS CONTRIBUTE TO THE MUSEUM'S GOAL OF COLLECTING SIGNIFICANT WORKS OF ART FROM A BROAD RANGE OF CULTURES AND ERAS.EXPENSES REFLECT FUNDS PAID BY THE MUSEUM FOR THE ACQUISITION OF ARTWORK DURING THE YEAR, BUT DO NOT REFLECT THE VALUE OF GIFTS OF ART. REVENUES REPRESENT THE PROCEEDS OF DEACCESSIONS FROM THE PERMANENT COLLECTION RECEIVED DURING THE FISCAL YEAR, WHICH, IN ACCORDANCE WITH MUSEUM POLICY, ARE RESTRICTED FOR THE FUTURE ACQUISITION OF ARTWORKS. 18981948 86315120 THE MUSEUM COLLECTS WORKS OF ART IN ALL MEDIA, FROM EVERY HISTORICAL PERIOD, AND FROM EVERY CORNER OF THE GLOBE TO ENHANCE ITS PERMANENT COLLECTION. EXPENSES REFLECT FUNDS PAID BY THE MUSEUM FOR THE ACQUISITION OF ART WORKS, BUT DO NOT REFLECT THE VALUE OF IN-KIND GIFTS OF ART. THE MUSEUM OFFERS MANY EDUCATIONAL OUTREACH PROGRAMS IN LOCAL SCHOOLS AND ON-SITE FOR CHILDREN AND TEENS AS WELL AS CLASSES AND OTHER PROGRAMS AND INTERPRETIVE MATERIALS FOR COLLEGE STUDENTS AND ADULTS. 18981948 86315120 105168638 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 1 0 0 0 1 0 1 1 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 1 0 0 0 1 333 0 1 594 1 1 1 0 0 0 0 1 1 0 0 0 0 1 0 X 59 56 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AL AR CA FL GA HI IL KS KY MD MA MI MN MS NC ND NH NJ NM NY OR PA RI SC TN VA WV WI X X X MARK C DE BACA CONTROLLER 3238576172 5900 WILSHIRE BLVD 15TH FLOOR LOS ANGELES CA 90036 X TONY P RESSLER CO-CHAIR OF THE BOARD 0.50 X X 0 0 0 ELAINE P WYNN CO-CHAIR OF THE BOARD 0.50 X X 0 0 0 WILLOW BAY VICE CHAIR 0.50 X X 0 0 0 ROBERT KOTICK VICE CHAIR 0.50 X X 0 0 0 WILLIAM H AHMANSON TRUSTEE 0.50 X 0 0 0 HE SHEIKHA AL MAYASSA BINT HAMAD BI TRUSTEE 0.50 X 0 0 0 WALLIS ANNENBERG TRUSTEE 0.50 X 0 0 0 MARK ATTANASIO TRUSTEE 0.50 X 0 0 0 THE HONORABLE NICOLE AVANT TRUSTEE 0.50 X 0 0 0 THE HONORABLE COLLEEN BELL TRUSTEE 0.50 X 0 0 0 DR REBECKA BELLDEGRUN TRUSTEE 0.50 X 0 0 0 ALLISON BERG TRUSTEE 0.50 X 0 0 0 NICOLAS BERGGRUEN TRUSTEE 0.50 X 0 0 0 SUZANNE DEAL BOOTH TRUSTEE 0.50 X 0 0 0 ANDREW BRANDON-GORDON TRUSTEE 0.50 X 0 0 0 TROY CARTER TRUSTEE 0.50 X 0 0 0 EVA CHOW TRUSTEE 0.50 X 0 0 0 ANN COLGIN TRUSTEE 0.50 X 0 0 0 JANET CROWN TRUSTEE 0.50 X 0 0 0 KELVIN DAVIS TRUSTEE 0.50 X 0 0 0 JOSHUA S FRIEDMAN TRUSTEE 0.50 X 0 0 0 THELMA GOLDEN TRUSTEE 0.50 X 0 0 0 SUSAN HESS TRUSTEE 0.50 X 0 0 0 MELLODY HOBSON TRUSTEE 0.50 X 0 0 0 VICTORIA JACKSON TRUSTEE 0.50 X 0 0 0 DAVID KAPLAN TRUSTEE 0.50 X 0 0 0 SUZANNE KAYNE TRUSTEE 0.50 X 0 0 0 LYN DAVIS LEAR TRUSTEE 0.50 X 0 0 0 BOOJIN LEE TRUSTEE 0.50 X 0 0 0 CHEECH MARIN TRUSTEE 0.50 X 0 0 0 RICHARD MERKIN MD TRUSTEE 0.50 X 0 0 0 ASHLEY MERRILL TRUSTEE 0.50 X 0 0 0 WENDY STARK MORRISSEY TRUSTEE 0.50 X 0 0 0 WENDI MURDOCH TRUSTEE 0.50 X 0 0 0 JANE NATHANSON TRUSTEE 0.50 X 0 0 0 DASHA ZHUKOVA NIARCHOS TRUSTEE 0.50 X 0 0 0 DOMINIC NG TRUSTEE 0.50 X 0 0 0 PETER NORTON TRUSTEE 0.50 X 0 0 0 GEOFF PALMER TRUSTEE 0.50 X 0 0 0 RICH PAUL TRUSTEE 0.50 X 0 0 0 VIVECA PAULIN-FERRELL TRUSTEE 0.50 X 0 0 0 JANET DREISEN RAPPAPORT TRUSTEE 0.50 X 0 0 0 CARTER REUM TRUSTEE 0.50 X 0 0 0 ROBBIE ROBINSON TRUSTEE 0.50 X 0 0 0 STEVEN F ROTH TRUSTEE 0.50 X 0 0 0 CAROLE BAYER SAGER TRUSTEE 0.50 X 0 0 0 RYAN SEACREST TRUSTEE 0.50 X 0 0 0 FLORENCE SLOAN TRUSTEE 0.50 X 0 0 0 ERIC SMIDT TRUSTEE 0.50 X 0 0 0 MICHAEL G SMOOKE TRUSTEE 0.50 X 0 0 0 JONATHAN D SOKOLOFF TRUSTEE 0.50 X 0 0 0 ANDY SONG TRUSTEE 0.50 X 0 0 0 JIM TANANBAUM TRUSTEE 0.50 X 0 0 0 STEVE TISCH TRUSTEE 0.50 X 0 0 0 MAGGIE TSAI TRUSTEE 0.50 X 0 0 0 CASEY WASSERMAN TRUSTEE 0.50 X 0 0 0 GREGORY ANNENBERG WEINGARTEN TRUSTEE 0.50 X 0 0 0 GILLIAN WYNN TRUSTEE 0.50 X 0 0 0 JEFF YABUKI TRUSTEE 0.50 X 0 0 0 MICHAEL GOVAN CEO AND WALLIS ANNENBERG DIRECTOR 40.00 X 1412481 296334 347304 JEFFREY BLAIR GENERAL COUNSEL & ASSISTANT 40.00 X 497919 0 15560 MARK MITCHELL CHIEF FINANCIAL OFFICER 40.00 X 326828 0 83269 DIANA VESGA CHIEF OPERATING OFFICER 40.00 X 853927 0 84419 NANCY THOMAS SR. DEPUTY DIRECTOR ART ADMIN AND COLLECTIONS 40.00 X 120743 164609 162965 LORI JO HARTMAN SVP, SITE OPERATIONS 40.00 X 350914 0 84676 ELIZABETH WIATT SVP, DEVELOPMENT 40.00 X 363250 0 57793 JENNIFER FIONA RAGHEB DEPUTY DIRECTOR FOR CURATORIAL & EXHIBITIONS 40.00 X 289800 0 57472 DIANA MAGALONI-KERPEL DEPUTY DIRECTOR, PROGRAM DIRECTOR 40.00 X 285938 0 92648 STEPHANIE BARRON SENIOR CURATOR & DEPT. HEAD 40.00 X 85710 142326 143788 NAIMA KEITH SVP, EDUCATION & PUBLIC PROGRAMS 40.00 X 256928 0 26359 BRITT SALVESEN CURATOR & DEPT HEAD 40.00 X 228531 0 45616 TIFFANY AUGUST AVP, PEOPLE & CULTURE 40.00 X 218106 0 44157 5291075 603269 1246026 70 0 1 0 CLARK CONSTRUCTION GROUP CA LP 18201 VON KARMAN STE 800 IRVINE CA 92612 CONSTRUCTION 129969672 ALLIED UNIVERSAL SECURITY SERVICES PO BOX 31001-2374 PASADENA CA 911102374 SECURITY 6937430 SKIDMORE OWINGS & MERRILL LLP 15 WALL STREET 24TH FLOOR NEW YORK NY 10005 ARCHITECTURAL CONSULTING 4863355 C&W FACILITY SERVICES INC PO BOX 854002 MINNEAPOLIS MN 554854002 CUSTODIAL SERVICES 1577149 ATELIER PETER ZUMTHOR & PARTNER ARCHITEKTURBURO SUSSWINKEL 20 HALD SZ CH-7023 ARCHITECTURE 1503361 36 X 3407667 4572207 1360174 115268470 3718288 124608518 COUNTY OPERATING CONTR 900099 36723000 36723000 ADMISSIONS 900099 4674131 4674131 PARKING REVENUE 900099 3421711 3421711 EXHIBITION REVENUE 900099 952958 952958 SPECIAL PROJECTS REVEN 900099 487622 487622 40897833 40897833 87157255 10419240 -498004 10917244 224310 224310 2871899 0 2871899 2871899 2871899 9152535 0 9152535 9152535 9152535 4130389 4572207 4130389 0 1418672 667108 751564 751564 FOOD SERVICES 900099 152765 152765 ALL OTHER MISC. REVENU 900099 17135 17135 169900 235355221 88061584 -498004 23183123 X 30000 30000 358921 358921 7000 7000 4299632 1495842 1800609 1003181 31252390 23753995 4845088 2653307 -679487 -390735 -185283 -103469 3894882 2853108 673356 368418 2360009 1749432 404736 205841 471849 471849 97369 97369 120000 120000 1093893 1093893 11395069 10477466 829632 87971 146361 128030 18331 4832014 3206707 753642 871665 2145763 1443919 586425 115419 43127 42428 699 16331345 15222797 715297 393251 1124243 916502 41616 166125 9496411 9496411 9289953 8950773 339180 2135485 2109723 10075 15687 ART ACQUISITION 15475056 15475056 ART INSTALLATION & PUBL 5177749 5172749 5000 CONSTRUCTION COSTS 1066340 1066340 HOSPITALITY 832205 396309 51331 384565 1717295 1205865 375340 136090 124514874 105168638 12923185 6423051 X 15935844 27352080 175081994 167224219 5145073 7289164 777266 640020 405710 114694 1124985928 142353608 831114637 982632320 277841769 258214287 275012912 293845300 83516577 76689696 1664831782 1814001780 18254906 29554716 28863419 32319959 334701751 335312665 279810449 277400509 91162482 84663293 752793007 759251142 X 644321886 776968256 267716889 277782382 912038775 1054750638 1664831782 1814001780 X 110840347 33906741 -2035225 X X 0 1 X 1 0 X 54878591 86583680 130255128 87956077 124608518 484281994 54878591 86583680 130255128 87956077 124608518 484281994 10368982 473913012 1533504 1543126 2022687 2685223 3096209 10880749 83864 18798 102662 922146 263573 262904 254251 169900 1872774 497138179 260986147 0.95330 0.94100 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 124514874 124514874 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 3072 3072 250000 250000 250000 250000 1000000 1500000 55000 X X X X X PUBLIC EDUCATION 1 173431519 11694976 18890364 8654158 195362701 160494576 4428223 16762658 8253938 173431519 158792895 415215 9341972 8055506 160494576 175671461 1171053 -8930379 9119240 158792895 134933568 545054 47396179 7203340 175671461 0.47900 0.21900 0.30200 0 0 32177991 32177991 302088709 125646373 176442336 11814615 4397662 7416953 13604042 12309573 1294469 765300571 765300571 982632320 ABSOLUTE RETURN INVESTMENTS 116503015 F OTHER PARTNERSHIPS AND OTHER FUNDS 177342285 F 293845300 RIGHT-OF-USE LEASE LIABILITIES 62818072 INTEREST RATE SWAPS 21845221 84663293 X 266532047 33906741 -2452006 31454735 235077312 277909 277909 235355221 108651013 -426785 -426785 109077798 15437076 15437076 124514874 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. THE MUSEUM'S ART COLLECTION IS MADE UP OF ART OBJECTS THAT ARE HELD FOR EXHIBITION AND VARIOUS OTHER PROGRAM ACTIVITIES. EACH OF THE ITEMS IS CATALOGUED, PRESERVED AND CARED FOR, AND ACTIVITIES VERIFYING THEIR EXISTENCE AND ASSESSING THEIR CONDITION ARE PERFORMED CONTINUOUSLY. PURCHASED COLLECTION ITEMS ARE RECORDED AS DECREASES IN UNRESTRICTED NET ASSETS IN THE YEAR IN WHICH THE ITEMS ARE ACQUIRED. CONTRIBUTED COLLECTION ITEMS ARE EXCLUDED FROM THE FINANCIAL STATEMENTS. PART III, LINE 4: THE LOS ANGELES COUNTY MUSEUM OF ART (THE "MUSEUM") IS THE PREMIER ENCYCLOPEDIC ART MUSEUM IN THE WESTERN UNITED STATES. THE MUSEUM'S COLLECTION OF OVER 150,000 ARTWORKS FROM AROUND THE WORLD SPANS THE HISTORY OF ART, FROM ANCIENT TO CONTEMPORARY TIMES, INCLUDING ESPECIALLY STRONG COLLECTIONS OF ASIAN, LATIN AMERICAN, EUROPEAN, AND AMERICAN ART. THROUGH ITS VARIED COLLECTIONS, THE MUSEUM IS BOTH A RESOURCE TO AND A REFLECTION OF THE MANY CULTURAL COMMUNITIES AND HERITAGES IN SOUTHERN CALIFORNIA AND THROUGHOUT THE WORLD. PART V, LINE 4: THE EARNINGS OF THE MUSEUM'S ENDOWMENT FUNDS SUPPORT EDUCATION AND ART PROGRAMS, AND THE MISSION OF THE MUSEUM. PART X, LINE 2: THE MUSEUM IS A CALIFORNIA NONPROFIT CORPORATION AND IS EXEMPT FROM TAXATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC) AND IS ALSO EXEMPT FROM STATE FRANCHISE TAXES. IN ACCORDANCE WITH ACCOUNTING STANDARDS CODIFICATION TOPIC NO. 740, UNCERTAINTY IN INCOME TAXES, THE MUSEUM 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. DURING THE YEAR ENDED JUNE 30, 2025 THE MUSEUM PERFORMED AN EVALUATION OF UNCERTAIN TAX POSITIONS AND DID NOT NOTE ANY MATTERS THAT WOULD REQUIRE RECOGNITION IN THE FINANCIAL STATEMENTS OR WHICH MAY HAVE AN EFFECT ON ITS TAX-EXEMPT STATUS AND TO DATE HAS NOT RECORDED ANY UNCERTAIN TAX POSITIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: COGS 667,108. INVESTMENT MANAGEMENT FEES -1,093,893. UNREALIZED GAINS (LOSSES) - ON INTEREST RATE SWAP -2,025,221. PART XI, LINE 4B - OTHER ADJUSTMENTS: COLLECTION ITEMS SOLD 305,885. GIFT ANNUITY RESERVE CHANGE -27,979. ROUNDING 3. PART XII, LINE 2D - OTHER ADJUSTMENTS: COGS 667,108. INVESTMENT MANAGEMENT FEES -1,093,893. PART XII, LINE 4B - OTHER ADJUSTMENTS: COLLECTION ITEMS PURCHASED 15,475,056. GIFT ANNUITY RESERVE CHANGE -27,979. DOUBTFUL PLEDGES -10,000. ROUNDING -1. 0 EAST ASIA AND THE PACIFIC TRAVELING EXHIBITIONS 0 0 0 0 0 0 0 0 0 CURATORIAL EUROPE (INCLUDING ICELAND & GREENLAND) 1 3500 WIRE TRANSFER FMV CURATORIAL EAST ASIA AND THE PACIFIC 1 3500 WIRE TRANSFER FMV 1 0 0 1 1 0 PART I, LINE 2: THE TRAVELING EXHIBIT EXPENSES WERE REIMBURSED BY THE VARIOUS MUSEUMS THAT WERE TOURED IN. THEREFORE, WE DO NOT INCLUDE ANY AMOUNT IN THE EXPENSE COLUMN OF THIS SCHEDULE. X X X X X X X 1 PENNINGTON GRAY LLC 7 WINSTON FARM LANE FAR HILLS NJ 07931 FUNDRAISING CONSULTATION AND PRODUCTION 0 1212386 120000 1092386 1212386 120000 1092386 AL AK AR CA CO CT FL GA HI IL KS KY ME MD MA MI MN MS NV NC ND NH NJ NM NY OH OK OR PA RI SC TN VA WA WV WI ART & FILM GALA 6359158 3008650 3350508 3350508 COLLECTOR'S COMMITTEE 2343438 1563557 779881 779881 2 8702596 4572207 4130389 4130389 4130389 0 1 THE GARDEN IN THE MACHINE INC 822313033 S CORPORATION 30000 0 CASH GRANTS N/A CURATORIAL 1 CURATORIAL 39 358921 CASH N/A PART I, LINE 2: THE MUSEUM MONITORS THE USE OF GRANT FUNDS ON A CASE-BY-CASE BASIS BUT DOES NOT HAVE OFFICIAL PROCEDURES FOR SUCH MONITORING. GRANT MAKING IS NOT A PRIORITY OF THE MUSEUM. GRANTS ARE MADE ON A CASE-BY-CASE BASIS AND ONLY IF THEY SUPPORT LACMA'S MISSION. X X 1 1 X X X X X X 1 0 0 0 0 0 0 0 0 MICHAEL GOVAN CEO AND WALLIS ANNENBERG DIRECTOR 1108769 289626 100000 0 203712 6708 64766 0 0 282538 1477247 578872 0 0 DIANA VESGA CHIEF OPERATING OFFICER 853927 0 0 0 0 0 42797 0 41622 0 938346 0 0 0 JEFFREY BLAIR GENERAL COUNSEL & ASSISTANT 497919 0 0 0 0 0 13200 0 2360 0 513479 0 0 0 NANCY THOMAS SR. DEPUTY DIRECTOR ART ADMIN AND CO 120743 164609 0 0 0 0 21600 0 0 141365 142343 305974 0 0 LORI JO HARTMAN SVP, SITE OPERATIONS 341414 0 9500 0 0 0 70519 0 14157 0 435590 0 0 0 ELIZABETH WIATT SVP, DEVELOPMENT 363250 0 0 0 0 0 43636 0 14157 0 421043 0 0 0 MARK MITCHELL CHIEF FINANCIAL OFFICER 326828 0 0 0 0 0 71638 0 11631 0 410097 0 0 0 DIANA MAGALONI-KERPEL DEPUTY DIRECTOR, PROGRAM DIRECTOR 285938 0 0 0 0 0 58887 0 33761 0 378586 0 0 0 STEPHANIE BARRON SENIOR CURATOR & DEPT. HEAD 85710 142326 0 0 0 0 15714 0 0 128074 101424 270400 0 0 JENNIFER FIONA RAGHEB DEPUTY DIRECTOR FOR CURATORIAL & EXH 289800 0 0 0 0 0 43315 0 14157 0 347272 0 0 0 NAIMA KEITH SVP, EDUCATION & PUBLIC PROGRAMS 256928 0 0 0 0 0 14728 0 11631 0 283287 0 0 0 BRITT SALVESEN CURATOR & DEPT HEAD 228531 0 0 0 0 0 33985 0 11631 0 274147 0 0 0 TIFFANY AUGUST AVP, PEOPLE & CULTURE 208506 0 9600 0 0 0 20090 0 24067 0 262263 0 0 0 PART I, LINE 1A THE MUSEUM PROVIDES A HOUSING ALLOWANCE FOR THE DIRECTOR, THE VALUE OF WHICH IS INCLUDED IN PART II COLUMN B(III), ROW 1(I). THE MUSEUM PROVIDED FIRST CLASS TRAVEL FOR THE DIRECTOR IN SELECT INSTANCES WHERE A PARTICULAR CARRIER DID NOT HAVE BUSINESS CLASS SEATS AVAILABLE, TOTALING $3,463. PART I, LINE 4A PER A CONFIDENTIALITY AGREEMENT SIGNED BY THE ORGANIZATION, THE SEVERANCE PACKAGE PAID TO AN EMPLOYEE IS NOT OPEN FOR PUBLIC INSPECTION. HOWEVER, THIS INFORMATION WILL BE PROVIDED TO ANY GOVERNMENTAL AGENCY UPON REQUEST. A CALIFORNIA INFRASTRUCTURE AND ECONOMIC DEVELOPMENT BANK 630304653 13034AN30 2021-01-21 228500000 REFUNDING OF 2017 BONDS 0 0 0 B CALIFORNIA INFRASTRUCTURE AND ECONOMIC DEVELOPMENT BANK 630304653 13034AN48 2021-01-21 71500000 REFUNDING OF 2017 BONDS 0 0 0 C CALIFORNIA INFRASTRUCTURE AND ECONOMIC DEVELOPMENT BANK 630304653 13034ACT5 2021-06-10 43000000 REFUNDING OF 2013 BONDS 0 0 0 D LOS ANGELES PUBLIC WORKS FINANCING AUTHORITY 956000927 2020SERA1 2020-11-03 301292146 FUNDING LACMA EAST CAMPUS PROJECT 0 0 0 A 228500000 228500000 2010 1 0 1 1 B 71500000 71500000 2010 1 0 1 1 C 43000000 43000000 2010 1 0 1 1 D 301292146 1292146 300000000 2025 0 0 1 1 A 0 0 1 1 0 0 0 1 B 0 0 1 1 0 0 0 1 C 0 0 1 1 0 0 0 1 D 0 0 1 1 0 0 0 1 A 0 1 1 0 0 0 0 0 0 B 0 1 1 0 1 0 0 0 0 C 0 1 1 0 1 0 0 0 0 D 0 1 0 0 0 0 0 0 0 A 1 B 1 C 1 D 1 PART I LINE C AND LINE D: ON NOVEMBER 3, 2020 THE MUSEUM ENTERED INTO A FUNDING AGREEMENT WITH THE COUNTY OF LOS ANGELES (THE COUNTY) WHEREBY THE COUNTY LOANED THE MUSEUM $300,000,000 TO HELP FUND THE MUSEUM'S BUILDING FOR THE PERMANENT COLLECTION PROJECT FROM PROCEEDS OF LEASE REVENUE BONDS THAT THE COUNTY ISSUED. UNDER THE AGREEMENT THE MUSEUM IS RESPONSIBLE FOR THE REPAYMENT OF ALL DEBT SERVICE RELATED TO THE $300,000,000 TO THE COUNTY, ALL DEBT SERVICE IS TO BE PAID TO THE COUNTY IN JUNE EACH FISCAL YEAR FOR THE DEBT SERVICE DUE IN THE FOLLOWING FISCAL YEAR AND THE REPAYMENT OBLIGATION IS SUBORDINATE TO ALL MUSEUM EXISTING INDEBTEDNESS. ON JUNE 10, 2021, $171,500,000 IN BONDS WERE ISSUED BY CA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK AS A REFUNDING OF BONDS ORIGINALLY ISSUED IN 2013. OF THAT AMOUNT, $128,500,000 WAS REDEEMED, LEAVING THE OUTSTANDING AMOUNT INDICATED IN PART I, LINE C OF $43,000,000 WHICH WAS EXTENDED ON MAY 14, 2024. JOSHUA S FRIEDMAN TRUSTEE 174602 INV. MGMT FEESMR. FRIEDMAN IS ALSO A FOUNDER, CO-CHAIR AND CO-CHIEF EXECUTIVE OFFICER FOR CANYON CAPITAL ADVISORS LLC (CCA, LLC), AN INVESTMENT FIRM THAT IS PAID FOR MANAGEMENT SERVICES FOR INVESTING FUNDS OF THE ORGANIZATION, WHICH ARE BASED IN PART, ON REVENUES FROM THE PERFORMANCE OF THESE INVESTMENTS. MUSEUM ASSOCIATES INVESTED WITH CCA, LLC IN 2005, FOUR YEARS PRIOR TO MR. FRIEDMAN JOINING THE BOARD. MUSEUM ASSOCIATES HAS NOT INVESTED ANY ADDITIONAL FUNDS IN CCA, LLC SINCE THE DATE OF THE INITIAL INVESTMENT. LESS THAN 3% OF THE MUSEUM'S TOTAL PORTFOLIO IS INVESTED WITH MR. FRIEDMAN'S FIRM. FEES ARE BASED ON A PERCENTAGE OF ASSETS UNDER INVESTMENT MANAGEMENT AND AN INCENTIVE FEE BASED ON THE INVESTMENT PERFORMANCE. 1 JONATHAN SOKOLOFF TRUSTEE 1378 INV. MGMT FEESMR. SOKOLOFF IS ALSO A MANAGING PARTNER OF LEONARD GREEN & PARTNERS L.P., AN INVESTMENT FIRM WHICH IS PAID FOR MANAGEMENT SERVICES FOR INVESTING FUNDS OF THE ORGANIZATION, WHICH ARE BASED IN PART, ON REVENUES FROM THE PERFORMANCE OF THESE INVESTMENTS. MUSEUM ASSOCIATES INVESTED WITH LEONARD GREEN & PARTNERS IN 2012, TWO AND A HALF YEARS PRIOR TO MR. SOKOLOFF JOINING THE BOARD. MUSEUM ASSOCIATES HAS MADE NO NEW INVESTMENT COMMITMENTS WITH LEONARD GREEN & PARTNERS SINCE THE DATE OF THE INITIAL INVESTMENT.LESS THAN 1% OF THE MUSEUM'S TOTAL PORTFOLIO IS INVESTED WITH MR. SOKOLOFF'S FIRM.FEES ARE BASED ON A PERCENTAGE OF ASSETS UNDER INVESTMENT MANAGEMENT AND AN INCENTIVE FEE BASED ON THE INVESTMENT PERFORMANCE. 1 ASHLEY MERRILL TRUSTEE 34398 DESIGN COLLABORATIONMS. MERRILL IS THE FOUNDER AND CHAIRWOMAN OF LUNYA COMPANY. LUNYA IS A CLOTHING COMPANY, WHICH DESIGNED ITEMS FOR SALE IN THE MUSEUM SHOP USING ARTWORKS FROM THE MUSEUM'S COLLECTION THAT WERE IN THE PUBLIC DOMAIN. THE MUSEUM PURCHASED THE ITEMS AT WHOLESALE PRICE FOR SALE IN ITS STORE AND LUNYA PAID THE MUSEUM A 10% COMMISSION ON THE GROSS SALES OF THESE SAME ITEMS SOLD BY THEM. 0 X 193 0 SEE PART II X 29 3718288 FMV OF AVG. STOCK VALUE X CRYPTO 5 150121 FMV OF CRYPTO ASSET X NFTS 5 0 SEE PART II 36 0 1 1 PART I, LINE 32B: THE MUSEUM USES BROKERS TO SELL SECURITIES AND USES AUCTION HOUSES AND ART DEALERS TO SELL WORKS ON CONSIGNMENT. PART I, LINE 33: IN CONFORMITY WITH THE PRACTICES OF MANY MUSEUMS, ART OBJECTS PURCHASED OR DONATED TO THE MUSEUM ARE NOT CAPITALIZED IN THE STATEMENT OF FINANCIAL POSITION. THE MUSEUM'S ART COLLECTION IS MADE UP OF ART OBJECTS THAT ARE HELD FOR EXHIBITION AND VARIOUS OTHER PROGRAM ACTIVITIES. EACH OF THE ITEMS IS CATALOGUED, PRESERVED AND CARED FOR, AND ACTIVITIES VERIFYING THEIR EXISTENCE AND ASSESSING THEIR CONDITION ARE PERFORMED CONTINUOUSLY. PURCHASED COLLECTION ITEMS ARE RECORDED AS DECREASES IN NET ASSETS WITHOUT DONOR RESTRICTIONS IN THE YEAR IN WHICH THE ITEMS ARE ACQUIRED. CONTRIBUTED COLLECTION ITEMS ARE EXCLUDED FROM THE FINANCIAL STATEMENTS. FORM 990, PART I & PART III LINE 1, DESCRIPTION OF ORGANIZATION MISSION: TO SERVE THE PUBLIC THROUGH THE COLLECTION, CONSERVATION, EXHIBITION AND INTERPRETATION OF SIGNIFICANT WORKS OF ART FROM A BROAD RANGE OF CULTURES AND HISTORICAL PERIODS, AND THROUGH TRANSLATION OF THESE COLLECTIONS INTO MEANINGFUL EDUCATIONAL, AESTHETIC, INTELLECTUAL AND CULTURAL EXPERIENCES FOR THE WIDEST ARRAY OF AUDIENCES. THE LOS ANGELES COUNTY MUSEUM OF ART (THE "MUSEUM") IS THE PREMIER ENCYCLOPEDIC ART MUSEUM IN THE WESTERN UNITED STATES. THE MUSEUM'S COLLECTION OF OVER 150,000 ARTWORKS FROM AROUND THE WORLD SPANS THE HISTORY OF ART, FROM ANCIENT TO CONTEMPORARY TIMES, INCLUDING ESPECIALLY STRONG COLLECTIONS OF ASIAN, LATIN AMERICAN, EUROPEAN, AND AMERICAN ART. THROUGH ITS VARIED COLLECTIONS, THE MUSEUM IS BOTH A RESOURCE TO AND A REFLECTION OF THE MANY CULTURAL COMMUNITIES AND HERITAGES IN SOUTHERN CALIFORNIA AND THROUGHOUT THE WORLD. THIS FISCAL YEAR, THE MUSEUM PRESENTED 16 EXHIBITIONS AND PERMANENT COLLECTION INSTALLATIONS, ACQUIRED 315 NEW WORKS OF ART, PROVIDED PROGRAMS FOR 17,995 SCHOOL CHILDREN. TOTAL ATTENDANCE AT THE MUSEUM WAS 815,164. FORM 990, PART I, LINE 8 AND LINE 19: THE INCREASE IN CONTRIBUTIONS FROM FISCAL YEAR END 06/30/24 TO FISCAL YEAR END 06/30/25 IS ATTRIBUTABLE TO AN INCREASE IN GIFTS FOR LACMA'S BUILDING CAMPAIGN AS CONSTRUCTION PROGRESSES. FORM 990, PART VI, SECTION A, LINE 1A THE MUSEUM'S BYLAWS ESTABLISH AN EXECUTIVE COMMITTEE AS ONE OF ITS STANDING COMMITTEES ELECTED ANNUALLY BY THE BOARD OF TRUSTEES. THE EXECUTIVE COMMITTEE HAS THE AUTHORITY TO ACT, BETWEEN MEETINGS OF THE BOARD OF TRUSTEES, ON BEHALF OF THE BOARD OF TRUSTEES, SUBJECT TO CERTAIN EXCEPTIONS, INCLUDING THOSE SET FORTH IN APPLICABLE STATE LAW. THE SCOPE OF THE COMMITTEE'S AUTHORITY, INCLUDING THE EXCEPTIONS THERETO, IS SET FORTH IN THE BYLAWS OF THE MUSEUM, WHICH ARE PUBLISHED ON THE MUSEUM'S WEBSITE. THE COMMITTEE IS COMPRISED OF THE CO-CHAIRS OF THE BOARD, THE CHAIRS OF EACH STANDING COMMITTEE OF THE BOARD AND OTHER TRUSTEES ELECTED BY THE BOARD. ALL MEMBERS OF THE COMMITTEE ARE VOTING TRUSTEES. FORM 990, PART VI, SECTION A, LINE 2 WALLIS ANNENBERG, TRUSTEE, AND GREGORY ANNENBERG WEINGARTEN, TRUSTEE ARE MOTHER AND SON. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY OUTSIDE TAX ACCOUNTANTS AND REVIEWED AND APPROVED BY THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES. ONCE APPROVED BY THE AUDIT COMMITTEE, THE AUDIT COMMITTEE REPORTS TO THE FULL BOARD OF TRUSTEES AND THE RETURN IS MADE AVAILABLE TO THE REST OF THE BOARD BEFORE IT IS ELECTRONICALLY FILED. FORM 990, PART VI, SECTION B, LINE 12C THE CHAIRMAN OF THE AUDIT COMMITTEE SENDS AN ANNUAL CONFLICT OF INTEREST DISCLOSURE FORM TO EACH TRUSTEE, AND, WITH THE OFFICE OF GENERAL COUNSEL, MONITORS RESPONSES AND FOLLOWS UP WITH TRUSTEES TO ACHIEVE AS HIGH A RESPONSE RATE AS POSSIBLE. THE OFFICE OF GENERAL COUNSEL REVIEWS THESE FORMS AND REPORTS SIGNIFICANT CONFLICTS TO THE AUDIT COMMITTEE, WHICH REVIEWS ANY SPECIFIC TRANSACTIONS THAT MIGHT INVOLVE A CONFLICT OF INTEREST WITH A TRUSTEE. THE GENERAL COUNSEL OF THE MUSEUM SENDS OFFICERS, KEY EMPLOYEES, AND OTHERS AN ANNUAL CONFLICT OF INTEREST FORM, WHICH KEY EMPLOYEES ARE ASKED TO COMPLETE AND RETURN, WHO REVIEWS SUCH FORMS FOR POSSIBLE CONFLICTS AND MONITORS COMPLIANCE WITH LACMA'S ETHICS POLICY INCLUDING THE CONFLICT OF INTEREST POLICIES CONTAINED IN THE ETHICS POLICY. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION OF THE CEO AND DIRECTOR OF LACMA IS DETERMINED BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES, WITH THE PARAMETERS ESTABLISHED BY THE MULTI-YEAR EMPLOYMENT AGREEMENT ENTERED INTO BY LACMA AND THE CEO AND DIRECTOR IN 2022. THE DIRECTOR ANNUALLY DETERMINES THE COMPENSATION OF EACH OF THE OTHER OFFICERS AND KEY EMPLOYEES. IN EACH CASE, THE COMPENSATION IS BASED ON (1) THE EMPLOYEE'S PERFORMANCE DURING THE PRIOR YEAR; (2) THE CONTEXT OF LACMA'S OVERALL OPERATING BUDGET; AND (3) COMPARABILITY DATA FOR PERSONS HOLDING SIMILAR POSITIONS IN SIMILAR ORGANIZATIONS. SUCH COMPARABILITY DATA IS GENERALLY PREPARED BY SENIOR MANAGEMENT, INCLUDING THE CHIEF FINANCIAL OFFICER AND THE AVP OF HUMAN RESOURCES AND INCLUDES A REVIEW OF PUBLICLY FILED FORMS 990 OF OTHER, COMPARABLE INSTITUTIONS. THE PROPOSED COMPENSATION FOR ALL OFFICERS AND KEY EMPLOYEES AND THE UNDERLYING DATA, INCLUDING THE PERFORMANCE REVIEWS AND COMPARABILITY ANALYSES, ARE PRESENTED TO THE AUDIT COMMITTEE, TO DETERMINE WHETHER, IN THE AUDIT COMMITTEE'S JUDGMENT, SUCH PROPOSED COMPENSATION IS APPROPRIATE, FAIR AND REASONABLE TO LACMA. THE APPROVAL OF THE AUDIT COMMITTEE IS REPORTED TO THE FULL BOARD OF TRUSTEES AT ITS NEXT REGULARLY SCHEDULED MEETING. NOTE THAT LACMA DOES NOT HAVE A SEPARATE "COMPENSATION COMMITTEE". THE AUDIT COMMITTEE FUNCTIONS AS THE COMPENSATION COMMITTEE. ALL MEMBERS OF THE AUDIT COMMITTEE ARE INDEPENDENT TRUSTEES OF LACMA. 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 AND ON THE MUSEUM'S WEBSITE. THE WHISTLEBLOWER POLICY, POLICY ON REVIEW OF EXECUTIVE COMPENSATION, BOARD POLICY ON DIVERSITY, AND COLLECTIONS MANAGEMENT POLICY ARE ALSO MADE AVAILABLE ON THE MUSEUM'S WEBSITE. PART VII, SECTION A & SCHEDULE J, PART II ALTHOUGH THE COUNTY OF LOS ANGELES IS NOT A "RELATED ORGANIZATION", COMPENSATION PAID BY THE COUNTY OF LOS ANGELES TO CERTAIN OFFICERS AND EMPLOYEES OF THE MUSEUM LISTED IN PART VII AND SCHEDULE J, IS INCLUDED IN THE INTEREST OF TRANSPARENCY AND FULL DISCLOSURE. FORM 990, PART VII AND SCHEDULE J THE TITLES LISTED ON FORM 990 PART VII AND SCHEDULE J PART II ARE FOR THE FISCAL YEAR THIS RETURN COVERS, AS OF 6/30/2025, WHILE COMPENSATION AMOUNTS ARE FOR THE CALENDAR YEAR ENDING IN THE FISCAL YEAR, PER 990 INSTRUCTIONS. FORM 990, PART VIII, LINE 7B: PROCEEDS FROM SALE OF SECURITIES: LACMA HAS INVESTMENT ACCOUNTS AND HEDGE FUNDS WITH MANY STOCK TRANSACTIONS. DUE TO THE LARGE QUANTITY OF STOCK TRANSACTIONS, THIS INFORMATION IS NOT INCLUDED IN THE RETURN. FORM 990, PART IX, LINE 8: AS IS TYPICAL FOR DEFINED BENEFIT PLANS, WHEN INTEREST RATES RISE, THE PLAN'S FUNDED STATUS IMPROVES. A MATERIAL INCREASE IN THE APPLICABLE INTEREST RATES RESULTED IN A SUBSTANTIAL DECREASE IN PENSION EXPENSE - TO THE POINT THAT EXPENSES WERE NEGATIVE FOR FY25. FORM 990, PART X, LINE 10C: THE INCREASE ON THIS LINE REFLECTS CAPITALIZING SPENDING ON LACMA'S NEW BUILDING FOR THE PERMANENT COLLECTION. FORM 990, PART X, LINE 11: THE DECREASE ON THIS LINE REFLECTS SPENDING OF CAMPAIGN PROCEEDS ON CONSTRUCTION PROJECT. FORM 990, PART XI, LINE 9: UNREALIZED GAINS (LOSSES) ON INTEREST RATE SWAP -2,025,221. DOUBTFUL PLEDGES -10,000. ROUNDING -4. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS AN AUDIT COMMITTEE THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT. THE MUSEUM PERIODICALLY CHANGES AUDIT FIRMS OR ROTATES PARTNERS WITHIN OUR CONTRACTED FIRM. CRT 5905 WILSHIRE BLVD LOS ANGELES CA 90036 TRUST CA N/A T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0