2016-05-06T10:26:50-05:00 2015-06-30 135565207 KPMG LLP 1676 INTERNATIONAL DRIVE MCLEAN VA 22102 990 2014-07-01 231365388 Philadelphia Museum of Art PHIL 2157638100 PO Box 7646 Philadelphia PA 191017646 ROBERT T RAMBO CFO 2156847801 2016-05-06 1 P00634378 7032868000 2014 2016-08-17 19:52:53Z Timothy Rub PO Box 7646 Philadelphia PA 191017646 177948708 0 X www.philamuseum.org X 1876 PA Collecting, maintaining and displaying works of art. 68 66 692 456 281863 0 74214787 48311592 6227228 6364342 21880828 20690878 2780756 1666249 105103599 77033061 0 0 0 0 27489515 27918047 438202 370933 4733186 36425014 36354204 64352731 64643184 40750868 12389877 871523013 883285985 78960652 80880844 792562361 802405141 X See Schedule O.The Philadelphia Museum of Art in partnership with the city, the region and art museums around the globe - seeks to preserve, enhance, interpret and extend the reach of its great collections in particular and the visual arts in general, to an increasing and increasingly diverse audience as a source of delight, illumination, and lifelong learning. 0 0 12545223 368681 Curatorial activities, including collection care and the acquisition of various art objects. 4732226 1141692 Special exhibition program including the presentation of the following exhibitions, Paul Strand: Master of Modern Photography, Represent: 200 Years of African American Art, Drawn with Spirit: Pennsylvania German Fraktur from the Joan and Victor Johnson Collection and Ink and Gold: Art of the Kano 3507086 419204 Education programs for children, disabled, and general public to provide a better understanding of Museum's collection & art in general. Program attendance - 194,318. 18489643 Security & maintenance 1102758 919868 Museum shop operating expenses 1497894 Marketing 2074092 159647 Various publications 3320408 4301917 Membership and visitor services 306962 61601 Rights & reproductions and photography 465214 280281 Group sales and special events 2109559 Information services, audio visual and telecommunications 870153 Library and community programs 30236683 5723314 51021218 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 1 0 0 0 1 0 0 1 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 1 0 0 0 1 259 0 1 692 1 1 1 0 0 0 0 1 1 0 0 0 0 X 68 66 1 0 1 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 PA NJ NY CT FL CA AL AK AR CO GA HI IL KS KY LA ME MD MA MI MN MS MO NV NH NM NC ND OH OK OR RI SC TN UT VA WA WV WI DC X Robert T Rambo 2156847801 2525 Pennsylvania Avenue Philadelphia PA 19130 Timothy F Rub Director and CEO 35.00 X X 517795 0 39001 Gail M Harrity President and COO 35.00 X X 363833 0 28113 John R Alchin Trustee 1.00 X 0 0 0 Dennis Alter Trustee 1.00 X 0 0 0 Barbara Aronson Trustee 1.00 X 0 0 0 Sheldon M Bonovitz Trustee 1.00 X 0 0 0 Ira Brind Trustee 1.00 X 0 0 0 Julian Brodsky Trustee 1.00 X 0 0 0 Priscilla S Brown Trustee 1.00 X 0 0 0 Renee Chenault-Fattah Trustee 1.00 X 0 0 0 Dr Constance E Clayton Trustee 1.00 X 0 0 0 Peter D Davenport Trustee 1.00 X 0 0 0 Hon Nelson A Diaz Trustee 1.00 X 0 0 0 John G Drosdick Trustee 1.00 X 0 0 0 Edward Fernberger Jr Trustee 1.00 X 0 0 0 Jaimie Spector Field Trustee 1.00 X 0 0 0 Penny Fox Trustee 1.00 X 0 0 0 Mrs Jack M Friedland Trustee 1.00 X 0 0 0 David Haas Trustee 1.00 X 0 0 0 Lynne Honickman Trustee 1.00 X 0 0 0 Joan M Johnson Trustee 1.00 X 0 0 0 Berton E Korman Trustee 1.00 X 0 0 0 Ronald P Lassin Trustee 1.00 X 0 0 0 Victoria McNeil Le Vine Trustee 1.00 X 0 0 0 Maxine Lewis Trustee 1.00 X 0 0 0 Mary Patterson McPherson Trustee 1.00 X 0 0 0 John J Medveckis Trustee 1.00 X 0 0 0 Martha Hamilton Morris Trustee 1.00 X 0 0 0 John A Nyheim Trustee-term ended 1.00 X 0 0 0 Raymond G Perelman Trustee 1.00 X 0 0 0 Lynda Resnick Trustee-term ended 1.00 X 0 0 0 Mark E Rubenstein Trustee 1.00 X 0 0 0 Keith L Sachs Trustee 1.00 X 0 0 0 David William Seltzer Trustee 1.00 X 0 0 0 Martha McGeary Snider Trustee 1.00 X 0 0 0 Marion Stroud Swingle Trustee 1.00 X 0 0 0 Bruce E Toll Trustee 1.00 X 0 0 0 Constance H Williams Trustee 1.00 X 0 0 0 Dr John T Williams Trustee 1.00 X 0 0 0 Jerry Wind Trustee 1.00 X 0 0 0 Charles K Williams II Trustee 1.00 X 0 0 0 Mickey Cartin Trustee-Term ended 1.00 X 0 0 0 H Richard Dietrich III Trustee 1.00 X 0 0 0 Dr Donald B Parks Trustee 1.00 X 0 0 0 Lyn M Ross Trustee 1.00 X 0 0 0 Tom Corbett Trustee Ex Officio-Term Ended 1.00 X 0 0 0 Michael A Nutter Trustee Ex Officio 1.00 X 0 0 0 Darell L Clark Trustee Ex Officio 1.00 X 0 0 0 Anja Levitties Trustee Ex Officio-Term Ended 1.00 X 0 0 0 Marsha W Rothman Trustee 1.00 X 0 0 0 Gretchen Burke Trustee 1.00 X 0 0 0 Angelica Zander Rudenstine Trustee 1.00 X 0 0 0 Joan F Thalheimer Trustee 1.00 X 0 0 0 Marta Adelson Trustee 1.00 X 0 0 0 Osagie O Imasogie Trustee 1.00 X 0 0 0 Leslie A Miller Trustee 1.00 X 0 0 0 Pia Roy Chowdhury Trustee 1.00 X 0 0 0 Sueyun Locks Trustee 1.00 X 0 0 0 Dean C Pappas Trustee 1.00 X 0 0 0 Orlando Esposito Trustee Ex Officio-Term Ended 1.00 X 0 0 0 Andrea M Baldeck MD Trustee 1.00 X 0 0 0 Kimberley H Gray Trustee 1.00 X 0 0 0 Anne F Hamilton Trustee 1.00 X 0 0 0 Larry Magid Trustee 1.00 X 0 0 0 Bonnie F McCausland Trustee 1.00 X 0 0 0 Ajay Raju Trustee 1.00 X 0 0 0 Regina H Pakradooni Trustee Ex Officio 1.00 X 0 0 0 Dr Jolley B Christman Trustee Ex Officio 1.00 1.00 X 0 0 0 James D Pagliaro Esq Trustee Ex Officio 1.00 X 0 0 0 Zoe S Pappas Trustee Ex Officio-Term Ended 1.00 X 0 0 0 Tom Wolf Trustee Ex Officio 1.00 X 0 0 0 Ineke M Dikland Trustee Ex Officio 1.00 X 0 0 0 Romulo L Diaz Jr Trustee Ex Officio 1.00 X 0 0 0 Amy A Fox Trustee Ex Officio 1.00 X 0 0 0 David D Langfitt Trustee 1.00 X 0 0 0 Robert T Rambo CFO 35.00 1.00 X 265022 0 27613 Lawrence Berger Secretary 35.00 X 160866 0 21896 Alice Beamesderfer Deputy Director for Collec 35.00 X 164564 0 23110 Kelly M O'Brien Director of Development 35.00 X 224788 0 18711 Ali Shaikholislami Director of Engineering&Fa 35.00 X 175758 0 15138 David Blackman Deputy Director of Develop 35.00 X 168173 0 23775 William Weinstein Director of IIT 35.00 X 145234 0 20314 Jennifer Francis Director of Marketing and 35.00 1.00 X 173939 0 12420 Carlos Basualdo Curator of Contemporary Art 35.00 X 151256 0 8235 Stuart Gerstein Director of Retail Operations 35.00 X 140813 0 5391 2652041 0 243717 31 0 1 0 Allied Barton Security Services 161 Washington Street Suite 600 Conshohocken PA 19428 Security 3580583 Gehry Partners LLP 12541 Beatrice Street Los Angeles CA 90066 Architects 1998884 CAMBRIDGE ASSOCIATES LLC 125 High Street Boston MA 02110 Investment 652244 LF Driscoll Co 9 PRESIDENTIAL BOULEVARD Bala Cynwyd PA 19004 Construction 638139 LIMBACH 175 TITUS AVENUE Suite 100 Warrington PA 18976 Maintenance 313029 11 5252455 8965616 34093521 5225129 48311592 Admissions 900099 4242857 4242857 Parking revenues 812930 710696 710696 Education programs 611710 419204 419204 Concession fees 900099 374060 374060 Rental of space 900099 248742 248742 368783 368783 6364342 5850581 281863 5568718 114544854 99704557 14840297 14840297 14840297 2130958 1211090 919868 919868 Miscellaneous 900099 377700 377700 Sale of art objects 900099 368681 368681 746381 77033061 6568135 281863 21871471 1639023 714954 924069 20855763 17012489 1408042 2435232 821780 662099 82081 77600 2741601 2345632 148401 247568 1859880 1464612 192678 202590 80000 80000 77168 77168 108590 108590 370933 370933 3420131 3420131 1135557 1135557 2250133 1667531 147771 434831 260058 203954 26812 29292 8299173 7811643 307709 179821 472214 386941 59668 25605 46368 33819 1681 10868 575730 398119 147698 29913 7750046 7262568 307677 179801 1070658 324843 745055 760 Special exhibitions 3593785 3593785 Acquisitions 2410522 2410522 Education, library & co 1417831 1417831 Administration - Other 807275 807275 2578965 2065729 4864 508372 64643184 51021218 8888780 4733186 64052802 68112672 69857879 68109957 1842395 958196 2484550 2151668 3869007 4028942 349853589 75791323 266524596 274062266 97146705 92666337 354321588 361905005 11423491 11290942 871523013 883285985 12346359 14627148 1047706 1192873 58535000 54913093 6000000 7031587 4147730 78960652 80880844 X 317115526 318807269 177780293 180483782 297666542 303114090 792562361 802405141 871523013 883285985 X 12389877 -1652003 -895094 X 0 1 X 1 1 1 X 43990030 56421946 62753499 74214787 48311592 285691854 3200000 2950000 2900000 3500000 3250000 15800000 47190030 59371946 65653499 77714787 51561592 301491854 26086185 275405669 5696226 5088986 5490000 6138055 5850581 28263848 320248 2371215 3471682 1349261 746381 8258787 338014489 52950268 0.81480 0.81420 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 111862 111862 64531322 64643184 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 106065 96658 100102 111862 414687 250000 250000 250000 250000 1000000 1500000 X X X X 0 451468293 10890251 13315022 21102224 454571342 382041487 16033508 72934553 19541255 451468293 345353338 8051322 47045120 18408293 382041487 363013624 8723595 -9138864 17245017 345353338 306840267 8274320 64541782 16642745 363013624 0.19330 0.80670 1 0 2983347 2983347 285110658 69582529 215528129 11616126 6208794 5407332 50143458 50143458 274062266 Limited partnerships and other 788320 F Global bond funds 13923762 F US stock funds 47018786 F Global stock funds 41880805 F Global(exUS)developed mkts stock fds 57844574 F Global(exUS)emerging mkts stock fds 21609006 F Hedge funds 100578621 F Private equity & venture capital fds 34259996 F Mortgage backed securities funds 11462435 F Real asset funds 2455256 F Private real estate funds 17934753 F Oil and gas funds 12148691 F 361905005 Obligations under split-interest agreements 2140690 Contractual obligations 2007040 4147730 X 75526923 -1652003 3250000 315996 1913993 73612930 3420131 3420131 77033061 65684143 3250000 1211090 4461090 61223053 3420131 3420131 64643184 Part III, Line 1a: The collections, which were acquired through purchases and contributions since the Museum's inception, are not recognized as assets on the statement of financial position. Purchases of collection items are recorded as decreases in net assets in the year in which the items are acquired. Unexpended proceeds from deaccessions are reflected in the unrestricted net asset class. Their use is limited, however, by museum professional standards, which require that such proceeds be made available solely for acquisition of other art objects. Part III, Line 4: The Museum is home to over 227,000 objects, spanning the creative achievements of the Western world since the first century AD and those of Asia since the third millennium BC. The European holdings date from the Medieval era to the present, and the collection of arms and armor is the second largest in the United States. The American collections are among the finest in the country, as are the expanding collections of modern and contemporary art. In addition, the Museum houses encyclopedic holdings of costume and textiles as well as prints, drawings, and photographs that are displayed in rotation for reasons of preservation. Part V, Line 4: The endowment is used to maintain the collection of artwork and to acquire future works of art that enhance and promote the mission of the Philadelphia Museum of Art. Part X, Line 2: The Museum has been recognized by the Internal Revenue Service as exempt from federal income tax under Section 501(c)(3) of the U.S. Internal Revenue Code, except for taxes on income from activities unrelated to its exempt purpose. Accordingly, no provision for income taxes has been made in the accompanying financial statements. Accounting principles generally accepted in the United States require management to evaluate tax positions taken by the Museum and recognize a tax liability (or asset) if the museum has an uncertain tax position that more likely than not would not be sustained upon examination by the IRS. Management has concluded that as of June 30, 2015, there are no uncertain tax positions taken or expected to be taken by the Museum that would require recognition of a liability (or asset) or disclosure in the financial statements. Part XI, Line 2d - Other Adjustments: Cost of goods sold 1,211,090. Change in FMV of interest rate exchange agreements -895,094. Part XII, Line 2d - Other Adjustments: Cost of goods sold 1,211,090. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 72360603 EUROPE 0 0 INVESTMENTS 8066774 0 0 0 0 0 0 80427377 0 80427377 1 0 1 1 1 0 X X X X X X 1 GRENZEBACH GLIER & ASSOCIATES INC 401 N MICHIGAN AVENUE SUITE 2800 CHICAGO IL 60611 CONSULTANT 0 0 226501 -226501 WINSPER 101 ARCH STREETSUITE 240 BOSTON MA 02110 CONSULTANT 0 0 93432 -93432 CDR FUNDRAISER GROUP 16900 SCIENCE DRIVE SUITE 210 BOWIE MD 20715 CONSULTANT 0 0 51000 -51000 370933 -370933 PA NJ NY CT FL CA AL AK AR CO GA HI IL KS KY LA ME MD MA MI MN MS MO NV NH NM NC ND OH OK OR RI SC TN UT VA WA WV WI DC Schedule G, Part I, Line 2b, Column (v) CONSULTING SERVICES X X X X 0 0 0 0 0 0 0 0 0 Timothy F Rub Director and CEO 515815 0 0 0 1980 0 12875 0 26126 0 556796 0 0 0 Gail M Harrity President and COO 361853 0 0 0 1980 0 12875 0 15238 0 391946 0 0 0 Robert T Rambo CFO 261212 0 0 0 3810 0 12875 0 14738 0 292635 0 0 0 Lawrence Berger Secretary 157901 0 0 0 2965 0 7331 0 14565 0 182762 0 0 0 Alice Beamesderfer Deputy Director for Collec 162936 0 0 0 1628 0 8511 0 14599 0 187674 0 0 0 Kelly M O'Brien Director of Development 224338 0 0 0 450 0 7956 0 10755 0 243499 0 0 0 Ali Shaikholislami Director of Engineering&Fa 172473 0 0 0 3285 0 8842 0 6296 0 190896 0 0 0 David Blackman Deputy Director of Develop 167589 0 0 0 584 0 8668 0 15107 0 191948 0 0 0 William Weinstein Director of IIT 144315 0 0 0 919 0 5302 0 15012 0 165548 0 0 0 Jennifer Francis Director of Marketing and 172837 0 0 0 1102 0 6130 0 6290 0 186359 0 0 0 Carlos Basualdo Curator of Contemporary Art 150765 0 0 0 491 0 7315 0 920 0 159491 0 0 0 A Philadelphia Authority for Industrial Development 232237287 7178184U9 2010-06-23 66820000 Reissuance of Revenue Bonds(Philadelphia Museum of Art Project)Series 2008 0 0 0 A 11525000 66820000 66820000 66820000 2010 1 0 1 1 A 0 0 0 0 0 0 1 A 0 0 0 1 1 0 0 0 1 A 1 Schedule K, Part IV, Line 2(c) Rebate computation for the period from June 23, 2010 to June 22, 2015 (the "Computation Period") was completed on August 21, 2015. X 1617 X 85 5225129 Market Value 48 0 0 0 Form 990, Part VI, Section A, line 2 Dean C. Pappas, Trustee, and Zoe S. Pappas, Trustee Ex Officio (term ended), have a family relationship. Form 990, Part VI, Section A, line 4 On October 16, 2014, the by-laws of the Museum amended the definition of "Members of the Corporation" Form 990, Part VI, Section A, line 6 The Members of the Corporation consist of (i) the Elected Trustees, (ii) the Trustees Ex. Officio, (iii) the Honorary Trustees, and (iv) Trustee Emeriti. Form 990, Part VI, Section A, line 7a The Elected Trustee shall be elected by the Members of the Corporation at the annual meeting of the Members of the Corporation. Form 990, Part VI, Section A, line 7b The Bylaws of the Corporation may only be amended by the Members of the Corporation. Form 990, Part VI, Section B, line 11 Form 990 is prepared by the Museum's Finance Department. The return is reviewed by management and outside independent tax advisors. The return is made available to all trustees for review prior to it being filed with Internal Revenue Service. Form 990, Part VI, Section B, line 12c The Museum's Conflict of Interest Policy is reviewed and updated periodically by The Museum's Board of Trustees. The Museum's Board of Trustees and Officers complete an Annual Related Party Questionnaire. The Museum's Conflict of Interest Policy requires, among other things, that trustees and officers disclose conflicts and potential conflicts and that interested parties not participate in any vote to consider a transaction that might constitute a conflict. Form 990, Part VI, Section B, line 15 The process the Museum uses to establish compensation for officers and key employees includes a complete review of executive compensation levels by the Museum's independent Compensation subcommittee. The review is based on a market analysis prepared by the Museum's Finance department under the direction and supervision of the Compensation subcommittee using published compensation surveys and available tax returns for Not-for-profit organizations comparable in scope and size to the Philadelphia Museum of Art. The Compensation subcommittee contemporaneously documents the results of the deliberations and decisions in the minutes. Form 990, Part VI, Section C, line 19 The Museum's Form 990 is posted annually on the website www.guidestar.org. The Museum also publishes an annual report, which includes the audited Statement of Financial Position, Statement of Activities and Statement of Cash Flows. Commencing in 2011, the Museum's Annual Report and Audited Financial Statements are posted on its website. The Museum's governing documents and conflict of interest policy are available upon request. Form 990, Part XI, line 9: Change in fair value of interest rate exchange agreement -895,094. The Anne H & Frederick Vogel III Collection for Philadelphia Museum of Art PO Box 7646 Philadelphia PA 19101 364459089 Assembling a collection of American Furniture & Decorative Art for PMA. PA 501(c)3 509(a)(3) I Philadelphia Museum of Art 1 Samuel S Fleisher Art Memorial PO Box 7646 Philadelphia PA 19101 232249360 Operate and maintain a school of art and museum. PA 501(c)3 9 N/A 0 Charitable Remainder Trusts - PA (4) CHARITABLE TRUST PA N/A T 0 Charitable Remainder Trusts - NC (3) CHARITABLE TRUST NC N/A T 0 Charitable Remainder Trusts - NY (1) CHARITABLE TRUST NY N/A T 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 Charitable Remainder Trusts - PA (2) A 104318 FMV Charitable Remainder Trusts - NC (3) A 53424 FMV Charitable Remainder Trusts - NY (1) A 9281 FMV