2023-03-07T09:08:57-06:00 2022-06-30 510232475 Cover & Rossiter PA 2711 Centerville Road Suite 100 Wilmington DE 19808 990 2021-07-01 516020908 Brandywine Conservancy & Museum of Art BRAN 6103882700 PO Box 141 Chadds Ford PA 193170141 Virginia A Logan Executive Director & CEO 6103882700 2023-02-24 1 Virginia Logan 999009999 Peter Kennedy P00571422 3026566632 2023-02-24 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z Virginia A Logan PO Box 141 Chadds Ford PA 193170141 58576424 0 X WWW.BRANDYWINE.ORG X 1967 DE The Brandywine Conservancy & Museum of Art preserves and presents elements of art and nature that highlight the extraordinary beauty of the Brandywine region in Pennsylvania and Delaware. The Brandywine Conservancy protects and conserves the land, water, natural, and cultural resources of the Brandywine-Christina watershed. The Brandywine Museum of Art engages audiences through its presentation and interpretation of American art with a particular focus on the Wyeth family and other artists of the Brandywine region. 27 27 152 352 0 0 16712334 17604874 644409 971889 4231881 7039082 297758 333761 21886382 25949606 0 0 0 0 6502720 6766771 0 0 1057910 10916960 8280038 17419680 15046809 4466702 10902797 169021035 159611083 5951417 6241010 163069618 153370073 X The Brandywine Conservancy & Museum of Art preserves and presents elements of art and nature that highlight the extraordinary beauty of the Brandywine region in Pennsylvania and Delaware. The Brandywine Conservancy protects and conserves the land, water, natural, and cultural resources of the Brandywine-Christina watershed. The Brandywine Museum of Art engages audiences through its presentation and interpretation of American art with a particular focus on the Wyeth family and other artists of the Brandywine region. 0 0 7361125 1094942 The Brandywine River Museum of Art engages audiences through its presentation and interpretation of American art with a particular focus on the Wyeth family and other artists who lived and worked in the Brandywine Valley region. Since its founding in 1971, the Museum has assembled a collection of over 4,000 objects from the mid-nineteenth century to the present with major holdings of landscape and still-life painting, illustration, and paintings by three generations of the Wyeth family. The Museum has a distinguished program of temporary exhibitions and publications that have made significant contributions to scholarship in the field of American art. In addition to its collection, the Brandywine owns and makes open to the public seasonally three historic properties, all designated National Historic Landmarks, that include the studios of N. C. and Andrew Wyeth. 4116953 386275 The Brandywine Conservancy (the Conservancy) works for preservation and wise management of natural, historic, and scenic resources of the Brandywine Valley and surrounding areas with particular and strong emphasis on the preservation of land, water supplies and agriculture. Through this program, the Conservancy acquires conservation easements on open spaces and often on historic lands and, as of this filing, has 510 easements which are regularly monitored to assure landowner's compliance with the restrictions in each easement. The program aids municipal governments in the region on environmental issues such as storm water management, ordinances of various types affecting land and water resources, and land use planning. The Conservancy owns more than 3,008 acres of land which it carefully manages to help preserve land and water resources and to serve as models of high standards in the stewardship of natural and agricultural lands. 11478078 1 1 0 0 0 0 1 1 0 1 1 1 0 0 1 0 0 1 0 0 1 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 1 1 1 0 0 0 1 1 1 0 0 1 92 0 1 152 1 0 0 0 0 1 1 1 1 0 0 0 0 0 0 X 27 27 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 PA X Brandywine Conservancy & Museum of Art Department of Finance & Admi 6103882700 PO BOX 141 CHADDS FORD PA 19317 Morris W Stroud II Chairman (until 4/2022); Trustee (as of 4/2022) & 10.00 2.00 X X 0 0 0 Cuyler H Walker Chairman (as of 4/2022); Trustee (until 4/2022) 10.00 2.00 X X 0 0 0 Mrs Michael Matz Vice-Chair & Chair of Museum Committee 1.00 X X 0 0 0 Gregory F Fields Vice-Chair (as of 4/2022); Treasurer 1.00 X X 0 0 0 David Harrington Assistant Treasurer & Chair of Investment Committe 1.00 2.00 X X 0 0 0 W Donald Sparks II Esquire Secretary 1.00 2.00 X X 0 0 0 Jack M Hines Jr Chairman, Conservatory Committee 1.00 2.00 X X 0 0 0 Linda L Bean Trustee 1.00 X 0 0 0 Pamela Biddle Trustee (as of 4/2022) 1.00 X 0 0 0 Cynthia Borger Trustee 1.00 X 0 0 0 Mati Bonetti de Buccini Trustee 1.00 X 0 0 0 Romona Riscoe Benson Trustee 1.00 X 0 0 0 Roberts W Brokaw III Trustee 1.00 X 0 0 0 Clementina Brown Trustee (as of 4/2022) 1.00 X 0 0 0 Sophie M Derrickson Trustee 1.00 X 0 0 0 Margaret Duprey Trustee 1.00 X 0 0 0 Charles Elson Trustee 1.00 X 0 0 0 Herbert V Kohler Jr Trustee 1.00 X 0 0 0 R Thorpe Moeckel Trustee 1.00 X 0 0 0 Anne Moran Trustee 1.00 X 0 0 0 Rodman W Moorehead III Trustee 1.00 X 0 0 0 Susan Bissell Parker Trustee (until 4/2022) 1.00 X 0 0 0 John E Osborn Trustee 1.00 X 0 0 0 Claire Reid Trustee 1.00 X 0 0 0 Scott F Richard Trustee 1.00 X 0 0 0 Lewis C Ross Trustee 1.00 X 0 0 0 McCoy du Pont Weymouth Trustee 1.00 X 0 0 0 Peter Zimmerman Trustee (as of 6/2022) 1.00 X 0 0 0 Virginia A Logan Executive Director, CEO & Assistant Secretary 40.00 2.00 X 370271 0 40463 Karl Malkin CFO 40.00 X 169344 0 26966 Thomas Padon Museum Director 40.00 X 253773 0 35116 Ellen Ferretti Program Director 40.00 X 180613 0 16458 Wade Abnett Facilities Director 40.00 X 136850 0 6925 Suzanne Regnier Development Director 40.00 X 130631 0 6547 Thomas Wilt Controller 40.00 X 127468 0 6318 1368950 0 138793 9 0 1 0 Camfred Construction LLC 2 Bala Plaza Suite 300-613 Bala Cynwyd PA 19004 Construction 1588640 Wohlsen Construction Company PO Box 4612 Lancaster PA 17604 Construction 564806 Service Unlimited Inc 19 Southgate Blvd New Castle DE 19720 HVAC Service 546313 Belfor USA Group Inc 410 Clover Mill Rd Exton PA 19341 Flood Remediation 509940 Brown Advisory 5701 Kennett Pike Suite 100 Wilmington DE 19807 Investment Management Service 137423 7 288893 458915 1788603 15068463 1737795 17604874 Admission to Museum 712110 547205 547205 Conservancy Program 900099 284612 284612 Penguin Court Mgmt Fees 712100 101663 101663 Other Program Revenue 712100 38409 38409 971889 3445446 3445446 135941 0 135941 135941 135941 35269576 31675940 3593636 3593636 3593636 326439 458915 502006 -175567 -175567 822259 448872 373387 373387 25949606 1481217 0 6863515 627674 627674 4971221 3776016 457166 738039 226971 172114 32308 22549 559984 461071 34443 64470 380921 268073 58332 54516 69421 51794 17627 81475 81475 233653 233653 569827 460152 101112 8563 160230 51832 2595 105803 88243 53604 14155 20484 193488 8176 170990 14322 472602 467964 1981 2657 41702 40456 -196 1442 76340 25051 51289 1029961 823287 206674 286067 264342 19135 2590 Collection Acquisition 2340692 2340692 Education & Public Prog 858690 858690 Repairs and Maintenance 634896 623216 2825 8855 Property Damage, Net 520440 353699 166741 622311 377849 230842 13620 15046809 11478078 2510821 1057910 5531421 6054172 477885 506885 1291057 1637232 714910 325680 292753 247784 438998 343681 60492607 18303801 34307092 42188806 105633595 87564035 15262862 16006886 5070462 4735922 169021035 159611083 1133745 1282533 432886 487594 1857962 3298331 2526824 1172552 5951417 6241010 X 45090691 51891244 117978927 101478829 163069618 153370073 169021035 159611083 X 10902797 -20364630 -237712 X X 0 1 X 1 0 X 7616661 8094700 4741748 16712334 17604874 54770317 7616661 8094700 4741748 16712334 17604874 54770317 9731789 45038528 429651 1262107 1920541 2679855 3581387 9873541 64643858 9124230 0.69670 0.73670 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X X 510 38434.00 18 5 2 1 5901.00 241475 X X X X 0 125956250 552910 -13660087 4317206 233653 108298214 101651400 654292 29399379 5475035 273786 125956250 104243830 1002454 1848367 5102314 340937 101651400 103611162 1191838 4848851 5027966 380055 104243830 100809150 534760 7770618 4998114 505252 103611162 0.11550 0.53972 0.34478 0 0 22906844 22906844 30605539 17526777 13078762 852555 777024 75531 6127669 6127669 42188806 Hedge funds and private equity 15998257 F Non-endowment investments 8629 C 16006886 Other non-current liabilities 959639 Due to Penguin Court 212913 1172552 15093858 3837993 3837993 11255865 14693741 14693741 25949606 11486872 0 11486872 233653 3326284 3559937 15046809 Part II, Line 3: Two conservation easements were corrected and amended to correct errors in the original easement. One conservation easement was amended to (i) add 24.904 acres to the easement area, (ii) reallocate Impervious Ground Surface Coverage among the Conservation Easement Areas, (iii) allocate residential and Impervious Ground Surface Coverage rights among the various subdivided parcels of the easement areas, and (iv) add and revise provisions of the easement to address the inclusion of the additional land, to further protect the easement property, to clarify certain provisions of the easement, and to add additional administrative provisions. One conservation easement was amended with respect to a portion of the easement area to (i) extinguish the remaining rights to construct additional residential improvements, (ii) clarify the Original Grant to permit passive recreational facilities, (iii) clarify permitted signage, and (iv) permit tree cutting in connection with construction of certain permitted Recreational Facilities. One conservation easement was amended with respect to a portion of the easement area to (i) merge a portion of one conservation easement area with another conservation easement area, (ii) combine the Conservation Easement Areas' impervious ground surface coverage allocations, (iii) limit the size and bulk of structures on a portion of the Conservation Easement Area to protect scenic viewsheds, and (iv) confirm the right, subject to conditions, to build an Indoor Riding Arena on a portion of the Conservation Easement Area. Part II, Line 9: The Organization does not record any amounts for land easements donated in connection with its environmental program. Purchases of land easements are expensed as incurred. Part III, Line 1a: The financial statements exclude the value of collection objects owned through purchase or contribution. No determination has been made as to the aggregate valuation of such items. The Organization's Art and Research Center collections are held and maintained by the Brandywine River Museum of Art for use in public exhibitions, educational programs and scholarly studies. The art collections are comprised almost entirely of American paintings, drawings, prints and sculptures with emphasis on the cultural traditions of the Museum's geographic region. The Research Center collections are maintained for scholarly purposes and are comprised primarily of books and periodicals related to American art. The collections are catalogued and maintained according to professionally accepted standards. Policies adopted by the trustees govern the acquisition, disposal, maintenance, insurance and use of the art collections. Part III, Line 4: The Organization's Art and Research Center collections are held and maintained by the Brandywine River Museum of Art for use in public exhibitions, educational programs and scholarly studies. The art collections are comprised almost entirely of American paintings, drawings, prints and sculptures with emphasis on the cultural traditions of the Museum's geographic region. The Research Center collections are maintained for scholarly purposes and are comprised primarily of books and periodicals related to American art. The collections are catalogued and maintained according to professionally accepted standards. Policies adopted by the trustees govern the acquisition, disposal, maintenance, insurance and use of the art collections. Part V, Line 4: The Organization's endowment fund is designed to experience continued growth through additional capital infusions and returns from investments. The earnings from the investments should supplement the fundraising and other development activities to provide annual operating funds. Part XI, Line 2d - Other Adjustments: Operating endowment draw 3,837,993. Part XI, Line 4b - Other Adjustments: Easement acquisition receipts 692,966. Realized gain 3,593,636. Investment Income 3,445,446. Paycheck Protection Program loan forgiveness 1,305,982. Flood relief contributions 1,495,829. Facilities reserve contributions 4,159,882. Part XII, Line 4b - Other Adjustments: Easement & Collections Purchases 2,340,692. Interest expense 76,340. Other non-operating expenses 42,251. Property damaage, net 520,440. Fixed asset impairments 346,561. Central America and the Caribbean - Antigua & Barbuda, Aruba, Bahamas, Investments 1156642 Sub-Saharan Africa - Angola, Benin, Botswana, Burkina Faso, Investments 2230132 Europe (Including Iceland & Greenland) - Albania, Andorra, Austria, Belgium Investments 541704 0 0 0 0 0 0 3928478 0 3928478 1 0 0 1 1 0 Part III Accounting Method: Radnor Races 519841 441865 77976 420827 Critters 70544 70544 27756 5 194969 17050 177919 53423 785354 458915 326439 502006 502006 -175567 X X X 0 0 0 0 0 0 0 0 0 Virginia A Logan Executive Director, CEO & Assistant 370271 0 0 0 0 0 30663 0 9800 0 410734 0 0 0 Thomas Padon Museum Director 253773 0 0 0 0 0 25388 0 9728 0 288889 0 0 0 Ellen Ferretti Program Director 180613 0 0 0 0 0 7267 0 9191 0 197071 0 0 0 Karl Malkin CFO 169344 0 0 0 0 0 7283 0 19683 0 196310 0 0 0 RICHARDS LAYTON & FINGER PA One Board Member is a director with the Organization's legal counsel 34090 ATTORNEY 0 X 32 NA X NA X 28 1737795 FMV 3 0 1 0 Part I, Line 33: In conformity with FASB ASC 958-605, the financial statements exclude the value of the collection objects and library holdings. No determination can be made as to the aggregate value of such items. The Organization records proceeds from deaccessions and disbursements for current period accessions in the statement of activities as revenue and expenditures, respectively. Proceeds from sales of collection items are limited to the acquisition of other items for collections of the direct care of existing collection items. Brandywine employs conservation and curatorial staff to ensure that the collection is protected and preserved. Form 990, Part VI, Section A, line 2 There are relationships within our Board of Trustees, including a family relation. There are also various business relationships among trustees at various times. None of these relationships have an effect on the governing of the board. Form 990, Part VI, Section B, line 11b Draft versions of the Form 990 are distributed to all board members for approval prior to filing. Form 990, Part VI, Section B, line 12c The Brandywine regularly and consistently monitors and enforces compliance with the Conflict of Interest policy by requiring all officers, directors, trustees and employees to complete an annual Conflict of Interest Policy form. The form must be signed and any conflict disclosed. Officer, director, trustee and employee forms are kept in the office of the Executive Director. Form 990, Part VI, Section B, line 15 Salary ranges are set for key employees through the use of salary surveys conducted by professional associations. Compensation changes are recommended by a designated personnel committee and approved by the executive committee. Form 990, Part VI, Section C, line 19 Various Policies, audited financial statements and the annual form 990 are made available to the public by written request. Financial statements are printed in the annual report. Form 990, Part XI, line 9: Change in CSV of Life Insurance 96,828. Change in Charitable Gift Annuity -334,540. Form 990, Part XII, Line 2c: There were no changes in procedures from the previous year. Penguin Court Inc PO Box 141 Chadds Ford PA 19317 472856759 Land Preservation & Conservation DE 501(c)(3) 509(a)(3) Brandywine Conservancy 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 1 1 0 Penguin Court L 101663 FMV Penguin Court O 305486 FMV Penguin Court Q 235448 FMV Penguin Court R 70000 FMV