2012-08-13T10:51:13-05:00 2011-12-31 510076769 GUNNIP & COMPANY LLP 2751 CENTERVILLE RD STE 300 WILMINGTON DE 19808 990 2011-01-01 510065746 DELAWARE ART MUSEUM INC DELA 3025719590 2301 KENTMERE PARKWAY WILMINGTON DE 19806 MICHAEL R MILLER 3023518532 2012-08-13 1 ROBERT D MOSCH JR P00357449 3022255000 2011 2016-02-24 21:20:13Z DANIELLE RICE 2301 KENTMERE PKWY WILMINGTON DE 19806 33132975 0 X WWW.DELART.ORG X 1912 DE COLLECT,PRESERVE,EXHIBIT, & INTERPRET WORKS OF ART 25 25 69 205 0 0 1691663 6820098 281005 305122 674730 759456 -103463 -238143 2543935 7646533 0 0 0 0 1551637 1650013 0 0 373968 3111824 3300765 4663461 4950778 -2119526 2695755 55280013 52682745 25772099 21680808 29507914 31001937 THE MUSEUM'S MISSION IS TO CONNECT PEOPLE TO ART, OFFERING AN INCLUSIVE AND ESSENTIAL COMMUNITY RESOURCE THAT THROUGH ITS COLLECTIONS, EXHIBITIONS, AND PROGRAMS GENERATES CREATIVE ENERGY THAT SUSTAINS, ENRICHES, EMPOWERS, AND INSPIRES. 0 0 2413334 103343 CURATORIAL EXPENSES FOR THE CONSERVATION & EXHIBITION OF ART 660125 220932 EDUCATION 3073459 1 1 0 0 0 0 0 1 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 53 0 1 69 1 0 0 0 0 0 1 1 0 0 0 0 X 25 25 0 0 0 0 1 1 0 1 1 0 0 0 1 1 1 1 1 1 1 0 X X STACEY HARTNETT 3023518533 2301 KENTMERE PKWY WILMINGTON DE 19806 ALICIA HUGHES 1.00 X 0 0 0 ALYSSA S O'CONNELL 1.00 X 0 0 0 ANDREW T ROWE 1.00 X 0 0 0 BROCK J VINTON 1.00 X X 0 0 0 CAROL A AMMON 1.00 X 0 0 0 CAROL S ROTHSCHILD 1.00 X 0 0 0 CAROLYN S BURGER 1.00 X 0 0 0 CHARLES M ELSON 1.00 X 0 0 0 DANIEL M KRISTOL 1.00 X X 0 0 0 DAVID G BILLS 1.00 X 0 0 0 DENNI M FERRARA 1.00 X 0 0 0 DON DEWEES SR 1.00 X 0 0 0 DONALD J PUGLISI 1.00 X X 0 0 0 ELVA B FERRARI 1.00 X X 0 0 0 GERRET VAN S COPELAND 1.00 X X 0 0 0 JOAN L SHARP 1.00 X 0 0 0 JOANNE K SUNDHEIM 1.00 X 0 0 0 JOHN P GARNIEWSKI 1.00 X 0 0 0 JOSEPHINE VASSALLO 1.00 X 0 0 0 LAWRENCE I ZUTZ 1.00 X 0 0 0 LISA DAVIS 1.00 X 0 0 0 MARIA M BUCCINI 1.00 X 0 0 0 MICHAEL R MILLER 20.00 X X 37836 0 936 PAULA J MALONE 1.00 X 0 0 0 PHYLLIS AERENSON 1.00 X 0 0 0 RICHARD J IMMESBERGER 1.00 X 0 0 0 ROBERT J KRAPF 1.00 X 0 0 0 ROBERTS W BROKAW III 1.00 X 0 0 0 STUART M GRANT 1.00 X 0 0 0 UMA CHOWDHRY 1.00 X 0 0 0 WANDA M LOPEZ 1.00 X 0 0 0 DANIELLE RICE 40.00 X 152754 0 3701 190590 0 4637 1 0 1 0 ALLIED BARTON SECURITY SERVICE PO BOX 828854 PHILADELPHIA PA 19182 CONTRACT SECURITY 201917 1 176695 70630 103680 6469093 327746 6820098 EDUCATION 611710 220932 220932 ADMISSIONS 900099 51253 51253 CURATORIAL 900099 32937 32937 305122 521204 521204 25070850 24832598 238252 238252 238252 135654 70630 71271 64383 64383 260894 582573 -321679 -321679 MISCELLANEOUS 900099 19153 19153 19153 7646533 324275 0 502160 X 1650013 894874 576457 178682 140830 93033 17427 30370 63872 15368 43153 5351 101371 34942 66429 DEPRECIATION 941377 832094 84697 24586 BOND INTEREST AND OTHER 634846 634846 ALLOCATION OF MAINTENAN 616077 544558 55429 16090 EXHIBITS 224617 224617 577775 433973 24913 118889 4950778 3073459 1503351 373968 915671 817550 425728 3408455 18093 8801 319077 370821 184216 166856 37202088 10724534 27531203 26477554 25006553 20576287 879472 856421 55280013 52682745 157325 199041 32025 60734 24800000 20800000 782749 621033 25772099 21680808 X 27013173 24989042 1358684 3449889 1136057 2563006 29507914 31001937 55280013 52682745 X 2695755 -1201732 X X 0 1 1 X 0 X 6166135 1923748 1806996 1691663 6729166 18317708 289795 605318 276862 281005 305122 1758102 6455930 2529066 2083858 1972668 7034288 20075810 988193 1448640 214742 471338 2200049 5322962 0 988193 1448640 214742 471338 2200049 5322962 14752848 735819 455126 458792 399970 521204 2570911 735819 455126 458792 399970 521204 2570911 7191749 2984192 2542650 2372638 7555492 22646721 0.65140 0.70770 0.11350 0.12350 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X 0 26018138 4961317 -376137 6759864 23843454 24288259 803680 2470507 1814308 26018138 21032245 639318 5871510 3254814 24288259 33440521 966600 -9854488 3520388 21032245 0.74780 0.14470 0.10750 1 0 608260 608260 34796272 9243409 25552863 20602 7294 13308 1776954 1473831 303123 26477554 CURRENT VALUE OF DERIVATIVE INSTRUMENT 621033 621033 7646533 4950778 2695755 -1201732 -1201732 1494023 6444801 -1201732 -1201732 7646533 0 7646533 4950778 0 4950778 0 4950778 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: ENDOWMENT EARNINGS ARE USED BY THE MUSEUM TO FUND MUSEUM OPERATIONS AND ART AND CAPITAL ACQUISITIONS. THE MUSEUM HOUSES 12,000 WORKS OF ART, INCLUDING MAJOR COLLECTIONS OF AMERICAN AND BRANDYWINE VALLEY ILLUSTRATORS (INCLUDING HOWARD PYLE), THE LARGEST COLLECTION OF PRE-RAPHAELITE ART OUTSIDE ENGLAND, CONTEMPORARY REGIONAL AND BRANDYWINE VALLEY ARTISTS, WORK BY AMERICAN ARTIST JOHN SLOAN, AS WELL AS A SURVEY OF AMERICAN ART IN VARIOUS MEDIA (1757 - PRESENT). THE MUSEUM'S HELEN FARR SLOAN LIBRARY & ARCHIVES CONTAINS OVER 38,000 ART AND REFERENCE VOLUMES AS WELL AS OVER 2,000 LINEAR FEET OF MANUSCRIPT AND ARCHIVAL MATERIAL RELATED TO THE COLLECTIONS. IN ADDITION, THE MUSEUM HAS THE ONLY SCULPTURE GARDEN IN THE REGION. SCHEDULE D, PART X, LINE 2: THE MUSEUM IS EXEMPT FROM INCOME TAXES UNDER THE PROVISIONS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE BUT CAN BE SUBJECT TO TAX ON UNRELATED TRADE OR BUSINESS INCOME; ACCORDINGLY, THERE IS NO INCOME TAX PROVISION. THE MUSEUM ADOPTED FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) ACCOUNTING STANDARD CODIFICATION 740 EFFECTIVE JANUARY 1, 2009. FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010, THE MUSEUM HAS DETERMINED IT DID NOT HAVE A MATERIAL TAX LIABILITY FOR UNCERTAIN TAX POSITIONS. THE MUSEUMS POLICY FOR PENALTIES AND INTEREST ASSESSED BY INCOME TAXING AUTHORITIES IS TO INCLUDE THEM IN ADMINISTRATIVE EXPENSES. FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010, THE MUSEUM DID NOT INCUR ANY INTEREST AND PENALTIES FROM TAXING AUTHORITIES. THE 2008, 2009 AND 2010 FEDERAL RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX (FORM 990) FOR THE MUSEUM ARE SUBJECT TO EXAMINATION BY THE IRS, GENERALLY FOR THREE YEARS AFTER THEY WERE FILED. CENTENNIAL GALA 117300 41200 76100 24273 1525 23666 HOLIDAY HOUSE TOUR 21728 7010 14718 5800 4 44855 22420 22435 26402 10446 5158 183883 70630 113253 50675 11971 34624 97270 15983 X X X X 0 0 0 0 0 0 0 0 0 DANIELLE RICE 150402 0 0 0 2352 0 3701 0 0 0 156455 0 0 0 CITY OF WILMINGTON DELAWARE 510176414 971604AB9 2003-05-23 RENOVATE & EXPAND DELAWARE ART MUSEUM BUILDING 0 0 0 2005 0 0 0 0 0 0 0 0 1 0 1 1 WACHOVIA 10.000000000000 0 0 0 0 1 X 283 0 X 0 X 6 327746 AVERAGE HIGH & LOW 3 0 1 0 FORM 990, PART VI, SECTION A, LINE 6 THE MEMBERS OF THE MUSEUM CONSIST OF PERSONS WHO PAY DUES ESTABLISHED FOR ANY CLASS OF MEMBERSHIP. FORM 990, PART VI, SECTION A, LINE 7A ANNUAL MEETINGS OF THE MEMBERSHIP ARE HELD TO VOTE ON THE ELECTION OF TRUSTEES AND REVIEW THE BUSINESS OF THE MUSEUM. FORM 990, PART VI, SECTION B, LINE 11 THE MUSEUM'S BY-LAWS GIVES RESPONSIBILITY FOR OVERSEEING THE FILING OF FORM 990 TO THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES. THE AUDIT COMMITTEE REVIEWS THE FORM 990 PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C EACH TRUSTEE MUST CERTIFY ANNUALLY THAT THEY HAVE REVIEWED THE ETHICS GUIDELINES FOR TRUSTEES AND DISCLOSE ANY POSSIBLE VIOLATION OF THE PRINCIPLES SET FORTH THEREIN. SIMILARLY, EVERY YEAR ALL EMPLOYEES MUST CERTIFY THAT THEY HAVE REVIEWED THE EMPLOYEE CODE OF ETHICS AND DISCLOSE ANY POSSIBLE VIOLATION OF THE PRINCIPLES SET FORTH THEREIN. ALL DISCLOSURES ARE REVIEWED BY THE AUDIT COMMITTEE. FORM 990, PART VI, SECTION B, LINE 15 THE BY-LAWS REQUIRE THAT THE COMPENSATION FOR THE EXECUTIVE DIRECTOR AND CHIEF FINANCIAL OFFICER BE SET BY THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES. IN ESTABLISHING THE LEVEL OF COMPENSATION THE COMMITTEE FOLLOWS THE PROCESS DESCRIBED BELOW WHICH IS USED BY MANAGEMENT IN ESTABLISHING COMPENSATION FOR EMPLOYEES. A POSITION DESCRIPTION IS PREPARED AND PERIODICALLY UPDATED FOR EACH POSITION IN THE MUSEUM. COMPENSATION GUIDELINES FOR EACH POSITION ARE ESTABLISHED BY THE HUMAN RESOURCES MANAGER BY BENCHMARKING THE POSITIONS AGAINST THE SAME OR SIMILAR POSITIONS IN OTHER MUSEUMS AND/OR OTHER LOCAL ENTITIES WHICH EMPLOY INDIVIDUALS WHO WOULD COMPETE FOR THE POSITION (E.G., A DEVELOPMENT POSITION IN OTHER NOT-FOR-PROFIT ORGANIZATIONS WOULD COMPETE FOR A MUSEUM DEVELOPMENT POSITION). SALARY RANGE BENCHMARKS ARE ESTABLISHED BY USING SURVEYS CONDUCTED BY THE ASSOCIATION OF ART MUSEUM DIRECTORS (AAMD), THE NON-PROFIT TIMES AND SURVEYS OF LOCAL NOT-FOR-PROFIT ORGANIZATIONS. THE MUSEUM ENDEAVORS TO SET EACH EMPLOYEES SALARY WITHIN THE SALARY RANGE BASED ON THE EMPLOYEES DEMONSTRATED LEVEL OF COMPETENCIES (E.G., SOMEONE WHO HAS MANY YEARS OF EXPERIENCE IN A POSITION AT ANOTHER MUSEUM WOULD BE PLACED ABOVE THE MEAN SALARY FOR THAT POSITION AND SOMEONE WHO IS NEW TO A POSITION WOULD BE PLACED BELOW THE MEAN AND WOULD MOVE AS COMPETENCIES ARE DEMONSTRATED). FORM 990, PART VI, SECTION C, LINE 19 THE MUSEUM'S AUDITED FINANCIAL STATEMENTS ARE AVAILABLE ON ITS WEBSITE. THE MUSEUM'S FORM 990, GOVERNING DOCUMENTS AND CONFLICT OF INTEREST STATEMENT ARE AVAILABLE ON REQUEST. ALL OTHER FUNCTIONAL EXPENSES FORM 990, PART X, LINE 24E CONTRACT SECURITY SERVICES: PROGRAM SERVICE EXPENSES 194,578. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 610. TOTAL EXPENSES 195,188. PROFESSIONAL FEES: PROGRAM SERVICE EXPENSES 8,849. MANAGEMENT AND GENERAL EXPENSES 101,948. FUNDRAISING EXPENSES 48,480. TOTAL EXPENSES 159,277. COLLECTION ASSESSIONS: PROGRAM SERVICE EXPENSES 90,932. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 90,932. OTHER: PROGRAM SERVICE EXPENSES 13,741. MANAGEMENT AND GENERAL EXPENSES 48,237. FUNDRAISING EXPENSES 16,120. TOTAL EXPENSES 78,098. SPECIAL EVENTS: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 50,211. TOTAL EXPENSES 50,211. CONSERVATION AND COLLECTION CARE: PROGRAM SERVICE EXPENSES 43,814. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 43,814. PRINTING: PROGRAM SERVICE EXPENSES 23,136. MANAGEMENT AND GENERAL EXPENSES 16,773. FUNDRAISING EXPENSES 3,350. TOTAL EXPENSES 43,259. POSTAGE AND SHIPPING: PROGRAM SERVICE EXPENSES 14,124. MANAGEMENT AND GENERAL EXPENSES 19,238. FUNDRAISING EXPENSES 118. TOTAL EXPENSES 33,480. PROGRAMS: PROGRAM SERVICE EXPENSES 32,277. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 32,277. MAINTENANCE: PROGRAM SERVICE EXPENSES 12,522. MANAGEMENT AND GENERAL EXPENSES 433. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 12,955. APPRECIATION OF FAIR VALUE DERIVATIVE INSTRUMENT: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES -161,716. FUNDRAISING EXPENSES 0. TOTAL EXPENSES -161,716. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -1,201,732. THE PROCESS FOR OVERSIGHT OF THE AUDITED FINANCIAL STATEMENTS AND SELECTING THE OUTSIDE INDEPENDENT AUDITORS HAS NOT CHANGED FROM THE PRIOR YEAR.