2021-05-03T16:16:08-05:00 2020-06-30 042442519 EDELSTEIN AND COMPANY LLP 160 FEDERAL STREET 9TH FLOOR BOSTON MA 02110 990 2019-07-01 042103993 THE CHILDRENS MUSEUM CHIL 6174266500 308 CONGRESS STREET BOSTON MA 02210 AMY AUERBACH SVP & CFO 6174266500 2021-05-03 1 EUGENE BORGONZI P01269879 6172276161 2021-05-03 2019 2022-09-23 18:48:47Z BOSTON CHILDREN'S MUSEUM AMY AUERBACH 308 CONGRESS STREET BOSTON MA 02210 10909391 0 X BOSTONCHILDRENSMUSEUM.ORG X 1913 MA BOSTON CHILDREN'S MUSEUM ENGAGES CHILDREN AND FAMILIES IN JOYFUL DISCOVERY EXPERIENCES THAT INSTILL AN APPRECIATION OF OUR WORLD, DEVELOP FOUNDATIONAL SKILLS, AND SPARK A LIFELONG LOVE OF LEARNING. BOSTON CHILDREN'S MUSEUM IS A WELCOMING, IMAGINATIVE, CHILD-CENTERED LEARNING ENVIRONMENT THAT SUPPORTS DIVERSE FAMILIES IN NUTURING THEIR CHILDREN'S CREATIVITY AND CURIOSITY. WE PROMOTE THE HEALTHY DEVELOPMENT OF ALL CHILDREN SO THAT THEY WILL FULFILL THEIR POTENTIAL AND CONTRIBUTE TO OUR COLLECTIVE WELLBEING AND FUTURE PROSPERITY. 26 26 139 406 -34077 0 3283707 3174342 5451237 4217278 179551 -2801 429547 -51343 9344042 7337476 0 0 0 0 4649763 4645414 0 0 747455 5750176 5345943 10399939 9991357 -1055897 -2653881 57204138 55831310 13800565 14816958 43403573 41014352 X SEE SCHEDULE O - FORM 990 PART I LINE 1 0 0 2927184 0 2555966 VISITOR PROGRAMSTHE GOAL OF VISITOR PROGRAMS IS TO PROVIDE HIGH QUALITY EXPERIENCES FOR OUR LARGE AUDIENCE OF DIVERSE VISITORS, WHETHER THEY COME IN AS SCHOOL OR COMMUNITY GROUPS, OR FAMILIES. WE SEEK TO ADDRESS THE LEARNING NEEDS AND INTERESTS OF CHILDREN BIRTH TO TEN YEARS OLD, AS WELL AS THEIR ACCOMPANYING ADULTS WHO COMPRISE 50% OF THE AUDIENCE. TO DO THIS, WE DEVELOP STAFF TALENT IN DELIVERING EXCELLENT CUSTOMER SERVICE, PUBLIC PROGRAMS, AND ENGAGING INTERACTION WITH VISITORS TO HELP THEM MAXIMIZE THE LEARNING IMPACT AND DELIGHT IN DISCOVERY. VISITOR PROGRAMS WORKS TO CREATE AN INCLUSIVE ENVIRONMENT THAT WELCOMES ALL. 2894725 0 371937 EDUCATION PROGRAMSTHE GOAL OF EDUCATION PROGRAMS IS TO DEVELOP AND IMPLEMENT INTERACTIVE EXPERIENCES THAT ENHANCE THE MUSEUM'S EXHIBITS FOR CHILDREN AND ADULTS IN THE AREAS OF STEM AND STEAM, VISUAL AND PERFORMING ARTS, HEALTH AND WELLNESS, CULTURES, EARLY CHILDHOOD DEVELOPMENT AND LEARNING, AND COMMUNITY ENGAGEMENT. EDUCATION PROGRAMS INCLUDE SELF-GUIDED AND STRUCTURED SCHOOL PROGRAMS, SCHOOL READINESS PROGRAMS IN PARTNERSHIP WITH COMMUNITY AGENCIES, DESIGNATED PROGRAMS FOR CHILDREN AND FAMILIES WITH SPECIAL NEEDS, SCIENCE DISCOVERY PROGRAMS, ART STUDIO WORKSHOPS, PERFORMING ARTS DEMONSTRATIONS AND WORKSHOPS, AND LIVE THEATER EXPRESSLY GEARED TO YOUNG VISITORS. 1769083 0 85000 EXHIBITIONSTHE GOAL OF EXHIBITIONS IS TO DEVELOP, DESIGN AND PRODUCE INNOVATIVELY AWESOME EXPERIENCES THAT ENGAGE CHILDREN AND ADULTS IN MEANINGFUL ACTIVITIES THAT INSPIRE CREATIVITY, CURIOSITY, EXPERIMENTATION, PROBLEM SOLVING, AND COLLABORATION. EXHIBITS ARE POWERFUL TOOLS FOR PLAY AND LEARNING, AND FOR OPENING THE IMAGINATION TO NEW WORLDS AND IDEAS. WITH A GREAT DEPTH AND BREADTH OF STAFF EXPERTISE IN THE ARTS, STEM/STEAM, HEALTH AND WELLNESS, CULTURES AND EARLY CHILDHOOD EDUCATION, THE MUSEUM CREATES EXHIBITS THAT MAY APPEAR DECEPTIVELY SIMPLE BUT ARE FOUNDED IN THE THEORY AND PRACTICE OF HOW CHILDREN AND FAMILIES LEARN BEST. 231746 0 1204375 MEMBERSHIPS 231746 0 1204375 7822738 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 0 1 0 0 0 1 0 0 0 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 85 0 139 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 26 26 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X X AMY AUERBACH 6174266500 308 CONGRESS STREET BOSTON MA 02210 SUSAN LAMONICA TRUSTEE 0.38 X 0 0 0 HELEN ROSENFELD TRUSTEE, VICE CHAIR 0.50 X X 0 0 0 THOMAS MCCROREY TRUSTEE, TREASURER 0.50 X X 0 0 0 ANTHONY BORDON TRUSTEE 0.38 X 0 0 0 RENEE BOYNTON-JARRETT TRUSTEE 0.38 X 0 0 0 TODD CASSLER TRUSTEE 0.38 X 0 0 0 NIRAV DAGLI TRUSTEE, CHAIRMAN 3.75 X X 0 0 0 RICK DIMINO TRUSTEE 0.50 X 0 0 0 DAVID HEALY TRUSTEE, VICE CHAIR 0.50 X X 0 0 0 JASON JANOFF TRUSTEE 0.38 X 0 0 0 DEBORAH JOELSON TRUSTEE, VICE CHAIR 0.50 X X 0 0 0 MIEKO KAMII TRUSTEE 0.38 X 0 0 0 MADGE MEYER TRUSTEE 0.38 X 0 0 0 LIAM PATRICK TRUSTEE 0.38 X 0 0 0 JAN SMITH TRUSTEE, VICE CHAIR (UNTIL 7/12/19) 1.80 X X 0 0 0 AISHA AL RIYAMI TRUSTEE 0.38 X 0 0 0 AUNOY BANERJEE TRUSTEE 0.38 X 0 0 0 PAUL BLANDINI TRUSTEE 0.38 X 0 0 0 JULIE GORDON TRUSTEE 0.38 X 0 0 0 KELLY HILLER TRUSTEE, SECRETARY 0.50 X X 0 0 0 PRAKASH VENKATA TRUSTEE 0.38 X 0 0 0 DAVID BURT TRUSTEE 0.38 X 0 0 0 KEEGAN CALDWELL TRUSTEE 0.38 X 0 0 0 RYAN MURPHY TRUSTEE 0.38 X 0 0 0 SYLVIA STEVENS-EDOUARD TRUSTEE 0.38 X 0 0 0 PAUL LEONE TRUSTEE (AS OF 3/11/20) 0.38 X 0 0 0 MELISSA WORTH TRUSTEE (AS OF 12/4/19) 0.38 X 0 0 0 PETER TORREBIARTE TRUSTEE (UNTIL 10/7/19) 0.38 X 0 0 0 CAROLE CHARNOW PRESIDENT/CEO 35.00 X 236942 0 25236 AMY AUERBACH SVP/CFO 35.00 X 148078 0 15982 HAYLEY BOYD ASSISTANT SECRETARY 35.00 X 43703 0 7080 ALEXANDER GOLDOWSKY VP EXHIBITS 35.00 X 109963 0 5310 CHARLAYNE MURRELL-SMITH VP EXTERNAL RELATIONS 35.00 X 108467 0 14459 JERI APPIER CONTROLLER & SENIOR DIRECTOR, FINANCE 35.00 X 105131 0 5059 LAURA CHRISTIAN SENIOR DIRECTOR OF DEVELOPMENT 35.00 X 106527 0 6629 858811 0 79755 6 0 1 0 CBRE INC PO BOX 848844 LOS ANGELES CA 90084 PROPERTY MANAGEMENT 758184 ACP CLEANING INC PO BOX 2411 WOBURN MA 01888 MUSEUM & TENANT CLEANING 683432 PAGE BUILDING CONSTRUCTION INC 135 OLD PAGE STREET SUITE 4 STOUGHTON MA 02072 GENERAL CONTRACTOR EXHIBIT RENOVATION 472143 SECURITAS SECURITY SERVICES US 77 SUMMER STREET 4TH FLOOR BOSTON MA 02110 MUSEUM & BUILDING SECURITY 368407 FREUDENHEIM PARTNERS 283 FRANKLIN STREET 4TH FLOOR BOSTON MA 02110 REAL ESTATE BROKER 210149 8 488576 483061 2202705 56291 3174342 ADMISSIONS 900099 2385585 2385585 MEMBERSHIPS 900099 1204375 1204375 PROGRAM FEES 900099 542318 539454 2864 TRAVELING EXHIBITS 900099 85000 85000 4217278 94839 94839 2072020 2325342 -253322 -253322 -36941 -216381 863024 960664 -97640 -97640 -97640 103251 488576 285909 -182658 -182658 ANCILLARY SERVICES 900099 293216 293216 OTHER INVESTMENT INCOME FROM K-1 523000 91421 91421 384637 7337476 4507630 -34077 -310419 493740 385793 107947 3480973 2845423 214826 420724 75123 53459 18282 3382 314443 271839 16622 25982 281135 209370 36557 35208 8336 807 7529 34644 34644 15075 15075 969193 883229 43690 42274 141792 141792 250469 143558 58067 48844 283597 98870 180881 3846 1553628 1310813 218780 24035 54991 36466 11031 7494 1405907 1268086 120659 17162 117185 105853 9578 1754 EQUIPMENT RENTAL- REPAI 252865 239324 7466 6075 MATERIALS AND SUPPLIES 110122 107238 601 2283 BANK AND CC FEES 103342 102532 477 333 OTHER INVESTMENT DEDUCT 37494 37494 7303 4079 3112 112 9991357 7822738 1421164 747455 8553306 8190188 822422 631983 668962 153386 48708 53855 64452812 34787067 30348916 29665745 16302622 16240927 459202 895226 57204138 55831310 1318734 1022882 300000 260000 11567099 11083411 327216 1280150 287516 1170515 13800565 14816958 X 31099099 29437988 12304474 11576364 43403573 41014352 57204138 55831310 X -2653881 668042 -403382 X X 0 1 X 1 0 X 3947903 3648229 2392221 3283707 3174342 16446402 5199706 5935949 6086827 6323457 4507630 28053569 9147609 9584178 8479048 9607164 7681972 44499971 151695 114350 134893 133433 136808 671179 0 151695 114350 134893 133433 136808 671179 43828792 1968919 2489679 3137917 2745339 2258280 12600134 41769 41769 1968919 2531448 3137917 2745339 2258280 12641903 11116528 12115626 11616965 12352503 9940252 57141874 0.76700 0.77280 0.22120 0.21600 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X 0 16302622 5183 662152 729030 16240927 16394624 151693 472401 716096 16302622 15941565 5150 1154389 706480 16394624 14788889 105088 1767886 720298 15941565 16017077 -505564 722624 14788889 0.40310 0.32650 0.27040 0 0 3331193 3331193 46411446 22642510 23768936 2183032 1959542 223490 12527141 10185015 2342126 29665745 TIFF MULTI-ASSET FUND 7837135 F THE TIFF CENTERSTONE FUND LP 6008172 F TIFF SHORT-TERM FUND 2395620 F 16240927 DERIVATIVE FINANCIAL INSTRUMENTS 913428 SECURITY DEPOSITS 257087 1170515 10500821 668042 668042 9832779 15075 -2510378 -2495303 7337476 12890042 2951254 2951254 9938788 15075 37494 52569 9991357 PART III, LINE 1A: IN CONFORMITY WITH THE PRACTICE FOLLOWED BY MANY MUSEUMS, THE VALUE OF PROPERTY DONATED FOR THE MUSEUM COLLECTION IS NOT REFLECTED ON THE STATEMENT OF FINANCIAL POSITION. THE COLLECTION IS DEEMED INEXHAUSTIBLE. THE COLLECTION IS MAINTAINED FOR EDUCATION AND RESEARCH AND FURTHERANCE OF THE MUSEUM'S GOALS RATHER THAN FINANCIAL GAIN. THE COLLECTION IS PROTECTED, KEPT UNENCUMBERED AND IS SUBJECT TO AN ORGANIZATIONAL POLICY THAT ENCOURAGES PERMANENT POSSESSION. PART III, LINE 4: BOSTON CHILDRENS MUSEUM HAS BEEN A COLLECTING INSTITUTION SINCE ITS BEGINNING IN 1913 AND TODAY THE COLLECTIONS NUMBER APPROXIMATELY 50,000 OBJECTS, INCLUDING CULTURAL ARTIFACTS AND NATURAL HISTORY SPECIMENS, WHICH CAN BE BROKEN INTO SIX MAIN COLLECTING AREAS: NATIVE AMERICAN, JAPANESE, AMERICANA, GLOBAL DOLLS, GENERAL CULTURAL COLLECTIONS, AND NATURAL HISTORY. THE COLLECTION IS MOST FREQUENTLY USED TO ENHANCE MUSEUM EXHIBITS, FOR SCHOLARLY RESEARCH, AS WELL AS EDUCATIONAL PROGRAMMING. PART V, LINE 4: THE ORGANIZATION'S TERM ENDOWMENTS REPRESENT ACCUMULATED INVESTMENT GAINS SUBJECT TO THE MUSEUM'S ENDOWMENT SPENDING POLICY. THE MUSEUM USES ITS PERMANENT ENDOWMENTS IN ACCORDANCE WITH UPMIFA AND SPENDS FOUR-AND-A-HALF PERCENT OF THE AVERAGE OF THE FMV OF EACH OF THE PREVIOUS 12 QUARTERS TO SUPPORT CURRENT OPERATIONS. THE BOARD-DESIGNATED AND QUASI-ENDOWMENTS ARE USED AT THE BOARD'S DISCRETION. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES -2,325,342. BOOK-TAX RENTAL INCOME ADJUSTMENT PER IRC 467 -222,530. DEDUCTIONS REPORTED ON K-1 RECORDED IN UNREALIZED GAIN ON FINANCIALS 37,494. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 2,325,342. UNREALIZED LOSS ON DERIVATIVE INSTRUMENTS 625,912. PART XII, LINE 4B - OTHER ADJUSTMENTS: DEDUCTIONS REPORTED ON K-1 RECORDED IN UNREALIZED GAIN ON FINANCIALS 37,494. EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES TATAMI MAT REPAIRS & MATERIALS AND SUPPLIES FOR JAPAN EDUCATION PROGRAM AND EXHIBIT 6458 MIDDLE EAST AND NORTH AFRICA 0 0 FUNDRAISING N/A NORTH AMERICA 0 0 PROGRAM SERVICES CONFERENCE 4956 NORTH AMERICA 0 0 FUNDRAISING N/A CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES FAMILY MEMBERSHIP REVENUE CENTRAL AMERICA AND THE CARIBBEAN 0 0 FUNDRAISING N/A EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES COLLEGE GROUP VISIT, CONSULTING & ADMISSION FEES EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 FUNDRAISING N/A EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES FAMILY MEMBERSHIP REVENUE 0 0 0 0 0 0 11414 0 11414 1 0 1 1 1 0 PART I, LINE 3: EXPENDITURES ARE ACCOUNTED FOR ON THE ACCRUAL BASIS USED FOR FINANCIAL STATEMENT PURPOSES. PART III ACCOUNTING METHOD: FORM 990, SCHEDULE F, PART I, LINE 3 THE MUSEUM RECEIVED CONTRIBUTIONS FROM INDIVIDUALS LOCATED IN THE FOLLOWING REGIONS: EUROPE MIDDLE EAST AND NORTH AFRICA NORTH AMERICA CENTRAL AMERICA AND THE CARRIBEAN NO EXPENDITURES WERE MADE IN THESE REGIONS IN ORDER TO OBTAIN THESE CONTRIBUTIONS AND THOSE INDIVIDUALS HAVE BEEN REPORTED ON SCHEDULE B, IF APPLICABLE, IN ACCORDANCE WITH SCHEDULE B INSTRUCTIONS. THE MUSEUM ALSO RECEIVED PROGRAM SERVICE AND MEMBERSHIP REVENUES FROM THE FOLLOWING REGIONS: EUROPE EAST ASIA AND THE PACIFIC CENTRAL AMERICA AND THE CARRIBEAN NO EXPENDITURE WERE MADE IN THESE REGIONS IN ORDER TO OBTAIN THESE REVENUES. FORM 990, SCHEDULE F, PART IV, LINE 3 THE MUSEUM HAD OWNERSHIP INTERESTS IN FOREIGN CORPORATIONS THROUGH ITS INVESTMENT IN A DOMESTIC PARTNERSHIP, BUT DID NOT MEET ANY OF THE FILING REQUIREMENTS FOR FORM 5471. FORM 990, SCHEDULE F, PART IV, LINE 4 THE MUSEUM WAS AN INDIRECT SHAREHOLDER OF A PASSIVE FOREIGN INVESTMENT COMPANY (PFIC) THROUGH ITS INVESTMENT IN A DOMESTIC PARTNERSHIP. THE DOMESTIC PARTNERSHIP HAS MADE THE QUALIFIED ELECTING FUND (QEF) ELECTION AND HAS FILED THE FORM 8621 ON BEHALF OF ITS PARTNERS. ALSO NONE OF THE INCOME DERIVED FROM THE PFIC IS UNRELATED BUSINESS TAXABLE INCOME. THEREFORE, THE MUSEUM MEETS TWO EXCEPTIONS FOR FILING FORM 8621. WONDER BALL 591827 488576 103251 95412 105138 4600 80759 591827 488576 103251 95412 105138 4600 80759 285909 -182658 X X X X X 0 0 0 0 0 0 0 0 0 CAROLE CHARNOW PRESIDENT/CEO 236942 0 0 0 0 0 10000 0 15236 0 262178 0 0 0 AMY AUERBACH SVP/CFO 148078 0 0 0 0 0 6365 0 9617 0 164060 0 0 0 A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431181 57583RGQ2 2006-09-25 SEE SCHEDULE K, PAGE 2, PART V 0 0 0 A 6921695 30000000 396523 22681782 2007 1 0 1 1 A 0 0 0 0 0 0 0 A 0 0 0 0 1 1 CITIZENS BANK 10.000000000000 0 0 0 0 1 A 0 SCHEDULE K, PART I, ITEM A, COLUMN F DESCRIPTION OF BOND PURPOSE TO FINANCE AND REFINANCE THE CAPITAL COSTS OF THE: A)ACQUISITION, CONSTRUCTION, RENOVATION AND EQUIPPING OF THE BORROWER'S FACILITIES; B) PROJECTS ORIGINALLY FINANCED WITH SERIES 2001 BONDS; AND C) CERTAIN COSTS OF ISSUANCE. SCHEDULE K, PART IV, QUESTIONS 3,4,5,6,7 ARBITRAGE THE MUSEUM HAS TWO QUALIFIED HEDGES. 3- YES 4A- YES 4B- CITIZENS BANK 4C- 5 YEARS 4D- NO 4E- NO 5- NO 5B,C,D- N/A 6- NO 7- YES X 4 56291 MARKET QUOTATIONS 0 1 0 FORM 990, PART VI, SECTION A, LINE 4 IN JUNE 2020 THE BYLAWS WERE REVISED AS FOLLOWS: COMPOSITION AND ELECTION OF TRUSTEES: NOTWITHSTANDING THE FOREGOING, IN AN EFFORT TO MAINTAIN LEADERSHIP STABILITY DURING EXTRAORDINARY CIRCUMSTANCES TO SERVE THE BEST INTERESTS OF THE CORPORATION, THE GOVERNANCE COMMITTEE MAY NOMINATE EXTENDING THE TERM OF ONE OR MORE TRUSTEES WHO ARE AT THE END OF THEIR TERM, ALLOWING THEM TO SERVE ONE ADDITIONAL TERM WITHOUT A ONE YEAR WAITING PERIOD. IN SUCH A CASE, THE GOVERNANCE COMMITTEE WILL ACCOMPANY THE NOMINATION WITH THE CIRCUMSTANCE-RELATED INFORMATION AS APPROPRIATE. COMPOSITION AND ELECTION OF OVERSEERS OF THE CORPORATION: THE BOARD OF TRUSTEES SHALL CONTINUE TO ELECT OVERSEERS AT THE ANNUAL MEETING OR BY ACTION DURING THE YEAR. NOTWITHSTANDING THE FOREGOING, IN AN EFFORT TO MAINTAIN LEADERSHIP STABILITY DURING EXTRAORDINARY CIRCUMSTANCES AND TO SERVE THE BEST INTERESTS OF THE CORPORATION, THE GOVERNANCE COMMITTEE MAY NOMINATE EXTENDING THE TERM OF ONE OR MORE OVERSEERS WHO ARE AT THE END OF THEIR TERM, ALLOWING THEM TO SERVE ONE ADDITIONAL TERM WITHOUT A ONE YEAR WAITING PERIOD. IN SUCH A CASE, THE GOVERNANCE COMMITTEE WILL ACCOMPANY THE NOMINATION WITH THE CIRCUMSTANCE-RELATED INFORMATION AS APPROPRIATE. THERE SHALL AT ALL TIMES BE NOT MORE THAN NINETY OVERSEERS. FORM 990, PART VI, SECTION B, LINE 11B THE FINANCE AND AUDIT COMMITTEES ARE THE GOVERNING BODIES THAT HAVE RESPONSIBILITY FOR REVIEWING THE FORM 990. THIS FORM WAS DISTRIBUTED BY EMAIL TO THESE COMMITTEES PRIOR TO THE FILING DATE, LEAVING TIME FOR QUESTIONS AND COMMENTS. IN ADDITION, THE ENTIRE BOARD OF TRUSTEES ALSO RECEIVES A COPY OF THE FORM 990. FORM 990, PART VI, SECTION B, LINE 12C ON AN ANNUAL BASIS, THE MUSEUM ASKS ALL THE TRUSTEES AND OFFICERS TO REVIEW AND EXECUTE A CONFLICT OF INTEREST POLICY STATEMENT. IT IS THE RESPONSIBILITY OF THE PRESIDENT/CEO AND THE BOARD CHAIR TO REVIEW AND DISCLOSE CONFLICTS AND HANDLE THE MATTER AS HE OR SHE DEEMS APPROPRIATE. THE CONFLICT OF INTEREST POLICY STATEMENT ALSO OBLIGATES EACH FIDUCIARY, ON AN ONGOING BASIS, TO REPORT ANY CONFLICTS EITHER EXISTING OR PERCEIVED TO THE PRESIDENT/CEO OR BOARD CHAIR. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS FOR REVIEWING AND DETERMINING THE CEO'S COMPENSATION IS AS FOLLOWS: THERE IS A COMPENSATION COMMITTEE, WHICH IS A SUBSET OF THE BOARD OF TRUSTEES WHICH CONVENES TWICE A YEAR TO REVIEW THE CEO'S PERFORMANCE AND CONSIDER MARKET DATA FOR THIS POSITION. BASED ON THIS REVIEW, A COMPENSATION PACKAGE IS ADJUSTED AND AGREED UPON EACH YEAR. IN 2017, THE MUSEUM HIRED AN INDEPENDENT COMPENSATION CONSULTANT TO ANALYZE CURRENT SALARY AND WAGES OF THE ENTIRE ORGANIZATION AGAINST MARKET CONDITIONS. NEW JOB RANGES AND POSITION CATEGORIES WERE ESTABLISHED AND A PLAN WAS CREATED TO ADJUST SALARIES AND WAGES OVER TIME. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE MADE AVAILABLE UPON REQUEST. THE FINANCIAL STATEMENTS ARE AVAILABLE ON THE ORGANIZATION'S WEBSITE AS WELL AS UPON REQUEST. FORM 990, PART XI, LINE 9: UNREALIZED LOSS ON DERIVATIVE INSTRUMENTS -625,912. BOOK-TAX RENTAL INCOME ADJUSTMENT PER IRC 467 222,530. FORM 990, PART XII, LINE 2C THE AUDIT COMMITTEE ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF THE MUSEUM'S FINANCIAL STATEMENTS AND SELECTION OF THE INDEPENDENT AUDITOR. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.