2018-06-08T09:34:07-05:00 2018-01-31 010523282 Berry Dunn McNeil & Parker LLC PO Box 1100 Portland ME 041041100 990 2017-02-01 010378420 Portland Museum of Art PORT 2077756148 7 Congress Square Portland ME 04101 Amy H Woodhouse President 2077756148 2018-06-08 1 Joseph R Byrne CPA P01289281 2077752387 2018-06-06 2017 2022-09-23 18:48:47Z Mark HC Bessire 7 Congress Square Portland ME 04101 11722533 0 X www.portlandmuseum.org X 1882 ME Museum/Educational 38 38 130 140 1973 0 10053638 7970377 685834 832285 304243 567697 -55814 -67136 10987901 9303223 0 0 0 0 3535830 3689548 0 0 1432889 3023532 3530824 6559362 7220372 4428539 2082851 54234572 60026171 1198038 323244 53036534 59702927 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 831728 315809 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 (42,033 participants in 2017). 3607864 516476 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 eighteen-thousand objects in the collection and five architectural landmarks (163,132 visitors in 2017). 574533 Collection Items Purchased: 8 works of art were purchased for PMA's collection in 2017, providing new opportunities for visitors and the community to experience original work. 5014125 1 1 0 0 0 0 0 1 0 1 1 1 0 0 0 0 1 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 0 1 X 38 0 1 130 1 1 0 0 0 0 1 1 1 1 0 0 0 0 X 38 38 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 ME X Elena Henry 2077756148 7 Congress Square Portland ME 04101 Amy H Woodhouse President 3.00 X X 0 0 0 Jeffrey D Kane Chair 3.00 X X 0 0 0 Cyrus Y Hagge Vice President 3.00 X X 0 0 0 Kenneth A Blaschke Treasurer 3.00 X X 0 0 0 John F Isacke Secretary 3.00 X X 0 0 0 Katherine MB Berger Trustee 3.00 X 0 0 0 Jacqueline D Bucar Past 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 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 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 John P Moore Trustee 3.00 X 0 0 0 Robert S Nanovic Trustee 3.00 X 0 0 0 Alec Porteous Trustee 3.00 X 0 0 0 Hilary G Robbins Trustee 3.00 X 0 0 0 Christopher N Robinson 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 Michael E Smith 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 298123 0 24492 Elena Henry Deputy Director and CFO 40.00 X 157829 0 13224 Jessica May Deputy Director and Chief Curator 40.00 X 103361 0 9291 559313 0 47007 3 0 1 0 Wright-Ryan Construction Inc 10 Danforth Street Portland ME 04101 Construction 394149 Creative Imaging Group 64 Mussey Road Scarborough ME 04074 Print Advertising and Direct Mail 183171 NEPC LLC 255 State Street Boston MA 02109 Investment Advisory Services 105751 3 682879 30021 7257477 1152074 7970377 Admissions 713990 516476 516476 Program Revenues 713990 315809 315809 832285 176648 1973 174675 47709 7417 40292 40292 40292 2314123 1923074 391049 391049 391049 4929 30021 13960 -9031 -9031 376462 474859 -98397 -98397 9303223 832285 1973 498588 606319 212662 245254 148403 2488726 1821007 118861 548858 15269 8150 4740 2379 319230 186133 12167 120930 260004 186334 22568 51102 46489 46489 33676 33676 178965 178965 202885 194437 971 7477 148833 132843 15990 128468 78709 19211 30548 176978 118048 6278 52652 304368 245107 43249 16012 132979 64449 15540 52990 29280 9189 11866 8225 7031 1327 5704 525798 494041 4836 26921 101344 96064 2983 2297 Acquisition of Art 574533 574533 Exhibition & Collection 461515 461515 Fundraising 348105 348105 Education 129577 129577 7220372 5014125 773358 1432889 X 177541 206181 4683912 1174506 1144378 742545 101325 178522 180143 167066 384340 258016 33623321 14703304 19129343 18920017 14843919 20198531 12410643 17022921 1179028 1157866 54234572 60026171 648741 296720 549297 26524 1198038 323244 X 21381335 23513117 1746437 3326931 29908762 32862879 53036534 59702927 54234572 60026171 2082851 4583542 0 X 0 1 X 1 0 X 2765487 5653631 5081075 10053638 7970377 31524208 2765487 5653631 5081075 10053638 7970377 31524208 7045344 24478864 617638 552588 287063 166120 224357 1847766 33371974 6010443 0.73350 0.72220 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X 1 31933216 3205132 4972274 1719984 38390638 24744613 5881159 2822252 1514808 31933216 27629060 485520 -1435611 1934356 24744613 27743488 565318 1622552 2302298 27629060 26917982 545166 2211823 1931483 27743488 0.09470 0.83820 0.06710 0 0 8640747 8640747 24139772 14064028 10075744 842802 639276 203526 18920017 Investments in Limited Partnerships 395431 F Limited Liability and Other Closely Held Companies 16627490 F 17022921 14158799 4583542 16432 474859 5074833 9083966 178965 40292 219257 9303223 7492406 16432 474859 491291 7001115 178965 40292 219257 7220372 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 Association 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: PMA's collection comprises than 18,000 objects, representing fine and decorative arts from the 18th century to the present. These holdings include paintings, sculpture, prints, photographs, glass, ceramics, furniture, silver, artists' books and other media. Works by George Bellows, Sir Anthony Caro, Frederic Church, Stuart Davis, John Haberle, William Harnett, Marsden Hartley, Childe Hassam, Winslow Homer, Edward Hopper, Rockwell Kent, Fitz-Henry Lane, Thomas Moran, Louise Nevelson, John Frederick Peto, Maurice Prendergast, John Singer Sargent, and Andrew Wyeth, among others, showcase the unique artistic heritage of the United States and the creative culture of Maine. European traditions are represented by works from the hand of Max Beckmann, Marc Chagall, Gustave Courbet, Edgar Degas, Jean-Auguste-Dominique Ingres, Claude Monet, and Pierre-Auguste Renoir. The PMA is accredited by the American Association of Museums and adheres to best practices in developing and managing these works of art in the public trust. 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 474,859. Part XI, Line 4b - Other Adjustments: Net Rental Income 40,292. Part XII, Line 2d - Other Adjustments: PMA Store Expenses 474,859. Part XII, Line 4b - Other Adjustments: Net Rental Income 40,292. Friends of the Collection Benefit 34950 30021 4929 1949 7647 19 4345 34950 30021 4929 1949 7647 19 4345 13960 -9031 X 1 1 X X X X X X 0 0 0 0 0 0 0 0 0 Mark H C Bessire Director 298123 0 0 0 0 0 4300 0 20192 0 322615 0 0 0 Elena Henry Deputy Director and CFO 157829 0 0 0 0 0 4681 0 8543 0 171053 0 0 0 Part I, Line 1a PMA paid $1,924 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. X 79 0 X 45 1152074 Stock Market Value 0 0 1 1 Part I, Line 32b: Contributions of securities are sold through PMA's investment broker. 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 Association 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. The 990 is then discussed at a full meeting of the board of trustees, before the board votes to accept the 990. 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. PMA has not had a conflict of interest that implored the President to place a restriction (such as not attending meetings, etc.) on the Trustee. 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 begins 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. 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