2020-11-15T16:00:08-06:00 2019-12-31 946214841 ARMANINO LLP 12657 ALCOSTA BLVD STE 500 SAN RAMON CA 945834600 990 2019-01-01 943367956 DI ROSA PRESERVE DIRO 7072265991 5200 SONOMA HIGHWAY NAPA CA 94559 LINDA FINE CO-PRESIDENT 7072265991 2020-11-15 1 KATY BROWN P00650274 9257902600 2020-11-13 208.127.87.36 2020-11-15 15:59:40 PS P B031F1490CEF91DE0132CAEEA8A8A395CB876CEC 1BF88008A19D766D41DA0E3F00E89E8C5C027F9E 2019 2021-01-29 14:40:06Z LINDA FINE 5200 SONOMA HIGHWAY NAPA CA 94559 2518801 0 X WWW.DIROSAART.ORG X 2000 CA SEE FORM 990, PAGE 2, PART III, LINE 1 11 11 24 51 0 0 2147780 1887979 90477 527350 0 0 345161 -61802 2583418 2353527 0 0 0 0 1470201 1570573 0 0 253452 1172837 967792 2643038 2538365 -59620 -184838 437543 661959 546613 617598 -109070 44361 X DI ROSA CENTER FOR CONTEMPORARY ART OFFERS VISITORS REFUGE TO VIEW THE ART OF NORTHERN CALIFORNIA IN A SINGULARLY UNIQUE SETTING PROTECTED IN PERPETUITY UNDER THE NAPA COUNTY LAND TRUST. (SEE CONTINUATION ON SCHEDULE O)THE SITE FEATURES MULTIPLE GALLERIES, A SCULPTURE PARK, AND A 35-ACRE LAKE, ALL LOCATED ON 217 SCENIC ACRES IN NAPA VALLEY'S FAMED CARNEROS REGION. DI ROSA CENTER FOR CONTEMPORARY ART ORIGINATED AS THE VISION OF RENE DI ROSA (1919-2010), A PROLIFIC COLLECTOR WHOSE FAMED VINEYARDS ENABLED HIS DEVELOPMENT OF A WORLD-CLASS ART COLLECTION. 0 0 1008602 0 495238 1) EXHIBITIONS: DI ROSA IS A VIBRANT LEADER IN THE COMMUNITY, CONNECTING THE WORLD WITH THE ART AND ARTISTS OF NORTHERN CALIFORNIA BY SERVING AS A CATALYST FOR TRANSFORMATIVE EXPERIENCES. IN 2019 DI ROSA SHOWCASED THE WORK OF VIOLA FREY AND ITS OWN SIGNIFICANT COLLECTION OF NORTHERN CALIFORNIA ART IN TWO EXHIBITIONS: VIOLA FREY: CENTER STAGE, AND BUILDING A DIFFERENT MODEL: SELECTIONS FROM THE DI ROSA COLLECTION. VIOLA FREY: CENTER STAGE MARKED THE ARTIST'S FIRST MAJOR INSTITUTIONAL SURVEY ON THE WEST COAST SINCE 1981 AND INCLUDED MORE THAN 100 WORKS OF ART, OFFERING A FRESH TAKE ON FREY'S PROLIFIC AND INFLUENTIAL PRACTICE. (SEE CONTINUATION ON SCHEDULE O)A LARGE PORTION OF THE FEATURED WORK WHICH INCLUDES NOT JUST CERAMICS, BUT ALSO PAINTING, DRAWING, PHOTOGRAPHY, AND BRONZE HAD NEVER BEEN SHOWN PUBLICLY. THE LARGE-SCALE PRESENTATION OCCUPIED DI ROSA'S GALLERY 2, MARKING THE FIRST TIME THE GALLERY HAS BEEN DEVOTED TO THE WORK OF A SINGLE ARTIST. BUILDING A DIFFERENT MODEL: SELECTIONS FROM THE DI ROSA COLLECTION EXPLORED DI ROSA'S REMARKABLE HOLDINGS OF NORTHERN CALIFORNIA ART. CURATED BY DAN NADEL, SOME 70 WORKS BY 40 ARTISTS ADDRESSED THE WORLD THROUGH GENERATIVE VISIONS OF TRANSFORMATION AND REPAIR THROUGH SOCIAL, PHYSICAL, AND CEREMONIAL RELATIONSHIPS. THESE ARTISTS AND THEIR WORK ARE A POWERFUL EXAMPLE OF THE COLLABORATIVE, COMMUNITY-BASED ART AND LIFE THAT FOUND FERTILE GROUND AT DI ROSA ITSELF. 763544 44899 2) PROGRAMS AND EVENTS: IN 2019 DI ROSA LAUNCHED FIRST WEDNESDAYS OFFERING FREE ADMISSION THE FIRST WEDNESDAY OF THE MONTH TO RESIDENTS OF THE CITIES OF NAPA AND SONOMA TO ENCOURAGE COMMUNITY ATTENDANCE. THE FIRST WEDNESDAYS INITIATIVE COMES JUST ONE YEAR AFTER DI ROSA'S ANNOUNCEMENT OF FREE ADMISSION FOR AGES 17 AND UNDER AND FREE ADMISSION FOR COLLEGE FACULTY AND IS PART OF THE DI ROSA'S COMMITMENT TO REDUCE BARRIERS TO ATTENDANCE FOR LOCAL RESIDENTS, EDUCATORS, AND MINORS. DI ROSA CONTINUED TO OFFER SITE WALK WEEKENDS, ENABLING VISITORS TO WANDER THE GROUNDS UNACCOMPANIED, EXPLORING THE SCULPTURE MEADOW, COURTYARD, AND OLIVE GROVE, IN ADDITION TO THE GALLERIES. GUIDED TOURS REMAIN AVAILABLE AT NO ADDITIONAL COST. (SEE CONTINUATION ON SCHEDULE O)WE CONTINUED THE COMMITMENT TO ROBUST PROGRAMMING AND ALIGNMENT WITH THE CIVIC DIMENSION OF ARTS EDUCATION AND CONVENING PUBLIC AUDIENCES TO EXPLORE THE ISSUES OF OUR TIME, BOTH ON OUR SITE AND AT PARTNERING SITES. DI ROSA'S GALLERY INTERPRETATION AREA WAS DESIGNED TO ENHANCE LEARNING EXPERIENCES IN ASSOCIATION WITH THE EXHIBITIONS VIOLA FREY: CENTER STAGE AND BUILDING A DIFFERENT MODEL: SELECTIONS FROM THE DI ROSA COLLECTION. DI ROSA HELD TWO SITE-WIDE DI ROSA DAYS EVENTS IN 2019, EACH HOSTING OVER 250 GUESTS. THE EVENTS PROVIDED ADULTS AND CHILDREN THE OPPORTUNITY TO ROAM THE GROUNDS WHILE ENJOYING VARIOUS MUSICAL ACTS, ART MAKING PROJECTS, AND FOOD TRUCKS. 1772146 1 1 0 0 0 0 0 1 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 65 0 1 24 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 11 11 0 0 1 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 0 0 CA X X LINDA FINE CO-PRESIDENT 7072265991 5200 SONOMA HIGHWAY NAPA CA 94559 X BRENDA MIXSON PRESIDENT 1.00 X X 0 0 0 GIRISH SATYA VICE PRESIDENT 1.00 X X 0 0 0 RICHARD TRIOLO SECRETARY/TREASURER 1.00 X X 0 0 0 MICHAEL CELLO DIRECTOR 1.00 X 0 0 0 LARRY GOLDFARB DIRECTOR 1.00 X 0 0 0 WAYNE FINGERMAN DIRECTOR 1.00 X 0 0 0 LINDA FINE DIRECTOR 1.00 X 0 0 0 JACKIE JACKSON DIRECTOR 1.00 X 0 0 0 LORNA STEVENS DIRECTOR 1.00 X 0 0 0 MICHAEL MAHER DIRECTOR 1.00 X 0 0 0 KEVIN DOUGLAS DIRECTOR 1.00 X 0 0 0 ROBERT SAIN EXECUTIVE DIRECTOR 40.00 X 192375 0 9509 MICHELLE LOUNIBOS RUSSELL COO/CFO 40.00 X 148400 0 8647 COLLEEN SCHULMAN DIRECTOR OF DEVELOPMENT 40.00 X 104174 0 3282 TONY PELLEGRINI DIRECTOR OF OPERATIONS 40.00 X 102867 0 9420 ANDREA SAENZ WILLIAMS DIR. OF EDU. & CIVIC ENGAGEMENT 40.00 X 100433 0 7444 648249 0 38302 5 0 1 0 SECURITAS SECURITY SERVICES USA INC FILE 57220 LOS ANGELES CA 900747220 SECURITY FOR GALLERIES, SITE, AND PUBLIC 114803 1 162356 1477000 248623 14331 1887979 REIM. ADMIN EXPENSES 900099 351200 351200 PUBLIC PROGRAM FEES 712110 126882 126882 MEMBERSHIP DUES 900099 49268 49268 527350 5790 0 5790 5790 5790 69650 162356 150029 -80379 -80379 28032 15245 12787 12787 2353527 540137 0 -74589 X 201884 129206 48357 24321 1148694 735165 275686 137843 112682 72116 25917 14649 107313 68680 24682 13951 58089 34853 17427 5809 17133 8680 6340 2113 446175 439242 6933 70201 50673 1239 18289 31324 24105 4488 2731 46578 33732 8188 4658 139741 88412 49172 2157 19913 12299 2774 4840 1160 860 300 17295 5708 11587 30402 10033 20369 12821 8205 2949 1667 CATERING, FOOD, & ENT. 26234 10404 5289 10541 SUPPLIES AND EQUIPMENT 24367 23360 427 580 LICENSE AND FEES 17932 13827 2368 1737 DUES & TRAINING 8427 2586 5508 333 2538365 1772146 512767 253452 222518 69899 28924 25490 15248 14264 38618 294282 131794 170853 162488 0 351200 437543 661959 107001 13734 8165 532879 502432 546613 617598 X -157668 -33537 48598 77898 -109070 44361 437543 661959 -184838 338269 0 X X 0 1 X 1 0 X 955939 1039976 1736923 2150530 1887979 7771347 624153 592387 310022 446070 555382 2528014 69650 69650 1580092 1632363 2046945 2596600 2513011 10369011 516831 753590 1505562 1883387 1606463 6265833 0 516831 753590 1505562 1883387 1606463 6265833 4103178 8400 1600 35750 850 5790 52390 8400 1600 35750 850 5790 52390 1588492 1633963 2082695 2597450 2518801 10421401 0.39370 0.41610 0.00500 0.00520 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X 0 104564 34689 69875 127928 79300 48628 61790 17805 43985 162488 DUE FROM AFFILIATES 351200 351200 DUE TO AFFILIATE 502432 502432 X 2390260 36733 36733 2353527 0 2353527 2575098 36733 36733 2538365 0 2538365 PART III, LINE 1A: THE COLLECTIONS, WHICH WERE ACQUIRED THROUGH PURCHASES AND CONTRIBUTIONS SINCE THE ORGANIZATION'S INCEPTION, WERE NOT RECOGNIZED AS ASSETS ON THE COMBINED STATEMENT OF FINANCIAL POSITION. PURCHASES OF COLLECTION ITEMS WERE RECORDED AS DECREASES IN NET ASSETS WITHOUT DONOR RESTRICTIONS IN THE YEAR IN WHICH THE ITEMS WERE ACQUIRED, OR AS DECREASES IN NET ASSETS WITH DONOR RESTRICTIONS IF THE ASSETS USED TO PURCHASE THE ITEMS WERE RESTRICTED BY DONORS. CONTRIBUTED COLLECTION ITEMS WERE NOT REFLECTED ON THE COMBINED FINANCIAL STATEMENTS. PROCEEDS FROM DEACCESSIONS OR INSURANCE RECOVERIES WERE REFLECTED AS INCREASES IN THE APPROPRIATE NET ASSET CLASSES. PART III, LINE 4: THE ORGANIZATION'S COLLECTIONS ARE MADE UP OF ARTIFACTS OF HISTORICAL SIGNIFICANCE AND ART OBJECTS THAT ARE HELD FOR EDUCATIONAL, RESEARCH, AND CURATORIAL PURPOSES. EACH OF THE ITEMS IS CATALOGED, PRESERVED, AND CARED FOR, AND ACTIVITIES VERIFYING THEIR EXISTENCE AND ASSESSING THEIR CONDITION ARE PERFORMED CONTINUOUSLY. THE PRESERVE OFFERS VISITORS' REFUGE TO VIEW THE ART OF NORTHERN CALIFORNIA IN A SINGULARLY UNIQUE SETTING. PROTECTED IN PERPETUITY UNDER THE NAPA COUNTY LAND TRUST, THE SITE FEATURES MULTIPLE GALLERIES, A SCULPTURE PARK, AND A 35-ACRE LAKE, ALL LOCATED ON 217 SCENIC ACRES IN NAPA VALLEY'S FAMED CARNEROS REGION. THE PRESERVE PRESENTS CONTEMPORARY EXHIBITIONS BY BAY AREA-BASED ARTISTS AND AN ARRAY OF EDUCATIONAL PROGRAMS FOR ALL AGES, IN ADDITION TO MAINTAINING A PERMANENT COLLECTION OF NOTABLE WORKS BY ARTISTS LIVING OR WORKING IN THE SAN FRANCISCO BAY AREA FROM THE MID-TWENTIETH CENTURY TO THE PRESENT DAY. PART X, LINE 2: THE PRESERVE IS EXEMPT FROM INCOME TAX UNDER SECTION 501(C)(3) OF THE IRC. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN PROVIDED IN THESE COMBINED FINANCIAL STATEMENTS. IN ADDITION, THE PRESERVE QUALIFIES FOR THE CHARITABLE CONTRIBUTION DEDUCTION UNDER SECTION 170(B)(1)(A) AND HAS BEEN CLASSIFIED AS AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION UNDER SECTION 509(A)(1). THE ORGANIZATION HAS EVALUATED ITS CURRENT TAX POSITIONS AND HAS CONCLUDED THAT, AS OF DECEMBER 31, 2019, IT DOES NOT HAVE ANY SIGNIFICANT UNCERTAIN TAX POSITIONS FOR WHICH A RESERVE WOULD BE NECESSARY. GALA 227381 162356 65025 41217 45149 58386 PATRON'S CIRCLE EVENT 4625 4625 3635 1642 232006 162356 69650 44852 45149 60028 150029 -80379 X X X 0 0 0 0 0 0 0 1 0 ROBERT SAIN EXECUTIVE DIRECTOR 175000 0 17375 0 0 0 0 0 9509 0 201884 0 0 0 MICHELLE LOUNIBOS RUSSELL COO/CFO 140000 0 8400 0 0 0 0 0 8647 0 157047 0 0 0 PART I, LINE 7 ROBERT SAIN'S BONUS WAS DISCRETIONARY, BASED ON PERFORMANCE METRICS AND DETERMINED BY THE BOARD. MICHELLE RUSSELL'S BONUS WAS BASED ON A RETENTION OFFER. FORM 990, PART VI, SECTION A, LINE 4 TWO KEY CHANGES WERE MADE TO THE BYLAWS: 1) THE BYLAWS ALLOW TWO CO-PRESIDENTS. 2) THE TERM OF OFFICE FOR A DIRECTOR IS THREE YEARS. FORM 990, PART VI, SECTION B, LINE 11B THE EXECUTIVE OR FINANCE COMMITTEE SHALL REVIEW AND APPROVE THE IRS FORM 990 PRIOR TO SUBMISSION AND THE FULL BOARD SHALL RECEIVE A COPY OF THE IRS FORM 990 WITHIN 30 DAYS OF ITS SUBMISSION. FORM 990, PART VI, SECTION B, LINE 12C EACH DIRECTOR, OFFICER AND EMPLOYEE SHALL BE PROVIDED WITH AND ASKED TO REVIEW A COPY OF THIS POLICY AND TO ACKNOWLEDGE IN WRITING THAT HE OR SHE HAS DONE SO. ANNUALLY EACH DIRECTOR, OFFICER AND EMPLOYEE SHALL COMPLETE A DISCLOSURE FORM IDENTIFYING ANY RELATIONSHIPS, POSITIONS OR CIRCUMSTANCES IN WHICH S/HE IS INVOLVED THAT HE OR SHE BELIEVES COULD CONTRIBUTE TO A CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15A THE ORGANIZATION IMPLEMENTED THE FOLLOWING COMPENSATION REVIEW POLICY ON NOVEMBER 9, 2009. IN COMPLIANCE WITH INTERNAL REVENUE SERVICE GUIDELINES FOR APPROVAL OF SENIOR MANAGEMENT COMPENSATION, THE BOARD OF DIRECTORS OF DI ROSA WILL FOLLOW THE FOLLOWING REVIEW AND APPROVAL GUIDELINES. THE EXECUTIVE COMMITTEE OF DI ROSA HAS GENERAL OVERSIGHT OF THE ORGANIZATION'S HUMAN RESOURCE PLAN. SPECIFIC DUTIES INCLUDE YEARLY EVALUATION OF THE EXECUTIVE DIRECTOR OF THE ORGANIZATION. A COMPETENT SALARY SURVEY IS USED TO BENCHMARK COMPENSATION FOR THE POSITION UTILIZING THE NORTHERN CALIFORNIA WAGE AND COMPENSATION SURVEY FOR NONPROFIT ORGANIZATIONS AND/OR OTHER STUDIES. THE EXECUTIVE COMMITTEE MEETS INDEPENDENTLY OF THE EXECUTIVE DIRECTOR TO DISCUSS HIS/HER PERFORMANCE RELATIVE TO THE POSITION DESCRIPTION AND GOALS SET FOR THE YEAR. DURING THESE DELIBERATIONS, THE COMMITTEE ALSO CONSIDERS INPUT OBTAINED FROM OTHER BOARD MEMBERS, STAFF, PROFESSIONAL ADVISORS AND OTHER INFORMED STAKEHOLDERS FROM THE COMMUNITY. ONCE A CONSENSUS IS REACHED REGARDING PERFORMANCE, A SIMILAR DISCUSSION IS HELD CONCERNING COMPENSATION RELATIVE TO ANNUAL PERFORMANCE, OVERALL BUDGET AND OBJECTIVES. THE PRESIDENT OF THE BOARD THEN MEETS WITH THE EXECUTIVE DIRECTOR TO DISCUSS AND DOCUMENT STRENGTHS, WEAKNESSES AND GOALS FOR THE UPCOMING YEAR. COMPENSATION FOR THE UPCOMING YEAR IS ALSO DISCUSSED AND DOCUMENTED, SUBJECT TO APPROVAL BY THE FULL BOARD AS PART OF THE ANNUAL BUDGET. FORM 990, PART VI, SECTION C, LINE 19 CONSISTENT WITH THE REQUIREMENTS OF SECTION 6104(0) OF THE INTERNAL REVENUE CODE AND THE REGULATIONS THERE UNDER, COPIES OF THE ORGANIZATION'S FORM 990 SHALL BE MADE AVAILABLE, UPON REQUEST, IN A TIMELY MANNER, AND SUBJECT TO THE CHARGES PERMITTED BY LAW TO ANY INDIVIDUAL(S) WHO REQUEST IT. FORM 990, PART IX, LINE 11G EXHIBITION AND PROGRAM FEES: PROGRAM SERVICE EXPENSES 187,895. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 5,933. TOTAL EXPENSES 193,828. SECURITY SERVICE: PROGRAM SERVICE EXPENSES 125,089. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 125,089. MARKETING CONSULTANTS AND SUPPORT: PROGRAM SERVICE EXPENSES 91,548. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 91,548. ARTIST FEES/STIPENDS: PROGRAM SERVICE EXPENSES 34,710. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 1,000. TOTAL EXPENSES 35,710. FORM 990, PART XII, LINE 2C THE PROCESS HAS NOT CHANGED SINCE THE PRIOR YEAR. RENE AND VERONICA DI ROSA FOUNDATION 5200 SONOMA HIGHWAY NAPA CA 94559 942856000 ART COLLECTION AND GRANTMAKING CA 501(C)(3) PF N/A 0 0 0 1 0 0 0 0 0 0 0 1 0 0 1 0 0 1 0 0 RENE AND VERONICA DI ROSA FOUNDATION C 1477000 CASH RENE AND VERONICA DI ROSA FOUNDATION Q 351200 CASH PART II THE PURPOSE OF THIS DOCUMENT IS TO CONTEXTUALIZE THE ACCOMPANYING FINANCIAL STATEMENTS AND PROVIDE AN ANALYTICAL OVERVIEW OF THE AFFILIATED DI ROSA PRESERVE (DBA "DI ROSA") AND THE RENE AND VERONICA DI ROSA FOUNDATION ("THE FOUNDATION"). TO VIEW THE IMPACT OF DI ROSA'S COLLECTION, EXHIBITIONS, AND PROGRAMS ON THE AUDIENCES AND ARTISTS WE SERVE, PLEASE REFER TO OUR WEBSITE, WWW.DIROSAART.ORG. OVERVIEW SINCE 1997, DI ROSA HAS OPERATED A PUBLIC ART CENTER AND SCULPTURE PARK ON A 217 ACRE PROPERTY IN THE CARNEROS REGION OF SOUTHERN NAPA COUNTY. DI ROSA PRESENTS CONTEMPORARY EXHIBITIONS BY BAY AREA-BASED ARTISTS AND AN ARRAY OF EDUCATIONAL PROGRAMS FOR ALL AGES, IN ADDITION TO MAINTAINING A COLLECTION COMPRISED PRINCIPALLY OF WORK IN VARIOUS MEDIA BY NORTHERN CALIFORNIA ARTISTS. INCORPORATED AS A CHARITABLE ORGANIZATION IN 2000, IT PRESENTLY EMPLOYS 7 FULL-TIME PROFESSIONALS AND A CORPS OF 51 VOLUNTEERS, INTERNS AND OTHERS WHO COLLECTIVELY DONATED 976 HOURS OF SERVICE TO THE ORGANIZATION IN 2019. THE FOUNDATION, INCORPORATED AS A TAX-EXEMPT PRIVATE FOUNDATION IN 1983, HOLDS THE DI ROSA PROPERTY, STRUCTURES, VARIOUS PROPERTY RIGHTS, THE ART COLLECTION, INVESTMENTS, AND ENDOWMENT FUNDS. AFFILIATE RELATIONSHIP THE FOUNDATION (ESTABLISHED IN 1983) IS TAX EXEMPT UNDER INTERNAL REVENUE CODE SECTION 501(C)(3) AND IS CLASSIFIED AS A PRIVATE OPERATING FOUNDATION. AS SUCH IT MAKES QUALIFYING DISTRIBUTIONS FOR THE ACTIVE CONDUCT OF EXEMPT ACTIVITIES INCLUDING THE MAINTENANCE AND DISPLAY OF ARTWORK FOR PUBLIC VIEWING. DI ROSA IS THE ONLY ORGANIZATION TO WHICH THE FOUNDATION MAKES QUALIFYING DISTRIBUTIONS. DI ROSA (ESTABLISHED IN 2000) IS TAX EXEMPT UNDER INTERNAL REVENUE CODE SECTION 501(C)(3) AND IS A PUBLIC CHARITY UNDER IRC SECTION 509(A)(2). AS SUCH IT RECEIVES ITS PUBLIC SUPPORT PRIMARILY FROM GROSS RECEIPTS FROM ACTIVITIES RELATED TO ITS EXEMPT FUNCTIONS. THE ORGANIZATION MANAGES THE LAND AND ART DONATED BY RENE DI ROSA, PROVIDING PROGRAMS AND SERVICES THAT SERVE A BROAD COMMUNITY. EACH ORGANIZATION IS GOVERNED BY A BOARD OF DIRECTORS, CURRENTLY WITH THE SAME TRUSTEES SERVING ON BOTH BOARDS. UNDER A MEMORANDUM OF UNDERSTANDING, THE FOUNDATION ANNUALLY REIMBURSES DI ROSA FOR SERVICES RENDERED TO THE FOUNDATION, AS THE FOUNDATION DOES NOT RETAIN PERSONNEL. IN 2019, THAT REIMBURSEMENT TOTALED $351,200. THE ORGANIZATIONS HAVE PREVIOUSLY CONSULTED ATTORNEYS FOR LEGAL, TAX ADVICE, AND OPTIONS FOR MERGING THE TWO. BASED ON ADVICE RECEIVED TO DATE, MERGING THE ORGANIZATIONS IS NOT YET VIABLE. THE FOUNDATION'S ASSETS INCLUDE BEQUESTS FROM THE ESTATE OF FOUNDER RENE DI ROSA (1919- 2010). THE FOUNDATION'S ASSETS TOTALED $11,208,679 AS OF DECEMBER 31, 2019, EXCLUDING THE ART COLLECTION, CURRENTLY VALUED AT $11,947,805. TOTAL CONSOLIDATED ASSETS AND LIABILITIES FOR THE FOUNDATION AND DI ROSA AS OF DECEMBER 31, 2019 WERE $11,880,573. BOARD-SPECIFIED PERCENTAGES OF THE FOUNDATION'S CORPUS AND THE ANNUAL YIELD ON THE ENDOWMENTS ARE USED TO SUPPORT ITS AFFILIATE'S CONTEMPORARY ART CENTER OPERATIONS, PUBLIC PROGRAMMING, AND ADMINISTRATION. IN 2019, THAT CONTRIBUTION TOTALED $1,210,000. THE FOUNDATION HAS A LOAN WITH A LOAN CAPACITY OF UP TO 50% OF THE VALUE OF THE INVESTMENTS AND SECURED BY THE INVESTMENTS. AS OF DECEMBER 31, 2019, ITS BALANCE WAS $1,333,829. A $90,000 LOAN AND A $271,106 LOAN FROM THE FOUNDATION TO DI ROSA WERE MADE IN 2014 AND 2015 RESPECTIVELY. THE LOANS ARE EXPECTED TO BE REPAID BY DECEMBER 31, 2020. A $100,000 LOAN FROM THE FOUNDATION TO DI ROSA WAS MADE IN 2017.