2014-02-14T16:39:56-06:00 2013-06-30 113518842 MARKS PANETH LLP 685 THIRD AVENUE NEW YORK NY 10017 990 2012-07-01 131985627 AMERICAN FOLK ART MUSEUM AMER 2122651040 1865 BROADWAY NO 11TH NEW YORK NY 10023 ANNE-IMELDA RADICE PHD 2122651040 2014-02-14 1 ROBERT R LYONS CPA P00227274 2125038800 2012 2015-11-30 17:44:51Z ANNE-IMELDA RADICE PHD 1865 BROADWAY NO 11TH NEW YORK NY 10023 8387312 0 X WWW.FOLKARTMUSEUM.ORG X 1961 NY THE MUSEUM IS DEVOTED TO PRESENTING THE RICH FOLK HERITAGE OF THE UNITED STATES AND RELATED ART EXPRESSION THROUGHOUT THE WORLD, THROUGH THE PRESENTATION OF EXHIBITIONS, EDUCATIONAL PROGRAMS, SPECIAL EVENTS, AND PUBLICATIONS OF THE HIGHEST QUALITY. 13 13 22 42 0 0 5314530 3319924 202811 216785 9840414 12588 1066022 517931 16423777 4067228 0 0 0 0 1475000 1474027 0 0 282849 2364980 1587909 3839980 3061936 12583797 1005292 8566725 9524065 325302 225638 8241423 9298427 X THE AMERICAN FOLK ART MUSEUM IS THE PREMIER INSTITUTION DEVOTED TO THE AESTHETIC APPRECIATION OF TRADITIONAL FOLK ART AND CREATIVE EXPRESSIONS OF CONTEMPORARY SELF-TAUGHT ARTISTS FROM THE UNITED STATES AND ABROAD. THE MUSEUM PRESERVES, CONSERVES, AND INTERPRETS A COMPREHENSIVE COLLECTION OF THE HIGHEST QUALITY, WITH OBJECTS DATING FROM THE EIGHTEENTH CENTURY TO THE PRESENT. 0 0 2098787 44451 DEVELOPMENT AND PRESENTATION OF EXHIBITIONS AND OTHER PROGRAMS DESIGNED TO PROMOTE AN APPRECIATION OF FOLK ART; AND MAINTENANCE AND CONSERVATION OF THE PERMANENT COLLECTION. 125419 136837 OPERATION OF EDUCATION TO BENEFIT MEMBERS AND OUTREACH TO OTHER NON-PROFIT ORGANIZATIONS; OPERATION OF THE LIBRARY FOR THE BENEFIT OF MEMBERS AND FOR THE GENERAL PUBLIC BY APPOINTMENT. 339423 MUSEUM'S BOOK AND GIFT SHOP, WHICH MAKES AVAILABLE TO THE PUBLIC MERCHANDISE, REPRODUCTIONS AND PUBLICATIONS THAT REFLECT FOLK ART TRADITIONS. 3607 35497 REPRODUCTION RIGHTS OF THE MUSEUM'S EXHIBITS. 3607 35497 2227813 1 1 0 0 0 0 0 1 0 1 1 1 0 1 1 1 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 47 0 22 1 0 0 0 0 0 0 0 0 0 0 X 13 13 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA CT PA NJ NH RI X ANNE-IMELDA RADICE PHD 2122651040 1865 BROADWAY NEW YORK NY 10023 LAURA PARSONS 5.00 X X 0 0 0 EDWARD V BLANCHARD JR 5.00 X X 0 0 0 DAVID GORDON 5.00 X X 0 0 0 ELIZABETH V WARREN 5.00 X X 0 0 0 LUCY C DANZIGER 5.00 X X 0 0 0 AUDREY HECKLER 5.00 X X 0 0 0 BARBARA GORDON 5.00 X X 0 0 0 JOYCE COWIN 5.00 X X 0 0 0 PAUL WASHINGTON 5.00 X 0 0 0 LAWRENCE B BENENSON 5.00 X 0 0 0 JACQUELINE FOWLER 5.00 X 0 0 0 ALLAN DANIEL 5.00 X 0 0 0 KARIN FIELDING 5.00 X 0 0 0 LINDA DUNNE 35.00 X 91002 0 3205 ANNE-IMELDA RADICE 35.00 X 50169 0 7837 141171 0 11042 2 0 0 0 0 109606 194915 3015403 3319924 MEMBERSHIP 711300 136837 136837 EXHIBITION RENTAL FEES 532000 44451 44451 REPRODUCTION RIGHTS 711300 35497 35497 216785 30667 30667 3919408 3937487 -18079 -18079 -18079 164550 109606 70092 94458 94458 651928 312505 339423 339423 BAD DEBT RECOVERY 900099 50000 50000 OTHER INCOME 900099 34050 34050 84050 4067228 556208 0 191096 168270 18857 144976 4437 1050680 714462 168109 168109 29719 20209 4755 4755 135483 92129 21677 21677 89875 61115 14380 14380 91860 16535 75325 39000 39000 7754 7754 189830 146313 22510 21007 120274 107762 6915 5597 387440 357025 18704 11711 88547 70838 4427 13282 51664 46942 2459 2263 40991 37245 1951 1795 EXHIBIT & INSTALLATION 128740 128740 SHIPPING 98163 89190 4673 4300 SECURITY 96069 91266 4803 REPAIRS AND MAINTENANCE 63672 57852 3031 2789 183905 171333 10628 1944 3061936 2227813 551274 282849 1730306 355889 1754440 2428236 12630 73543 104153 151652 137159 622576 467068 194937 155508 3776719 5385672 885128 944818 8566725 9524065 248830 174323 76472 51315 325302 225638 X 1939042 2038668 4656602 5554290 1645779 1705469 8241423 9298427 8566725 9524065 1005292 51712 0 X X 0 1 X 1 0 X 2374704 3534363 4531347 5314150 3458899 19213463 2374704 3534363 4531347 5314150 3458899 19213463 2486954 16726509 121287 398601 42088 53403 30667 646046 913496 75230 912494 76852 84050 2062122 21921631 4283439 0.76300 0.72280 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X X EDUCATIONAL PROGRAMS 0 0 760651 -444 760207 760651 4329 4329 760651 760651 760651 760651 61 61 760651 760651 180096 -180096 760651 1.00000 1 0 346577 197042 149535 275999 270026 5973 155508 INVESTMENTS 5385672 F 5385672 BEQUEST HELD IN PERPETUAL TRUST 944818 944818 DEFERRED RENT 51315 51315 X 4373691 51712 312505 364217 4009474 7754 50000 57754 4067228 3316687 262505 262505 3054182 7754 7754 3061936 PART III, LINE 1A: IN CONFORMITY WITH ACCOUNTING POLICIES GENERALLY FOLLOWED BY ART MUSEUMS, THE COLLECTIONS, WHICH WERE ACQUIRED THROUGH PURCHASES AND CONTRIBUTIONS SINCE THE MUSEUM'S INCEPTION, ARE NOT RECOGNIZED AS ASSETS. PURCHASES OF COLLECTION ITEMS ARE RECORDED AS DECREASES IN UNRESTRICTED NET ASSETS IN THE YEAR IN WHICH THE ITEMS ARE ACQUIRED. CONTRIBUTED COLLECTION ITEMS ARE NOT REFLECTED IN THE FINANCIAL STATEMENTS. PROCEEDS FROM DEACCESSIONS OR INSURANCE RECOVERIES ARE REFLECTED AS INCREASES IN UNRESTRICTED NET ASSETS. PURCHASES OF COLLECTIONS DURING THE YEARS ENDED JUNE 30, 2013 AND 2012 AMOUNT TO $0 AND $35,500, RESPECTIVELY. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X, LINE 2: THE MUSEUM HAD NO UNCERTAIN TAX POSITIONS AS OF JUNE 30, 2013 AND 2012 AS DEFINED IN ACCOUNTING STANDARDS CODIFICATION ("ASC") TOPIC 740, INCOME TAXES, WHICH PROVIDES STANDARDS FOR ESTABLISHING AND CLASSIFYING TAX EXPENSE FOR UNCERTAIN TAX POSITIONS. THE MUSEUM IS NO LONGER SUBJECT TO FEDERAL OR STATE OR LOCAL INCOME TAX EXAMINATIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2010. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 312,505. PART XI, LINE 4B - OTHER ADJUSTMENTS: BAD DEBT RECOVERY 50,000. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 312,505. BAD DEBT RECOVERY -50,000. PART III, LINE 4, ORGANIZATION'S COLLECTIONS: THE MUSEUM IS DEDICATED TO PRESERVING THE RICH FOLK ART HERITAGE OF AMERICA THROUGH THE PRESENTATION OF EXHIBITIONS, EDUCATIONAL PROGRAMS,AND PUBLICATIONS OF HIGHEST QUALITY. PART V, LINE 4, INTENDED USES OF THE ORGANIZATIONS ENDOWMENT FUNDS: THE MUSEUM HAS INVESTMENT ASSETS WHICH ARE HELD IN PERPETUITY BY THIRD PARTY TRUSTEE. FALL BENEFIT 274156 109606 164550 35267 26836 7989 274156 109606 164550 35267 26836 7989 70092 94458 FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 IS REVIEWED BY MANAGEMENT AND THE AUDIT COMMITTEE AND DISTRIBUTED TO THE BOARD OF DIRECTORS FOR FINAL REVIEW AND APPROVAL BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C MANAGEMENT OBTAINS ANNUAL CONFLICT OF INTEREST DISCLOSURES FROM BOARD MEMBER AND SENIOR MANAGEMENT OFFICIALS. FORM 990, PART VI, SECTION B, LINE 15 EXECUTIVE DIRECTOR (TOP MANAGEMENT OFFICIAL): THE EXECUTIVE DIRECTOR HAS A FOUR YEAR CONTRACT THAT INCLUDES A COMPENSATION AGREEMENT. THERE IS A COMPENSATION COMMITTEE COMPRISED OF MEMBERS OF THE BOARD OF TRUSTEES. THE COMMITTEE AGREES ON THE COMPENSATION SECTION OF THE CONTRACT BASED UPON COMPARABILITY DATA OF OTHER NON-PROFIT AND MUSEUM DIRECTORS OF SIMILAR SIZED MUSEUM. THIS IS THEN PRORATED FOR THE NEW YORK AREA, BASED UPON DATA SURVEYS AND OTHER COMPARABILITY DATA. FORM 990, PART VI, SECTION B, LINE 15 CONTINUED: THE COMPENSATION FOR OTHER TOP MANAGEMENT AND OFFICERS BELOW THE EXECUTIVE DIRECTOR IS DETERMINED BY THE EXECUTIVE DIRECOTR BASED UPON ANNUAL REVIEWS AS WELL AS COMPARABILITY DATA OF SIMILAR POSITIONS IN OTHER NON-PROFITS AND MUSEUMS OF SIMILAR SIZE. THIS IS THEN PRORATED FOR THE NEW YORK AREA, BASED UPON DATA SURVEYS AND OTHER COMPARABILITY DATA. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE UPON REQUEST. THE PROCESS OF OVERSEEING THE AUDIT AND SELECTION OF INDEPENDENT ACCOUNTANT FORM 990, PART IV, LINE 12, AND PART XI, LINE 2C: HAS NOT BEEN CHANGED FROM THE PRIOR YEAR. THE AUDIT FOR THE TAX YEAR IS STILL IN PROCESS.