2023-05-12T10:20:15-05:00 2022-06-30 410746749 CLIFTONLARSONALLEN LLP ONE SEAGATE SUITE 2650 TOLEDO OH 43604 990 2021-07-01 344434678 THE TOLEDO MUSEUM OF ART TOLE 4192558000 PO BOX 1013 TOLEDO OH 43697 ADAM LEVINE DIRECTOR 4192558000 2023-04-25 1 ADAM LEVINE 999009999 JONATHAN RICHARDS P01311831 4192443711 2023-04-25 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z ADAM LEVINE PO BOX 1013 TOLEDO OH 43697 30351897 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 30 337 350 987311 0 11049835 13992943 1836132 2451838 5593579 12412637 229513 114139 18709059 28971557 82712 98288 0 0 9031880 10079686 0 0 1829663 10208500 18514308 19323092 28692282 -614033 279275 363312718 305696186 7882958 7918921 355429760 297777265 X FOR 121 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 20852397 0 1237032 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 23,880 OBJECTS. 908951 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. 1898484 98288 604441 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. IN 2021, THE MUSEUM PROVIDED 277 SCHOLARSHIPS TO ITS 1,573 CLASS ATTENDEES. THE MUSEUM CONTINUED TO PROVIDE BUS FUNDS TO LOCAL SCHOOLS AND COMMUNITY CENTERS TO ALLOW OVER 15,732 SCHOOL CHILDREN THE OPPORTUNITY TO TOUR THE MUSEUM IN DOCENT-LED CURRICULUM. THE MUSEUM ALSO HOSTED APPROXIMATELY 917 ADULTS FOR DOCENT-LED TOURS. 23659832 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 1 100 0 1 337 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 30 30 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 OH FL 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 ALLAN BLOCK DIRECTOR 1.00 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 HARLEY J KRIPKE DIRECTOR 1.00 X 0 0 0 SUSAN PALMER DIRECTOR 1.00 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 COLLEEN BARRON 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 KIRAN RAI 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 ADAM LEVINE EXECUTIVE DIRECTOR 70.00 X 385058 0 20197 PATRICIA O'TOOLE CHIEF FINANCIAL OFFICER 55.00 X 129294 0 16871 KRISTINA CRYSTAL CHIEF REVENUE OFFICER 55.00 X 106269 0 6882 DIANE WRIGHT SENIOR CURATOR OF GLASS AND CONTEMPORARY CRAFT 55.00 X 117152 0 12119 MICHAEL DEETSCH SENIOR DIRECTOR OF LEARNING AND INTERPRETATION 55.00 X 111382 0 24214 ANDREA GARDNER SENIOR DIRECTOR OF COLLECTIONS AND CURATORIAL AFFA 55.00 X 120493 0 24633 JENNY WENSINK DIRECTOR OF DEVELOPMENT 55.00 X 108671 0 11134 1078319 0 116050 7 0 1 0 BUCK BROTHERS ASPHALT & PAVING CONCRETE 2712 VICTORY AVE TOLEDO OH 43607 ASPHALT PAVING & CONCRETE 769779 SAFEGUARD SECURITY SERVICES 3332 W LASKEY RD SUITE 2 TOLEDO OH 43623 SECURITY SERVICES 311416 TITAN MECHANICAL 16192 KING ROAD HASKINS OH 43525 MECHANICAL CONTRACTING 306556 CALLAN LLC 600 MONTGOMERY STREET SUITE 800 SAN FRANCISO CA 94111 INVESTMENT MANAGEMENT SERVICES 247500 BLUE WATER COMMUNICATIONS 435 12TH ST WEST BRADENTON FL 34205 CONSULTING - PUBLIC RELATIONS/COMMUNICAT 230106 8 2134075 3261402 1630535 6966931 318279 13992943 TUITION AND RELATED FEES 711300 883833 604441 279392 FACILITY FEES 711300 769862 245340 524522 PARKING LOT INCOME 711300 198167 198167 PERISTYLE SERVICE FEES 711300 198000 198000 COVE LICENSING FEE 711300 163750 163750 238226 238226 2451838 9647430 9647430 342185 604992 -262807 -262807 -262807 2765207 0 2765207 2765207 2765207 1152294 775348 376946 357299 19647 28971557 1841473 987311 12149830 98288 98288 595905 415448 115227 65230 7527983 5248283 1455656 824044 395859 275980 76546 43333 888099 619156 171728 97215 671840 468387 129911 73542 66053 66053 78310 78310 1751095 1751095 310336 310336 327423 130968 163714 32741 69178 48230 13377 7571 805815 684943 80581 40291 471798 367867 16496 87435 87699 87699 3401357 2891153 340136 170068 339545 220902 110881 7762 ART PURCHASES & EXPENSE 7589091 7589091 PROGRAMS 901312 901312 MISCELLANEOUS 645136 334634 252538 57964 MAINTENANCE & REPAIRS 440456 440456 1229704 709551 197686 322467 28692282 23659832 3202787 1829663 43220 32825 6977797 7313625 774411 890220 100000 317570 238954 518593 393255 127106389 87234097 42276730 39872292 194117238 156077901 30670858 26098470 87616301 74678644 363312718 305696186 2139529 3535764 38239 74514 5555262 4205245 149928 103398 7882958 7918921 X 169760349 142282854 185669411 155494411 355429760 297777265 363312718 305696186 X 279275 -44962178 -12969592 X 0 1 X 1 0 X 12010408 11970247 10131867 11049835 13992943 59155300 12010408 11970247 10131867 11049835 13992943 59155300 15366179 43789121 4363480 6293117 4459732 5442944 9989615 30548888 89704188 13915689 0.48820 0.54080 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X 0 215710560 2190381 -31113431 68582 8243173 178475755 162305097 537196 58609290 82712 5658311 215710560 169213887 2429311 835851 138509 10035443 162305097 168586192 3112654 6063045 183438 8364566 169213887 130532585 2675541 11706791 169948 9511716 135233253 0.58000 0.21800 0.20200 0 0 5484538 5484538 105609704 76688697 28921007 8025799 4373654 3652145 7986348 6171746 1814602 39872292 OTHER 20200 F CSV - LIFE INSURANCE 2133 F LIMITED PARTNERSHIPS 26076137 F 26098470 PERPETUAL AND SPLIT INTEREST TRUST AGREEMENTS 74439350 DEPOSITS - FACILITIES 20000 OTHER ASSETS 185492 LIQUOR LICENSE 17671 MSDC TENANT SECURITY DEPOSITS 16131 74678644 GIFT ANNUITIES - NON-CURRENT 103398 103398 X 25415908 0 25415908 3555649 3555649 28971557 21878539 775348 775348 21103191 7589091 7589091 28692282 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 $28,750 IN 2022 AND $33,600 IN 2021) 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 2022 OR 2021. 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 9,647,430. NET REALIZED GAINS 2,765,207. INVESTMENT RETURN DESIGNATED FOR CURRENT OPERATIONS -7,818,833. COST OF GOODS SOLD -775,348. NET RENTAL LOSS -262,807. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 775,348. PART XII, LINE 4B - OTHER ADJUSTMENTS: ART PURCHASES 7,589,091. 1 FALL 2021 SCHOLARSHIPS 58 5536 WINTER/SPRING 2022 SCHOLARSHIPS 108 11685 UNIVERSITY OF TOLEDO SCHOLARSHIPS 13 58532 SUMMER 2022 SCHOLARSHIPS 80 9281 SUMMER 2021 SCHOLARSHIPS 31 3204 MASTER CLASS SCHOLARSHIP 12 10050 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 349014 0 35000 0 1044 0 13050 0 7147 0 405255 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 100000 100000 0 1 1 100000 X 21 0 X 14 318279 MARKET QUOTE 5 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 B, LINE 11B THE FORM 990 IS REVIEWED BY THE ORGANIZATION'S GOVERNING BODY AND THE ORGANIZATION'S CFO. FORM 990 IS SENT ELECTRONICALLY TO THE BOARD WITH AN OPPORTUNITY FOR MEMBERS TO PROVIDE COMMENT PRIOR TO 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 XI, LINE 9: CHANGE IN VALUE OF PERPETUAL AND SPLIT-INTEREST TRUST -12,911,064. UT SCHOLARSHIPS -58,528. PPP LOAN UPDATE DISCLOSURE: IN FY22, THE TOLEDO MUSEUM OF ART RECEIVED FORGIVENESS OF THEIR SECOND PPP LOAN OF $1,630,535 IN MARCH 2022. MONROE STREET DEVELOPMENT CORPORATION LLC 2445 MONROE ST TOLEDO OH 43620 821120238 RESIDENTIAL RENTAL OH -262807 1774996 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 2417472 FLORENCE S LIBBEY ENDOWMENT FUND C 843930 BRANDES NON-US EQUITY PORTFOLIO 11988 EL CAMINO REAL SUITE 600 SAN DIEGO CA 92130 367045786 INVESTMENT INCOME CA EXCLUDED FROM TAX UNDER SECTIONS 512-514 0 1233341 26076137 0 0 0.06030