2023-12-14T10:45:33-08:00 2023-03-31 952076568 Leaf & Cole LLP 2810 Camino Del Rio South Suite 200 San Diego CA 92108 990 2022-04-01 956037070 THE PUTNAM FOUNDATION DBA TIMKEN MUSEUM OF ART PUTN 6192395548 2550 5TH AVENUE 500 SAN DIEGO CA 92103 MEGAN POGUE Executive Dir. 2023-12-12 true MEGAN POGUE 999009999 true LATONYA M KNOX P00513874 6192947200 2 AAL1 IAL1 FAL1 2022 2023-04-26 12:10:37Z MEGAN POGUE 2550 5TH AVENUE 500 SAN DIEGO CA 92103 12557974 false X www.timkenmuseum.org X 1965 CA The Putnam Foundation is a non-profit organization whose primary activity is the education of the public in fine arts through the operation of the Timken Museum of Art located in Balboa Park in San Diego, California. 15 15 26 80 0 1010016 11319992 0 945967 1091465 70675 103865 2026658 12515322 0 0 948873 1162453 0 74372 770182 1342225 1719055 2504678 307603 10010644 48070078 56183990 244951 623293 47825127 55560697 The Putnam Foundation (the Foundation) is a non-profit organization whose primary activity is the education of the public in fine arts through the operation of the Timken Museum of Art (the Museum) located in Balboa Park in San Diego, California, and is the only fine art museum in San Diego that does not charge admission. Accessibility, whether through our free-admission policy or through outreach to underserved groups in the community is at the heart of the Timken. false false 2126353 The Putnam Foundation (the Foundation) is a non-profit organization whose primary activity is the education of the public in fine arts through the operation of the Timken Museum of Art (the Museum) located in Balboa Park in San Diego, California, and is the only fine art museum in San Diego that does not charge admission. Accessibility, whether through our free-admission policy or through outreach to underserved groups in the community is at the heart of the Timken. 63702 Educational Programs:The museums educational programs, broad and varied, are offered throughout the year and are free of charge. The programs, both in the museum and out in the community include school residencies, classes at Juvenile Hall, and Balboa Naval Medical Center, school tours, teacher trainings, family art making, docent tours, art programs in senior residence and Outreach Espaol our bi-national program which provides transportation to the museum and tours in Spanish for students in Baja CA. In addition our educational programs also include exhibitions, artist in residency and musical performances. Our exhibitions examine, in depth, a specific painting or body of work in the museums collection, by placing the work or works into the broader context of the art and culture of its time. Our intent is to expand and deepen our viewers understanding of art and specifically the pieces in our collection. Exhibitions are an essential part of the Timkens educational programs and we believe our free admission mandate promotes art awareness and appreciation by making our collection accessible to any and all that visit. 2190055 true true false false false false false false false true true false false true true true true false false false false false false false false false false false false true false false false false false false false false true false false false false false false false false true 26 0 false 26 true false false false false false false false 0 false false false false false false false X 15 15 false false false false false false false true true false false true true true true true true true true false CA X X ERIC BOCKSTAHLER 6192395548 2550 5TH AVENUE SUITE 500 SAN DIEGO CA 92103 MEGAN POGUE Executive Dir. 40.00 0.00 X 214598 0 26099 JESSIE KNIGHT Chair 2.00 0.00 X X 0 0 0 GARY CADY VICE CHAIR 2.00 0.00 X X 0 0 0 PAM PALISOUL Secretary 2.00 0.00 X X 0 0 0 PAUL HERING VICE CHAIR 2.00 0.00 X X 0 0 0 CATHE BURNHAM Director 1.00 0.00 X 0 0 0 FRED KLEINBUB Treasurer 2.00 0.00 X X 0 0 0 DAVID KINNEY Director 1.00 0.00 X 0 0 0 CECILIA LARROQUE Director 1.00 0.00 X 0 0 0 BOB O'CONNELL Director 1.00 0.00 X 0 0 0 HENK HANSELAAR Director 1.00 0.00 X 0 0 0 KATHLEEN LUNDGREN Director 1.00 0.00 X 0 0 0 ALEXI DAVIS Director 1.00 0.00 X 0 0 0 CAITLYNDE LANGER Director 1.00 0.00 X 0 0 0 JEANNE JONES Director 1.00 0.00 X 0 0 0 LORI WALTON Director 1.00 0.00 X 0 0 0 214598 26099 1 false true false JPR LLC 441 NAUTILUS ST LA JOLLA CA 92037 CONSULTING 100000 0 115573 462087 10742332 289990 11319992 0 1095965 1095965 0 0 0 4500 -4500 -4500 -4500 0 0 80478 38152 42326 42326 OTHER INCOME 900099 986 986 TRAVEL TRIPS 900099 60553 60553 61539 12515322 61539 1133791 X 0 0 0 0 249809 224180 25629 0 720022 637734 55049 27239 0 118875 90244 25147 3484 73747 63358 8579 1810 0 0 0 0 0 0 441672 399549 35291 6832 32106 24206 900 7000 0 0 0 246969 214058 6889 26022 0 0 0 0 0 33377 33377 84844 72135 11910 799 EXHIBITION COSTS 224105 224105 OTHER EXPENSES 127515 59975 67540 PROGRAM EXPENSES 56010 56010 REPAIRS AND MAINTENANCE 36371 36031 340 59256 55093 2977 1186 2504678 2190055 240251 74372 535335 511817 394998 549171 4830709 8171027 0 0 0 0 30767 26064 197608 123111 1504247 1238513 297734 265734 9745428 14802080 0 0 0 32037499 31734986 48070078 56183990 244951 457298 165995 244951 623293 X 17636728 18619130 30188399 36941567 47825127 55560697 48070078 56183990 10010644 -2126143 -148931 X false true X true false X 890881 249317 995937 1010016 11319992 14466143 0 0 890881 249317 995937 1010016 11319992 14466143 7609654 6856489 917476 919077 900930 945967 1095965 4779415 0 9648 5993 123467 71071 61539 271718 19517276 553185 0.35130 0.47190 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 24189417 -1287762 1287520 21614135 24693597 764462 1268642 24189417 19842521 5954782 1103706 24693597 21872074 -1016558 1012995 19842521 23118332 537722 1783980 21872074 0.75000 0.25000 true false false 1368381 1107768 260613 135866 130745 5121 265734 COLLECTIONS - WORKS OF ART 13879171 CONSTRUCTION IN PROGRESS 3585044 RIGHT OF USE ASSET 154089 31734986 OPERATING LEASE LIABILITY 165995 165995 X 10278400 -2126143 38152 -2087991 12366391 148931 148931 12515322 2542830 38152 38152 2504678 2504678 Part III, Line 4: Description of organization's collections and how it furthers its purpose. The Foundation has capitalized its works of art since its inception. If purchased, items accessioned into works of art are capitalized at cost and, if donated, they are capitalized at their appraised or fair value on the accession date, the date on which the item is accepted by the Board of Directors (the Board). Gains or losses on the deaccession of works of art are classified in the statements of activities as with donor restrictions or without donor restrictions depending on donor restrictions, if any, placed on the item at the time of accession. Accession of works of art did not occur for the years ended March 31, 2023 and 2022. Deaccession of works of art from the collection totaled $4,500 and $-0- during the years ended March 31, 2023 and 2022, respectively, with no proceeds received for each year ended resulting in a loss on sale of $4,500 and $-0- for the years ended March 31, 2023 and 2022, respectively. The collection totaled $13,879,171 and $13,869,275 at March 31, 2023 and 2022, respectively.The collection is subject to a policy that requires proceeds from their sales to be used to acquire other items for collections or to support the direct care of collections. Direct care of collections is defined by the Foundation as costs that prolong the life and usefulness of the collection, costs providing benefits that enhance the quality and protection of the collection, and costs that make a physical impact on collection objects, increasing or restoring their cultural or scientific value. Routine and ongoing expenditures are not considered direct care of collections. Costs incurred in connection with the acquisition and conservation of works of art are expensed in the period incurred.An independent appraisal made during 2015, adjusted for accessions and deaccessions at cost, valued the works of art held by the Foundation at $275,283,000. Subsequent to the issuance of the appraisal report, the museum made acquisitions and received donated works of art totaling in the amount of $1,967,852. Management believes that the value at March 31, 2023 has not declined since the 2015 appraisal. Part V, Line 4: Intended uses of the endowment fund. THE MUSEUM HAS INVESTMENT AND SPENDING POLICIES FOR ENDOWMENT ASSETS THAT ATTEMPT TO PROVIDE A PREDICTABLE STREAM OF FUNDING FOR OPERATIONS. THE MUSEUM TARGETS A DIVERSIFIED ASSET ALLOCATION PRIMARILY FOCUSED ON EQUITY AND FIXED INCOME BASED INVESTMENTS TO ACHIEVE LONG-TERM OBJECTIVES WITH PRUDENT RISK CONSTRAINTS. Part X : FIN48 Footnote The Foundation is a public charity, and is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code and Section 23701(d) of the California Revenue and Taxation Code, except on net income derived from unrelated business activities. The Foundations unrelated business activity did not generate taxable income, and no tax liability has been recorded at March 31, 2023 and 2022. The Foundation believes that it has appropriate support for any tax positions taken, and, as such, does not have any uncertain tax positions that are material to the financial statements. The Foundation is not a private foundation.The Foundations Return of Organization Exempt from Income Tax and Exempt Organization Business Income Tax Returns for Tax for the years ended March 31, 2023, 2022, 2021, and 2020 are subject to examination by Internal Revenue Service and State taxing authorities, generally three to four years after the returns were filed. Part XI, Line 2d: Other revenue amounts included in F/S but not included on form 990 COST OF GOODS SOLD $38152 Part XII, Line 2d: Other expenses and losses per audited F/S COST OF GOODS SOLD $38152 X X X X X false false false false false false false false false MEGAN POGUE Executive Dir. 178098 36500 6571 19528 240697 X 3 277839 FMV X TRAVEL 1 12151 COST false false false Form 990, Part VI, Section B, Line 11b The Form 990 is given to all Audit Committee Members. The Partner from the accounting firm annually attends the Audit committee meeting and reviews the Form 990 with the committee members. Form 990, Part VI, Section B, Line 12c A conflict of interest policy is reviewed and signed by each board member and key employee on an annual basis. Each person is required on such policy to disclose any conflicts. Should any conflicts arise, they would be addressed by the Executive Director and the Board of Directors. If there was such a conflict, such person with a conflict wold not be able to vote on the transaction. No such conflicts did arise this year. Form 990, Part VI, Section B, Line 15a COMPENSATION WAS BASED ON INTERNAL OPERATIONS ANNUAL RESULTS AS OUTLINED IN THE EXECUTIVE DIRECTORS CONTRACT AND ANNUAL PLAN, AND AS REVIEWED BY THE CHAIRMAN OF THE BOARD, WHO IS AN INDEPENDENT BOARD MEMBER. APPROPRIATE PERFORMANCE REWARDS WERE REVIEWED FOR SUGGESTED OUTCOMES THAT WERE BETWEEN THE MINIMUM AND MAXIMUM BONUS AMOUNTS GRANTED TO LIKE MUSEUM DIRECTORS IN BALBOA PARK. FINDINGS WERE MADE BY THE CHAIRMAN AND THE CHAIRMAN HAS THE VESTED AUTHORITY TO APPROVE THE BONUS AMOUNT. THE CHAIRMANS DECISION WAS FORWARDED TO THE CHAIRMAN OF THE INDEPENDENT GOVERNANCE COMMITTEE OF THE BOARD. IF THE GOVERNANCE COMMITTEE OR ANY BOARD MEMBER HAS ANY ISSUES WITH THE BONUS THEY COULD IMMEDIATELY COMMUNICATE THIS WITH THE CHAIRMAN OF THE BOARD. Form 990, Part VI, Section C, Line 19 THE ORGANIZATION MAKES ITS AUDITED FINANCIAL STATEMENTS, GOVERNING DOCUMENTS, AND CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC UPON REQUEST AND ON THEIR WEBSITE.