2018-02-27T12:13:53-06:00 2017-06-30 410746749 CLIFTONLARSONALLEN LLP ONE SEAGATE SUITE 2650 TOLEDO OH 436041558 990 2016-07-01 344434678 THE TOLEDO MUSEUM OF ART TOLE 4192558000 PO BOX 1013 TOLEDO OH 43697 LYNN MILLER ASSISTANT DIRECTOR 4192558000 2018-02-20 1 RODERICK J MACLACHLAN P00332503 4192443711 67.137.57.251 2018-02-20 11:26:16 ES P 664F263084F6F8606BAF619F06C61B8C161659E7 1A575DA7D4580FEB092587E941B69D20BC1E409C 2016 2021-01-29 14:40:06Z BRIAN KENNEDY PO BOX 1013 TOLEDO OH 43697 78707154 0 X WWW.TOLEDOMUSEUM.ORG X 1901 OH ART EDUCATION 25 25 381 385 771460 -117930 12247364 16503662 2273391 3327413 4354118 8235803 443127 352670 19318000 28419548 178701 173347 0 0 8813117 8532636 0 0 1325534 13990665 13331679 22982483 22037662 -3664483 6381886 267488572 291766708 11585462 10024919 255903110 281741789 X FOR 116 YEARS, THE TOLEDO MUSEUM OF ART HAS OFFERED FREE ADMISSION TO ONE OF THE WORLD'S GREAT ART COLLECTIONS HOUSED IN ITS GREEK REVIVAL MAIN BUILDING AND THE GLASS PAVILION. THE MUSEUM HAS AN EXTENSIVE EDUCATION PROGRAM, OFFERING CURRICULUM-BASED SCHOOL TOURS AS WELL AS ADULT AND CHILDREN'S ART CLASSES. 0 0 15084851 1726840 THE TOLEDO MUSEUM OF ART OPERATES AND MAINTAINS ART GALLERIES, STUDIO SPACES AND AN ART LIBRARY FOR THE BENEFIT OF THE GENERAL PUBLIC. THIS INCLUDES EDUCATIONAL SCHOLARSHIP, RESEARCH, CONSERVATION, DOCUMENTATION AND PRESENTATION OF A PERMANENT COLLECTION OF ART TOTALING NEARLY 23,000 OBJECTS. WITH ANNUAL VISITATION OF OVER 423,000, THE MUSEUM'S VISITATION IS AMONG THE HIGHEST OF AMERICAN MUSEUMS PER CAPITA. 1946339 THE MUSEUM ORGANIZES AND PRESENTS SPECIAL EXHIBITIONS OF ITS PERMANENT COLLECTION AS WELL AS HOSTS TRAVELING EXHIBITIONS AND MOUNTING EXHIBITIONS IN COLLABORATION WITH OTHER ART MUSEUMS. THE MUSEUM OFFERS CULTURAL ACTIVITIES ASSOCIATED WITH THESE EXHIBITIONS INCLUDING MUSICAL PROGRAMS, HANDS-ON ACTIVITIES, LECTURES, ETC. THAT ARE AVAILABLE TO THE GENERAL PUBLIC, GENERALLY WITHOUT CHARGE OR AT A VERY LOW COST. 1424000 173347 841985 WITH AN EMPHASIS IN ART EDUCATION AND VISUAL LITERACY, THE MUSEUM INTEGRATES ART INTO THE LIVES OF PEOPLE. THE FAMILY CENTER IS OPEN 7 DAYS A WEEK, OFFERING ART-BASED ACTIVITIES FREE OF CHARGE. WHILE THERE IS A CHARGE FOR MOST FORMAL CLASSES, THE MUSEUM HAS AN ACTIVE SCHOLARSHIP PROGRAM TO SUPPORT STUDENTS WHO WOULD NOT HAVE THE ACCESS OR MEANS TO PURSUE ART CLASSES. THE MUSEUM PROVIDES APPROXIMATELY 700 SCHOLARSHIPS ANNUALLY TO ITS 2,000 CLASS ATTENDEES. THE MUSEUM PROVIDES BUS FUNDS TO LOCAL SCHOOLS AND COMMUNITY CENTERS TO ALLOW OVER 20,000 SCHOOL CHILDREN THE OPPORTUNITY TO TOUR THE MUSEUM IN DOCENT-LED CURRICULUM. THE MUSEUM ALSO HOSTS ALMOST 15,000 ADULTS ANNUALLY FOR DOCENT-LED TOURS OR VISUAL LITERACY PROGRAMS. 18455190 1 1 0 0 0 0 0 1 0 1 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 1 1 127 0 1 381 1 1 1 0 0 0 0 1 1 0 0 0 0 X 25 25 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 OH X X KIM OSBORNE 4192558000 2445 MONROE STREET TOLEDO OH 43697 X CYNTHIA B THOMPSON CHAIRMAN 1.00 X X 0 0 0 GEORGE CHAPMAN VICE CHAIRMAN 1.00 X X 0 0 0 SARA JANE DEHOFF VICE CHAIRMAN 1.00 X X 0 0 0 RANDY OOSTRA VICE CHAIRMAN 1.00 X X 0 0 0 DENNIS G JOHNSON SECRETARY 1.00 X X 0 0 0 JOHN SZUCH TREASURER 1.00 X X 0 0 0 MICHELE ALEXANDER DIRECTOR 1.00 X 0 0 0 MICHAEL J ANDERSON DIRECTOR 1.00 X 0 0 0 ALLAN BLOCK DIRECTOR 1.00 X 0 0 0 ELIZABETH BRADY DIRECTOR 1.00 X 0 0 0 JUDITH HERB DIRECTOR 1.00 X 0 0 0 JAMES A HOFFMAN DIRECTOR 1.00 X 0 0 0 MIKE HYLANT DIRECTOR 1.00 X 0 0 0 BILLIE JOHNSON DIRECTOR 1.00 X 0 0 0 GEORGE M JONES III DIRECTOR 1.00 X 0 0 0 AMIR KHAN DIRECTOR 1.00 X 0 0 0 HARLEY J KRIPKE DIRECTOR 1.00 X 0 0 0 JOE NAPOLI DIRECTOR 1.00 X 0 0 0 SUSAN PALMER DIRECTOR 1.00 X 0 0 0 MARY ELLEN PISANELLI DIRECTOR 1.00 X 0 0 0 STEPHEN D TAYLOR DIRECTOR 1.00 X 0 0 0 PAT TIMMERMAN DIRECTOR 1.00 X 0 0 0 MIKE THAMAN DIRECTOR 1.00 X 0 0 0 SCOTT TRUMBULL DIRECTOR 1.00 X 0 0 0 DAVID K WELLES JR DIRECTOR 1.00 X 0 0 0 CANDY GRAY DIRECTOR 1.00 X 0 0 0 JOYCE QUINLIVAN DIRECTOR 1.00 X 0 0 0 BRIAN KENNEDY PRESIDENT, DIRECTOR, & CEO 70.00 X 465323 0 64478 CAROL BINTZ C.O.O. - RETIRED 7/1/16 50.00 X 140675 0 51745 AMY GILMAN DEPUTY DIRECTOR 50.00 X 134390 0 21935 LYNN MILLER ASSIST. DIRECTOR -PART YR BEG 7/1/16 50.00 X 110090 0 10443 ADAM LEVINE ASSOC. DIRECTOR -PART YR BEG. 7/1/16 50.00 X 107548 0 8592 958026 0 157193 5 0 1 0 SAFEGUARD SECURITY SERVICES 3332 W LASKEY RD SUITE 2 TOLEDO OH 43623 SECURITY 656325 BLUE WATER COMMUNICATIONS 435 12TH ST WEST BRADENTON FL 34205 MARKETING 507540 DELVENTHAL COMPANY 3796 ROCKLAND CIRCLE MILLBURY OH 43447 CONSTRUCTION 343882 GRUNWELL-CASHERO CO 5212 TRACTOR ROAD TOLEDO OH 43612 REPAIRS 185150 CALLAN LLC 600 MONTGOMERY ST SUITE 800 SAN FRANCISCO CA 94111 FINANCIAL 165000 5 1585891 2965366 1968052 9984353 3252455 16503662 SALE OF ARTWORK 711300 1140674 1140674 TUITION AND RELATED FEES 711300 841985 841985 FACILITY FEES 711300 758588 758588 PARKING LOT INCOME 711300 217726 217726 PERISTYLE SERVICE FEES 711300 145687 145687 222753 222753 3327413 2736878 2736878 43963 71377 -27414 -27414 -27414 54918791 49419866 5498925 5498925 5498925 1176447 796363 380084 12872 367212 28419548 2568825 771460 8575601 173347 173347 1091462 807984 183115 100363 5845410 4327222 980685 537503 349700 258875 58669 32156 714764 529123 119916 65725 531300 393309 89136 48855 39714 39714 103130 103130 307675 307675 37465 14986 18733 3746 732031 622226 73203 36602 234738 161956 5573 67209 277087 277087 3077972 2616276 307797 153899 261534 139679 117839 4016 ART PURCHASES & EXPENSE 3235102 3235102 0 0 PROGRAMS 2445302 2445302 0 0 MAINTENANCE & REPAIRS 702114 701357 757 0 SECURITY GUARD EXPENSE 675258 675258 0 0 1202557 728712 198385 275460 22037662 18455190 2256938 1325534 10445 13265 3893163 2259293 5674391 7794687 552839 552123 1042439 500978 115431448 71902788 43200857 43528660 64032212 71761855 81579130 93606985 67503096 71748862 267488572 291766708 4025542 3474733 5365000 4175000 1835000 2156827 359920 218359 11585462 10024919 X 117636213 129138531 47911867 52573640 90355030 100029618 255903110 281741789 267488572 291766708 X 6381886 14675457 4781336 X 0 1 X 1 0 X 6606043 13004864 11956531 12247364 16503662 60318464 6606043 13004864 11956531 12247364 16503662 60318464 13792695 46525769 3893733 3431500 6483111 3122324 2736878 19667546 6006 6006 79992016 19142871 0.58160 0.55060 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X 0 116097164 12724179 15828984 186068 13931674 130532585 128571580 6350765 -4938641 179979 13706561 116097164 130606765 8844265 1183945 160747 11902648 128571580 107568299 14313995 22202822 148381 13329970 130606765 105288673 2751304 13847008 81480 14237206 107568299 0.35960 0.25330 0.38710 0 0 4897396 4897396 99704708 63048071 36656637 4441909 3373941 1067968 6387435 5480776 906659 43528660 MUTUAL FUNDS 56533674 F OTHER 20200 F CSV - LIFE INSURANCE 2133 F LIMITED PARTNERSHIPS 37050978 F 93606985 ACCRUED INTEREST RECEIVABLE 78307 PERPETUAL AND SPLIT INTEREST TRUST AGREEMENTS 69011286 BOND ORIGINATION COSTS 18919 DEPOSITS - FACILITIES 20000 OTHER ASSETS 236076 CONSTRUCTION IN PROGRESS 2366603 LIQUOR LICENSE 17671 71748862 GIFT ANNUITIES - NON-CURRENT 90553 DEFERRED INCOME 23035 INTEREST RATE SWAP AGREEMENT 104771 218359 X 26119954 0 26119954 2299594 2299594 28419548 19598923 796363 796363 18802560 3235102 3235102 22037662 PART III, LINE 1A: EXPENDITURES FOR THE PURCHASE OF WORKS OF ART ARE EXPENSED AS PURCHASED. EACH OF THE OBJECTS IN THE ART COLLECTION, WHICH COLLECTION IS OF SIGNIFICANT VALUE, ARE CATALOGUED FOR EDUCATIONAL AND CURATORIAL PURPOSES. PROCEDURES ARE EMPLOYED CONTINUOUSLY TO VERIFY THE CONDITION AND EXISTENCE OF EACH OBJECT IN THE COLLECTION. PROCEEDS FROM SALES OF COLLECTION OBJECTS WHICH ARE NO LONGER DEEMED APPROPRIATE FOR THE MUSEUM'S ART COLLECTION ARE TO BE USED TO ACQUIRE OTHER OBJECTS FOR THE COLLECTION. GIFTS OF WORKS OF ART (AMOUNTING TO $118,000 IN 2017 AND $253,000 IN 2016) ARE NOT RECORDED SINCE THE MUSEUM HAS ADOPTED THE POLICY OF EXPENSING WORKS OF ART. PART X, LINE 2: SINCE THE MUSEUM IS AN EXEMPT CHARITABLE ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, NO PROVISION FOR FEDERAL INCOME TAX IS REQUIRED EXCEPT FOR FEDERAL INCOME TAXES ARISING FROM UNRELATED BUSINESS INCOME. NO PROVISION FOR FEDERAL INCOME TAX WAS REQUIRED FOR UNRELATED BUSINESS INCOME IN 2017 AND 2016. THE MUSEUM DETERMINED THAT IT WAS NOT REQUIRED TO RECORD A LIABILITY RELATED TO UNCERTAIN TAX POSITIONS. PART XI, LINE 4B - OTHER ADJUSTMENTS: INTEREST AND DIVIDENDS 2,736,878. NET REALIZED GAINS 5,498,925. INVESTMENT RETURN DESIGNATED FOR CURRENT OPERATIONS -8,221,158. COST OF GOODS SOLD -796,363. ART PROCEEDS 1,140,674. CITY OF TOLEDO LAND & BUILDING CONTRIBUTION 1,968,052. NET RENTAL LOSS -27,414. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 796,363. PART XII, LINE 4B - OTHER ADJUSTMENTS: ART PURCHASES 3,235,102. 1 SUMMER 2016 SCHOLARSHIPS 113 12775 FALL 2016 SCHOLARSHIPS 166 30904 WINTER 2017 SCHOLARSHIPS 216 36130 SPRING 2017 SCHOLARSHIPS 194 31059 UNIVERSITY OF TOLEDO SCHOLARSHIPS 13 62479 PART I, LINE 2: THE SCHOLARSHIPS ISSUED BY THE MUSEUM ARE TO BE USED FOR INTERNAL ART CLASSES HELD AT THE TOLEDO MUSEUM OF ART. THE FUNDS ARE HELD IN A SEPARATE ACCOUNT UNTIL IT IS REQUESTED BY THE RECIPIENT. ONCE REQUESTED, THE FUNDS ARE PAID TO THE OPERATING FUND ON BEHALF OF THE SCHOLARSHIP RECIPIENT. REGULAR REQUIRED REPORTS ARE REVIEWED BY THE PROGRAM STAFF TO MONITOR THE GRANT FUNDS. X X 1 1 X X X X 0 0 0 0 0 0 0 0 0 BRIAN KENNEDY PRESIDENT, DIRECTOR, & CEO 465323 0 0 0 0 0 52025 0 12453 0 529801 0 0 0 CAROL BINTZ C.O.O. - RETIRED 7/1/16 86553 0 54122 0 0 0 48529 0 3216 0 192420 0 0 0 AMY GILMAN DEPUTY DIRECTOR 134390 0 0 0 0 0 5718 0 16217 0 156325 0 0 0 PART I, LINE 1A A GENEROUS DONOR PROVIDES FUNDS ANNUALLY THAT ARE SPECIFICALLY DESIGNATED FOR THE PURPOSE OF ALLOWING THE DIRECTOR/CEO TO TRAVEL BY FIRST CLASS WHEN ON MUSEUM BUSINESS. THE FUNDS PAY THE DIFFERENTIAL IN COST BETWEEN FIRST CLASS AND STANDARD FARE. THE MUSEUM PAYS FOR THE DUES OF THE DIRECTOR/CEO TO JOIN CERTAIN SOCIAL CLUBS WHICH PROMOTE THE INTERESTS OF THE MUSEUM FROM EITHER A DEVELOPMENT OR STRATEGIC PLANNING VIEW POINT. X 178 0 X 39 1284403 MARKET QUOTE X 1 1968052 COUNTY TAX APPRAISAL 9 0 1 0 PART I, LINE 33: NO VALUES WERE REPORTED ON FORM 990 PART VIII, STATEMENT OF REVENUE, LINE G, FOR WORKS OF ART BECAUSE THE MUSEUM DID NOT CAPITALIZE ITS COLLECTIONS, AS ALLOWED UNDER GENERALLY ACCEPTED ACCOUNTING PRINCIPLES. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE ORGANIZATION'S GOVERNING BODY AND THE ORGANIZATION'S DIRECTOR OF FINANCE/CHIEF FINANCIAL OFFICER. FORM 990 IS SENT ELECTRONICALLY TO THE BOARD WITH AN OPPORTUNITY FOR MEMBERS TO PROVIDE COMMENT PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, THE BOARD MEMBERS AND COMMITTEE MEMBERS SHALL REPORT TO THE AUDIT COMMITTEE CONCERNING ALL TRANSACTIONS AND ALL BUSINESS OR PROFESSIONAL RELATIONSHIPS OF THE MUSEUM, WITH ANY OF THE COMPANIES, FIRMS OR INSTITUTIONS OR INVOLVING ANY OF THE INTERESTS AMOUNTING TO MORE THAN $10,000 PER YEAR. WHENEVER A MATTER INVOLVING ANY CONFLICT OF INTEREST ON THE PART OF ANY DIRECTOR IS DISCUSSED, OR PROPOSED FOR ACTION, SUCH CONFLICT SHALL BE DISCLOSED TO OTHER DIRECTORS PRESENT, AND THE DIRECTOR HAVING SUCH CONFLICT SHALL NOT VOTE OR USE HIS OR HER PERSONAL INFLUENCE ON THE MATTER. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION OF THE DIRECTOR/CEO OF THE TOLEDO MUSEUM OF ART IS DETERMINED ANNUALLY. IN ADDITION TO THE TERMS OF THE DIRECTOR'S/CEO'S EMPLOYMENT AGREEMENT, THE BOARD, THROUGH ITS CHAIR AND THE CHAIR OF THE LEADERSHIP & GOVERNANCE COMMITTEE, CONSIDER ALL RELEVANT FACTORS, INCLUDING BUT NOT LIMITED TO, EACH OF THE BOARD MEMBER'S EVALUATIONS OF THE DIRECTOR/CEO; THE DIRECTOR'S/CEO'S ACCOMPLISHMENT OF ANNUAL AND LONG TERM GOALS; THE REPUTATION AND IMPACT OF THE DIRECTOR/CEO IN THE COMMUNITY, REGION, ART WORLD AND OTHERWISE; AND COMPENSATION OF OTHER ART MUSEUM LEADERS WHOSE MUSEUMS ARE INCLUDED IN THE TOLEDO MUSEUM OF ART'S DISTINGUISHED PEER GROUP, AS WELL AS ART MUSEUMS THAT ARE OTHERWISE SIMILAR IN STATURE, SCOPE AND SIZE. THE DIRECTOR/CEO AND THE HUMAN RESOURCES DEPARTMENT WORK TOGETHER TO DETERMINE THE COMPENSATION OF ALL OTHER EMPLOYEES USING COMPARABLE MARKET DATA FOR SALARIES AND BENEFITS. FORM 990, PART VI, SECTION C, LINE 19 ALL OF THE ABOVE DOCUMENTS ARE AVAILABLE ON REQUEST. FORM 990, PART VI, LINE 2A: BASED ON THE INFORMATION THAT IS AVAILABLE TO THIS ORGANIZATION, NONE OF THE OFFICERS, DIRECTORS, TRUSTEES, OR KEY EMPLOYEES, OR HIGHEST COMPENSATED EMPLOYEES, OR HIGHEST COMPENSATED PROFESSIONAL AND OTHER INDEPENDENT CONTRACTORS ARE RELATED TO EACH OTHER THROUGH FAMILY RELATIONSHIPS. IN ADDITION, THEY DO NOT HAVE COMMON OWNERSHIP OF BUSINESSES NOR EMPLOYMENT RELATIONSHIPS WITH EACH OTHER. THESE INDIVIDUALS COULD HAVE PROFESSIONAL DEALINGS WITH EACH OTHER FROM TIME TO TIME IN THE NORMAL COURSE OF BUSINESS. HOWEVER, ANY SUCH BUSINESS DEALINGS AMONG THE SPECIFIED PARTIES WOULD NOT IMPACT THIS ORGANIZATION. FORM 990, PART VII, SECTION A: EFFECTIVE JULY 1, 2016, THE CHIEF OPERATING OFFICER (CAROL BINTZ) RETIRED. THE DUTIES OF THE C.O.O. WERE SPLIT AMONG THE DEPUTY DIRECTOR (AMY GILMAN), THE NEW ASSISTANT DIRECTOR (LYNN MILLER), AND THE NEW ASSOCIATE DIRECTOR (ADAM LEVINE). ADAM LEVINE AND LYNN MILLER WERE PROMOTED TO OFFICERS EFFECTIVE JULY 1, 2016. THEREFORE, THE COMPENSATION LISTED ON PART VII, SECTION A FOR ADAM LEVINE AND LYNN MILLER REFLECT ONLY A HALF YEAR OF OFFICER SALARY AT THEIR NEW PROMOTED OFFICER POSITIONS AND HALF YEAR OF SALARY IN THEIR OLD POSITIONS WITHIN THE MUSEUM FOR CALENDAR YEAR 2016, RATHER THAN A FULL YEAR OFFICER SALARY LIKE THE OTHER OFFICERS LISTED. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF PERPETUAL AND SPLIT-INTEREST TRUST 4,664,424. FAIR VALUE ADJUSTMENT - INTEREST RATE SWAP AGREEMENT 116,912. EDWARD D LIBBEY ENDOWMENT FUND KEYBANK NA PO BOX 10099 TOLEDO OH 436990099 346400765 MAKING GRANTS TO TOLEDO MUSEUM OF ART OH 501(C)(3) LINE 12D, III-O 0 FLORENCE S LIBBEY ENDOWMENT FUND KEYBANK NA PO BOX 10099 TOLEDO OH 436990099 344288280 MAKING GRANTS TO TOLEDO MUSEUM OF ART OH 501(C)(3) LINE 12D, III-O 0 CHARITABLE TRUSTS (6) CHARITABLE CONTRIBUTIONS OH N/A 0 POOLED INCOME FUND (1) CHARITABLE CONTRIBUTIONS OH N/A 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 EDWARD D LIBBEY ENDOWMENT FUND C 2205638 FLORENCE S LIBBEY ENDOWMENT FUND C 759728 BRANDES NON-US EQUITY PORTFOLIO 11988 EL CAMINO REAL SUITE 600 SAN DIEGO CA 92130 367045786 INVESTMENT INCOME CA EXCLUDED FROM TAX UNDER SECTIONS 512-514 0 562510 21975899 0 0 0.03840 INTECH US ENHANCED PLUS FUND LLC 151 DETROIT STREET DENVER CO 80206 200780118 INVESTMENT INCOME CO EXCLUDED FROM TAX UNDER SECTIONS 512-514 0 266669 15076389 0 0 0.02170