2025-03-14T10:54:04-05:00 2024-08-31 043037870 BOLLUS LYNCH LLP 89 SHREWSBURY STREET WORCESTER MA 01604 990 2023-09-01 041988530 WORCESTER ART MUSEUM WORC 5087994406 55 SALISBURY STREET WORCESTER MA 01609 MARK SPURIA CHIEF FINANCIAL OFFICER 5087934349 2025-03-07 1 0 BARBARA E KING P00005629 5087557107 2025-03-07 2023 2025-03-06 01:10:19Z MARK SPURIA 55 SALISBURY STREET WORCESTER MA 01609 101466727 0 X WWW.WORCESTERART.ORG X 1896 MA COLLECT THE MOST SIGNIFICANT WORKS OF ART AVAILABLE FOR THE BENEFIT OF ALL THE PEOPLE OF THE BROADER REGION. 22 22 217 90 2800 0 12880628 17360712 818681 1341408 1511217 21218366 45240 15382 15255766 39935868 53767 126578 0 0 6818482 7603078 0 0 1064906 5885669 6648252 12757918 14377908 2497848 25557960 158424796 181246202 2898660 3168292 155526136 178077910 X TO CONNECT PEOPLE, COMMUNITIES, AND CULTURES THROUGH EXPERIENCE OF ART. COLLECT THE MOST SIGNIFICANT WORKS OF ART AVAILABLE IN AN EFFORT TO SHAPE THE QUALITY/SCOPE OF THE PERMANENT COLLECTION WHILE ADHERING TO THE INSTITUTION'S ACQUISITIONS & DEACCESSIONS POLICIES.CARE FOR/PRESERVE COLLECTIONS & WORKS ON LOAN BY MAINTAINING A RESPONSIBLE COLLECTIONS MANAGEMENT POLICY & AN ACTIVE IN-HOUSE CONSERVATION PROGRAM. EXHIBIT THE PERMANENT COLLECTION,ORGANIZE/LEND TO SPECIAL EXHIBITIONS & BRING TRAVELING EXHIBITIONS TO THE PUBLIC. INTERPRET THE COLLECTIONS & WORKS ON LOAN FOR A BROAD PUBLIC THROUGH RESEARCH,PUBLICATIONS & RELATED EDUCATIONAL PROGRAMS.MAINTAIN AN ART LIBRARY & AN EDUCATIONAL PROGRAM THAT PROMOTES AN UNDERSTANDING OF ART & AN ACTIVE PARTICIPATION IN THE MAKING OF ART. MAINTAIN FISCALLY RESPONSIBLE ACTIONS & PUBLIC ACCOUNTABILITY FOR ONGOING OPERATIONS & PRESERVATION/GROWTH OF THE MUSEUM & ITS COLLECTIONS. 0 0 7708345 126578 927938 CURATORIAL CONSERVATION & LIBRARY - COLLECT AND DISPLAY WORKS OF ART TO THE GENERAL PUBLIC AND TO PROVIDE A LIBRARY FOR RESEARCH AND INFORMATION. 937175 459805 EDUCATION - EDUCATIONAL PROGRAM FOR VARIOUS GROUPS TO ENHANCE THE APPRECIATION AND KNOWLEDGE OF THE GENERAL PUBLIC IN ALL AREAS OF ART. 2023746 PUBLICATION PROGRAM - PUBLICATION OF VARIOUS BOOKS AND CATALOGS ON THE COLLECTIONS OF THE MUSEUM. 10669266 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 0 0 1 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 1 92 0 1 217 1 1 1 1 CJ BD 0 0 0 1 1 0 0 0 0 0 0 X 22 22 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 0 1 1 0 MA X X MARK SPURIA 5087934349 55 SALISBURY STREET WORCESTER MA 01609 SARAH BERRY TREASURER 2.00 X X 0 0 0 JOHN HERRON JR TRUSTEE 2.00 X 0 0 0 JAMES C DONNELLY JR TRUSTEE 2.00 X 0 0 0 MARK W FULLER TRUSTEE 2.00 X 0 0 0 MARY BETH LEONARD TRUSTEE 2.00 X 0 0 0 MALCOLM ROGERS TRUSTEE 2.00 X 0 0 0 SUSAN M BASSICK CLERK 2.00 X X 0 0 0 JENNIFER GLOWIK-ADAMS TRUSTEE 2.00 X 0 0 0 ANNE-MARIE SOULLIERE TRUSTEE 2.00 X 0 0 0 KENT DUR RUSSELL FIRST VICE PRESIDENT 2.00 X X 0 0 0 DOROTHY CHEN-COURTIN PRESIDENT 2.00 X X 0 0 0 KAREN M KEANE TRUSTEE 2.00 X 0 0 0 DR SOHAIL MASOOD TRUSTEE 2.00 X 0 0 0 THOMAS MICHIE TRUSTEE 2.00 X 0 0 0 BARRY M MALONEY TRUSTEE 2.00 X 0 0 0 CYNTHIA STRAUSS TRUSTEE 2.00 X 0 0 0 GEORGE TETLER III VICE PRESIDENT 2.00 X X 0 0 0 CHRISTINA VILLENA TRUSTEE 2.00 X 0 0 0 JOHN MCCABE TRUSTEE 2.00 X X 0 0 0 LAWRENCE H CURTIS TRUSTEE 2.00 X 0 0 0 JENNIFER DAVIS CAREY TRUSTEE 2.00 X 0 0 0 MICHAEL FOX TRUSTEE 2.00 X 0 0 0 CARMEN VAZQUEZ TRUSTEE 2.00 X 0 0 0 CARL D RAPP TRUSTEE 2.00 X 0 0 0 MARK SPURIA CHIEF FINANCIAL OFFICER 37.50 X 152810 0 13704 MATTHIAS WASCHEK EXECUTIVE DIRECTOR 37.50 X 330500 0 27535 MARILLYN G EARLEY CHIEF ADVANCEMENT OFFICER 37.50 X 194945 0 22350 678255 0 63589 7 0 1 0 KAPLAN CONSTRUCTION 116 HARVARD STREET BROOKLINE MA 02246 BUILDING CONTRACTOR 7235061 CONFORM LAB 100 FRANKLIN STREET ALLSTON MA 02134 CONSTRUCTION PROJECT MANAGER 314618 SIEMENS INDUSTRY PO BOX 2134 CAROL STREAM IL 60132 ENVIRONMENTAL CONTROLS CONTRACTOR 217681 TSKP -IKD LLC 9 OLIVE SQUARE SOMMERVILLE MA 02143 GALLERY DESIGN 190494 DATA SOURCE INC 3-15 MOUNTAIN ROAD WORCESTER MA 01606 COMPUTER CONSULTANTS 180610 8 267899 396831 16695982 17360712 AUXILIARY ACTIVITIES 459900 540786 540786 PUBLIC EDUCATION 611600 459805 459805 ADMISSIONS 900099 340817 340817 1341408 3640331 3640331 124473 111508 121673 -111508 2800 -108708 2800 -111508 78722198 61066408 77755 17655790 -77755 17578035 -77755 17655790 277605 153515 124090 124090 39935868 1387743 2800 21184613 126578 126578 672254 490746 127728 53780 5594161 4477036 383642 733483 227809 87377 121466 18966 645219 362799 193348 89072 463635 335663 71617 56355 225902 129743 95806 353 45295 45295 532862 532862 214618 202168 12450 481437 236995 219841 24601 17553 17553 573847 573847 287027 195377 37918 53732 2478 2478 774064 608736 165328 251160 166096 85064 CONTRACT SERVICES 1014835 649273 345703 19859 PROGRAM EXPENSES 766994 766994 COLLECTION ITEMS 616832 616832 REPAIRS AND MAINTENANCE 518945 428586 90359 324403 211942 110206 2255 14377908 10669266 2643736 1064906 12821888 11075178 6428259 6698921 329499 409824 103967 112948 605223 251554 52737936 21737261 22617652 31000675 86198120 100735359 29256527 30924602 63661 37141 158424796 181246202 1322661 2247588 1192021 407568 383978 513136 2898660 3168292 X 32792714 41612486 122733422 136465424 155526136 178077910 158424796 181246202 25557960 -3006186 0 X 0 1 X 1 0 X 10069986 7057617 21636029 12880628 17360712 69004972 10069986 7057617 21636029 12880628 17360712 69004972 28056942 40948030 2916206 3338474 5002386 3236828 3640331 18134225 -101252 -58194 -54638 -14550 4140 -224494 86914703 5769653 0.47110 0.48210 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 0 104968290 6074954 15814729 5315666 121542307 98321782 4376490 7108359 4838341 104968290 117700361 81604 -12359835 7100348 98321782 98129372 2250 25109113 5540374 117700361 93534684 1175 8454698 3861185 98129372 0.00233 0.99767 0 0 424804 424804 7599940 7445099 154841 22395403 9429718 12965685 5543988 4862444 681544 16773801 16773801 31000675 MONEY MARKET FUNDS 3146093 F OTHER FUNDS 26829989 F DEBT SECURITIES 948520 F 30924602 OPERATING LEASE LIABILITIES 38425 DEFERRED COMPENSATION LIABILITY 474711 513136 X 36783516 -3006186 386696 -2619490 39403006 532862 532862 39935868 14231742 386696 386696 13845046 532862 532862 14377908 PART III, LINE 1A: AS ALLOWED BY ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA AND IN CONFORMITY WITH THE PRACTICES FOLLOWED BY MANY MUSEUMS, THE MUSEUM HAS NOT CAPITALIZED ITS COLLECTION OF ART OBJECTS AND OTHER COLLECTION ITEMS PURCHASED OR DONATED. THE COLLECTION IS HELD FOR PUBLIC EXHIBITION AND EDUCATION RATHER THAN FOR FINANCIAL GAIN. THE MUSEUM CONTINUALLY REVIEWS ITS COLLECTION AND MAY DEACCESS OR ACQUIRE ADDITIONAL ITEMS. EXPENDITURES FOR ADDITIONAL COLLECTION ITEMS ARE PRESENTED AS A REDUCTION IN THE APPROPRIATE CLASS OF NET ASSETS. THE MUSEUM HAS ESTABLISHED A POLICY WHEREBY PROCEEDS FROM ITEMS DEACCESSED ARE UTILIZED TO ACQUIRE OTHER ITEMS FOR COLLECTION. PART III, LINE 4: THE WORCESTER ART MUSEUM'S COLLECTIONS ARE COMPRISED OF ART OBJECTS/PAINTINGS,ETC. THAT ARE HELD FOR EXHIBITION AND EDUCATION, FURTHERING THE ORGANIZATION'S EXEMPT PURPOSE BY PROVIDING VARIOUS EXHIBITS THAT MAY BE VIEWED BY THE PUBLIC TO FURTHER ENHANCE THEIR KNOWLEDGE AND APPRECIATION OF ART AND TO PROVIDE VALUABLE RESEARCH AND INFORMATIONAL TOOLS FOR STUDENTS OF ALL AGES. PART V, LINE 4: THE MUSEUM'S ENDOWMENT CONSISTS OF 84 INDIVIDUAL DONOR RESTRICTED FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED OR LEGAL RESTRICTIONS. ENDOWMENT FUNDS INCLUDE INVESTED GIFTS AND UNINVESTED CASH. AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, THE MUSEUM CLASSIFIES AS DONOR RESTRICTED NET ASSETS (A) THE ORIGINAL VALUE OF GIFTS DONATED TO THE PERMANENT ENDOWMENT, (B) THE ORIGINAL VALUE OF SUBSEQUENT GIFTS TO THE PERMANENT ENDOWMENT, AND (C) ACCUMULATIONS TO THE PERMANENT ENDOWMENT MADE IN ACCORDANCE WITH THE DIRECTION OF THE APPLICABLE DONOR GIFT INSTRUMENT AT THE TIME THE ACCUMULATION IS ADDED TO THE FUND. THE REMAINING PORTION OF THE DONOR-RESTRICTED ENDOWMENT FUND THAT IS NOT CLASSIFIED AS NON-EXPENDABLE NET ASSETS IS CLASSIFIED AS EXPENDABLE NET ASSETS WITH DONOR RESTRICTIONS UNTIL THOSE AMOUNTS ARE APPROPRIATED FOR EXPENDITURE BY THE MUSEUM IN A MANNER CONSISTENT WITH THE STANDARD OF PRUDENCE PRESCRIBED BY STATE LAW. IN ACCORDANCE WITH THE UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT, THE MUSEUM CAN CONSIDER THE FOLLOWING FACTORS IN MAKING A DETERMINATION TO APPROPRIATE OR ACCUMULATE DONOR-RESTRICTED ENDOWMENT FUNDS: THE DURATION AND PRESERVATION OF THE FUND; THE PURPOSES OF THE MUSEUM AND THE DONOR-RESTRICTED ENDOWMENT FUND; GENERAL ECONOMIC CONDITIONS; THE POSSIBLE EFFECT OF INFLATION AND DEFLATION; THE EXPECTED TOTAL RETURN FROM INCOME AND THE APPRECIATION OF INVESTMENTS; OTHER RESOURCES OF THE MUSEUM; AND THE INVESTMENT POLICIES OF THE MUSEUM. THE MUSEUM HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ITS ENDOWMENT ASSETS THAT ATTEMPT TO PROVIDE A PREDICTABLE STREAM OF FUNDING FOR ITS PROGRAMS WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. UNDER THIS POLICY, AS APPROVED BY THE BOARD, THE ENDOWMENT ASSETS ARE INVESTED IN A MANNER THAT WILL ACHIEVE RESULTS OVER THE LONG-TERM THAT COMPARE FAVORABLY WITH THOSE OF OTHER ENDOWMENTS AND FOUNDATIONS OF SIMILAR SIZE, PROFESSIONALLY MANAGED PORTFOLIOS AND OF APPROPRIATE MARKET INDEXES. ACTUAL RETURNS IN ANY GIVEN YEAR MAY VARY FROM THESE BENCHMARKS. TO SATISFY ITS LONG-TERM RATE-OF-RETURN OBJECTIVES, THE MUSEUM RELIES ON A TOTAL RETURN STRATEGY IN WHICH INVESTMENT RETURNS ARE ACHIEVED THROUGH BOTH CAPITAL APPRECIATION (REALIZED AND UNREALIZED) AND CURRENT YIELD (INTEREST AND DIVIDENDS). THE MUSEUM HAS INVESTED IN A PORTFOLIO THAT TARGETS A DIVERSIFIED ASSET ALLOCATION, PLACING A GREATER EMPHASIS ON EQUITY-BASED INVESTMENTS TO ACHIEVE ITS LONG-TERM RETURN OBJECTIVES WITHIN PRUDENT RISK CONSTRAINTS. THE MUSEUM HAS A POLICY OF APPROPRIATING FOR DISTRIBUTION EACH YEAR A PERCENTAGE OF ITS GENERAL ENDOWMENT FUND'S AVERAGE FAIR VALUE OVER THE PRIOR FIVE YEARS PRECEDING THE YEAR IN WHICH THE DISTRIBUTION IS PLANNED. THE PERCENTAGE IS APPROVED BT THE BOARD ANNUALLY AND WA 5.02% IN 2024. IN ESTABLISHING THIS POLICY, THE MUSEUM CONSIDERED THE LONG-TERM EXPECTED RETURN ON ITS ENDOWMENT. THIS IS CONSISTENT WITH THE MUSEUM'S OBJECTIVE TO MAINTAIN THE PURCHASING POWER OF ITS ENDOWMENT. FROM TIME TO TIME, THE FAIR VALUE OF ASSETS ASSOCIATED WITH INDIVIDUAL DONOR-RESTRICTED ENDOWMENT FUNDS MAY FALL BELOW THE LEVEL THAT THE DONOR IMPOSED RESTRICTIONS REQUIRE THE MUSEUM TO RETAIN AS A FUND OF PERPETUAL DURATION. IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, DEFICIENCIES OF THIS NATURE ARE REPORTED IN NET ASSETS WITH DONOR RESTRICTIONS. THERE WERE NO DEFICIENCIES AS OF AUGUST 31, 2024. PART X, LINE 2: MANAGEMENT ANNUALLY REVIEWS FOR UNCERTAIN TAX POSITIONS ALONG WITH ANY RELATED INTEREST AND PENALTIES AND BELIEVES THAT THE MUSEUM HAS NO UNCERTAIN TAX POSITIONS THAT WOULD HAVE A MATERIAL ADVERSE EFFECT, INDIVIDUALLY OR IN THE AGGREGATE UPON THE MUSEUM'S STATEMENTS OF FINANCIAL POSITION, OR THE RELATED STATEMENTS OF ACTIVITIES, OR CASH FLOWS. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 126,169. RENTAL EXPENSES 260,527. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 126,169. RENTAL EXPENSES 260,527. CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, INVESTMENT;LISTTOTAL XXX-XX-XXXX;LISTTOTAL 24057397;LISTTOTAL 22057817 22057817 0 0 0 0 0 0 22057817 0 22057817 1 0 0 1 1 0 FORM 990, PART IV, LINE 4: NOT SUBJECT TO QEF ELECTION UNDER REGULATION SECTION 1291 THEREFORE, FORM 8621 IS NOT REQUIRED. 1 VARIOUS SCHOLARSHIPS 192 126578 X 1 1 X 0 1 0 0 0 0 0 0 0 MATTHIAS WASCHEK EXECUTIVE DIRECTOR 324500 0 0 0 6000 0 12980 0 14555 0 358035 0 0 0 MARILLYN G EARLEY CHIEF ADVANCEMENT OFFICER 194945 0 0 0 0 0 7798 0 14552 0 217295 0 0 0 MARK SPURIA CHIEF FINANCIAL OFFICER 152810 0 0 0 0 0 6112 0 7592 0 166514 0 0 0 PART I, LINE 1A THE ORGANIZATION PAYS FOR THE MEMBERSHIP DUES FOR THE WORCESTER CLUB ON BEHALF OF THE MUSEUM'S DIRECTOR. THE MUSEUM'S DIRECTOR HAS AN EMPLOYMENT AGREEMENT, WHICH ENTITLES HIM TO A ANNUAL DISCRETIONARY BONUS OF UP TO 10% OF HIS BASE SALARY AND A DISCRETIONARY SUPPLEMENTAL RETIREMENT BENEFIT OF 10% OF BASE SALARY. TOTAL CASH PAID OF $12,980 INCLUDING BONUS AND SUPPLEMENTAL RETIREMENT BENEFIT. X 246 0 GAAP 0 0 0 PART I, LINE 33: AS ALLOWED BY ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA AND FOLLOWING THE PRACTICES OF MANY MUSEUMS, THE MUSEUM HAS NOT CAPITALIZED ITS COLLECTION OF ITEMS OF HISTORICAL NATURE AND OTHER RELATED OBJECTS PURCHASED OR DONATED. THE COLLECTION IS HELD FOR PUBLIC EXHIBITION, EDUCATION, OR RESEARCH IN FURTHERANCE OF PUBLIC SERVICE RATHER THAN FINANCIAL GAIN. THE MUSEUM CONTINUALLY REVIEWS ITS COLLECTION AND MAY DEACCESS OR ACQUIRE ADDITIONAL ITEMS. EXPENDITURES FOR ADDITIONAL COLLECTION ITEMS ARE PRESENTED AS A REDUCTION IN THE APPROPRIATE CLASS OF NET ASSETS. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF THE FORM 990 IS MAILED TO THE AUDIT AND EXECUTIVE COMMITTEES UPON COMPLETION. FORM 990, PART VI, SECTION B, LINE 12C ANY CONFLICTS OF INTEREST WOULD BE BROUGHT TO THE BOARD'S ATTENTION PER POLICY. FORM 990, PART VI, SECTION B, LINE 15 ALL COMPENSATION INCLUDING THE DIRECTOR'S UNDERGOES A FORMAL PERFORMANCE APPRAISAL. THE DIRECTOR'S PERFORMANCE IS REVIEWED BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.