2025-05-14T17:42:13-05:00 2024-06-30 952302617 SINGERLEWAK LLP 10960 WILSHIRE BLVD SUITE 1100 LOS ANGELES CA 90024 990 2023-07-01 952264067 MUSEUM ASSOCIATES MUSE 3238576142 5905 WILSHIRE BLVD LOS ANGELES CA 90036 MARK MITCHELL CHIEF FINANCIAL OFFICER 3238576142 2025-05-14 1 0 LIOR TEMKIN P00748170 3104773924 2025-05-01 2023 2025-03-06 01:10:19Z LOS ANGELES COUNTY MUSEUM OF ART (LACMA) MARK MITCHELL 5905 WILSHIRE BLVD LOS ANGELES CA 90036 161006895 0 X WWW.LACMA.ORG X 1938 CA SEE SCHEDULE O 59 57 581 130 -429195 0 130255128 87956077 44254716 45292476 16669153 19228703 3302502 3638003 194481499 156115259 615894 78554 0 0 36605327 36575948 0 57600 6676036 64874672 71322523 102095893 108034625 92385606 48080634 1566993617 1664831782 746541505 752793007 820452112 912038775 X SEE SCHEDULE O 0 0 46570230 78554 2071548 EXHIBITION, CURATORIAL, CONSERVATION & ART PROGRAMSLACMA PRESENTED 23 EXHIBITIONS AND PERMANENT COLLECTION INSTALLATIONS IN FISCAL 2023-2024, 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. 17383375 FACILITY ENHANCEMENTIN FISCAL 2023-2024, 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. 12238959 15101 PUBLIC AND PROTECTIVE SERVICES AND ENGAGEMENTIT IS A MUSEUM GOAL TO CONTINUOUSLY EXPAND AND SERVE AUDIENCES OF ALL AGES, ETHNICITIES, AND SOCIO-ECONOMIC BACKGROUNDS BY CREATING WELCOMING ENVIRONMENTS AND PROGRAMS. THIS IS ACCOMPLISHED THROUGH A VARIETY OF MEANS, INCLUDING ON-SITE STAFF AND CONTRACTORS PROTECTING ART AND PROVIDING SERVICE TO THE PUBLIC, SPECIAL EVENTS, PROMOTIONAL CAMPAIGNS, CAMPUS WAY-FINDING MEDIA, AND THE MUSEUM MAGAZINE. 13828934 44152948 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. 13828934 44152948 90021498 1 1 0 1 0 0 0 1 0 1 1 1 0 1 1 1 1 0 0 0 1 0 0 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 1 347 0 1 581 1 0 0 0 0 0 1 1 0 0 0 0 1 0 X 59 57 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 MITCHELL CHIEF FINANCIAL OFFICER 3238576142 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 JON BROOKS 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 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 LIONEL RITCHIE 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 JEFF YABUKI TRUSTEE 0.50 X 0 0 0 MICHAEL GOVAN CEO AND WALLIS ANNENBERG D 40.00 X 1527357 279047 337661 MARK MITCHELL CHIEF FINANCIAL OFFICER 40.00 X 290532 0 264727 JEFFREY BLAIR GENERAL COUNSEL & ASSISTAN 40.00 X 388942 0 53461 ANN ROWLAND CHIEF FINANCIAL OFFICER 40.00 X 53813 157915 188965 DIANA VESGA CHIEF OPERATING OFFICER 40.00 X 961187 0 81917 NANCY THOMAS SR. DEPUTY DIRECTORART ADM 40.00 X 139191 157105 192920 LORI JO HARTMAN VP, FACILITIES AND SECURIT 40.00 X 318785 0 75870 ELIZABETH WIATT SVP, DEVELOPMENT 40.00 X 282083 0 46684 JENNIFER FIONA RAGHEB DEPUTY DIRECTOR FOR CURATORIAL & EXHIBITIONS 40.00 X 301225 0 21098 STEPHANIE BARRON SENIOR CURATOR & DEPT. HEA 40.00 X 85126 137695 171540 DIANA MAGALONI-KERPEL DEPUTY DIRECTOR, PROGRAM D 40.00 X 275528 0 94780 TIFFANY AUGUST AVP, PEOPLE & CULTURE 40.00 X 221228 0 59780 BRITT SALVESEN CURATOR & DEPT HEAD 40.00 X 221736 0 50885 NAIMA KEITH VP, EDUCATION & PUBLIC PRO 40.00 X 226294 0 24052 5293027 731762 1664340 66 0 1 0 CLARK CONSTRUCTION GROUP 18201 VON KARMAN STE 800 IRVINE CA 92612 CONSTRUCTION 132598294 ALLIED UNIVERSAL SECURITY SERVICES PO BOX 31001-2374 PASADENA CA 911102374 SECURITY 6687878 SKIDMORE OWINGS & MERRILL LLP 15 WALL STREET 24TH FLOOR NEW YORK NY 10005 ARCHITECTURAL CONSULTING 5743185 UNISERVE PROJECT MANAGEMENT 5211 WASHINGTON BLVD STE 2 158 COMMERCE CA 90040 CUSTODIAL SERVICES 1463134 ANCHOR STREET COLLECTIVE 2831 ANCHOR AVENUE LOS ANGELES CA 90064 EVENT PRODUCTION 1449827 37 X 3716265 3822650 509212 79907950 5862793 87956077 COUNTY OPERATING CONTR 900099 34833000 34833000 ADMISSIONS 900099 4451243 4451243 PARKING REVENUE 900099 3326236 3326236 EXHIBITION REVENUE 900099 1629066 1629066 SPECIAL PROJECT REVENU 900099 442482 442482 610449 610449 45292476 14427747 -429195 14856942 509287 509287 2175935 0 2175935 2175935 2175935 4800956 0 4800956 4800956 4800956 4242285 3822650 4242285 0 1347881 649351 698530 698530 FOOD SERVICES 900099 248591 248591 OTHER REVENUE 900099 5660 5660 254251 156115259 46239597 -429195 22348780 X 46000 46000 29054 29054 3500 3500 4701801 1486773 2287987 927041 29063267 21990901 3950356 3122010 -2996240 -1910822 -766707 -318711 3569976 2592461 599182 378333 2237144 1635057 363239 238848 362745 98690 264055 97641 97641 57600 57600 1573322 1573322 10465128 9748014 358271 358843 198019 183715 12884 1420 4109174 2768580 758434 582160 1934708 1303284 487124 144300 30686 29538 990 158 14225693 13082794 720394 422505 1248717 1006826 42694 199197 8432602 8432602 9267770 8950773 316997 1874142 1863229 4268 6645 ART ACQUISITION 8729676 8729676 ART INSTALLATION & PUBL 5308168 5260426 47742 CONSTRUCTION COSTS 930295 930295 HOSPITALITY 750255 413186 24107 312962 1783782 1346946 241853 194983 108034625 90021498 11337091 6676036 X 46797406 15935844 156291235 175081994 2385909 5145073 655026 777266 155141 405710 964789204 133674567 705005434 831114637 351251950 277841769 244038552 275012912 60412964 83516577 1566993617 1664831782 16775923 18254906 30089476 28863419 334090837 334701751 285445422 279810449 80139847 91162482 746541505 752793007 X 576792523 644321886 243659589 267716889 820452112 912038775 1566993617 1664831782 X 48080634 36416429 7089600 X X 0 1 X 1 0 X 106567413 54878591 86583680 130255128 87956077 466240889 106567413 54878591 86583680 130255128 87956077 466240889 11076893 455163996 7423336 1533504 1543126 2022687 2685223 15207876 85265 83864 18798 187927 378904 922146 263573 262904 254251 2081778 483718470 211641733 0.94100 0.93810 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 108034627 108034627 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 39179 3072 42251 250000 250000 250000 250000 1000000 1500000 120000 X X X X X PUBLIC EDUCATION 1 160494576 4428223 16762658 8253938 173431519 158792895 415215 9341972 8055506 160494576 175671461 1171053 -8930379 9119240 158792895 134933568 545054 47396179 7203340 175671461 136803911 485583 5535050 7890976 134933568 0.50300 0.18600 0.31100 0 0 32177991 32177991 302088709 118094155 183994554 11814615 3610021 8204594 13355555 11970391 1385164 605352334 605352334 831114637 ABSOLUTE RETURN INVESTMENTS 99687118 F OTHER PARTNERSHIPS AND OTHER FUNDS 175325794 F 275012912 RIGHT OF USE LEASE ASSETS 59774494 NET PENSION BENEFIT ASSET 14583046 PREPAID INTEREST & FEES 9159037 83516577 RIGHT-OF-USE LEASE LIABILITIES 71000415 INTEREST RATE SWAPS 19820000 SPLIT-INTEREST AGREEMENT LIABILITIES 342067 91162482 X 198523772 36416429 6165630 42582059 155941713 173546 173546 156115259 98335076 -923971 -923971 99259047 8775578 8775578 108034625 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, 2024 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 649,351. INVESTMENT MANAGEMENT FEES -1,573,322. UNREALIZED GAINS (LOSSES) - ON INTEREST RATE SWAP 7,077,941. CHANGE IN VALUE OF CRT 11,660. PART XI, LINE 4B - OTHER ADJUSTMENTS: COLLECTION ITEMS SOLD 127,643. GIFT ANNUITY RESERVE CHANGE 45,903. PART XII, LINE 2D - OTHER ADJUSTMENTS: COGS 649,351. INVESTMENT MANAGEMENT FEES -1,573,322. PART XII, LINE 4B - OTHER ADJUSTMENTS: COLLECTION ITEMS PURCHASED 8,729,676. GIFT ANNUITY RESERVE CHANGE 45,903. ROUNDING -1. EAST ASIA AND THE PACIFIC TRAVELING EXHIBITIONS MIDDLE EAST AND NORTH AFRICA TRAVELING EXHIBITIONS 0 0 0 0 0 0 0 0 0 0 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 ANNUAL FUND CONSULTATION, COPYWRITING & PROD. MGMT SERVICES 0 695445 45000 650445 THE LUKENS COMPANY 2800 SHIRLINGTON ROAD 9TH FLOOR ARLINGTON VA 22206 ANNUAL FUND CONSULTATION, COPYWRITING & PROD. MGMT SERVICES 0 190552 12600 177952 885997 57600 828397 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 4845848 1351628 3494220 3494220 COLLECTOR'S COMMITTEE 3217731 2469666 748065 748065 2 1356 1356 8064935 3822650 4242285 4242285 4242285 0 1 NOT THE INC 2650 N HIGHVIEW AVE ALTADENA CA 91001 854257073 16000 0 CASH GRANTS N/A CURATORIAL IYOIYO LLC 1225 CYPRESS AVE STE 3 V270 LOS ANGELES CA 90065 820903372 15000 0 CASH GRANTS N/A CURATORIAL PACIFIC TRADITIONS SOCIETY PO BOX 189 ANAHOLA HI 967030189 943099578 501(C)(3) 15000 0 CASH GRANTS N/A CURATORIAL 1 2 CURATORIAL 6 29054 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 0 0 0 0 0 0 0 0 0 MICHAEL GOVAN CEO AND WALLIS ANNENBERG D 1131517 272339 200000 0 195840 6708 78410 0 0 259251 1605767 538298 0 0 DIANA VESGA CHIEF OPERATING OFFICER 861187 0 100000 0 0 0 39872 0 42045 0 1043104 0 0 0 MARK MITCHELL CHIEF FINANCIAL OFFICER 290532 0 0 0 0 0 258471 0 6256 0 555259 0 0 0 NANCY THOMAS SR. DEPUTY DIRECTORART ADM 126691 157105 12500 0 0 0 64109 0 0 128811 203300 285916 0 0 JEFFREY BLAIR GENERAL COUNSEL & ASSISTAN 388942 0 0 0 0 0 39183 0 14278 0 442403 0 0 0 ANN ROWLAND CHIEF FINANCIAL OFFICER 53813 157915 0 0 0 0 9739 0 0 179226 63552 337141 0 0 LORI JO HARTMAN VP, FACILITIES AND SECURIT 318785 0 0 0 0 0 61592 0 14278 0 394655 0 0 0 STEPHANIE BARRON SENIOR CURATOR & DEPT. HEA 85126 137695 0 0 0 0 50924 0 0 120616 136050 258311 0 0 DIANA MAGALONI-KERPEL DEPUTY DIRECTOR, PROGRAM D 275528 0 0 0 0 0 60634 0 34146 0 370308 0 0 0 ELIZABETH WIATT SVP, DEVELOPMENT 282083 0 0 0 0 0 32406 0 14278 0 328767 0 0 0 JENNIFER FIONA RAGHEB DEPUTY DIRECTOR FOR CURATORIAL & EXH 281225 0 0 0 20000 0 6820 0 14278 0 322323 0 0 0 TIFFANY AUGUST AVP, PEOPLE & CULTURE 221228 0 0 0 0 0 35506 0 24274 0 281008 0 0 0 BRITT SALVESEN CURATOR & DEPT HEAD 221736 0 0 0 0 0 44389 0 6496 0 272621 0 0 0 NAIMA KEITH VP, EDUCATION & PUBLIC PRO 226294 0 0 0 0 0 12312 0 11740 0 250346 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 $1,412 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 1 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 160907 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 2% 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 6069 INV. MGMT FEESMR. SOKOLOFF IS ALSO A MANAGING PARTNER OF LEONARD GREEN & PARTNERS L.P., 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 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 X 143 SEE PART II X 34 5862793 FMV OF AVG. STOCK VALUE 29 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 23 EXHIBITIONS AND PERMANENT COLLECTION INSTALLATIONS, ACQUIRED 284 NEW WORKS OF ART, PROVIDED PROGRAMS FOR 23,076 SCHOOL CHILDREN. TOTAL ATTENDANCE AT THE MUSEUM WAS 873,825. FORM 990, PART I, LINE 8: THE DECREASE IN CONTRIBUTIONS FROM FISCAL YEAR END 06/30/23 TO FISCAL YEAR END 06/30/24 IS ATTRIBUTABLE TO LOWER 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 6/30/2024, 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. THE SAME OCCURS WHEN THE ACTUAL RETURN ON PLAN ASSETS EXCEEDS THE EXPECTED RETURN. A MATERIAL INCREASE IN THE APPLICABLE INTEREST RATES AND A SIGNIFICANT EXCESS OF ACTUAL OVER EXPECTED PLAN ASSETS RESULTED IN A SUBSTANTIAL DECREASE IN PENSION EXPENSE TO THE POINT THAT EXPENSES WERE NEGATIVE FOR FY24. FORM 990, PART X, LINE 25: THE INCREASE IN OTHER LIABILITIES IS PRINCIPALLY TIED TO AN INCREASE IN LEASE LIABILITIES, RECOGNIZING A LONG-TERM LEASE FOR ART STORAGE. FORM 990, PART X, LINES 2 AND 11: THE DECREASE ON THESE LINES REFLECT SPENDING OF CAMPAIGN PROCEEDS ON CONSTRUCTION PROJECT. FORM 990, PART X, LINE 10C: THE INCREASE ON THIS LINE REFLECTS CAPITALIZING SPENDING ON LACMA'S NEW BUILDING FOR THE PERMANANENT COLLECTION. FORM 990, PART XI, LINE 9: UNREALIZED GAINS (LOSSES) ON INTEREST RATE SWAP 7,077,940. CHANGE IN VALUE OF CRT 11,660. 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 (2) 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