2022-12-14T16:03:11-06:00 2022-06-30 420714325 RSM US LLP 227 WEST FIRST STREET SUITE 700 DULUTH MN 55802 990 2021-07-01 410693929 WALKER ART CENTER WALK 6123757647 725 VINELAND PLACE MINNEAPOLIS MN 55403 MARY CERUTI EXECUTIVE DIRECTOR 6123757647 2022-12-13 1 MARY CERUTI 999009999 JULIE BOYER P01278549 2187275025 2022-12-13 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z MARY CERUTI 725 VINELAND PLACE MINNEAPOLIS MN 55403 22853856 0 X WWW.WALKERART.ORG X 1946 MN THE WALKER ART CENTER EMPOWERS PEOPLE TO EXPERIENCE THE TRANSFORMATIVE POSSIBILITIES OF THE ART AND IDEAS OF OUR TIME AND TO IMAGINE THE WORLD IN NEW WAYS. 41 41 182 431 -245248 0 10886452 15287199 1199997 1572491 38248692 3136874 91120 991214 50426261 20987778 120000 0 0 0 9503317 10199507 0 0 1601724 13665168 14668407 23288485 24867914 27137776 -3880136 379213744 355494582 6503075 5207331 372710669 350287251 THE WALKER ART CENTER EMPOWERS PEOPLE TO EXPERIENCE THE TRANSFORMATIVE POSSIBILITIES OF THE ART AND IDEAS OF OUR TIME AND TO IMAGINE THE WORLD IN NEW WAYS. 0 0 14715081 1597168 THE WALKER ART CENTER PROVIDES EXHIBITIONS OF PAINTINGS, SCULPTURE, PRINTS, PHOTOGRAPHY AND DIGITAL MEDIA WITH AN EMPHASIS ON CONTEMPORARY ART, MOVING IMAGE PROGRAM INCLUDING FILM SCREENINGS, EDUCATION PROGRAMS AND TOURS FOR ADULTS, TEENS, CHILDREN, SCHOOL AND FAMILY PROGRAMS. PERFORMING ARTS INCLUDES PRESENTATION OF VARIOUS PERFORMANCES INCLUDING DANCE, MUSIC, AND THEATRE. 1436113 0 0 THE WALKER ART CENTER CONTINUALLY ADDS WORKS OF ART TO THE PERMANENT COLLECTION FOR PUBLIC VIEWING. 16151194 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 1 0 0 0 1 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 1 262 0 1 182 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 41 41 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 MN X TIM FISCHER 6123757648 725 VINELAND PLACE MINNEAPOLIS MN 55403 MARK ADDICKS PUBLIC TRUSTEE 1.00 X 0 0 0 SIMONE AHUJA PUBLIC TRUSTEE 1.00 X 0 0 0 JAN BREYER PUBLIC TRUSTEE 1.00 X 0 0 0 JOHN CHRISTAKOS PUBLIC TRUSTEE 1.00 X 0 0 0 PAT DENZER PUBLIC TRUSTEE 1.00 X 0 0 0 DAYNA FRANK PUBLIC TRUSTEE 1.00 X 0 0 0 ANDREW DUFF PUBLIC TRUSTEE 1.00 X 0 0 0 SIMA GRIFFITH PUBLIC TRUSTEE 1.00 X 0 0 0 DANIEL GROSSMAN PUBLIC TRUSTEE 1.00 X 0 0 0 LILI HALL PUBLIC TRUSTEE 1.00 X 0 0 0 CHRIS HAQQ PUBLIC TRUSTEE 1.00 X 0 0 0 ANDREW HUMPHREY PUBLIC TRUSTEE 1.00 X 0 0 0 MARK JORDAHL PUBLIC TRUSTEE 1.00 X 0 0 0 ANNE LABOVITZ PUBLIC TRUSTEE 1.00 X 0 0 0 VALERIE LEMAINE MD MPH PUBLIC TRUSTEE 1.00 X 0 0 0 JOHN LIDDICOAT PUBLIC TRUSTEE (END 1/20/22) 1.00 X 0 0 0 MARTHA MACMILLAN PUBLIC TRUSTEE 1.00 X 0 0 0 DAVID MOORE PUBLIC TRUSTEE 1.00 X 0 0 0 VIKESH NEMANI PUBLIC TRUSTEE 1.00 X 0 0 0 JOAN NOLAN PUBLIC TRUSTEE 1.00 X 0 0 0 PILAR OPPEDISANO PUBLIC TRUSTEE 1.00 X 0 0 0 PATRICK PEYTON PUBLIC TRUSTEE 1.00 X 0 0 0 BRIAN PIETSCH PUBLIC TRUSTEE 1.00 X 0 0 0 CHARLIE POHLAD PUBLIC TRUSTEE 1.00 X 0 0 0 DONNA POHLAD PUBLIC TRUSTEE 1.00 X 0 0 0 PETER REMES PUBLIC TRUSTEE 1.00 X 0 0 0 KEITH RIVERS PUBLIC TRUSTEE 1.00 X 0 0 0 DR GAYLE SCHUELLER PUBLIC TRUSTEE (END 12-19-2021) 1.00 X 0 0 0 GREGORY STENMOE PUBLIC TRUSTEE 1.00 X 0 0 0 WIM STOCKS PUBLIC TRUSTEE 1.00 X 0 0 0 JEFFREY SWINTON PUBLIC TRUSTEE 1.00 X 0 0 0 HOUSTON WHITE PUBLIC TRUSTEE 1.00 X 0 0 0 CHRISTINE WALKER PUBLIC TRUSTEE 1.00 X 0 0 0 CARLO BRONZINI VENDER PUBLIC TRUSTEE 1.00 X 0 0 0 ANN CADWALADER WALKER FAMILY TRUSTEE 1.00 X 0 0 0 ANN HATCH WALKER FAMILY TRUSTEE 1.00 X 0 0 0 JEAN K WALKER LOWELL WALKER FAMILY TRUSTEE 1.00 X 0 0 0 ADRIAN WALKER WALKER FAMILY TRUSTEE 1.00 X 0 0 0 SEENA HODGES PRESIDENT 1.00 X X 0 0 0 KAREN HEITHOFF VICE-PRESIDENT 1.00 X X 0 0 0 D ELLEN WILSON VICE-PRESIDENT 1.00 X X 0 0 0 TERESA RASMUSSEN SECRETARY 1.00 X X 0 0 0 SARAH LYNN OQUIST TREASURER 1.00 X X 0 0 0 MARY CERUTI EXECUTIVE DIRECTOR 35.00 X 508081 0 35418 MARY POLTA CHIEF FINANCIAL OFFICER 35.00 X 223587 0 19982 CHRISTOPHER STEVENS CHIEF OF ADVANCEMENT 35.00 X 236914 0 37113 HENRIETTE HULDISCH CHIEF CURATOR 35.00 X 201733 0 22401 PHILIP BITHER SR CURATOR, PA 35.00 X 183975 0 23078 RICHELE DONAT DIRECTOR OF HR (END 10-01-2021) 35.00 X 172556 0 15989 SIRI ENGBERG SR CURATOR, EXHIBITIONS 35.00 X 126479 0 14734 WADE STEBBINGS SOFTWARE ARCHITECT/LEAD DEVELOPER 35.00 X 112642 0 6772 BENJAMIN GEFFEN DIRECTOR OF FACILITIES MANAGEMENT 35.00 X 107228 0 13496 1873195 0 188983 14 0 1 0 UMF INVESTMENT ADVISORS 45 SOUTH SEVENTH SUITE 2650 MINNEAPOLIS MN 55402 INVESTMENT ADVISORS 1002419 COMMON SENSE BUILDING SERVICE INC 1300 GODWARD STREET NE B-1 MINNEAPOLIS MN 55413 CONTRACTOR LABOR 641202 FAEGRE DRINKER BIDDLE & REATH LLP 90 SOUTH 7TH STREET MINNEAPOLIS MN 55402 LEGAL SERVICE 293304 MINNESOTA CLEANING SERVICES 11301 WEST 47TH STREET MINNETONKA MN 55343 CLEANING SERVICES 224850 ACCESS PO BOX 310511 DES MOINES IA 50331 ART STORAGE/RENT 150542 8 414372 350936 3545693 10976198 3826167 15287199 EXHIBITIONS, MOVING IMAGE, EDUCAT 712110 967258 967258 MUSEUM ADMISSIONS 712110 399988 399988 OTHER INCOME 712110 146416 146416 PERFORMING ARTS 711310 58829 58829 1572491 1694117 1694117 3013 3013 934123 660165 273958 273958 34858 -245248 484348 1442757 0 1442757 1442757 1442757 1416206 350936 779042 637164 637164 416690 426871 -10181 -10181 RESTAURANT EQUIPMENT AMORTIZATION 722310 87260 87260 87260 20987778 1597168 -245248 4348659 X 1189267 434593 508603 246071 8218802 4681222 2744495 793085 122204 76581 37935 7688 274951 158011 91754 25186 394283 219892 132203 42188 229942 229942 93360 93360 47603 47603 1412883 339374 1073509 3381768 2713081 507700 160987 723993 664375 3755 55863 1078487 885363 155912 37212 248737 179091 69646 635654 439889 188745 7020 360268 286152 29093 45023 52600 30714 16058 5828 3226144 2255589 970555 298638 257911 40727 ART ACQUISITIONS 1436113 1436113 PACKING, SHIPPING, AND 784933 774449 3359 7125 SERVICE CHARGES 105277 60394 21012 23871 MAINTENANCE & REPAIRS 55343 55343 496664 258400 93687 144577 24867914 16151194 7114996 1601724 830633 466036 15303402 17412242 3494641 2173302 62702 191983 299884 139319 301712 404667 124306421 60231548 67455042 64074873 291465728 270615658 0 16502 379213744 355494582 2698374 1989938 471605 284387 3333096 2933006 6503075 5207331 X 112575095 106083481 260135574 244203770 372710669 350287251 379213744 355494582 -3880136 -18543282 0 X 0 1 X 1 0 X 17988405 11275219 10176309 10886452 15287199 65613584 17988405 11275219 10176309 10886452 15287199 65613584 9473958 56139626 1654020 2328715 2823782 1992113 2876501 11675131 30434 637164 667598 194861 190396 70000 126559 87260 669076 78625389 14662346 0.71400 0.74220 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OPERATIONS AND SUPPLIES - 2017 AMOUNT: $ 3,061. 2018 AMOUNT: $ 5,113. TICKET SERVICE CHARGE - 2017 AMOUNT: $ 120,864. 2018 AMOUNT: $ 115,283. RESTAURANT EQUIP AMORTIZATION - 2017 AMOUNT: $ 70,000. 2018 AMOUNT: $ 70,000. 2019 AMOUNT: $ 70,000. 2020 AMOUNT: $ 70,000. 2021 AMOUNT: $ 87,260. INSURANCE CLAIM PROCESS - SALE OF ART - 2017 AMOUNT: $ 936. GAIN ON CURRENCY SWAP - 2020 AMOUNT: $ 56,559. 2021 AMOUNT: $ 0. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 47087 516 47603 24806686 24854289 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 38758 37340 35189 47603 158890 250000 250000 250000 250000 1000000 1500000 38758 37090 34939 47087 157874 PART I-A, LINE 1: THE WALKER ART CENTER PAYS AN ANNUAL AMOUNT TO AN ARTS LOBBYING GROUP TO SUPPORT THE MISSION. X X X X 1 302897360 5396818 -16840551 7690269 283763358 229164424 53432 81299232 7619728 302897360 232793043 387396 3196436 7212451 229164424 200571562 23940871 17679856 9399246 232793043 191769091 3573325 14475331 9246185 200571562 0.15310 0.84690 0.00000 1 0 13760159 13760159 100193864 54661869 45531995 8080802 4737022 3343780 2241783 832657 1409126 29813 29813 64074873 INVESTMENTS HELD BY OTHERS 270615658 F 270615658 SPECIAL ASSESSMENT LIABILITY 2164605 ASSET RETIREMENT OBLIGATION 768401 2933006 X 2897692 -18543282 -18543282 21440974 1412882 -1866078 -453196 20987778 25321110 1866078 1866078 23455032 1412882 1412882 24867914 PART III, LINE 1A: WORKS OF ART IN THE WALKER'S COLLECTION ARE NOT RECOGNIZED AS ASSETS ON THE STATEMENT OF FINANCIAL POSITION. PURCHASES OF ARTWORK ARE RECORDED AS DECREASES IN UNRESTRICTED NET ASSETS IN THE YEAR IN WHICH THE ITEMS ARE ACQUIRED. IF A DONOR MAKES A CONTRIBUTION INTENDED TO FUND THE SUBSEQUENT PURCHASE OF ARTWORK, THE CONTRIBUTION IS RECORDED AS A TEMPORARILY RESTRICTED NET ASSET. CONTRIBUTIONS OF WORKS OF ART ARE NOT REFLECTED ON THE FINANCIAL STATEMENTS. PART III, LINE 4: THE WALKER HAS AN INTERNATIONALLY ACCLAIMED COLLECTION OF MODERN AND CONTEMPORARY VISUAL ART, WHICH GROWS EACH YEAR THROUGH NEW ACQUISITIONS AND NOW INCLUDES MORE THAN 11,500 WORKS. THE COLLECTION SPANS A DIVERSE RANGE OF MEDIA THAT INCLUDES PAINTING, SCULPTURE, FILM, VIDEO, PHOTOGRAPHY AND WORKS ON PAPER. THESE DIVERSE HOLDINGS REFLECT THE WALKER'S UNIQUE MULTIDISCIPLINARY OFFERINGS IN THE VISUAL, PERFORMING AND MEDIA ARTS OF OUR TIME. THEY PROVIDE A DOCUMENT OF THE CULTURAL, HISTORICAL AND SOCIAL ISSUES THAT HAVE ANIMATED THE ARTS OF THE PAST HALF-CENTURY. PART V, LINE 4: WALKER'S ENDOWMENT PROVIDES AN ESSENTIAL SOURCE OF FINANCIAL SUPPORT WHICH ENABLES THE ORGANIZATION TO CARRY OUT ITS MISSION OF BEING A CATALYST FOR THE CREATIVE EXPRESSION OF ARTISTS AND THE ACTIVE ENGAGEMENT OF AUDIENCES THAT EXAMINES THE QUESTIONS THAT SHAPE AND INSPIRE US AS INDIVIDUALS, CULTURES AND COMMUNITIES. IT IS THE KEY FINANCIAL DRIVER FOR THE WALKER'S ARTISTIC EXCELLENCE AND STATURE IN THE CONTEMPORARY ARTS FIELD, PROVIDING RESOURCES FOR PROGRAMMING CHALLENGING AND INNOVATIVE WORK. PART X, LINE 2: THE WALKER'S ACCOUNTING POLICY PROVIDES THAT A TAX EXPENSE OR BENEFIT FROM AN UNCERTAIN TAX POSITION MAY BE RECOGNIZED WHEN IT IS MORE LIKELY THAN NOT THAT THE POSITION WILL BE SUSTAINED UPON EXAMINATION, INCLUDING RESOLUTIONS OF ANY RELATED APPEALS OR LITIGATION PROCESSES, BASED ON THE TECHNICAL MERITS. THE WALKER HAS NO UNCERTAIN TAX POSITIONS RESULTING IN AN ACCRUAL OF TAX EXPENSE OR BENEFIT. PART XI, LINE 4B - OTHER ADJUSTMENTS: COGS EXPENSE RECLASSED AS REVENUE -426,871. RENTAL EXPENSE RECLASSED AS REVENUE -660,165. FUNDRAISING EXPENSE RECLASSED AS REVENUE -779,042. PART XII, LINE 2D - OTHER ADJUSTMENTS: COGS RECLASSED AS REVENUE 426,871. RENTAL EXPENSE RECLASSED AS REVENUE 660,165. FUNDRAISING EXPENSE RECLASSED AS REVENUE 779,042. EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES CONTRACTORS 3051 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM SERVICES CONTRACTORS 172333 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM SERVICES STAFF TRAVEL 29628 NORTH AMERICA 0 0 PROGRAM SERVICES CONTRACTORS 4615 0 0 0 0 0 0 209627 0 209627 0 0 0 0 0 0 PART III ACCOUNTING METHOD: PARTY IN THE PARK/AVANT GARDEN 1767142 350936 1416206 412997 81824 284221 1767142 350936 1416206 412997 81824 284221 779042 637164 FORM 990, SCHEDULE G, PART II THE WALKER ART CENTER'S FALL 2021 FUNDRAISING EVENT GENERATED TOTAL INCOME OF $1,767,142 FROM INDIVIDUAL, CORPORATE SPONSORSHIPS AND SALES. THE EVENT HAD DIRECT EXPENSES OF $779,042, NETTING THE INSTITUTION $988,100. X X 1 0 0 0 0 0 0 0 0 MARY CERUTI EXECUTIVE DIRECTOR 428509 0 78540 0 1032 0 14409 0 22132 0 544622 0 0 0 CHRISTOPHER STEVENS CHIEF OF ADVANCEMENT 236055 0 0 0 859 0 14666 0 23615 0 275195 0 0 0 MARY POLTA CHIEF FINANCIAL OFFICER 221438 0 0 0 2149 0 13367 0 8132 0 245086 0 0 0 HENRIETTE HULDISCH CHIEF CURATOR 201374 0 0 0 359 0 11255 0 12170 0 225158 0 0 0 PHILIP BITHER SR CURATOR, PA 182874 0 0 0 1101 0 12127 0 13980 0 210082 0 0 0 RICHELE DONAT DIRECTOR OF HR (END 10-01-2021) 135433 0 0 0 37123 0 9373 0 8087 0 190016 0 0 0 PART I, LINE 4A RICHELE DONAT, DIRECTOR OF HUMAN RESOURCES, RECEIVED A $36,917 SEVERANCE PAYMENT. X 40 3504275 FMV X 21 321892 PROCEEDS 0 0 0 0 PART I, COLUMN (B): ARTWORK DONATED THE WALKER ART CENTER HAS ELECTED UNDER SFAS 116 NEITHER TO RECOGNIZE REVENUE IN ITS STATEMENT OF OPERATIONS, NOR ASSETS ON ITS STATEMENT OF POSITION, WHEN DONATIONS OF ARTWORK IS RECEIVED. THEREFORE, NO REVENUE IS RECOGNIZED ON PART VIII, LINE 1 FOR THESE DONATIONS. THE NUMBER OF ITEMS DONATED IS BEING REPORTED. FORM 990, PART VI, SECTION A, LINE 2 A MAXIMUM OF 20 WALKER FAMILY MEMBERS MAY BE APPOINTED. IN 2021-2022 THERE WERE FOUR FAMILY MEMBERS APPOINTED, AS INDICATED IN PART VII - ANN CADWALADER, ANN HATCH, JEAN K. WALKER LOWELL, AND ADRIAN WALKER. PUBLIC TRUSTEES CHARLIE POHLAD AND DONNA POHLAD HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11B PREPARATION OF THE 990 BEGINS AFTER THE COMPLETION OF THE ANNUAL AUDIT AND ITS APPROVAL BY THE BOARD OF DIRECTORS. FINANCIAL INFORMATION IS TAKEN FROM THE ACCOUNTING DEPARTMENT RECORDS AND COMBINED WITH OTHER INSTITUTIONAL DATA AND CONTRIBUTION INFORMATION PROVIDED BY THE DEVELOPMENT DEPARTMENT. ALL INFORMATION IS FORWARDED TO THE OUTSIDE ACCOUNTING FIRM WHO PREPARES FORM 990 FOR PRELIMINARY REVIEW BY WALKER STAFF AND BOARD. FORM 990 IS EDITED AND FORWARDED TO THE CPA FOR FINALIZATION AND TO FILE WITH THE APPROPRIATE FEDERAL AND STATE ENTITIES. FORM 990, PART VI, SECTION B, LINE 12C THE AUDIT COMMITTEE ANNUALLY REVIEWS ALL STAFF AND BOARD DISCLOSURES. IF THERE ARE SIGNIFICANT CONFLICTS, THE COMMITTEE REPORTS THIS TO THE FULL BOARD. FORM 990, PART VI, SECTION B, LINE 15A SALARIES ARE BASED ON ANNUAL PERFORMANCE EVALUATIONS AND RELEVANT COMPARATIVE DATA COMPILED BY INDEPENDENT STUDIES. THE BOARD TALENT COMPENSATION COMMITTEE AUTHORIZES THE SALARY FOR THE EXECUTIVE DIRECTOR AND REVIEWS EXECUTIVE RECOMMENDATIONS FOR KEY SENIOR STAFF SALARIES. THE TALENT COMPENSATION COMMITTEE AND HUMAN RESOURCES DEPARTMENT MAINTAIN CONTEMPORANEOUS DOCUMENTATION AND RECORDKEEPING FOR DELIBERATIONS AND DECISIONS REGARDING THE COMPENSATION ARRANGEMENTS. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PART IX, LINE 11G MISCELLANEOUS: PROGRAM SERVICE EXPENSES 2,713,081. MANAGEMENT AND GENERAL EXPENSES 507,700. FUNDRAISING EXPENSES 160,987. TOTAL EXPENSES 3,381,768.