2024-05-01T09:29:33-05:00 2023-06-30 410746749 CLIFTONLARSONALLEN LLP 1785 INDIAN WOOD CIRCLE MAUMEE OH 43537 990 2022-07-01 344434678 THE TOLEDO MUSEUM OF ART TOLE 4192558000 PO BOX 1013 TOLEDO OH 43697 ADAM LEVINE PRESIDENT, DIRECTOR AND CEO 4192558000 2024-04-25 1 ADAM LEVINE 999009999 0 JONATHAN RICHARDS P01311831 4197942000 2024-04-25 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z ADAM LEVINE PO BOX 1013 TOLEDO OH 43697 107061992 0 X WWW.TOLEDOMUSEUM.ORG X 1901 OH THROUGH OUR COLLECTION AND PROGRAMS, WE STRIVE TO INTEGRATE ART INTO THE LIVES OF PEOPLE. THE MUSEUM SEEKS TO BECOME THE MODEL ART MUSEUM IN THE UNITED STATES FOR ITS COMMITMENT TO QUALITY AND ITS CULTURE OF BELONGING. 30 30 355 350 1108456 0 13992943 15015702 2451838 52358323 12412637 4541603 114139 113025 28971557 72028653 98288 120743 0 0 10079686 11668600 0 0 1833473 18514308 17788679 28692282 29578022 279275 42450631 305696186 376222917 7918921 5174105 297777265 371048812 X FOR 122 YEARS, THE TOLEDO MUSEUM OF ART HAS OFFERED FREE ADMISSION TO ONE OF THE WORLD'S GREAT ART COLLECTIONS HOUSED IN ITS GREEK REVIVAL MAIN BUILDING AND THE GLASS PAVILION. THE MUSEUM HAS AN EXTENSIVE EDUCATION PROGRAM, OFFERING CURRICULUM-BASED SCHOOL TOURS AS WELL AS ADULT AND CHILDREN'S ART CLASSES. 0 0 20757640 0 50987781 THE TOLEDO MUSEUM OF ART OPERATES AND MAINTAINS ART GALLERIES, STUDIO SPACES AND AN ART LIBRARY FOR THE BENEFIT OF THE GENERAL PUBLIC. THIS INCLUDES EDUCATIONAL SCHOLARSHIP, RESEARCH, CONSERVATION, DOCUMENTATION AND PRESENTATION OF A PERMANENT COLLECTION OF ART TOTALING NEARLY 24,255 OBJECTS. 1032840 0 0 THE MUSEUM ORGANIZES AND PRESENTS SPECIAL EXHIBITIONS OF ITS PERMANENT COLLECTION, HOSTS TRAVELING EXHIBITIONS AND ORGANIZES EXHIBITIONS, SOMETIMES IN COLLABORATION WITH OTHER ART MUSEUMS. THE MUSEUM OFFERS PROGRAMS ASSOCIATED WITH THESE EXHIBITIONS INCLUDING MUSIC, HANDS-ON ACTIVITIES, LECTURES, ETC. THAT ARE AVAILABLE TO THE GENERAL PUBLIC. 2157245 120743 646210 WITH AN EMPHASIS ON ART EDUCATION, THE MUSEUM INTEGRATES ART INTO THE LIVES OF PEOPLE. THE FAMILY CENTER OFFERS ART-BASED ACTIVITIES FREE OF CHARGE. WHILE THERE IS A CHARGE FOR MOST FORMAL CLASSES, THE MUSEUM HAS AN ACTIVE SCHOLARSHIP PROGRAM TO SUPPORT STUDENTS WHO WOULD NOT HAVE THE ACCESS OR MEANS TO PURSUE ART CLASSES. FOR THIS REPORTING PERIOD, THE MUSEUM PROVIDED 490 SCHOLARSHIPS TO ITS 2,091 ATTENDEES. THE MUSEUM CONTINUED TO PROVIDE BUS FUNDS TO LOCAL SCHOOLS AND COMMUNITY CENTERS TO ALLOW OVER 17,808 SCHOOL CHILDREN THE OPPORTUNITY TO TOUR THE MUSEUM IN DOCENT-LED CURRICULUM. THE MUSEUM ALSO HOSTED APPROXIMATELY 950 ADULTS FOR DOCENT-LED TOURS. 23947725 1 1 0 0 0 0 0 1 0 1 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 0 0 1 1 0 0 1 1 0 0 1 1 135 0 1 355 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 30 30 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 OH FL X X PATTY O'TOOLE 4192558000 2445 MONROE STREET TOLEDO OH 43697 RANDY OOSTRA CHAIRMAN 1.00 X X 0 0 0 STEPHEN D TAYLOR VICE CHAIRMAN 1.00 X X 0 0 0 JOE NAPOLI VICE CHAIRMAN 1.00 X X 0 0 0 SHARON SPEYER SECRETARY 1.00 X X 0 0 0 THOMAS WINSTON TREASURER 1.00 X X 0 0 0 ELIZABETH BRADY DIRECTOR 1.00 X 0 0 0 JUDITH HERB DIRECTOR 1.00 X 0 0 0 MIKE HYLANT DIRECTOR 1.00 X 0 0 0 SUSAN PALMER VICE CHAIRMAN 1.00 X X 0 0 0 MIKE THAMAN DIRECTOR 1.00 X 0 0 0 DAVID K WELLES JR DIRECTOR 1.00 X 0 0 0 DAVID KROCK DIRECTOR 1.00 X 0 0 0 RITA MANSOUR DIRECTOR 1.00 X 0 0 0 PAT BOWE DIRECTOR 1.00 X 0 0 0 RODNEY EASON DIRECTOR 1.00 X 0 0 0 JAY SECOR DIRECTOR 1.00 X 0 0 0 SARA JANE DEHOFF VICE CHAIRMAN 1.00 X X 0 0 0 CYNTHIA THOMPSON DIRECTOR 1.00 X 0 0 0 LISA MCDUFFIE DIRECTOR 1.00 X 0 0 0 ROMULES DURANT DIRECTOR 1.00 X 0 0 0 BRIAN CHAMBERS DIRECTOR 1.00 X 0 0 0 SHANKH MITRA DIRECTOR 1.00 X 0 0 0 DR GREGORY POSTEL DIRECTOR 1.00 X 0 0 0 DR DIONE SOMERVILLE DIRECTOR 1.00 X 0 0 0 MARGY TRUMBULL DIRECTOR 1.00 X 0 0 0 JOAQUIN CINTRON-VEGA DIRECTOR 1.00 X 0 0 0 MIKE BAUER DIRECTOR 1.00 X 0 0 0 ANN STRICKLER DIRECTOR 1.00 X 0 0 0 CYNTHIA BEEKLEY DIRECTOR 1.00 X 0 0 0 MAJIDA MOURAD DIRECTOR 1.00 X 0 0 0 COLLEEN BARRON DIRECTOR THRU 12-31-22 1.00 X 0 0 0 ALLAN BLOCK DIRECTOR THRU 12-31-22 1.00 X 0 0 0 HARLEY KRIPKE DIRECTOR THRU 12-31-22 1.00 X 0 0 0 ADAM LEVINE EXECUTIVE DIRECTOR 70.00 X 417194 0 20967 PATRICIA O'TOOLE CHIEF FINANCIAL OFFICER 55.00 X 145116 0 17541 MICHAEL DEETSCH SENIOR DIRECTOR OF LEARNING AND INTERPRETATION 55.00 X 118941 0 24700 ANDREA GARDNER SENIOR DIRECTOR OF COLLECTIONS AND CURATORIAL AFFA 55.00 X 134246 0 25389 JENNY WENSINK DIRECTOR OF DEVELOPMENT 55.00 X 119791 0 13135 GARY GONYA DIRECTOR OF BRAND STRATEGY 55.00 X 142196 0 17806 RHONDA SEWELL DIRECTOR OF BELONGING AND COMMUNITY ENGAGEMENT 55.00 X 120941 0 13183 1198425 0 132721 7 0 1 0 LAFAYETTE AMERICAN LLC 5000 GRAND RIVER AVE DETROIT MI 23466 MARKETING SERVICES 741848 OVERHEAD INC 340 NEW TOWNE SQUARE DRIVE TOLEDO OH 43612 IMPROVEMENTS 541515 BOYD & ASSOCIATES CONSULTING LLC P O BOX 1206 HOLLAND OH 43528 CONSULTING SERVICES 368766 HART 811 MADISON AVENUE TOLEDO OH 43604 ADVERTISING SERVICES 360131 SSOE INC 1001 MADISON AVE TOLEDO OH 43604 ARCHITECTURAL & ENGINEERING SERVICES 352562 8 1598939 3449383 911683 9055697 162500 15015702 SALE OF ARTWORK 711300 50090000 50090000 TUITION AND RELATED FEES 711300 964741 646210 318531 FACILITY FEES 711300 542672 47209 495463 COVE LICENSING FEE 711300 276250 276250 PARKING LOT INCOME 711300 228413 228413 256247 256247 52358323 2853329 2853329 354520 625619 -271099 -271099 -271099 35372680 33684406 1688274 1688274 1688274 1107438 723314 384124 365912 18212 72028653 51633991 1108456 4270504 X 120743 120743 643882 415053 158502 70327 8748374 5639287 2153564 955523 396229 255413 97539 43277 1142446 736432 281233 124781 737669 475509 181590 80570 61357 61357 94136 94136 3005679 3005679 188380 188380 105735 42294 52868 10573 73966 47680 18208 8078 807391 686282 80739 40370 550948 446322 21356 83270 170595 170595 2719617 2311674 271962 135981 291440 189606 95172 6662 ART PURCHASES & EXPENSE 6462640 6462640 PROGRAMS 1315370 1315370 MAINTENANCE & REPAIRS 632051 632051 COMPUTER EXPENSE 505941 326135 124546 55260 803433 419223 165409 218801 29578022 23947725 3796824 1833473 32825 11035 7313625 9856916 890220 1009444 100000 250000 238954 282814 393255 1248384 128566481 88555902 39872292 40010579 156077901 207540077 26098470 36900711 74678644 79112957 305696186 376222917 3535764 2466555 74514 37440 4205245 2582367 103398 87743 7918921 5174105 X 142282854 204560644 155494411 166488168 297777265 371048812 305696186 376222917 X 42450631 26462022 4358894 X X 0 1 X 1 0 X 11970247 10131867 11049835 13992943 15015702 62160594 11970247 10131867 11049835 13992943 15015702 62160594 16650762 45509832 6293117 4459732 5442944 9989615 3207849 29393257 91553851 63387146 0.49710 0.48820 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X 0 178475755 3445025 24901557 94246 12589191 194138900 215710560 2190381 -31113431 68582 8243173 178475755 162305097 537196 58609290 82712 5658311 215710560 169213887 2429311 835851 138509 10035443 162305097 168586192 3112654 6063045 183438 8364566 169213887 0.56600 0.21400 0.22000 0 0 5484538 5484538 106646880 77900904 28745976 7864889 4419109 3445780 8570174 6235889 2334285 40010579 OTHER 20200 F CSV - LIFE INSURANCE 2133 F LIMITED PARTNERSHIPS 36878378 F 36900711 PERPETUAL AND SPLIT INTEREST TRUST AGREEMENTS 78857044 DEPOSITS - FACILITIES 20000 OTHER ASSETS 202029 LIQUOR LICENSE 17671 MSDC TENANT SECURITY DEPOSITS 16213 79112957 GIFT ANNUITIES - NON-CURRENT 87743 87743 X 28153266 0 28153266 43875387 43875387 72028653 23838696 723314 723314 23115382 6462640 6462640 29578022 PART III, LINE 1A: EXPENDITURES FOR THE PURCHASE OF WORKS OF ART ARE EXPENSED AS PURCHASED. EACH OF THE OBJECTS IN THE ART COLLECTION, WHICH COLLECTION IS OF SIGNIFICANT VALUE, ARE CATALOGUED FOR EDUCATIONAL AND CURATORIAL PURPOSES. PROCEDURES ARE EMPLOYED CONTINUOUSLY TO VERIFY THE CONDITION AND EXISTENCE OF EACH OBJECT IN THE COLLECTION. PROCEEDS FROM SALES OF COLLECTION OBJECTS WHICH ARE NO LONGER DEEMED APPROPRIATE FOR THE MUSEUM'S ART COLLECTION ARE TO BE USED TO ACQUIRE OTHER OBJECTS FOR THE COLLECTION. GIFTS OF WORKS OF ART (AMOUNTING TO $358,076 IN 2023 AND $28,750 IN 2022) ARE NOT RECORDED SINCE THE MUSEUM HAS ADOPTED THE POLICY OF EXPENSING WORKS OF ART. PART V, LINE 4: THE MUSEUM'S ENDOWMENTS CONSIST OF NUMEROUS FUNDS ESTABLISHED TO SUPPORT THE ACHIEVEMENT OF THE MUSEUM'S MISSION. ITS ENDOWMENTS CONSIST OF BOTH DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF DIRECTORS TO FUNCTION AS ENDOWMENTS. PART X, LINE 2: SINCE THE MUSEUM IS AN EXEMPT CHARITABLE ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND MSDC IS A DISREGARDED ENTITY, NO PROVISION FOR FEDERAL INCOME TAX IS REQUIRED EXCEPT FOR FEDERAL INCOME TAXES ARISING FROM UNRELATED BUSINESS INCOME. NO PROVISION FOR FEDERAL INCOME TAX WAS REQUIRED FOR UNRELATED BUSINESS INCOME IN 2023 OR 2022. THE ORGANIZATION DETERMINED THAT IT WAS NOT REQUIRED TO RECORD A LIABILITY RELATED TO UNCERTAIN TAX POSITIONS. PART XI, LINE 4B - OTHER ADJUSTMENTS: INTEREST AND DIVIDENDS 2,853,329. NET REALIZED GAINS 1,688,274. INVESTMENT RETURN DESIGNATED FOR CURRENT OPERATIONS -9,761,803. COST OF GOODS SOLD -723,314. NET RENTAL LOSS -271,099. ART PROCEEDS 50,090,000. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 723,314. PART XII, LINE 4B - OTHER ADJUSTMENTS: ART PURCHASES 6,462,640. 1 FALL 2022 SCHOLARSHIPS 119 15843 WINTER/SPRING 2023 SCHOLARSHIPS 176 21501 UNIVERSITY OF TOLEDO SCHOLARSHIPS 12 58800 SUMMER 2023 SCHOLARSHIPS 123 17661 SUMMER 2022 SCHOLARSHIPS 69 6938 PART I, LINE 2: THE SCHOLARSHIPS ISSUED BY THE MUSEUM ARE TO BE USED FOR ART CLASSES HELD AT THE TOLEDO MUSEUM OF ART AND THE UNIVERSITY OF TOLEDO. THE ENDOWMENT FUNDS SUPPORTING THESE SCHOLARSHIPS ARE RELEASED WHEN THE SCHOLARSHIPS ARE AWARDED. EDUCATION STAFF REVIEW THE SCHOLARSHIPS FUNDS ON A REGULAR BASIS. X X 1 1 X X X X 0 1 0 0 0 0 0 0 0 ADAM LEVINE EXECUTIVE DIRECTOR 378461 0 35000 0 3733 0 13725 0 7242 0 438161 0 0 0 PATRICIA O'TOOLE CHIEF FINANCIAL OFFICER 142492 0 2624 0 0 0 6530 0 11011 0 162657 0 0 0 GARY GONYA DIRECTOR OF BRAND STRATEGY 139596 0 2600 0 0 0 2462 0 15344 0 160002 0 0 0 ANDREA GARDNER SENIOR DIRECTOR OF COLLECTIONS AND C 131734 0 2512 0 0 0 6041 0 19348 0 159635 0 0 0 PART I, LINE 1A A GENEROUS DONOR PROVIDES FUNDS ANNUALLY THAT ARE SPECIFICALLY DESIGNATED FOR THE PURPOSE OF ALLOWING THE DIRECTOR/CEO TO TRAVEL BY FIRST CLASS WHEN ON MUSEUM BUSINESS. THE FUNDS PAY THE DIFFERENTIAL IN COST BETWEEN FIRST CLASS AND STANDARD FARE. THE MUSEUM PAYS FOR THE DUES OF THE DIRECTOR/CEO TO JOIN SOCIAL CLUBS WHICH PROMOTE THE INTERESTS OF THE MUSEUM FROM EITHER A DEVELOPMENT OR STRATEGIC PLANNING VIEWPOINT. SCHEDULE J, PART 1, LINE 4B THE TOLEDO MUSEUM OF ART PROVIDES A SPLIT-DOLLAR LIFE INSURANCE PLAN TO ITS EXECUTIVE FROM WHICH NO CASH PAYMENTS WERE MADE DURING THE REPORTING YEAR. ADAM LEVINE EXECUTIVE DIRECTOR SPLIT INTEREST AGREEMENT X 250000 250000 0 1 1 250000 X 43 0 X 6 162500 MARKET QUOTE 1 0 1 0 PART I, LINE 33: NO VALUES WERE REPORTED ON FORM 990 PART VIII, STATEMENT OF REVENUE, LINE 1, FOR WORKS OF ART BECAUSE THE MUSEUM DID NOT CAPITALIZE ITS COLLECTIONS, AS ALLOWED UNDER GENERALLY ACCEPTED ACCOUNTING PRINCIPLES. FORM 990, PART VI, SECTION A, LINE 2 BOARD MEMBERS COMPLETE A CONFLICT OF INTEREST FORM EVERY YEAR AND THE MUSEUM TRACKS RESPONSES. THE MUSEUM HAS DETERMINED THAT NONE OF THE RELATIONSHIP CONNECTIONS ARE SIGNIFICANT. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS SENT TO ALL BOARD MEMBERS FOR THEIR REVIEW. ENOUGH TIME IS PROVIDED TO RAISE QUESTIONS BEFORE FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE MUSEUM'S CONFLICT OF INTEREST POLICY IS SENT TO ALL BOARD AND BOARD COMMITTEE MEMBERS ANNUALLY, WITH A DISCLOSURE FORM WHICH MUST BE COMPLETED AND RETURNED TO THE CFO. RESULTS ARE SUMMARIZED AND REVIEWED WITH THE AUDIT COMMITTEE. THE DISCLOSURE FORM INCLUDES SITUATIONS SUCH AS DOING BUSINESS WITH THE MUSEUM, FINANCIAL INTEREST IN TRANSACTIONS WITH THE MUSEUM, GIFTS, AND PERSONAL BENEFITS. BOARD MEMBERS WHO HAVE A CONFLICT SHALL NOT VOTE OR USE HIS OR HER PERSONAL INFLUENCE ON THE MATTER. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION OF THE DIRECTOR/CEO OF THE TOLEDO MUSEUM OF ART IS DETERMINED ANNUALLY. IN ADDITION TO THE TERMS OF THE DIRECTOR'S/CEO'S EMPLOYMENT AGREEMENT, THE BOARD, THROUGH ITS CHAIR AND THE CHAIR OF THE LEADERSHIP & GOVERNANCE COMMITTEE, CONSIDER ALL RELEVANT FACTORS, INCLUDING BUT NOT LIMITED TO, EACH OF THE BOARD MEMBER'S EVALUATIONS OF THE DIRECTOR/CEO; THE DIRECTOR'S/CEO'S ACCOMPLISHMENT OF ANNUAL AND LONG TERM GOALS; THE REPUTATION AND IMPACT OF THE DIRECTOR/CEO IN THE COMMUNITY, REGION, ART WORLD AND OTHERWISE; AND COMPENSATION OF OTHER ART MUSEUM LEADERS WHOSE MUSEUMS ARE INCLUDED IN THE TOLEDO MUSEUM OF ART'S DISTINGUISHED PEER GROUP, AS WELL AS ART MUSEUMS THAT ARE OTHERWISE SIMILAR IN STATURE, SCOPE AND SIZE. THE DIRECTOR/CEO AND THE HUMAN RESOURCES DEPARTMENT WORK TOGETHER TO DETERMINE THE COMPENSATION OF ALL OTHER EMPLOYEES USING COMPARABLE MARKET DATA FOR SALARIES AND BENEFITS. FORM 990, PART VI, SECTION C, LINE 19 ALL OF THE ABOVE DOCUMENTS ARE AVAILABLE ON REQUEST. FORM 990, PART VI, SECTION A, LINE 2: BASED ON THE INFORMATION THAT IS AVAILABLE TO THIS ORGANIZATION, NONE OF THE OFFICERS, BOARD MEMBERS, BOARD COMMITTEE MEMBERS, KEY EMPLOYEES, HIGHEST COMPENSATED EMPLOYEES, HIGHEST COMPENSATED PROFESSIONAL OR OTHER INDEPENDENT CONTRACTORS ARE RELATED TO EACH OTHER THROUGH FAMILY RELATIONSHIPS. IN ADDITION, THEY DO NOT HAVE COMMON OWNERSHIP OF BUSINESSES NOR EMPLOYMENT RELATIONSHIPS WITH EACH OTHER. THESE INDIVIDUALS COULD HAVE PROFESSIONAL DEALINGS WITH EACH OTHER FROM TIME TO TIME IN THE NORMAL COURSE OF BUSINESS. HOWEVER, ANY SUCH BUSINESS DEALINGS AMONG THE SPECIFIED PARTIES WOULD NOT IMPACT THIS ORGANIZATION. FORM 990, PART IX, LINE 11G OTHER: PROGRAM SERVICE EXPENSES 3,005,679. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 3,005,679. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF PERPETUAL AND SPLIT-INTEREST TRUST 4,417,694. UT SCHOLARSHIPS -58,800. FORM 990, PART XII, LINE 2C: THE PROCESS FOR OVERSIGHT AND SELECTION OF AN INDEPENDENT ACCOUNTANT HAVE NOT CHANGED FROM THE PRIOR YEAR. MONROE STREET DEVELOPMENT CORPORATION LLC 2445 MONROE ST TOLEDO OH 43620 821120238 RESIDENTIAL RENTAL OH -271099 1671958 TOLEDO MUSEUM OF ART EDWARD D LIBBEY ENDOWMENT FUND KEYBANK NA PO BOX 10099 TOLEDO OH 436990099 346400765 MAKING GRANTS TO TOLEDO MUSEUM OF ART OH 501(C)(3) PF 0 FLORENCE S LIBBEY ENDOWMENT FUND KEYBANK NA PO BOX 10099 TOLEDO OH 436990099 344288280 MAKING GRANTS TO TOLEDO MUSEUM OF ART OH 501(C)(3) PF 0 CHARITABLE TRUSTS (6) CHARITABLE CONTRIBUTIONS OH N/A 0 POOLED INCOME FUND (1) CHARITABLE CONTRIBUTIONS OH N/A 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 EDWARD D LIBBEY ENDOWMENT FUND C 2553733 FLORENCE S LIBBEY ENDOWMENT FUND C 895650 BRANDES NON-US EQUITY PORTFOLIO 4275 EXECUTIVE SQUARE SUITE 500 LA JOLLA CA 92037 367045786 INVESTMENT INCOME CA EXCLUDED FROM TAX UNDER SECTIONS 512-514 0 1078550 36878378 0 0 0.15120