2025-04-24T03:01:39-05:00 2024-07-31 861065772 DELOITTE TAX LLP 695 TOWN CENTER DRIVE SUITE 1000 COSTA MESA CA 92626 990 2023-08-01 261447714 GRAMMY MUSEUM FOUNDATION INC GRAM 2137656800 800 WEST OLYMPIC BOULEVARD A245 LOS ANGELES CA 90015 MICHAEL STICKA PRESIDENT / CEO 2137656800 2025-04-23 1 1 JESSICA KARANTONIS P00969387 7144367100 2023 2025-03-06 01:10:19Z MICHAEL STICKA 800 WEST OLYMPIC BOULEVARD A245 LOS ANGELES CA 90015 18550631 0 X WWW.GRAMMYMUSEUM.ORG X 2007 CA THE GRAMMY MUSEUM CELEBRATES AND EXPLORES MUSIC FROM YESTERDAY AND TODAY TO INSPIRE THE MUSIC OF TOMORROW. 21 20 55 24 0 0 8380556 11059277 3640484 3152998 -17658 174581 2065684 2268924 14069066 16655780 138840 270500 0 0 6059336 6694768 0 0 1375149 10284250 10369672 16482426 17334940 -2413360 -679160 31062726 27713392 23584562 20453169 7478164 7260223 X THE GRAMMY MUSEUM IS A NONPROFIT ORGANIZATION DEDICATED TO CELEBRATING AND EXPLORING MUSIC FROM YESTERDAY AND TODAY TO INSPIRE THE MUSIC OF TOMORROW THROUGH EXHIBITS, EDUCATION, GRANTS, PRESERVATION INITIATIVES, AND PUBLIC PROGRAMMING. PAYING TRIBUTE TO OUR COLLECTIVE MUSICAL HERITAGE, THE MUSEUM VALUES AND CELEBRATES THE DYNAMIC CONNECTION IN PEOPLE'S DIVERSE BACKGROUNDS, TELLING THE STORIES THAT INSPIRE US, AND CREATIVE EXPRESSION THAT LEADS CHANGE IN OUR INDUSTRY. 0 0 9154079 2069566 GENERAL ADMISSIONS: MAINTAINING AND OPERATING THE GRAMMY MUSEUM TO PROVIDE A ONE-OF-A-KIND EXPERIENCE FOR THE PUBLIC THAT PROMOTES THE CREATIVE PROCESS, THE HISTORY OF MUSIC AND THE GRAMMY AWARDS, AS WELL AS CULTURAL UNDERSTANDING. 241060 292747 CURATORIAL SERVICES: SERVICES PROVIDED ON SETTING UP AND MAINTAINING TRAVELING EXHIBITS, WHICH WERE CONSTRUCTED FOR THE GRAMMY MUSEUM DURING THE YEAR OR A PRIOR PERIOD, AND THEN TRANSPORTED TO AND SET-UP TEMPORARILY IN ANOTHER MUSEUM-TYPE LOCATION. SERVICES ALSO PROVIDED IN ASSISTING THIRD PARTIES IN PROMOTING MUSIC EDUCATION AND DEVELOPMENT OUTSIDE THE GRAMMY MUSEUM'S LOCATION IN LOS ANGELES, CALIFORNIA. 4074440 270500 1656435 PUBLIC PROGRAMS AND EDUCATION: THE GRAMMY MUSEUM HOSTS A WIDE RANGE OF PUBLIC PROGRAMS IN THE MUSEUM'S SOUND STAGE THEATRE AND THROUGHOUT THE LA LIVE CAMPUS, WHERE THE GRAMMY MUSEUM IS LOCATED AS WELL AS VIRTUAL PROGRAMS. PROGRAMS INCLUDE ARTISTS INTERVIEWS, LIVE PERFORMANCES, FILM SERIES, LECTURES, ARTIST-IN-RESIDENCE PROGRAMS, CONTINUING EDUCATION CLASSES, TOWN HALL MEETINGS, SPECIAL CONCERT SERIES, RECORD LABEL SHOWCASES, AND CURATORIAL-RELATED PROGRAMS. ALL PROGRAMS ARE RECORDED FOR ARCHIVAL PURPOSES TO SHARE WITH THE PUBLIC. THE GOAL OF THE GRAMMY MUSEUM'S EDUCATION PROGRAM IS TO EDUCATE AND INSPIRE, THROUGH EXPOSURE TO ALL MUSIC AND THE CREATIVE PROCESS, ALL VISITORS BUT MOST SPECIFICALLY SCHOOL GROUPS AND FAMILIES. THE PROGRAMS INCLUDE TEACHER WORKSHOPS, MUSEUM TOURS, SEMINARS, SYMPOSIA, MASTER MUSIC CLASSES, MENTORING PROGRAMS, MUSIC FORUMS, SCHOOL OUTREACH AND MUSICAL DEMONSTRATIONS, CAMPS, AND SATURDAY FAMILY PROGRAMS. 13469579 1 1 0 0 0 0 0 1 0 1 1 0 0 1 1 1 1 0 0 0 0 1 0 0 1 0 0 1 1 1 0 0 0 1 0 1 0 0 1 1 0 0 0 0 0 0 0 1 145 0 1 55 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 21 20 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 CA X X HILARY FAHLSING 3105818624 800 WEST OLYMPIC BOULEVARD SUITE LOS ANGELES CA 90015 JOHN BURK VICE CHAIR 0.20 0.00 X X 0 0 0 MICHAL KATZ TREASURER / SECRETARY 0.20 0.00 X X 0 0 0 TIM BUCHER CHAIR 0.20 0.00 X X 0 0 0 ANDRA LIEMANDT BOARD MEMBER (THRU 7/31/2024) 0.20 0.00 X 0 0 0 BRANDEN CHAPMAN BOARD MEMBER 0.20 0.00 X 0 0 0 BRENDA ROBINSON BOARD MEMBER 0.20 0.00 X 0 0 0 BRIAN HOESTEREY BOARD MEMBER 0.20 0.00 X 0 0 0 DAN BECKERMAN BOARD MEMBER 0.20 0.00 X 0 0 0 DAVID WEBSTER BOARD MEMBER 0.20 0.00 X 0 0 0 DAVID WU BOARD MEMBER 0.20 0.00 X 0 0 0 HARVEY MASON JR BOARD MEMBER 0.20 0.00 X 0 0 0 JAMES JIMMY JAM HARRIS BOARD MEMBER 0.20 0.00 X 0 0 0 JON HARRIS BOARD MEMBER 0.20 0.00 X 0 0 0 KEN EHRLICH BOARD MEMBER 0.20 0.00 X 0 0 0 LINDA DUNCOMBE BOARD MEMBER 0.20 0.00 X 0 0 0 MATTIE MCFADDEN-LAWSON BOARD MEMBER 0.20 0.00 X 0 0 0 PAMELA ALEXANDER BOARD MEMBER 0.20 0.00 X 0 0 0 RAY SILVA BOARD MEMBER 0.20 0.00 X 0 0 0 TAMMY HURT BOARD MEMBER 0.20 0.00 X 0 0 0 TODD GOLDSTEIN BOARD MEMBER 0.20 0.00 X 0 0 0 WELLINGTON CHEN BOARD MEMBER 0.20 0.00 X 0 0 0 MICHAEL STICKA PRESIDENT / CEO 40.00 0.00 X 635108 0 27536 HILARY FAHLSING CHIEF FINANCIAL & OPERATING OFFICER 40.00 0.00 X 236997 0 53718 RITA GEORGE CHIEF PROGRAMS OFFICER 40.00 0.00 X 266785 0 26107 JASEN EMMONS CHIEF CURATOR & VP, CURATORIAL AFFAIRS 40.00 0.00 X 212402 0 35669 LYNNE OKIN VP, PUBLIC PROGRAMS & ARTIST RELATIONS 40.00 0.00 X 213268 0 27849 ASHLEY STAGG DIRECTOR OF DIGITAL MEDIA 40.00 0.00 X 156620 0 42276 WENDY MURPHY SR DIRECTOR, GUEST EXPERIENCE 40.00 0.00 X 156547 0 28440 DANIEL LOPEZ SR DIRECTOR, FINANCE 40.00 0.00 X 144988 0 13889 2022715 0 255484 16 0 1 0 SOCIAL INTELLIGENCE AGENCY LLC 11700 LAURELWOOD DR STUDIO CITY CA 91604 MARKETING SERVICES 147788 DELOITTE TOUCHE LLP 555 W 5TH STREET SUITE 2700 LOS ANGELES CA 90013 ACCOUNTING SERVICES 136989 REEK N HAVOK 1531 S PATTON AVE SAN PEDRO CA 90731 INTERACTIVE EXHIBIT DESIGN 124893 CURIOUS BEAST 4770 39TH AVE S SEATTLE WA 98118 EXHIBIT DESIGN 113475 4 222850 20471 225000 10590956 846237 11059277 GENERAL ADMISSIONS 900099 1203816 1203816 EDUCATION REVENUE 900099 943129 943129 PUBLIC PROGRAMS 900099 713306 713306 CURATORIAL SERVICES 900099 292747 292747 3152998 145515 145515 2127972 713807 1414165 1414165 1414165 448350 419284 29066 29066 29066 522824 20471 533815 -10991 -10991 477919 227945 249974 249974 OTHER INCOME 900099 615776 615776 615776 16655780 4018748 0 1577755 158301 158301 75500 75500 36699 36699 2389880 1396076 993804 3168503 2431078 374310 363115 768719 623992 33403 111324 367666 297689 41370 28607 38574 21970 16604 80116 80116 33920 33920 1313070 1291486 6709 14875 321465 318845 2620 543097 411897 31739 99461 2912530 2488295 424235 256977 181168 60389 15420 47507 47507 1048448 1025039 15079 8330 219088 111560 107528 REPAIR & MAINTENANCE 909143 882899 25835 409 SPONSORSHIP FULFILLMENT 481155 178040 0 303115 DUES, FEES & ADMINISTRA 447738 300768 47786 99184 AFFILIATE TICKETS 359250 6450 93250 259550 1357594 1197907 90548 69139 17334940 13469579 2490212 1375149 427665 694069 1492292 1603221 1605618 2094698 774943 196306 64331 78063 73654 100693 23800911 20464765 4359182 3336146 2703845 3031078 19561196 16579118 31062726 27713392 700665 869407 501018 324087 2560269 2488215 19822610 16771460 23584562 20453169 X 2182795 326189 5295369 6934034 7478164 7260223 31062726 27713392 -679160 283010 178209 0 X 0 1 X 1 0 X 10034649 7244045 11523207 8380556 11059277 48241734 10034649 7244045 11523207 8380556 11059277 48241734 18359097 29882637 568736 271737 1255780 2217626 2273487 6587366 182108 156734 159673 335694 615776 1449985 56279085 15797026 0.53100 0.49340 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X 0 3200393 413654 0 33170 3580877 3642777 187843 600000 30227 3200393 4439178 -423183 350000 23218 3642777 5211136 756711 1496000 32669 4439178 5624170 167608 540001 40641 5211136 1.00000 0 0 13506512 11025379 2481133 10294399 9439386 855013 3336146 MEMORABILIA 4337007 OPERATING LEASE RIGHT-OF-USE ASSET 12242111 16579118 AFFILIATE AND RELATED-PARTY PAYABLES 2372 ACCRUED LIABILITIES 1081629 OPERATING LEASE RIGHT-OF-USE LIABILITY 14687459 LINE OF CREDIT 1000000 16771460 X 18592566 283010 178209 1475567 1936786 16655780 0 16655780 18810507 1475567 1475567 17334940 0 17334940 PART III, LINE 1A: ALL MEMORABILIA AND EXHIBITS ARE PRESENTED ON THE BALANCE SHEET. PART III, LINE 4: THE GRAMMY MUSEUM BOASTS FOUR FLOORS OF EXHIBIT SPACE THAT OFFER VISITORS ONE-OF-A-KIND EXPERIENCE THROUGH CONTENT-RICH INTERACTIVES, FILMS, OVERSIZE IMAGERY, ARTIFACTS, THE GRAMMY ARCHIVES AND HALL OF FAME. THE MUSEUM ALSO HAS A SOUND STAGE/THEATRE WHERE IT OFFERS OPPORTUNITIES FOR VISITORS TO MEET MUSIC ARTISTS FROM A BROAD RANGE OF GENRES AND ERAS. THE VISITORS WILL ALSO HAVE AN OPPORTUNITY TO LEARN ABOUT THE ART AND TECHNOLOGY OF THE RECORDING PROCESS THROUGH AN ARRAY OF EXHIBITS AND INTERACTIVE EXPERIENCES. THE MUSEUM ALSO HAS SPECIAL EXHIBITS THAT FEATURE CERTAIN ARTISTS SUCH AS THE BEATLES, FRANK SINATRA, BOB MARLEY, JOHN LEE HOOKER AND LEONARD BERNSTEIN. PART V, LINE 4: INVESTMENT FUND SET UP BY FOUNDATION IN WHICH REGULAR WITHDRAWALS FROM THE INVESTED CAPITAL ARE TO BE USED FOR ONGOING OPERATIONS AND OTHER SPECIFIED PURPOSES AS DETERMINED BY THE MUSEUM. PART X, LINE 2: THE MUSEUM IS INCORPORATED AS A NONPROFIT PUBLIC CHARITY PURSUANT TO INTERNAL REVENUE CODE SECTION 501(C)(3) AND CORRESPONDING STATE PROVISIONS. THE MUSEUM IS GENERALLY EXEMPT FROM FEDERAL AND STATE INCOME TAXES. THE MUSEUM ACCOUNTS FOR INCOME TAXES IN ACCORDANCE WITH FASB ASC 740, INCOME TAXES. FASB ASC 740 PRESCRIBES A COMPREHENSIVE MODEL FOR HOW AN ENTITY SHOULD RECOGNIZE, MEASURE, PRESENT, AND DISCLOSE IN ITS FINANCIAL STATEMENTS UNCERTAIN TAX POSITIONS THAT THE ENTITY HAS TAKEN, OR EXPECTS TO TAKE, ON A TAX RETURN. DURING THE YEARS ENDED JULY 31, 2024 AND 2023, THE MUSEUM DID NOT RECORD ANY LIABILITY FOR UNRECOGNIZED TAX BENEFITS. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE 713,807. COSTS OF GOODS SOLD 227,945. FUNDRAISING COSTS 533,815. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE 713,807. COSTS OF GOODS SOLD 227,945. FUNDRAISING COSTS 533,815. 1 0 0 0 0 0 0 0 0 0 NORTH AMERICA SCIENTIFIC RESEARCH GRANT 20000 CHECK 0 NORTH AMERICA MUSIC PRESERVATION IMPLEMENTATION GRANT 16699 CHECK 0 2 0 0 0 0 0 0 0 PART I, LINE 2: THE MUSEUM MAINTAINS DETAILED GRANT RECORDS AND HAS AN ESTABLISHED DUE DILIGENCE PROCESS WHICH INCLUDES A GRANTS COMMITTEE FOR THE REVIEW PROCESS, ESTABLISHED SELECTION CRITERIA, AND REPORTING REQUIREMENTS FOR GRANTEES TO ENSURE THAT SUCH GRANTS AND OTHER ASSISTANCE ARE USED IN ACCORDANCE WITH THE MUSEUM'S EXEMPT PURPOSE AND AREN'T OTHERWISE DIVERTED FROM THE INTENDED USE. GRAMMY HALL OF FAME GALA 543295 20471 522824 61331 76847 395637 543295 20471 522824 61331 76847 395637 533815 -10991 1 NORTHWESTERN UNIVERSITY 633 CLARK STREET EVANSTON IL 60208 362167817 501(C)(3) 20000 0 SCIENTIFIC RESEARCH GRANT COUNTRY MUSIC FOUNDATION INC 222 REP JOHN LEWIS WAY S NASHVILLE TN 37203 620753887 501(C)(3) 20000 0 MUSIC PRESERVATION IMPLEMENTATION GRANT EAST TENNESSEE STATE UNIVERSITY PO BOX 70732 JOHNSON CITY TN 37614 626021046 GOVERNMENT ENTITY 20000 0 MUSIC PRESERVATION IMPLEMENTATION GRANT UNIVERSITY OF NORTH TEXAS 1155 UNION CIRCLE 311247 DENTON TX 76203 756002149 GOVERNMENT ENTITY 20000 0 MUSIC PRESERVATION IMPLEMENTATION GRANT NEW YORK UNIVERSITY 105 EAST 17TH STREE 3RD FLOOR NEW YORK NY 10003 135562308 501(C)(3) 19953 0 SCIENTIFIC RESEARCH GRANT CHILDREN'S HOSPITAL CORPORATION 300 LONGWOOD AVENUE BOSTON MA 02115 042774441 501(C)(3) 19848 0 SCIENTIFIC RESEARCH GRANT KRONOS PERFORMING ARTS ASSOCIATION PO BOX 225340 SAN FRANCISCO CA 94122 237444956 501(C)(3) 12500 0 MUSIC PRESERVATION IMPLEMENTATION GRANT STATE UNIVERSITY OF IOWA 105 JESSUP HALL IOWA CITY IA 52242 426004813 GOVERNMENT ENTITY 11000 0 MUSIC PRESERVATION IMPLEMENTATION GRANT ANNANDALE HIGH SCHOOL ORCHESTRA BOOSTERS 4700 MEDFORD DRIVE ANNANDALE VA 22003 471222714 501(C)(3) 10000 0 MUSIC EDUCATION - GENERAL USE 9 0 MUSIC PRESERVATION ASSISTANCE GRANT 3 15000 MUSIC EDUCATOR AWARD 25 26500 QUINN COLEMAN MEMORIAL SCHOLARSHIP 5 17500 MUSIC EDUCATION AWARD FINALIST HONORARIUMS 24 16500 0 PART I, LINE 2: AT THE COMPLETION OF THE PROJECT, GRANT RECIPIENTS ARE REQUIRED TO PROVIDE A FINAL NARRATIVE REPORT DETAILING THE PROJECT AND ITS RESULTS AS WELL AS A FINAL BUDGET SHOWING ACTUAL FIGURES AND INDICATING HOW THE MUSEUM'S FUNDS WERE ALLOCATED. X 1 1 X X X X X 0 0 0 0 0 0 0 1 0 MICHAEL STICKA PRESIDENT / CEO 402787 0 225781 0 6540 0 11250 0 16286 0 662644 0 0 0 RITA GEORGE CHIEF PROGRAMS OFFICER 260793 0 1750 0 4242 0 13624 0 12483 0 292892 0 0 0 HILARY FAHLSING CHIEF FINANCIAL & OPERATING OFFICER 231737 0 1750 0 3510 0 11250 0 42468 0 290715 0 0 0 JASEN EMMONS CHIEF CURATOR & VP, CURATORIAL AFFAI 207682 0 1750 0 2970 0 8536 0 27133 0 248071 0 0 0 LYNNE OKIN VP, PUBLIC PROGRAMS & ARTIST RELATIO 210485 0 1750 0 1033 0 15000 0 12849 0 241117 0 0 0 ASHLEY STAGG DIRECTOR OF DIGITAL MEDIA 155292 0 1000 0 328 0 4900 0 37376 0 198896 0 0 0 WENDY MURPHY SR DIRECTOR, GUEST EXPERIENCE 154817 0 1000 0 730 0 10805 0 17635 0 184987 0 0 0 DANIEL LOPEZ SR DIRECTOR, FINANCE 143701 0 1000 0 287 0 3639 0 10250 0 158877 0 0 0 PART I, LINE 1A GRAMMY MUSEUM FOUNDATION HAS A WRITTEN POLICY REGARDING FIRST-CLASS TRAVEL. THE TRAVEL POLICY STATES THAT THE MOST COST EFFECTIVE OPTIONS AVAILABLE BASED ON THE TRAVELER'S REQUESTED ITINERARY SHOULD BE MADE. THE PRESIDENT MAY BE PERMITTED FIRST-CLASS TRAVEL IF AUTHORIZED BY THE BOARD. THE PRESIDENT IS REQUIRED TO TRAVEL EXTENSIVELY ON MUSEUM BUSINESS, AND PROVIDING FOR FIRST-CLASS TRAVEL IS CONSIDERED A REASONABLE ACCOMMODATION. IT IS NOT TREATED AS TAXABLE COMPENSATION. PART I, LINE 7 CERTAIN EMPLOYEES WERE EACH COMPENSATED WITH CRITERIA BONUSES BASED UPON SPECIFIC PERFORMANCE GOALS ESTABLISHED AND APPROVED BY THE EMPLOYEE AND THEIR DIRECT SUPERVISOR. IN ADDITION, CERTAIN EMPLOYEES WERE EACH COMPENSATED WITH DISCRETIONARY BONUSES SUBJECT TO THE DISCRETION OF THEIR DIRECT SUPERVISOR. NATIONAL ACADEMY OF RECORDING ARTS AND SCIENCES FOUNDER OPERATING EXPENSES X 2560269 2488215 0 1 1 2488215 SEE PART V FOUNDER 758000 SEE PART V 0 SEE PART V BOARD MEMBER 259363 SEE PART V 0 SCH L, PART II: NARAS PROVIDES CERTAIN GENERAL AND ADMINISTRATIVE SERVICES TO THE MUSEUM. OPERATING EXPENSES CHARGED TO THE MUSEUM BY NARAS INCLUDE ITEMS, SUCH AS SHARED SALARY EXPENSES, INSURANCE, TAXES AND LICENSES, REPAIR AND MAINTENANCE, SUPPLIES, COMPUTER EXPENSES, AND OTHER IT COSTS. THE EXPENSES ARE ALLOCATED ON THE BASIS OF SQUARE FOOTAGE, NUMBER OF COMPUTERS USED, HEADCOUNT, OR OTHER SUITABLE METHODOLOGIES, WHERE APPROPRIATE. AS OF FISCAL YEAR ENDED JULY 31, 2024, THE OUTSTANDING BALANCE OWED TO NARAS WAS $2,488,215. SCHEDULE L, PART IV, BUSINESS TRANSACTIONS INVOLVING INTERESTED PERSONS: (A) NAME OF INTERESTED PERSON: NATIONAL ACADEMY OF RECORDING ARTS AND SCIENCES, INC.(B) RELATIONSHIP BETWEEN INTERESTED PERSON AND THE ORGANIZATION: FOUNDER(C) AMOUNT OF TRANSACTION: $758,000(D) DESCRIPTION OF TRANSACTION: PERFORMANCE OF GENERAL AND ADMINISTRATIVE SERVICES(E) SHARING OF ORGANIZATION REVENUES? = NO SCHEDULE L, PART IV, BUSINESS TRANSACTIONS INVOLVING INTERESTED PERSONS: (A) NAME OF INTERESTED PERSON: KEN EHRLICH PRODUCTIONS, INC.(B) RELATIONSHIP BETWEEN INTERESTED PERSON AND THE ORGANIZATION: 35% OWNED ENTITY OF BOARD MEMBER(C) AMOUNT OF TRANSACTION: $259,363(D) DESCRIPTION OF TRANSACTION: PRODUCTION COSTS. NO FEES WERE CHARGED BY THE BOARD MEMBER OR THEIR COMPANY FOR THE SERVICES PROVIDED. THE COSTS WERE ENTIRELY DIRECT PASS-THROUGH EXPENSES RELATED TO THE EVENT AND WERE NECESSARY FOR THE OPERATION OF THE GALA.(E) SHARING OF ORGANIZATION REVENUES? = NO X 1 1260 OTHER X 3 796604 OTHER X AUCTION ITEMS 10 25350 COST OR SELLING PRIC X FOOD & BEVERAGES 8 19573 COST OR SELLING PRIC X MUSICAL EQUIPMENT 2 3450 COST OR SELLING PRIC 0 0 1 0 PART I, COLUMN (B): THE ORGANIZATION IS REPORTING THE NUMBER OF CONTRIBUTIONS RECEIVED. FORM 990, PART VI, SECTION A, LINE 2 TAMMY HURT, AS CHAIR OF THE RECORDING ACADEMY, HAS AN EMPLOYMENT RELATIONSHIP WITH HARVEY MASON JR., CEO OF THE RECORDING ACADEMY, AND BRANDEN CHAPMAN, COO OF THE RECORDING ACADEMY. MASON, AS CEO OF THE RECORDING ACADEMY, ALSO HAS AN EMPLOYMENT RELATIONSHIP WITH CHAPMAN, COO OF THE RECORDING ACADEMY. BOTH MASON AND CHAPMAN WERE EMPLOYEES OF THE RECORDING ACADEMY DURING THE TAX YEAR. FORM 990, PART VI, SECTION B, LINE 11B AFTER THE FORM 990 IS PREPARED, IT IS SUBMITTED TO THE AUDIT COMMITTEE FOR REVIEW. THE BOARD HAS DESIGNATED THE AUDIT COMMITTEE TO REVIEW AND APPROVE THE FILING OF THE TAX RETURN ON ITS BEHALF. AFTER ALL COMMENTS AND QUESTIONS FROM THE AUDIT COMMITTEE HAVE BEEN ADDRESSED AND INCORPORATED, THE AUDIT COMMITTEE APPROVES THE FILING WITH THE IRS. THE FULL BOARD ALSO RECEIVES A COPY OF THE TAX RETURN BEFORE IT IS FILED. FORM 990, PART VI, SECTION B, LINE 12C EACH DIRECTOR, PRINCIPAL OFFICER AND MEMBER OF A COMMITTEE WITH POWERS DELEGATED BY THE BOARD OF DIRECTORS NEEDS TO SIGN A STATEMENT UPON HIRING OR APPOINTMENT AFFIRMING THAT HE/SHE 1) HAS RECEIVED A COPY OF THE CONFLICTS OF INTEREST POLICY, 2) HAS READ AND UNDERSTANDS THE POLICY, 3) HAS AGREED TO COMPLY WITH THE POLICY, AND 4) UNDERSTANDS THAT THE MUSEUM IS A NON-PROFIT ORGANIZATION AND IN ORDER TO MAINTAIN ITS FEDERAL TAX EXEMPTION STATUS, IT MUST ENGAGE PRIMARILY IN ACTIVITIES WHICH ACCOMPLISH ONE OR MORE OF ITS TAX-EXEMPT PURPOSES. PERIODIC REVIEWS ARE CONDUCTED BY THE HUMAN RESOURCES DEPARTMENT FOR EMPLOYEES TO ENSURE COMPLIANCE WITH THE POLICY. COPIES OF THESE FORMS ARE MAINTAINED BY HUMAN RESOURCES IN PERSONNEL FILES. ANNUALLY, THE CORPORATE SECRETARY DISTRIBUTES THE ANNUAL DISCLOSURE STATEMENT AT A BOARD MEETING. THE STATEMENTS ARE COLLECTED BY THE CORPORATE SECRETARY AND THEN A SUMMARY REPORT IS GIVEN TO THE CHAIR OF THE NOMINATING & GOVERNING COMMITTEE. ACCORDINGLY, THE CHAIR OF THE NOMINATING & GOVERNING COMMITTEE IS RESPONSIBLE FOR BOTH MONITORING AND ENFORCING THE CONFLICT OF INTEREST POLICY BASED ON THE STATEMENTS THAT ARE PROVIDED. FORM 990, PART VI, SECTION B, LINE 15A THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS OVERSEES THE MUSEUM'S COMPENSATION AND BENEFIT PLANS AND PRACTICES, INCLUDING ITS EXECUTIVE COMPENSATION PLAN. THE COMPENSATION COMMITTEE IS COMPRISED OF THE EXECUTIVE COMMITTEE OF THE BOARD. ANNUALLY THE COMMITTEE REVIEWS AND APPROVES THE PRESIDENT'S COMPENSATION, INCLUDING BENEFITS. THE COMMITTEE CONSIDERS ALL FACTORS DEEMED RELEVANT IN DETERMINING THE PRESIDENT'S COMPENSATION, INCLUDING, BUT NOT LIMITED TO, REVIEWING AND COMPARING COMPENSATION OF OTHER NON-PROFIT MUSEUM DIRECTORS IN THE GENERAL AREA. THIS PROCESS WAS LAST COMPLETED IN AUGUST 2024. FORM 990, PART VI, SECTION C, LINE 19 THE MUSEUM'S FORM 990, AUDITED FINANCIAL STATEMENTS, ARTICLES, BYLAWS, AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST. ADDITIONALLY, THE MUSEUM POSTS ITS MOST RECENT FORM 990 ON ITS WEBSITE FOR PUBLIC ACCESS. THE MUSEUM ALSO FILES ITS FORM 990 WITH THE CALIFORNIA ATTORNEY GENERAL AND ROUTINELY UPDATES ITS INFORMATION ON THIRD-PARTY PLATFORMS SUCH AS GUIDESTAR, CHARITY NAVIGATOR, AND SMU DATAARTS. TANGIBLE PROPERTY ELECTIONS SECTION 1.263(A)-1(F) DE MINIMIS SAFE HARBOR ELECTION TAXPAYER IS MAKING THE DE MINIMIS SAFE HARBOR ELECTION UNDER TREAS. REG. 1.263(A)-1(F) FOR ALL ELIGIBLE AMOUNTS PAID OR INCURRED DURING THE TAXABLE YEAR. SECTION 1.263(A)-3(N) CAPITALIZATION ELECTION TAXPAYER HEREBY ELECTS TO CAPITALIZE REPAIR AND MAINTENANCE COSTS UNDER TREAS. REG. 1.263(A)-3(N). THE COSTS WERE INCURRED DURING THE TAXABLE YEAR IN THE ELECTING TAXPAYER'S TRADE OR BUSINESS AND THE ELECTING TAXPAYER TREATS SUCH COSTS AS CAPITAL EXPENDITURES ON ITS BOOKS AND RECORDS.