2021-12-22T10:37:45-06:00 2021-06-30 420714325 RSM US LLP 801 NICOLLET MALL WEST TOWER STE 1200 MINNEAPOLIS MN 554022526 990 2020-07-01 410693929 WALKER ART CENTER WALK 6123757647 725 VINELAND PLACE MINNEAPOLIS MN 55403 MARY POLTA CFO 6123757647 2021-12-17 1 MARY POLTA 999009999 KACIE MCEWEN P01599614 6123324300 2021-12-17 0 AAL1 IAL1 2020 2022-09-23 18:48:47Z MARY CERUTI 725 VINELAND PLACE MINNEAPOLIS MN 55403 62125318 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. 48 48 159 97 -369929 0 10176309 10886452 1709087 1199997 -2276590 38248692 -228443 91120 9380363 50426261 0 120000 0 0 9762873 9503317 0 0 1215355 12966993 13665168 22729866 23288485 -13349503 27137776 308117431 379213744 6733824 6503075 301383607 372710669 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 12934051 120000 1037108 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 3361106 0 0 ART ACQUISITIONS: ADDITION OF ART WORKS TO THE PERMANENT COLLECTION FOR PUBLIC VIEWING. 16295157 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 1 1 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 1 188 0 1 159 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 48 48 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MN X MARY POLTA 6123757647 725 VINELAND PLACE MINNEAPOLIS MN 55403 JOHN CHRISTAKOS PRESIDENT 1.00 X X 0 0 0 KAREN HEITHOFF VICE-PRESIDENT 1.00 X X 0 0 0 SEENA HODGES VICE-PRESIDENT 1.00 X X 0 0 0 TERESA RASMUSSEN SECRETARY 1.00 X X 0 0 0 JOHN WHALEY TREASURER 1.00 X X 0 0 0 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 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 MARK GREENE 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 CHRIS KILLINGSTAD 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 1.00 X 0 0 0 MARTHA MACMILLAN PUBLIC TRUSTEE 1.00 X 0 0 0 JENNIFER MARTIN PUBLIC TRUSTEE 1.00 X 0 0 0 DAVID MOORE PUBLIC TRUSTEE 1.00 X 0 0 0 JIM MURPHY 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 SARAH LYNN OQUIST PUBLIC TRUSTEE 1.00 X 0 0 0 MICHAEL PETERMAN 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 PILAR OPPEDISANO 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 JOEL RONNING PUBLIC TRUSTEE 1.00 X 0 0 0 DR GAYLE SCHUELLER PUBLIC TRUSTEE 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 LAURA TAFT PUBLIC TRUSTEE 1.00 X 0 0 0 CARLO BRONZINI VENDER PUBLIC TRUSTEE 1.00 X 0 0 0 SUSAN WHITE PUBLIC TRUSTEE 1.00 X 0 0 0 ELLEN WILSON 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 LOWELL WALKER FAMILY TRUSTEE 1.00 X 0 0 0 ADRIAN WALKER WALKER FAMILY TRUSTEE 1.00 X 0 0 0 MARY CERUTI EXECUTIVE DIRECTOR 35.00 X 362161 0 35418 MARY POLTA CHIEF FINANCIAL OFFICER 35.00 X 205171 0 19982 CHRISTOPHER STEVENS CHIEF OF ADVANCEMENT 35.00 X 211400 0 37113 HENRIETTE HULDISCH CHIEF CURATOR 35.00 X 199644 0 22401 PHILIP BITHER SR CURATOR, PA 35.00 X 182097 0 23078 RICHELE DONAT DIRECTOR OF HR 35.00 X 141670 0 15989 NISA MACKIE DIRECTOR, EDUCATION 35.00 X 131592 0 14734 SIRI ENGBERG SR CURATOR, EXHIBITIONS 35.00 X 135932 0 31330 MARIANA QUIROGA DIRECTOR OF MARKETING 35.00 X 140955 0 1000 1710622 0 201045 14 0 1 0 COMMON SENSE BUILDING SERVICES 1300 GODWARD ST NE MINNEAPOLIS MN 55413 CONTRACTED SERVICES 880587 MINNESOTA CLEANING SERVICES 11301 W 47TH STREET MINNETONKA MN 55343 CLEANING SERVICES 212298 FAEGRE DRINKER BIDDLE & REATH LLP 90 SOUTH 7TH STREET MINNEAPOLIS MN 55420 LEGAL SERVICES 156168 ACCESS PO BOX 310511 DES MOINES IA 50331 RENT 128199 CULINAIRE 8303 ELMBROOK DRIVE DALLAS TX 75247 CATERING 105908 5 307257 210903 2967088 7401204 2757236 10886452 EXHIBITIONS, MOVING IMAGE, EDUCAT 712110 798667 798667 MUSEUM ASMISSIONS 712110 228523 228523 OTHER INCOME 712110 138471 138471 PERFORMING ARTS 711310 34336 34336 1199997 1376521 1376521 2855 2855 659573 606599 52974 52974 -41187 -369929 464090 47500421 10628250 36872171 36872171 36872171 103050 210903 72616 30434 30434 269890 391592 -121702 -121702 RESTAURANT EQUIPMENT AMORTIZATION 722310 70000 70000 GAIN ON CURRENCY SWAP 900099 56559 56559 126559 50426261 1037108 -369929 38872630 20000 20000 100000 100000 1123463 397378 477701 248384 7309323 4785034 1895298 628991 219543 134921 61780 22842 459056 282115 129179 47762 391932 240864 110290 40778 284427 284427 62544 62544 35189 35189 1131149 274390 856759 2015921 1613287 377849 24785 554499 498185 8957 47357 813521 599696 139831 73994 308635 222217 86418 491414 357902 128744 4768 54615 23162 29481 1972 3506621 2524767 981854 285706 243425 42281 ART ACQUISITIONS 3241106 3241106 PACKING, SHIPPING, AND 726681 714794 3299 8588 SERVICE CHARGES 63190 21914 16861 24415 MAINTENANCE AND REPAIRS 41071 41071 48879 8160 40719 23288485 16295157 5777973 1215355 1097824 830633 12456158 15303402 3879498 3494641 210623 62702 331733 299884 305592 301712 124457693 57002651 70917126 67455042 218918877 291465728 308117431 379213744 1760084 2698374 641253 471605 252500 4079987 3333096 6733824 6503075 X 103445157 112575095 197938450 260135574 301383607 372710669 308117431 379213744 27137776 44189286 0 X 0 1 X 1 0 X 22307528 17988405 11275219 10176309 10886452 72633913 22307528 17988405 11275219 10176309 10886452 72633913 10246746 62387167 1193749 1654020 2328715 2823782 1992113 9992379 30434 30434 818222 194861 190396 70000 126559 1400038 84056764 15466744 0.74220 0.71630 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OPERATIONS AND SUPPLIES - 2016 AMOUNT: $ 19,195. 2017 AMOUNT: $ 3,061. 2018 AMOUNT: $ 5,113. TICKET SERVICE CHARGE - 2016 AMOUNT: $ 64,587. 2017 AMOUNT: $ 120,864. 2018 AMOUNT: $ 115,283. RESTAURANT EQUIP AMORTIZATION - 2016 AMOUNT: $ 70,000. 2017 AMOUNT: $ 70,000. 2018 AMOUNT: $ 70,000. 2019 AMOUNT: $ 70,000. 2020 AMOUNT: $ 70,000. INSURANCE CLAIM PROCESS - SALE OF ART - 2016 AMOUNT: $ 664,440. 2017 AMOUNT: $ 936. GAIN ON CURRENCY SWAP - 2020 AMOUNT: $ 56,559. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 34939 250 35189 23253795 23288984 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 38526 38758 37340 35189 149813 250000 250000 250000 250000 1000000 1500000 37552 38758 37090 34939 148339 X X X X 1 229164424 53432 81299232 7619728 302897360 232793043 387396 3196436 7212451 229164424 200571562 23940871 17679856 9399246 232793043 191769091 3573325 14475331 9246185 200571562 189327719 9428517 13854735 20841880 191769091 0.16000 0.84000 0.00000 1 0 13760159 13760159 100193864 51699947 48493917 8080802 4458374 3622428 2422868 844330 1578538 67455042 INVESTMENTS HELD BY OTHERS 291465728 F 291465728 SPECIAL ASSESSMENT LIABILITY 2585144 ASSET RETIREMENT OBLIGATION 747952 3333096 X 94555204 44189286 44189286 50365918 1131149 -1070807 60342 50426260 23228142 1070807 1070807 22157335 1131149 1131149 23288484 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 11,000 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 -391,592. RENTAL EXPENSE RECLASSED AS REVENUE -606,599. FUNDRAISING EXPENSE RECLASSED AS REVENUE -72,616. PART XII, LINE 2D - OTHER ADJUSTMENTS: COGS RECLASSED AS REVENUE 391,592. RENTAL EXPENSE RECLASSED AS REVENUE 606,599. FUNDRAISING EXPENSE RECLASSED AS REVENUE 72,616. SOUTH AMERICA 0 0 PROGRAM SERVICES STAFF TRAVEL 331 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES STAFF TRAVEL 11435 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES IN-COUNTRY ART SERVICES - LOGISTICS 41160 0 0 0 0 0 0 52926 0 52926 0 0 0 0 0 0 PART III ACCOUNTING METHOD: ART IN A BOX - WALKER NIGHT IN 313953 210903 103050 5073 67543 313953 210903 103050 5073 67543 72616 30434 FORM 990, SCHEDULE G, PART II THE WALKER ART CENTER'S SPRING 2021 FUNDRAISING EVENT GENERATED TOTAL INCOME OF $313,953 FROM INDIVIDUAL, CORPORATE SPONSORSHIPS AND SALES. THE EVENT HAD DIRECT EXPENSES OF $72,616, NETTING THE INSTITUTION $241,337. 0 ARTIST PANDEMIC RELIEF GRANTS 20 100000 X X X 0 0 0 0 0 0 0 0 0 MARY CERUTI EXECUTIVE DIRECTOR 361129 0 0 0 1032 0 14409 0 22132 0 398702 0 0 0 CHRISTOPHER STEVENS CHIEF OF ADVANCEMENT 210551 0 0 0 849 0 14666 0 23615 0 249681 0 0 0 MARY POLTA CHIEF FINANCIAL OFFICER 204086 0 0 0 1085 0 13367 0 8132 0 226670 0 0 0 HENRIETTE HULDISCH CHIEF CURATOR 180003 0 0 0 19641 0 11255 0 12170 0 223069 0 0 0 PHILIP BITHER SR CURATOR, PA 181012 0 0 0 1085 0 12127 0 13980 0 208204 0 0 0 SIRI ENGBERG SR CURATOR, EXHIBITIONS 135692 0 0 0 240 0 9582 0 22473 0 167987 0 0 0 RICHELE DONAT DIRECTOR OF HR 141427 0 0 0 243 0 9373 0 8087 0 159130 0 0 0 X 31 2577650 FMV X 12 179586 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 2020-2021 THERE WERE FOUR FAMILY MEMBERS APPOINTED, AS INDICATED IN PART VII. 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 PREPARERS FORM 990 FOR PRELIMINARY REVIEW BY WALKER STAFF AND BOARD. FORM 990 IS EDITED AND FORWARDED TO THE CPA FOR FINALIZATION 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 15 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. 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 FOR IN SECTION 6104(D).