2011-05-16T11:53:48-05:00 2010-06-30 KPMG LLP 1676 INTERNATIONAL DRIVE MCLEAN VA 22102 990 2009-07-01 231365388 Philadelphia Museum of Art PHIL 2157638100 PO Box 7646 Philadelphia PA 191017646 ROBERT T RAMBO 2156847801 2011-05-16 KPMG 7032868000 2009 2016-02-24 21:20:13Z Timothy Rub PO Box 7646 Philadelphia PA 191017646 369470831 0 X www.philamuseum.org X 1876 PA Collecting, maintaining and displaying works of art. 69 66 854 551 -1334663 -1363200 63375285 67601617 7338214 7975558 -12326491 3791757 1166950 1022346 59553958 80391278 0 0 24474361 23484898 510756 147464 3767300 38719976 49441089 63705093 73073451 -4151135 7317827 625157310 668655898 93872887 93254278 531284423 575401620 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 18764500 The acquisition of approximately 60 works of art for display in the Museum, serving the general public. 1636000 121775 Special exhibition - Late Renoir: This exhibition featured the renowned painter Pierre-Auguste Renoir through the final and most fertile and innovative decades of his career. At the height of his creative powers and looking toward posterity, Renoir created art that was timeless, enticing, and worthy of comparison to the greatest of the old masters, such as Raphael, Titian, and Rubens. 3396670 541982 Education programs for children, disabled, and general public to provide a better understanding of Museum's collection & art in general. Program attendance - 166,764. 1997923 Conservation of works of art - restoration, repair and preservation of various objects in the collections during fiscal year 2010. 15802055 Security & maintenance 5963944 Curatorial and collections activities 1561545 1391351 Museum shop operating expenses 1136881 Marketing 2991544 1704945 Various special exhibitions 1747055 245296 Various publications 4513566 4882131 Membership and visitor services 298459 136941 Rights & reproductions and photography 455995 239564 Group sales and special events 257146 External affairs 1594204 Information services, audio visual and telecommunications 38320317 8600228 62117487 1 1 0 1 0 0 1 0 1 1 1 0 0 0 0 0 0 1 0 0 0 0 0 1 1 0 0 0 0 1 0 0 0 0 0 1 1 0 0 0 1 0 0 0 1 168 0 1 854 1 1 1 1 CJ CA EI 0 0 0 1 1 0 0 0 69 66 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 PA NJ NY X Robert T Rambo 2156847801 PO Box 7646 Philadelphia PA 191017646 John R Alchin 1.00 X 0 0 0 Dennis Alter 1.00 X 0 0 0 Barbara Aronson 1.00 X 0 0 0 Jack R Bershad 1.00 X 0 0 0 Sheldon M Bonovitz 1.00 X 0 0 0 Dr Luther W Brady Jr 1.00 X 0 0 0 Ira Brind 1.00 X 0 0 0 Julian Brodsky 1.00 X 0 0 0 Priscilla S Brown 1.00 X 0 0 0 Renee Chenault-Fattah 1.00 X 0 0 0 Dr Constance E Clayton 1.00 X 0 0 0 Betsy Z Cohen 1.00 X 0 0 0 Hon William T Coleman Jr 1.00 X 0 0 0 Ruth M Colket 1.00 X 0 0 0 Peter D Davenport 1.00 X 0 0 0 Hon Nelson A Diaz 1.00 X 0 0 0 Edith Robb Dixon 1.00 X 0 0 0 John G Drosdick 1.00 X 0 0 0 Edward Fernberger Jr 1.00 X 0 0 0 Jaimie Spector Field 1.00 X 0 0 0 Penny Fox 1.00 X 0 0 0 Mrs Jack M Friedland 1.00 X 0 0 0 David Haas 1.00 X 0 0 0 Lynne Honickman 1.00 X 0 0 0 Joan M Johnson 1.00 X 0 0 0 Kenneth S Kaiserman 1.00 X 0 0 0 James Nelson Kise 1.00 X 0 0 0 Berton E Korman 1.00 X 0 0 0 Ronald P Lassin 1.00 X 0 0 0 HF Gerry Lenfest 1.00 X 0 0 0 Victoria McNeil Le Vine 1.00 X 0 0 0 Maxine Lewis 1.00 X 0 0 0 Charles E Mather III 1.00 X 0 0 0 John H McFadden 1.00 X 0 0 0 Mary Patterson McPherson 1.00 X 0 0 0 John J Medveckis 1.00 X 0 0 0 Harvey S Shipley Miller 1.00 X 0 0 0 Martha Hamilton Morris 1.00 X 0 0 0 Ronald J Naples 1.00 X 0 0 0 Theodore T Newbold 1.00 X 0 0 0 John A Nyheim 1.00 X 0 0 0 Raymond G Perelman 1.00 X 0 0 0 Lynda Resnick 1.00 X 0 0 0 Andrew M Rouse 1.00 X 0 0 0 Mark E Rubenstein 1.00 X 0 0 0 Keith L Sachs 1.00 X 0 0 0 David William Seltzer 1.00 X 0 0 0 Martha McGeary Snider 1.00 X 0 0 0 Marion Stroud Swingle 1.00 X 0 0 0 Bruce E Toll 1.00 X 0 0 0 Constance H Williams 1.00 X 0 0 0 Dr John T Williams 1.00 X 0 0 0 Jerry Wind 1.00 X 0 0 0 Charles K Williams II 1.00 X 0 0 0 Mickey Cartin 1.00 X 0 0 0 H Richard Dietrich III 1.00 X 0 0 0 Dr Donald B Parks 1.00 X 0 0 0 Lyn M Ross 1.00 X 0 0 0 Edward G Rendell 1.00 X 0 0 0 Michael A Nutter 1.00 X 0 0 0 Anna C Verna 1.00 X 0 0 0 Nancy Barness 1.00 X 0 0 0 Mary Anne Dutt Justice 1.00 X 0 0 0 Liz Price 1.00 X 0 0 0 Lisa D Kabnick 1.00 X 0 0 0 Sherry A Varrelman 1.00 X 0 0 0 Cynthia Holstad 1.00 X 0 0 0 Timothy F Rub 35.00 X 173551 0 2521 Gail M Harrity 35.00 X 307646 0 28657 Robert T Rambo 35.00 X 207926 0 25460 Lawrence Berger 35.00 X 133964 0 17891 Betty J Marmon 35.00 X 156659 0 17831 Kelly M O'Brien 35.00 X 157637 0 18028 Ali Shaikholislami 35.00 X 158022 0 8202 Alice Beamesderfer 35.00 X 141152 0 20327 Stuart Gerstein 35.00 X 127549 0 19567 James Bryan 35.00 X 125035 0 14004 Suzette Sherman 35.00 X 125387 0 19407 Robin E Proctor 35.00 X 132216 0 19728 1946744 0 211623 22 0 1 0 Gehry Partners LLP 12541 Beatrice Street Los Angeles CA 90066 Architects 5402445 LF Driscoll Co 9 PRESIDENTIAL BOULEVARD Bala Cynwyd PA 19004 Construction 2135492 Milner Carr Conservation LLC 104 LAKEVIEW DRIVE Chadds Ford PA 19317 Facade Restoration 667818 JPC-JKT 228 Blackwood-Barnesboro Road Hilltop NJ 08012 Construction 446392 Cambridge Associates LLC 100 Summer Street Boston MA 02110 Investment Advisor 250532 6 6710552 11524070 49366995 3473399 67601617 Admissions 900099 3873050 3873050 Other special exh 900099 1704945 1704945 Parking revenues 812930 677244 677244 Education programs 611710 541982 541982 Audio Tours 900099 282439 282439 895898 792974 102924 7975558 5827486 5827486 3507 3507 58238 150724 -92486 -92486 -92486 285249341 287288577 -2039236 -2039236 -2039236 3031603 1640252 1391351 1391351 Miscellaneous 900099 862572 862572 Sale of art objects 900099 195572 195572 Other investment incom 900000 -1334663 -1334663 -276519 80391278 9263985 -1334663 4860339 1271204 530478 740726 17831355 14799930 1344116 1687309 756899 625650 70760 60489 1950593 1754196 46747 149650 1674847 1303765 222398 148684 80240 80240 78072 78072 90732 90732 147464 147464 2573666 2573666 1360778 1360778 2748948 2205051 182053 361844 369895 291087 38646 40162 8300845 7801385 315240 184220 295525 254054 38305 3166 43642 35708 3882 4052 703570 476169 189102 38299 5545582 5196765 220160 128657 759252 208668 550007 577 Acquisitions 18764500 18764500 Special exhibitions 3304409 3304409 Education, library & co 1570875 1570875 Fundraising programs 800776 800776 Publications 482989 482989 1566793 1060298 494544 11951 73073451 62117487 7188664 3767300 109224121 112520084 38005461 33362331 3301817 1105071 2432325 2570781 3207271 3255202 243408679 42626675 194456727 200782004 179072677 93075342 95456911 221985083 625157310 668655898 18516678 13359346 2545295 1105864 68560000 66820000 4250914 11969068 93872887 93254278 X 215552151 223941857 84712794 103013258 231019478 248446505 531284423 575401620 625157310 668655898 X 0 1 1 X 0 X 103379799 77408054 106640154 63375285 67601617 418404909 2300000 2850000 3420000 3350000 2825000 14745000 105679799 80258054 110060154 66725285 70426617 433149909 113105306 320044603 9686993 13270287 13781603 10039377 5885724 52663984 60545 568250 628795 486442688 54855407 0.65790 0.64600 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 90732 90732 72982719 73073451 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 123657 82619 78486 90732 375494 250000 250000 250000 250000 1000000 1500000 X X X X 0 268481033 17464919 37345507 16451192 306840267 346808622 9475535 -69864722 17938402 268481033 0.20000 0.80000 0.00000 1 0 2983347 2983347 200209743 38432048 161777695 11447647 4194627 7253020 28767942 28767942 200782004 Funds held in trust by others 7876105 F Limited partnerships and other 106280141 F Commingled funds 107828837 F 221985083 Obligations under split-interest agreements 2688198 Contractual obligations 9280870 11969068 80391278 73073451 7317827 38709085 -1909715 36799370 44117197 121139167 38709085 2825000 1790976 43325061 77814106 2573666 3506 2577172 80391278 77021970 2825000 3700691 6525691 70496279 2573666 3506 2577172 73073451 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 225,000 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: Description of Intended Use of Endowment Funds: 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: Description of Uncertain Tax Positions Under FIN 48: 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, and the Museum has no tax positions that do not meet the "more-likely-than-not" criteria for the recognition and derecognition of tax positions taken or expected to be taken in a tax return. Part XI, Line 8 - Other Adjustments: Change in fair value of interest rate exchange agreement: -1909715. Part XII, Line 2d - Other Adjustments: Cost of goods sold: 1640252. Rental expenses: 150724. Part XII, Line 4b - Other Adjustments: Interest income on tax-exempt bonds: 3506. Part XIII, Line 2d - Other Adjustments: Cost of goods sold: 1640252. Rental expenses: 150724. Change in FMV of interest rate exchange agreements: 1909715. Part XIII, Line 4b - Other Adjustments: Interest income on tax-exempt bonds: 3506. CENTRAL AMERICA AND THE CARIBBEAN INVESTMENTS EUROPE INVESTMENTS 0 0 0 X X X X X X 0 SD & A Teleservices Inc Telephone solicitation of lapsed members 0 48675 66525 -17850 Schultz & Williams Inc Provide Development interim staffing 0 0 80939 -80939 48675 147464 -98789 PA NJ NY X X X X 1 0 0 0 0 0 0 0 0 Timothy F Rub 173154 0 0 0 397 0 0 0 2521 0 176072 0 0 0 Gail M Harrity 306356 0 0 0 1290 0 18375 0 10282 0 336303 0 0 0 Robert T Rambo 205946 0 0 0 1980 0 15702 0 9758 0 233386 0 0 0 Lawrence Berger 132661 0 0 0 1303 0 7847 0 10044 0 151855 0 0 0 Betty J Marmon 48262 0 0 0 108397 0 5063 0 12768 0 174490 0 0 0 Kelly M O'Brien 157410 0 0 0 227 0 8287 0 9741 0 175665 0 0 0 Ali Shaikholislami 156799 0 0 0 1223 0 3919 0 4283 0 166224 0 0 0 Alice Beamesderfer 140073 0 0 0 1079 0 10793 0 9534 0 161479 0 0 0 Robin E Proctor 131608 0 0 0 608 0 10236 0 9492 0 151944 0 0 0 Part I, Line 4a Betty J. Marmon received 26 weeks of severance payments totaling $108,114.39 Philadelphia Authority for Industrial Development 222237287 7178182U1 2008-06-17 68560000 PAID Series 2008-Refinance debt & funding for expansion & renovation 0 0 68560000 58750000 599295 9210705 1 0 1 1 0 0 0 0 0 1 0 1 0 0 0 0 Dennis Alter See Schedule O 0 X 2109 X 124 3473399 Market Value 24 0 0 1 Third Party Use: Part I, Line 32b: The Museum utilizes various brokers to sell any gifts of securities received. 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, amoung 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. The Museum's governing documents and conflict of interest policy are available upon request. Form 990, Schedule L Disclosure of Excess Benefit Transaction 6/30/2010 Since 1992 Dennis Alter has served as a Trustee of the Museum. In addition to donating his time and expertise as a Trustee, Mr. Alter is also a generous supporter of the Museum and on multiple occasions has contributed cash and works of art to the Museum. He maintains a significant personal art collection and has frequently engaged in purchases, sales, donations and loans of various works. In December, 2002, Mr. Alter, through a trust, made a gift to the Museum of a 50% fractional interest in a work of art (the "Work") and promised to give the remaining 50% to the Museum. The Museum took possession of the Work and exhibited it from time to time though April, 2004. At that time, because it was no longer being exhibited, and recognizing that Mr. Alter owned a 50% interest in the Work, the Museum returned physical possession of the Work to Mr. Alter. In April, 2009, approximately five years later, Mr. Alter mistakenly sold the Work through a dealer as part of a transaction involving the sale of several of his paintings. Unfortunately, he had forgotten that the Work was subject to the Museum's interest and the promise of a future contribution. When he discovered his mistake a few months later, he promptly advised the Museum of the sale and promised to remedy the situation. The sale transaction was not initiated by the Museum, but may, none the less, constitute an excess benefit transaction reportable on Schedule l, Part I. The situation is in the process of being corrected in a manner advantageous to the Museum. 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 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 Foundation for Self-Taught American Artists 30 South 17th Street 12th Floor Philadelphia PA 19103 202097461 Document the work of self-taught American artists PA 501(c)3 9 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 Samuel S Fleisher K 57900