2019-06-12T12:04:34-05:00 2019-01-31 010523282 Berry Dunn McNeil & Parker LLC PO Box 1100 Portland ME 041041100 990 2018-02-01 010378420 Portland Museum of Art PORT 2077756148 7 Congress Square Portland ME 04101 Amy H Woodhouse President 2077756148 2019-06-07 1 Barbara J McGuan CPA P00219457 2077752387 2019-06-07 69.49.157.66 2019-06-07 15:44:36 ED P FD764483AA263AFE8AB46477EA327BFBBE809DCF 8CB03294F4C8EEE0A7F1275F402B300CCFF6E31F 2018 2019-02-21 02:37:17Z Mark HC Bessire 7 Congress Square Portland ME 04101 22645872 0 X www.portlandmuseum.org X 1882 ME Museum/Educational 35 35 139 304 2028 0 7970377 8414240 832285 2266569 567697 1728091 -67136 44357 9303223 12453257 0 0 0 0 3689548 4166257 0 0 1318297 3530824 3048555 7220372 7214812 2082851 5238445 60026171 61734930 323244 486420 59702927 61248510 The Portland Museum of Art strives to engage audiences in a dialogue about the relevance of art and culture to our everyday lives and is committed to the stewardship and growth of the collection. 0 0 1057178 1697204 Educational Programs: Create outstanding educational programs and collection-based activities to inspire and enrich the lives of diverse audiences and serve as a vital cultural center for the city and region (49,342 participants in 2018). 3914936 569365 Exhibitions and Collections: Originate outstanding exhibitions from PMA's permanent collection and through borrowed works of art. Present traveling exhibitions that support and extend PMA's mission. Preserve, document, and interpret over 18,000 objects in the collection and five architectural landmarks (159,023 visitors in 2018). 148000 Collection Items Purchased: 16 works of art were purchased for PMA's collection in 2018, providing new opportunities for visitors and the community to experience original work. 5120114 1 1 0 0 0 0 0 1 0 1 1 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 0 1 X 47 0 1 139 1 1 0 0 0 0 1 1 1 1 0 0 0 0 0 0 X 35 35 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 ME X X X Elena Henry 2077756148 7 Congress Square Portland ME 04101 Amy H Woodhouse President 12.00 X X 0 0 0 Jeffrey D Kane Chair 3.00 X X 0 0 0 Cyrus Y Hagge Vice President 8.00 X X 0 0 0 Kenneth A Blaschke Treasurer 4.00 X X 0 0 0 John F Isacke Secretary 8.00 X X 0 0 0 Katherine MB Berger Trustee 3.00 X 0 0 0 Nathan J Clark Trustee 3.00 X 0 0 0 Danielle M Conway Trustee 3.00 X 0 0 0 Melanie Stewart Cutler MD Trustee 3.00 X 0 0 0 Alexander D Fisher Trustee 3.00 X 0 0 0 Joseph R Foley Trustee 3.00 X 0 0 0 Eileen T Gillespie Trustee 3.00 X 0 0 0 Walter B Goldfarb MD Past Trustee 3.00 X 0 0 0 Robert R Gould Trustee 3.00 X 0 0 0 Jocelyn R Handy Trustee 3.00 X 0 0 0 James A Houle Past Trustee 3.00 X 0 0 0 Nancy K Kaye Trustee 3.00 X 0 0 0 Robert D Kump Trustee 3.00 X 0 0 0 Bree A LaCasse Trustee 3.00 X 0 0 0 Judy Glickman Lauder Trustee 3.00 X 0 0 0 Leeann M Leahy Trustee 3.00 X 0 0 0 Andy Lilienthal Trustee 3.00 X 0 0 0 Elizabeth T McCandless Trustee 3.00 X 0 0 0 Marcia Minter Trustee 3.00 X 0 0 0 John P Moore Trustee 3.00 X 0 0 0 Robert S Nanovic Past Trustee 3.00 X 0 0 0 Christina F Petra Trustee 3.00 X 0 0 0 Alec Porteous Trustee 3.00 X 0 0 0 Hilary G Robbins Past Trustee 3.00 X 0 0 0 Christopher N Robinson Past Trustee 3.00 X 0 0 0 Laurence H Rubinstein Trustee 3.00 X 0 0 0 William J Ryan Jr Trustee 3.00 X 0 0 0 James H Schwartz Trustee 3.00 X 0 0 0 Michael E Smith Past Trustee 3.00 X 0 0 0 Jack Soley Trustee 3.00 X 0 0 0 Stewart Strawbridge Trustee 3.00 X 0 0 0 Heather Veitch Trustee 3.00 X 0 0 0 John H Wallace Trustee 3.00 X 0 0 0 Anna H Wells Trustee 3.00 X 0 0 0 William B Williams Trustee 3.00 X 0 0 0 William B Williamson Trustee 3.00 X 0 0 0 Mark H C Bessire Director 40.00 X 316105 0 54013 Elena Henry Deputy Director & CFO 40.00 X 154162 0 20623 Elizabeth F Jones Deputy Director& Dir External Affairs 40.00 X 116938 0 4828 Jessica May Deputy Director & Chief Curator 40.00 X 117640 0 11847 704845 0 91311 4 0 1 0 Wright-Ryan Construction Inc 10 Danforth Street Portland ME 04101 Construction 264350 MPX 2301 Congress Street Portland ME 04102 Print advertising and direct mail 182395 Black Tie Catering One Union Wharf Portland ME 04101 Catering 119378 NEPC LLC 255 State Street Boston MA 02109 Investment Advisory Services 105841 4 640381 7773859 922114 8414240 Program Revenues 713990 1697204 1697204 Admissions 713990 569365 569365 2266569 232812 2028 230784 35835 6610 29225 29225 29225 11200424 9705145 1495279 1495279 1495279 495992 480860 15132 15132 12453257 2266569 2028 1770420 541233 157158 216627 167448 2791751 2081135 126572 584044 24832 17801 1980 5051 546594 424143 69160 53291 261847 195476 16372 49999 7728 7467 261 37438 37438 192704 192704 210344 203623 1171 5550 207783 170360 37423 116017 56634 28707 30676 170171 104695 9551 55925 354172 306361 32299 15512 140684 130558 7423 2703 43870 15983 20825 7062 780 780 531045 500550 4983 25512 105063 99578 3122 2363 Exhibition & Collection 313717 313717 Fundraising 275477 275477 Education 193562 193562 Acquisition of Art 148000 148000 7214812 5120114 776401 1318297 X 206181 113515 1174506 2109784 742545 1686096 178522 256505 167066 133083 258016 342035 33936735 15244967 18920017 18691768 20198531 21955434 17022921 15326102 1157866 1120608 60026171 61734930 296720 474215 26524 12205 323244 486420 X 23513117 22695067 3326931 2430663 32862879 36122780 59702927 61248510 60026171 61734930 5238445 -3692862 0 X 0 1 X 1 0 X 5653631 5081075 10053638 7970377 8414240 37172961 5653631 5081075 10053638 7970377 8414240 37172961 8727215 28445746 552588 287063 166120 224357 268647 1498775 38671736 7404873 0.73560 0.73350 X X X X X 1 38390638 3055251 -2157475 1708192 37580222 31933216 3205132 4972274 1719984 38390638 24744613 5881159 2822252 1514808 31933216 27629060 485520 -1435611 1934356 24744613 27743488 565318 1622552 2302298 27629060 0.08690 0.91310 0.00000 0 0 8640747 8640747 24448669 14536176 9912493 847319 708791 138528 18691768 Investments in Limited Partnerships 369367 F Limited Liability and Other Closely Held Companies 14956735 F 15326102 9024326 -3692862 5000 480860 -3207002 12231328 192704 29225 221929 12453257 7478743 5000 480860 485860 6992883 192704 29225 221929 7214812 Part III, Line 1a: The art collection is reflected in the plant fund at a nominal value. The cost of a collection item is recorded as a decrease in net assets when purchased. The proceeds from the sale of a collection item are recorded as an increase in net assets when sold. The collection is managed according to a policy which adheres to the standards of the American Alliance of Museums. The policy delineates responsibilities in such matters as museum ethics, acquisitions, loans, care of collections, and deaccessioning. Objects held in the collection are carefully tracked and monitored. PMA's deaccessioning policy allows for sale or trade of an object only when it is incompatible with PMA's collecting mission and when clear and complete title to the work is confirmed. Proceeds from the sale of an object may only be applied toward collection acquisitions. Part III, Line 4: The PMA Collection includes more than 18,000 objects and represents significant holdings of American, European, and contemporary art, as well as iconic works from Maine-highlighting the rich artistic tradition of the state and its artists. The collection includes paintings, sculpture, prints, photographs, glass, ceramics, furniture, silver, artists' books and other media, and is highlighted by works by George Bellows, Max Beckmann, Katherine Bradford, David Moses Bridges, Marc Chagall, Frederic Church, Gustave Courbet, Stuart Davis, Edgar Degas, Lois Dodd, Leonardo Drew, David Driskell, Richard Estes, Jeremy Frey, Nan Goldin, John Haberle, Marsden Hartley, Childe Hassam, Winslow Homer, Edward Hopper, Jean Auguste Dominique Ingres, Alex Katz, Rockwell Kent, Yasuo Kuniyoshi, Fitz Henry Lane, Claude Monet, Thomas Moran, Louise Nevelson, John Frederick Peto, William Pope.L, Pierre Auguste Renoir, Tim Rollins & K.O.S., John Singer Sargent, Theresa Secord, Andrew Wyeth, N.C. Wyeth, and Betty Woodman. Part V, Line 4: PMA's intended use of endowment funds is for general operations, education, maintenance of collection and buildings, acquisition of art for the collection, wages, and other related expenses. Part XI, Line 2d - Other Adjustments: PMA Store Expenses 480,860. Part XI, Line 4b - Other Adjustments: Net Rental Income 29,225. Part XII, Line 2d - Other Adjustments: PMA Store Expenses 480,860. Part XII, Line 4b - Other Adjustments: Net Rental Income 29,225. X X 1 1 X X X X X X 0 0 0 0 0 0 0 1 0 Mark H C Bessire Director 316105 0 0 0 0 0 30000 0 24013 0 370118 0 0 0 Elena Henry Deputy Director & CFO 154162 0 0 0 0 0 0 0 20623 0 174785 0 0 0 Part I, Line 1a PMA paid $1,523 for a membership fee and dues to Portland's Cumberland Club, for Mark H.C. Bessire, Director. The Cumberland Club is adjacent to the Portland Museum of Art, and membership allows the Director to host meetings for the purpose of conducting museum business. PMA paid travel expenses for a companion of Mark H.C. Bessire, Director. The amount paid by PMA was not treated as taxable compensation. These expenses were documented and approved by the President of the Board of Trustees as bona fide business expenses. Part I, Line 7 Elizabeth Jones, the Deputy Director and Director of External Affairs received a bonus of $4,000. The bonus was to compensate her for taking on additional leadership responsibilities in 2017 during significant staffing transitions. X 95 110000 Proceeds from Sale X 23 812114 Stock Market Value 5 0 1 1 Part I, Column (b): Line 1: One work of art was received by bequest. This work was sold per the donor's instructions. Proceeds were $110,000. The other 94 works of art have been accepted into the PMA collection and have not been assigned a value. The work of art received by bequest that was sold per the donor's instructions was sold through an auction house. Part I, Line 32b: Contributions of securities are sold through PMA's investment brokers. All gifts of securities are sold as soon as administratively possible. Part I, Line 33: The art collection is reflected in the plant fund at a nominal value. The cost of a collection item is recorded as a decrease in net assets when purchased. The proceeds from the sale of a collection item are recorded as an increase in net assets when sold. The collection is managed according to a policy which adheres to the standards of the American Alliance of Museums. The policy delineates responsibilities in such matters as museum ethics, acquisitions, loans, care of collections, and deaccessioning. Objects held in the collection are carefully tracked and monitored. PMA's deaccessioning policy allows for sale or trade of an object only when it is incompatible with PMA's collecting mission and when clear and complete title to the work is confirmed. Proceeds from the sale of an object may only be applied toward collection acquisitions. Form 990, Part V, line 3b The Organization is waiting on Schedule K-1s from investment partnerships in order to complete Form 990-T. The Organization will file Form 990-T once this information has been received. Form 990, Part VI, Section B, line 11b The Form 990 is distributed to the full board of trustees with sufficient time for each trustee to review it. All board members are invited to a special meeting specifically for the purpose of review and discussion of the 990 and audited financial statements. Following this meeting, board members reply by email to indicate their approval of the 990 as presented. The 990 is then discussed at a meeting of the executive committee of the board of trustees, before the executive committee votes to accept it. Form 990, Part VI, Section B, line 12c Trustees are asked to fill out a Conflict of Interest form annually. The procedure is outlined in PMA's "Institutional Code of Ethics and Guidelines for Professional Practice" a board-approved policy that is reviewed and signed by each incoming Trustee. Per the policy, in the event a significant conflict of interest appears to be unavoidable, the Trustee shall seek the approval of the Board, or a duly appointed and authorized committee of the Board, prior to engaging in such action, and such approval, if given, shall result in there being no conflict with respect to the contemplated action. Form 990, Part VI, Section B, line 15 Per PMA's Bylaws, the executive committee is authorized to exercise the following specific powers and duties on behalf of the board of trustees: (a) To enter into employment with, and to terminate the employment of, the chief executive officer (the "Director"), to negotiate and enter into employment contracts with the Director subject to final approval by the board of trustees, to annually review the performance of the Director, to determine the Director's annual compensation adjustments and benefits adjustments, to resolve all disciplinary and other issues relating to the Director's employment; (b) To review annually the performance of any other key employees and to resolve all disciplinary and other issues relating to such employees when such tasks are specifically delegated to the executive committee by the board of trustees; The Executive Committee in 2017 developed a new compensation plan and five year contract for the PMA Director. The employment contract began on March 1, 2017 and terminates on February 28, 2022. The compensation plan was developed by an ad hoc committee of the Executive Committee. The ad hoc committee was formed to develop a multi-year plan for approval by the full Executive Committee. The ad hoc committee contracted with Career Management Associates (CMA) to provide guidance as to an appropriate level of compensation. On January 13, 2017, CMA provided a report titled: "Non-Profit Executive Compensation Analysis Report." CMA's report included data compiled from the 990 forms of specific peer group organizations identified by the PMA's board, and also compiled 990 data from a broader set of peers who reported the same nonprofit classification. Using the report's guidelines, the ad hoc committee negotiated with the Director a new five-year contract that provides remuneration within the band of reasonable compensation for a similarly situated museum director. The Executive Committee approved the terms of the new employment agreement and it was accepted by the Director and signed by all parties on May 3, 2017. Form 990, Part VI, Section C, line 19 PMA's governing documents, conflict of interest policy, and financial statements are made available to the public upon request. The PMA's audited financial statements are publicly posted on the PMA's website. Form 990, Part X, Line 10: Land, Buildings, and Equipment Section 1.263(a)-3(n) Election: Portland Museum of Art 7 Congress Square Portland, ME 04101 EIN: 01-0378420 Section 1.263(a)-3(n) Election: Portland Museum of Art is electing to capitalize repair and maintenance costs under Regulation Section 1.263(a)-3(n). Davis Family Foundation 30 Forest Falls Drive Yarmouth ME 04096 010390443 To award grants ME 501(c)(3) Line 12b, II N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0