2024-10-29T10:22:52-05:00 2023-12-31 521392008 GELMAN ROSENBERG & FREEDMAN 4550 MONTGOMERY AVE SUITE 800N BETHESDA MD 208142930 990 2023-01-01 116038031 HECKSCHER MUSEUM HECK 6313803230 2 PRIME AVENUE HUNTINGTON NY 11743 HEATHER ARNET CEO 6313803230 2024-10-29 1 0 RICHARD J LOCASTRO CPA P00288314 3019519090 2023 2024-10-15 13:58:12Z HEATHER ARNET 2 PRIME AVENUE HUNTINGTON NY 11743 4662258 0 X WWW.HECKSCHER.ORG X 1957 NY THE MUSEUM SERVES THE PEOPLE OF THE TOWN OF HUNTINGTON AND SURROUNDING COMMUNITIES. THROUGH EXHIBITIONS AND PUBLIC PROGRAMMING, IT SEEKS TO PROVIDE INSPIRING AND TRANSFORMATIVE EDUCATIONAL EXPERIENCES TO ENCOURAGE A BROADER UNDERSTANDING OF OUR PAST AND PRESENT AND ENRICH THE QUALITY OF THE LIFE OF THE INDIVIDUALS IT SERVES. 14 14 24 80 0 0 1505433 1422545 56843 60959 303345 251660 -25028 -13742 1840593 1721422 0 1159 0 0 1538569 1662607 0 0 278948 612171 920574 2150740 2584340 -310147 -862918 9561660 9356017 979232 1017013 8582428 8339004 X THE HECKSCHER MUSEUM OF ART (HMA) IS LOCATED IN HUNTINGTON, NEW YORK (SUFFOLK COUNTY, LONG ISLAND). THE MISSION OF THE MUSEUM IS TO CREATE OPPORTUNITIES FOR EVERYONE TO EXPERIENCE ART THAT BROADENS UNDERSTANDINGS OF THE PAST, FOSTERS COMMUNITY CONNECTIONS TO THE PRESENT, AND CREATES DIVERSE POSSIBILITIES FOR THE FUTURE. 0 0 765472 THE MUSEUM CONSISTENTLY PRESENTS ORIGINAL EXHIBITION CONTENT AND SCHOLARSHIP THAT SPEAK TO A BROAD AND DIVERSE AUDIENCE. FOUR EXHIBITIONS PER YEAR EXPLORE COMPELLING FACETS OF THE HUMAN EXPERIENCE, FEATURING ARTWORK FROM THE PERMANENT COLLECTION AND LOANS FROM OTHER INSTITUTIONS, COLLECTORS, AND ARTISTS REACHING OVER 100,000 VISITORS IN PERSON, AND ONLINE, EACH YEAR. DEMONSTRATING THE MUSEUM'S COMMITMENT TO BRINGING ATTENTION TO UNDERREPRESENTED VOICES, THESE EXHIBITIONS HIGHLIGHT ARTWORK BY RACIALLY AND ETHNICALLY DIVERSE ARTISTS AND OTHER MARGINALIZED GROUPS. THE PERMANENT COLLECTION IS COMPRISED OF MORE THAN 2,300 ARTWORKS SPANNING THE NINETEENTH CENTURY TO THE PRESENT. EXPENSES RELATED TO COLLECTIONS AND EXHIBITIONS INCLUDE CONSERVATION, GENERAL CARE, AND MAINTENANCE FOR THE MUSEUM'S PERMANENT COLLECTION, CURATORIAL RESEARCH, SCHOLARSHIP, EXHIBITION DESIGN, MATTING, FRAMING, FABRICATION, CRATING, SHIPPING, AND OTHER EXHIBITION RELATED COSTS. 584842 61434 PUBLIC PROGRAMS SERVE BOTH THE LOCAL AND WIDER COMMUNITY THROUGH PROGRAMMING FOR ADULTS, FAMILIES AND CHILDREN INCLUDING LECTURES, CONCERTS, BOOK GROUPS AND HANDS-ON WORKSHOPS. SEVENTY-FIVE (75) IN-PERSON AND VIRTUAL PUBLIC PROGRAMS WERE CONDUCTED IN 2023 FOR CHILDREN, FAMILIES, AND ADULTS. THESE INCLUDED: FAMILY HOURS; HISPANIC HERITAGE DUAL LANGUAGE FAMILY HOURS; YOUTH AMBASSADORS; HUNTINGTON ADVENTURE CAMP WITH THE VANDERBILT MUSEUM, WHALING MUSEUM AND HUNTINGTON HISTORICAL SOCIETY; "LUNAR NEW YEAR" "PRIDE AND JUNETEENTH CELEBRATIONS; FIRST FRIDAY CONCERT SERIES; ILLUMINATIONS LIGHT SHOW; HEARTS FOR ART; AND THE ANNUAL "DRAW OUT" COMMUNITY ARTS FESTIVAL IN COLLABORATION WITH HUNTINGTON FINE ARTS, HUNTINGTON ARTS COUNCIL, ART LEAGUE OF LONG ISLAND, VANDERBILT MUSEUM, WHALING MUSEUM, HUNTINGTON PUBLIC LIBRARY, AND THE TOH ASIAN AMERICAN TASK FORCE. FAMILY ART ACTIVITIES WERE HELD DURING THE CHAMBER OF COMMERCE'S FALL FESTIVAL, AND THE MUSEUM WAS A POPULAR DESTINATION FOR THE MAY AND OCTOBER HUNTINGTON VILLAGE ART WALK EVENTS. 513829 1159 EDUCATION PROGRAMS OFFER MULTIFACETED PROGRAMMING TO A DIVERSE POPULATION REACHING MORE THAN 6,000 STUDENTS AND 100 SCHOOLS ANNUALLY. LONG ISLAND'S BEST: YOUNG ARTISTS AT THE HECKSCHER MUSEUM CONTINUES TO PROVIDE HIGH SCHOOL STUDENTS WITH IN-DEPTH ARTS LEARNING EXPERIENCES AND IS THE ONLY PROFESSIONALLY PRESENTED JURIED EXHIBITION ORGANIZED BY A LONG ISLAND MUSEUM. SEVENTY-SEVEN SCHOOLS PARTICIPATED IN LONG ISLAND'S BEST EDUCATION PROGRAMS LEADING TO THE CREATION OF ORIGINAL WORKS OF ART BY THE STUDENTS. THE NUMBER OF STUDENT WORKS SUBMITTED TO THE JURIED COMPETITION WAS 553, THE HIGHEST NUMBER EVER RECEIVED IN THE HISTORY OF THE PROGRAM. NINETY-ONE WORKS WERE SELECTED FOR EXHIBITION. THE FIVE-WEEK EXHIBIT ATTRACTED 1,215 VISITORS AND WAS VIEWED ONLINE BY 3,550 UNIQUE VIEWERS. 1864143 1 1 0 0 0 0 0 1 1 1 1 0 0 0 1 0 1 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 56 0 1 24 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 14 14 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NY X PRISCILLA HUGHES 6313803230 2 PRIME AVENUE HUNTINGTON NY 11743 ROBIN T HADLEY CHAIR UNTIL 06/2023, CHAIR EMERITUS 2.00 X X 0 0 0 BRUCE A LEV TREASURER UNTIL 06/2023, BOARD CHAIR 2.00 X X 0 0 0 TRUDY H CALABRESE VICE CHAIR 2.00 X X 0 0 0 MARGY HARGRAVES VICE CHAIR UNTIL 06/2023, TRUSTEE 2.00 X X 0 0 0 ROBERT J AQUILINA SECRETARY UNTIL 06/2023, VICE CHAIR 2.00 X X 0 0 0 PRISCILLA HUGHES TRUSTEE UNTIL 06/2023, TREASURER 2.00 X X 0 0 0 RICHARD T CUNNIFF JR TRUSTEE UNTIL 06/2023, SECRETARY 2.00 X X 0 0 0 PIEN BOSCH TRUSTEE 2.00 X 0 0 0 JESSICA BRASSLER TRUSTEE 2.00 X 0 0 0 COLETTE BUZETTA TRUSTEE 2.00 X 0 0 0 JOHN T CALLAGHAN TRUSTEE 2.00 X 0 0 0 JOHN E CORAOR TRUSTEE 2.00 X 0 0 0 BETTE SCHNEIDERMAN TRUSTEE 2.00 X 0 0 0 BRUCE SEGEL TRUSTEE 2.00 X 0 0 0 GREG WAGNER TRUSTEE 3.00 X 0 0 0 HEATHER ARNET CHIEF EXECUTIVE OFFICER 50.00 X 185253 0 18005 DOUGLAS COHEN DIRECTOR OF FINANCE (UNTIL 05/2023) 50.00 X 183162 0 27993 DEBORAH JOHNSON DIRECTOR OF DEVELOPMENT 50.00 X 113408 0 17220 481823 0 63218 3 0 1 0 0 276628 543983 601934 10131 1422545 PROGRAM SERVICES 900099 60959 60959 60959 161432 161432 114 114 2971083 2880855 90228 90228 90228 26100 276628 59981 -33881 -33881 475 0 475 475 MISCELLANEOUS REVENUE 900099 19100 19100 BIENNIAL ENTRY FEES 900099 450 450 19550 1721422 61434 0 237443 159 159 1000 1000 203258 142280 30489 30489 1149161 970926 93211 85024 27260 23617 1933 1710 129804 103318 16813 9673 153124 113780 26470 12874 110639 110639 38603 38603 251895 125506 56684 69705 54240 47393 4159 2688 136375 97979 3994 34402 46869 20782 9446 16641 72865 72865 13788 7658 2098 4032 3966 478 2313 1175 65816 65816 63382 34401 27874 1107 EQUIPMENT 29323 16389 7325 5609 MISCELLANEOUS 8986 8661 179 146 BOOKS/SUBS/RESEARCH 6980 4787 510 1683 DUES 5819 1409 3045 1365 11028 4939 5464 625 2584340 1864143 441249 278948 1400 85366 635544 196807 313098 420816 0 14973 5999 2780137 1170353 1671010 1609784 6881876 7017383 43759 19862 9561660 9356017 145315 146050 789888 857726 44029 13237 979232 1017013 X 5095137 4540002 3487291 3799002 8582428 8339004 9561660 9356017 -862918 619494 0 X 0 1 X 1 0 X 1152741 1323142 1598508 1505433 1422545 7002369 1152741 1323142 1598508 1505433 1422545 7002369 539128 6463241 206426 157017 275202 159841 161546 960032 7073 12956 4356 10688 19550 54623 8017024 241551 0.80620 0.80550 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X 1 0 1 X 6115457 17916 780925 972252 0 5942046 7634342 28269 -1011042 498059 38053 6115457 6822021 19610 418682 200000 17620 7042693 6681574 313469 157214 15808 6822021 6191411 686847 180862 15822 6681574 0.39950 0.60050 0.00000 0 0 141760 141760 2624868 1166625 1458243 13509 3728 9781 1609784 LEASE LIABILITY 13237 13237 2362294 619494 59981 679475 1682819 38603 38603 1721422 2605718 59981 59981 2545737 38603 38603 2584340 PART III, LINE 1A: COLLECTION ITEMS WHICH HAVE BEEN ACQUIRED THROUGH PURCHASES AND CONTRIBUTIONS SINCE THE MUSEUM'S INCEPTION ARE NOT RECOGNIZED AS ASSETS ON THE STATEMENT OF FINANCIAL POSITION. IN CONFORMITY WITH THE PRACTICE BY MUSEUMS AND IN ACCORDANCE WITH THE PROVISIONS OF THE FASB ASC 958-605, THE MUSEUM DOES NOT CAPITALIZE DONATED OR PURCHASED WORKS OF ART OR RECOGNIZE THEM AS REVENUE OR GAINS. THE MUSEUM HAS A POLICY THAT REQUIRES THE PROCEEDS FROM SALES OF COLLECTION ITEMS TO BE USED TO ACQUIRE OTHER ITEMS FOR ITS COLLECTION. PURCHASES OF COLLECTION ITEMS ARE RECORDED AS DECREASES IN NET ASSETS WITHOUT DONOR RESTRICTIONS IN THE YEAR IN WHICH THE ITEMS ARE ACQUIRED OR AS DECREASES IN NET ASSETS WITH DONOR RESTRICTIONS IF THE ASSETS USED TO PURCHASE THE ITEMS ARE RESTRICTED BY DONORS. OBJECTS IN THE ORIGINAL GIFT MADE BY FOUNDER AUGUST HECKSCHER ARE OWNED BY THE TOWN OF HUNTINGTON (THE "TOWN"), BUT MANAGED BY THE MUSEUM. THESE WORKS CANNOT BE SOLD OR TRADED WITHOUT THE EXPRESSED PERMISSION OF THE TOWN OF HUNTINGTON. COLLECTION ITEMS ADDED TO THE PERMANENT COLLECTION SINCE THE INCORPORATION OF THE HECKSCHER MUSEUM ARE OWNED BY THE MUSEUM, EXCEPT AS NOTED BELOW IN THE EXPLANATION FOR PART IV, LINE 2B. ALL SUCH ITEMS ON HAND ARE CURRENTLY INSURED FOR $75 MILLION. PART III, LINE 4: THE HECKSCHER MUSEUM OF ART IS COMMITTED TO ITS MISSION OF CREATING OPPORTUNITIES FOR EVERYONE TO EXPERIENCE ART THAT BROADENS UNDERSTANDING OF THE PAST, FOSTERS COMMUNITY CONNECTIONS TO THE PRESENT, AND CREATES DIVERSE POSSIBILITIES FOR THE FUTURE. THE HECKSCHER MUSEUM OF ART CONTINUES TO ACTIVELY GROW ITS COLLECTION OF 2,300 OBJECTS AND SHAPE EXHIBITION PROGRAMMING IN WAYS THAT ILLUMINATE PREVIOUSLY OVERLOOKED ARTISTS, INCLUDING THOSE MARGINALIZED BY THEIR RACE, GENDER, AND SEXUALITY. IN 2020, THE MUSEUM ADOPTED A FREE ADMISSION/SUGGESTED DONATION POLICY TO DECREASE COST AS A BARRIER TO ATTENDANCE. THROUGH K-12 AND VISUAL ARTS PROGRAMMING, THE MUSEUM REACHES MORE THAN 100,000 INDIVIDUALS EACH YEAR AND 100 SCHOOLS ANNUALLY. PART IV, LINE 2B: IN 2011, THE MUSEUM WAS GIVEN PERMISSION BY THE TOWN OF HUNTINGTON TO DEACCESSION CERTAIN ARTIFACTS THAT DID NOT AND NEVER WERE GOING TO BE EXHIBITED OR USED FOR EDUCATIONAL PURPOSES. THESE ARTIFACTS WERE PART OF THE ORIGINAL LEGACY COLLECTION, AND THEREFORE WERE TOWN PROPERTY. THE TOWN AUTHORIZED THE MUSEUM TO DISPOSE OF THESE ARTIFACTS AT PUBLIC AUCTION. PROCEEDS FROM ANY PUBLIC AUCTION WERE TO BE DEPOSITED INTO A SEGREGATED ACCOUNT IN THE TOWN'S NAME ("TOWN OF HUNTINGTON ART ACQUISITION FUND") WITH THE MUSEUM ACTING AS TRUSTEE. THE FUNDS ARE EXCLUSIVELY FOR THE PURCHASE OF ART TO ENRICH THE PERMANENT COLLECTION OF THE MUSEUM AND ANY ARTWORK PURCHASED WITH THESE FUNDS WOULD BELONG TO THE TOWN. AS OF DECEMBER 31, 2023, THIS FUND HAS A BALANCE OF $857,726, WHICH IS REFLECTED AS RESTRICTED INVESTMENTS AND FUNDS HELD IN CUSTODY ON THE STATEMENT OF FINANCIAL POSITION. AFTER AN INITIAL PURCHASE FROM THE FUND, THE REMAINING $697,091 CORPUS OF THE FUND AFTER THAT PURCHASE WAS DESIGNATED BY THE BOARD TO BE TREATED AS A "QUASI-ENDOWMENT" WHERE ONLY THE INVESTMENT INCOME ABOVE THE AMOUNT OF THE CORPUS WOULD BE SPENT ON SUBSEQUENT COLLECTION ACQUISITIONS. PART V, LINE 4: QUASI-ENDOWMENT FUND - IN 2022, THE HECKSCHER MUSEUM BOARD OF TRUSTEES PASSED A FORMAL RESOLUTION ESTABLISHING A BOARD-DESIGNATED, QUASI-ENDOWMENT FUND FOR THE EXCLUSIVE SUPPORT OF GENERAL OPERATIONS. THE BOARD TRANSFERRED FUNDS FROM THE UNRESTRICTED ELIZABETH LIVINGSTON ESTATE BEQUEST, ALONG WITH ADDITIONAL UNRESTRICTED FUNDS, INTO A SEGREGATED ACCOUNT, TITLED THE HECKSCHER MUSEUM GENERAL ENDOWMENT FUND, TO BE INVESTED FOR THE LONG-TERM. A BOARD-APPROVED PERCENTAGE WILL BE DRAWN FROM THE NEW QUASI-ENDOWMENT ON AN ANNUAL BASIS IN SUPPORT OF GENERAL MUSEUM OPERATIONS. ACCESS TO THE CORPUS OF THE NEW ENDOWMENT, IN ANY AMOUNT IN EXCESS OF THE ABOVE-MENTIONED BOARD APPROVED PERCENTAGE, CAN ONLY BE ACCESSED BY THE APPROVAL OF TWO-THIRDS (2/3) OF THE TRUSTEES IN ORDER TO REVOKE THE RESTRICTIONS ON THE USE OF FUNDS AS SPECIFIED IN THE RESOLUTION. FURTHERMORE, THE BOARD OF TRUSTEES ALSO PASSED A FORMAL RESOLUTION DIRECTING SUBSEQUENT "UNRESTRICTED PROCEEDS" OF ALL BEQUESTS, CHARITABLE REMAINDER TRUSTS, RETIREMENT PLAN BENEFICIARY DESIGNATIONS, LIFE INSURANCE BENEFICIARY DESIGNATIONS, GIFT ANNUITIES, AND OTHER UNRESTRICTED DEFERRED "TRANSFERS" TO THE HECKSCHER MUSEUM GENERAL ENDOWMENT FUND. IN 2017, THE MUSEUM RECEIVED A BEQUEST OF $496,500 FROM THE ESTATE OF NORRIS W. DARRELL AND THE TANG FAMILY FOUNDATION DONATED AN ADDITIONAL $100,000. THE PURPOSE OF THE FUNDS IS FOR THE GENERAL SUPPORT OF THE MUSEUM'S OPERATIONS AND PROGRAMS AND WAS DIRECTED TO BE ADDED TO THE MUSEUM'S GENERAL ENDOWMENT FUND. THE VALUE OF THE HECKSCHER MUSEUM GENERAL ENDOWMENT FUND ON DECEMBER 31, 2023 WAS $2,373,575. DONOR RESTRICTED ENDOWMENTS - IN 2015, THE MUSEUM MEMBER AND TRUSTEE ROBIN HADLEY REPURPOSED $3 MILLION OF HER AND HER LATE HUSBAND JOHN W. B. HADLEY'S 1991 GIFT TO THE MUSEUM BUILDING FUND "TO BE USED TO CREATE AND FUND AN ENDOWMENT, THE SOLE PURPOSE OF WHICH WILL BE TO SUPPORT BUILDING MAINTENANCE, REPAIR, AND REPLACEMENT AND EXPANSION COSTS IN PERPETUITY." THE ENDOWMENT AGREEMENT IS IRREVOCABLE AND MRS. HADLEY ACKNOWLEDGED THAT SHE HAS "NO RIGHT OR POWER TO REVOKE OR TERMINATE THE AGREEMENT." THE ENDOWMENT IS NAMED THE ROBIN AND JOHN HADLEY CAPITAL BUILDING FUND ENDOWMENT. IN 2017, THE MUSEUM RECEIVED A GIFT OF $503,500 FROM HENRIETTE DARRELL AND ESTABLISHED THE HENRIETTE DARRELL ENDOWMENT FUND. THE PURPOSE OF THE FUNDS IS TO SUPPORT LONG ISLAND'S BEST: YOUNG ARTISTS AT THE HECKSCHER MUSEUM EXHIBITION, AN ANNUAL ARTS-IN-EDUCATION INITIATIVE OFFERING HIGH SCHOOL STUDENTS THE OPPORTUNITY TO EXHIBIT THEIR ART IN A MUSEUM. THE FUNDS ARE REQUIRED TO BE INVESTED IN ACCORDANCE WITH THE NEW YORK STATE PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT WHEREBY THE CORPUS IS MAINTAINED IN PERPETUITY. THE MUSEUM HAS A TOTAL OF FIVE OTHER ENDOWED FUNDS THAT HAVE BEEN ESTABLISHED TO FUND VARIOUS INITIATIVES, INCLUDING ART ACQUISITION, SCHOLARSHIPS AND SUPPORT FOR LONG ISLAND'S BEST YOUNG ARTISTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENT EXPENSES REPORTED AS AN EXPENSE ON THE AUDITED FINANCIAL STATEMENTS AND NETTED AGAINST REVENUE ON FORM 990, PART VIII, LINE 8B. 59,981. PART XII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENT EXPENSES REPORTED AS AN EXPENSE ON THE AUDITED FINANCIAL STATEMENTS AND NETTED AGAINST REVENUE ON FORM 990, PART VIII, LINE 8B. 59,981. CELEBRATE ACHIEVMENT BENEFIT 302728 276628 26100 2860 54789 1096 1236 302728 276628 26100 2860 54789 1096 1236 59981 -33881 X X X X X X 1 0 0 0 0 0 0 0 0 DOUGLAS COHEN DIRECTOR OF FINANCE (UNTIL 05/2023) 118412 0 0 0 64750 0 8901 0 19092 0 211155 0 0 0 HEATHER ARNET CHIEF EXECUTIVE OFFICER 185253 0 0 0 0 0 9080 0 8925 0 203258 0 0 0 PART I, LINE 4A DOUGLAS COHEN RECEIVED SEVERANCE OF $64,750. FORM 990, PART VI, SECTION B, LINE 11B AFTER THE BOARD HAS APPROVED THE FINANCIAL STATEMENTS, THE FORM 990 IS COMPLETED BY THE PREPARER AND SUBMITTED TO MANAGEMENT. THE DOCUMENT IS REVIEWED BY MANAGEMENT AND IS THEN DISTRIBUTED TO THE BOARD FOR REVIEW. ANY COMMENTS OR QUESTIONS ARE PRESENTED TO MANAGEMENT WHICH COMMUNICATES THE ISSUE DIRECTLY TO THE PREPARER. FORM 990, PART VI, SECTION B, LINE 12C EACH TRUSTEE, OFFICER, AND KEY EMPLOYEE ANNUALLY SIGNS AND SUBMITS TO THE SECRETARY OF THE BOARD A STATEMENT WHICH AFFIRMS SUCH PERSON: (A) HAS RECEIVED A COPY OF THIS POLICY, (B) HAS READ AND UNDERSTANDS THE POLICY, AND (C) HAS AGREED TO COMPLY WITH THE POLICY. THE CONFLICT OF INTEREST POLICY IS UPDATED WITH THE ORGANIZATION'S POLICIES AND PROCEDURES ANNUALLY. ALL TRANSACTIONS, AGREEMENTS OR ANY OTHER ARRANGEMENTS BETWEEN THE MUSEUM AND A RELATED PARTY, AND ANY OTHER TRANSACTIONS WHICH MAY INVOLVE A POTENTIAL CONFLICT OF INTEREST, ARE REVIEWED BY THE INDEPENDENT TRUSTEES OF THE BOARD. ALL RELATED PARTIES WITH A FINANCIAL INTEREST RECUSES HIM/HERSELF AND LEAVES THE MEETING WHILE SUCH DELIBERATIONS ARE CONDUCTED. THE INDEPENDENT TRUSTEES OF THE BOARD THEN DETERMINES WHETHER THE CONTEMPLATED RELATED PARTY TRANSACTION IS FAIR, REASONABLE, AND IN THE BEST INTERESTS OF THE MUSEUM AT THE TIME OF SUCH DETERMINATION. THE MUSEUM WILL NOT ENTER INTO ANY RELATED PARTY TRANSACTION UNLESS IT IS DETERMINED TO BE FAIR, REASONABLE AND IN THE BEST INTEREST OF THE MUSEUM AT THE TIME OF SUCH DETERMINATION. THE MINUTES OF ALL MEETINGS OF THE BOARD AND ALL COMMITTEE MEETINGS AT WHICH A RELATED PARTY TRANSACTION IS CONSIDERED IS MAINTAINED IN THE RECORDS OF PROCEEDINGS. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION IS DETERMINED BY A SELF ASSESSED REVIEW FOLLOWED BY BOARD REVIEW OF PERFORMANCE. THE ORGANIZATION HIRED AN OUTSIDE SEARCH FIRM TO CONDUCT THE SEARCH FOR THE CEO. THAT FIRM USES PROFESSIONAL EMPLOYMENT CONTRACTS AS SOURCE MATERIALS TO REVIEW COMPENSATION DATA, ALONG WITH SECTOR INFORMATION FROM PROFESSIONAL ASSOCIATIONS. THE CEO/ED SALARY AND CONTRACT WAS BENCHMARKED AND SET BASED ON THESE WORKING WITH THE PROFESSIONAL SEARCH FIRM. THE ORGANIZATION ALSO USES FORMS 990 OF OTHER ORGANIZATIONS AND AN INDEPENDENT COMPENSATION CONSULTANT TO ESTABLISH COMPENSATION. THE LAST COMPENSATION REVIEW TOOK PLACE JANUARY 2024. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST STATEMENTS AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON WRITTEN REQUEST.