2025-04-16T13:28:43-05:00 2024-06-30 410746749 CLIFTONLARSONALLEN LLP 4334 MUNSON STREET SUITE 200 CANTON OH 44718 990 2023-07-01 344434678 THE TOLEDO MUSEUM OF ART TOLE 4192558000 PO BOX 1013 TOLEDO OH 43697 ADAM LEVINE PRESIDENT, DIRECTOR AND CEO 4192558000 2025-04-16 1 1 JENNIFER COLEMAN P00743188 3304972000 2025-04-16 2023 2025-03-06 01:10:19Z ADAM LEVINE PO BOX 1013 TOLEDO OH 43697 79271391 0 X WWW.TOLEDOMUSEUM.ORG X 1901 OH THROUGH OUR COLLECTION AND PROGRAMS, WE STRIVE TO INTEGRATE ART INTO THE LIVES OF PEOPLE. THE MUSEUM SEEKS TO BECOME THE MODEL ART MUSEUM IN THE UNITED STATES FOR ITS COMMITMENT TO QUALITY AND ITS CULTURE OF BELONGING. 30 30 343 350 898318 0 15015702 16887809 52358323 3476810 4541603 6621021 113025 -173943 72028653 26811697 120743 115305 0 0 11668600 13197877 0 0 2089193 17788679 32232481 29578022 45545663 42450631 -18733966 376222917 403754328 5174105 13265000 371048812 390489328 X FOR 123 YEARS, THE TOLEDO MUSEUM OF ART HAS OFFERED FREE ADMISSION TO ONE OF THE WORLD'S GREAT ART COLLECTIONS HOUSED IN ITS GREEK REVIVAL MAIN BUILDING AND THE GLASS PAVILION. THE MUSEUM HAS AN EXTENSIVE EDUCATION PROGRAM, OFFERING CURRICULUM-BASED SCHOOL TOURS AS WELL AS ADULT AND CHILDREN'S ART CLASSES. 0 0 35307733 0 1977833 THE TOLEDO MUSEUM OF ART OPERATES AND MAINTAINS ART GALLERIES, STUDIO SPACES AND AN ART LIBRARY FOR THE BENEFIT OF THE GENERAL PUBLIC. THIS INCLUDES EDUCATIONAL SCHOLARSHIP, RESEARCH, CONSERVATION, DOCUMENTATION AND PRESENTATION OF A PERMANENT COLLECTION OF ART TOTALING NEARLY 25,000 OBJECTS. 2487597 115305 683270 WITH AN EMPHASIS ON ART EDUCATION, THE MUSEUM INTEGRATES ART INTO THE LIVES OF PEOPLE. THE FAMILY CENTER OFFERS ART-BASED ACTIVITIES FREE OF CHARGE. WHILE THERE IS A CHARGE FOR MOST FORMAL CLASSES, THE MUSEUM HAS AN ACTIVE SCHOLARSHIP PROGRAM TO SUPPORT STUDENTS WHO WOULD NOT HAVE THE ACCESS OR MEANS TO PURSUE ART CLASSES. THE MUSEUM ALSO PROVIDES BUS FUNDS TO LOCAL SCHOOLS AND COMMUNITY CENTERS TO ALLOW SCHOOL CHILDREN THE OPPORTUNITY TO TOUR THE MUSEUM IN DOCENT-LED CURRICULUM. FOR THIS REPORTING PERIOD, THE MUSEUM PROVIDED 400 SCHOLARSHIPS TO ITS 2,100 CLASS ATTENDEES AND HOSTED APPROXIMATELY 750 DOCENT-LED TOURS FOR BOTH CHILDREN AND ADULTS, WITH APPROXIMATELY 16,000 ATTENDEES. 1191005 0 0 THE MUSEUM ORGANIZES AND PRESENTS SPECIAL EXHIBITIONS OF ITS PERMANENT COLLECTION, HOSTS TRAVELING EXHIBITIONS AND ORGANIZES EXHIBITIONS, SOMETIMES IN COLLABORATION WITH OTHER ART MUSEUMS. THE MUSEUM OFFERS PROGRAMS ASSOCIATED WITH THESE EXHIBITIONS INCLUDING MUSIC, HANDS-ON ACTIVITIES, LECTURES AND OTHER EVENTS THAT ARE AVAILABLE TO THE GENERAL PUBLIC. 38986335 1 1 0 0 0 0 0 1 0 1 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 0 0 1 1 0 0 1 1 0 0 1 1 150 0 1 343 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 30 30 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 OH FL X PATTY O'TOOLE 4192558000 2445 MONROE STREET TOLEDO OH 43620 RANDY OOSTRA CHAIRMAN 1.00 X X 0 0 0 STEPHEN D TAYLOR VICE CHAIRMAN THRU 12-31-23 1.00 X X 0 0 0 JOE NAPOLI VICE CHAIRMAN 1.00 X X 0 0 0 SHARON SPEYER SECRETARY 1.00 X X 0 0 0 THOMAS WINSTON TREASURER 1.00 X X 0 0 0 ELIZABETH BRADY DIRECTOR 1.00 X 0 0 0 JUDITH HERB DIRECTOR 1.00 X 0 0 0 MIKE HYLANT DIRECTOR 1.00 X 0 0 0 SUSAN PALMER VICE CHAIRMAN 1.00 X X 0 0 0 MIKE THAMAN DIRECTOR 1.00 X 0 0 0 DAVID K WELLES JR DIRECTOR THRU 12-31-23 1.00 X 0 0 0 DAVID KROCK DIRECTOR 1.00 X 0 0 0 RITA MANSOUR DIRECTOR 1.00 X 0 0 0 PAT BOWE DIRECTOR 1.00 X 0 0 0 RODNEY EASON DIRECTOR 1.00 X 0 0 0 JAY SECOR DIRECTOR 1.00 X 0 0 0 SARA JANE DEHOFF VICE CHAIRMAN 1.00 X X 0 0 0 CYNTHIA THOMPSON DIRECTOR 1.00 X 0 0 0 LISA MCDUFFIE DIRECTOR 1.00 X 0 0 0 ROMULES DURANT DIRECTOR 1.00 X 0 0 0 BRIAN CHAMBERS DIRECTOR 1.00 X 0 0 0 SHANKH MITRA DIRECTOR 1.00 X 0 0 0 DR GREGORY POSTEL DIRECTOR 1.00 X 0 0 0 DR DIONE SOMERVILLE DIRECTOR 1.00 X 0 0 0 MARGY TRUMBULL DIRECTOR 1.00 X 0 0 0 JOAQUIN CINTRON-VEGA DIRECTOR 1.00 X 0 0 0 MIKE BAUER DIRECTOR 1.00 X 0 0 0 ANN STRICKLER DIRECTOR THRU 12-31-23 1.00 X 0 0 0 CYNTHIA BEEKLEY DIRECTOR THRU 12-31-23 1.00 X 0 0 0 MAJIDA MOURAD DIRECTOR 1.00 X 0 0 0 SUSAN DENNY DIRECTOR 1.00 X 0 0 0 ANNETTE DONAR DIRECTOR 1.00 X 0 0 0 PRAKASH KARAMCHANDANI DIRECTOR 1.00 X 0 0 0 ANN MCCAULEY DIRECTOR 1.00 X 0 0 0 ADAM LEVINE EXECUTIVE DIRECTOR 70.00 X 541567 0 35134 PATRICIA O'TOOLE CHIEF FINANCIAL OFFICER 55.00 X 156983 0 15669 JENNIFER MCCARY CHIEF CULTURE AND BRAND EXPERIENCE OFFICER 55.00 X 194098 0 4711 MICHAEL DEETSCH DIRECTOR OF DEVELOPMENT 55.00 X 135206 0 26368 ANDREA GARDNER SENIOR DIRECTOR OF COLLECT 55.00 X 145981 0 26853 DIANE WRIGHT SENIOR CURATOR OF GLASS AND CONTEMPORARY CRAFT 55.00 X 118658 0 12894 GARY GONYA DIRECTOR OF BRAND STRATEGY 55.00 X 156923 0 20766 RHONDA SEWELL DIRECTOR OF BELONGING AND 55.00 X 124676 0 13705 1574092 0 156100 8 0 1 0 OCP CONTRACTORS INC 1740 COMMERCE RD HOLLAND OH 43528 INTERIOR CONTRACTORS 1438238 BOYD & ASSOCIATES CONSULTING LLC P O BOX 1206 HOLLAND OH 43528 CONSULTING SERVICES 650018 SSOE INC 1001 MADISON AVE TOLEDO OH 43604 ARCHITECTURAL & ENGINEERING SERVICES 532739 LAFAYETTE AMERICAN LLC 5000 GRAND RIVER AVE DETROIT MI 48208 MARKETING SERVICES 446278 HART 811 MADISON AVENUE TOLEDO OH 43604 ADVERTISING SERVICES 398743 7 1564906 3557986 1634125 10130792 116818 16887809 FACILITY FEES 711300 1656995 1225480 431515 TUITION AND RELATED FEES 711300 898916 683270 215646 PARKING LOT INCOME 711300 271620 271620 COVE LICENSING FEE 711300 228750 228750 PERISTYLE SERVICE FEES 711300 213975 213975 206554 206554 3476810 3301805 3301805 356061 612615 -256554 -256554 -256554 54212908 50893692 3319216 3319216 3319216 1035998 953387 82611 60204 22407 26811697 2661103 898318 6364467 115305 115305 942064 633231 211912 96921 9702437 6521716 2182519 998202 425515 286019 95718 43778 1283096 862462 288627 132007 844765 567828 190026 86911 52765 52765 92544 92544 251572 251572 2196380 2196380 362589 362589 198659 79464 99330 19865 144623 97212 32533 14878 1052914 894977 105291 52646 868414 690174 31996 146244 95982 95982 2895708 2461352 289571 144785 375649 244391 122671 8587 ART PURCHASES & EXPENSE 19110895 19110895 PROGRAMS 1886013 1886013 MAINTENANCE & REPAIRS 709643 709643 COMPUTER EXPENSE 487433 327639 109646 50148 1450698 790298 366179 294221 45545663 38986335 4470135 2089193 11035 17948 9856916 9251880 1009444 3782880 250000 500000 282814 372776 1248384 972740 133947967 91231018 40010579 42716949 207540077 230685092 36900711 26913592 79112957 88540471 376222917 403754328 2466555 11188467 37440 29537 2582367 1970121 87743 76875 5174105 13265000 X 204560644 211099033 166488168 179390295 371048812 390489328 376222917 403754328 X -18733966 29806073 8368409 X X 0 1 X 1 0 X 10131867 11049835 13992943 15015702 16887809 67078156 10131867 11049835 13992943 15015702 16887809 67078156 17466505 49611651 4459732 5442944 9989615 3207849 3154722 26254862 93333018 63360054 0.53160 0.49710 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X 0 194138900 2762481 28373157 115305 9786473 215372760 178475755 3445025 24901557 94246 12589191 194138900 215710560 2190381 -31113431 68582 8243173 178475755 162305097 537196 58609290 82712 5658311 215710560 169213887 2429311 835851 138509 10035443 162305097 0.57800 0.19400 0.22800 0 0 5504334 5504334 108309733 80016338 28293395 7946404 4651234 3295170 12187496 6563446 5624050 42716949 OTHER 20200 F CSV - LIFE INSURANCE 2133 F LIMITED PARTNERSHIPS 26891259 F 26913592 PERPETUAL AND SPLIT INTEREST TRUST AGREEMENTS 87284453 DEPOSITS - FACILITIES 20000 OTHER ASSETS 1202029 LIQUOR LICENSE 17671 MSDC TENANT SECURITY DEPOSITS 16318 88540471 GIFT ANNUITIES - NON-CURRENT 76875 76875 X 32263071 0 32263071 251572 -5702946 -5451374 26811697 27136581 953385 953385 26183196 251572 19110895 19362467 45545663 PART III, LINE 1A: EXPENDITURES FOR THE PURCHASE OF WORKS OF ART ARE EXPENSED AS PURCHASED. EACH OF THE OBJECTS IN THE ART COLLECTION, WHICH COLLECTION IS OF SIGNIFICANT VALUE, ARE CATALOGUED FOR EDUCATIONAL AND CURATORIAL PURPOSES. PROCEDURES ARE EMPLOYED CONTINUOUSLY TO VERIFY THE CONDITION AND EXISTENCE OF EACH OBJECT IN THE COLLECTION. PROCEEDS FROM SALES OF COLLECTION OBJECTS WHICH ARE NO LONGER DEEMED APPROPRIATE FOR THE MUSEUM'S ART COLLECTION ARE TO BE USED TO ACQUIRE OTHER OBJECTS FOR THE COLLECTION. GIFTS OF WORKS OF ART (AMOUNTING TO $269,700 IN 2024 AND $358,076 IN 2023) ARE NOT RECORDED SINCE THE MUSEUM HAS ADOPTED THE POLICY OF EXPENSING WORKS OF ART. PART V, LINE 4: THE MUSEUM'S ENDOWMENTS CONSIST OF NUMEROUS FUNDS ESTABLISHED TO SUPPORT THE ACHIEVEMENT OF THE MUSEUM'S MISSION. ITS ENDOWMENTS CONSIST OF BOTH DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF DIRECTORS TO FUNCTION AS ENDOWMENTS. PART X, LINE 2: SINCE THE MUSEUM IS AN EXEMPT CHARITABLE ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND MSDC IS A DISREGARDED ENTITY, NO PROVISION FOR FEDERAL INCOME TAX IS REQUIRED EXCEPT FOR FEDERAL INCOME TAXES ARISING FROM UNRELATED BUSINESS INCOME. NO PROVISION FOR FEDERAL INCOME TAX WAS REQUIRED FOR UNRELATED BUSINESS INCOME IN 2024 OR 2023. THE ORGANIZATION DETERMINED THAT IT WAS NOT REQUIRED TO RECORD A LIABILITY RELATED TO UNCERTAIN TAX POSITIONS. PART XI, LINE 4B - OTHER ADJUSTMENTS: INTEREST AND DIVIDENDS 3,050,233. NET REALIZED GAINS 3,319,216. INVESTMENT RETURN DESIGNATED FOR CURRENT OPERATIONS -10,862,454. COST OF GOODS SOLD -953,387. NET RENTAL LOSS -256,554. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 953,385. PART XII, LINE 4B - OTHER ADJUSTMENTS: ART PURCHASES 19,110,895. 1 FALL 2023 SCHOLARSHIPS 140 25428 WINTER/SPRING 2024 SCHOLARSHIPS 71 8032 UNIVERSITY OF TOLEDO SCHOLARSHIPS 13 59000 SUMMER 2024 SCHOLARSHIPS 69 10260 SUMMER 2023 SCHOLARSHIPS 83 12585 PART I, LINE 2: THE SCHOLARSHIPS ISSUED BY THE MUSEUM ARE TO BE USED FOR ART CLASSES HELD AT THE TOLEDO MUSEUM OF ART AND THE UNIVERSITY OF TOLEDO. THE ENDOWMENT FUNDS SUPPORTING THESE SCHOLARSHIPS ARE RELEASED WHEN THE SCHOLARSHIPS ARE AWARDED. EDUCATION STAFF REVIEW THE SCHOLARSHIPS FUNDS ON A REGULAR BASIS. X X 1 1 X X X X 0 1 0 0 0 0 0 0 0 ADAM LEVINE EXECUTIVE DIRECTOR 484000 0 48400 0 9167 0 14850 0 20284 0 576701 0 0 0 JENNIFER MCCARY CHIEF CULTURE AND BRAND EXPERIENCE O 193598 0 500 0 0 0 3662 0 1049 0 198809 0 0 0 GARY GONYA DIRECTOR OF BRAND STRATEGY 156923 0 0 0 0 0 4708 0 16058 0 177689 0 0 0 ANDREA GARDNER SENIOR DIRECTOR OF COLLECT 144231 0 1750 0 0 0 6569 0 20284 0 172834 0 0 0 PATRICIA O'TOOLE CHIEF FINANCIAL OFFICER 156983 0 0 0 0 0 7064 0 8605 0 172652 0 0 0 MICHAEL DEETSCH DIRECTOR OF DEVELOPMENT 133206 0 2000 0 0 0 6084 0 20284 0 161574 0 0 0 PART I, LINE 1A A GENEROUS DONOR PROVIDES FUNDS ANNUALLY THAT ARE SPECIFICALLY DESIGNATED FOR THE PURPOSE OF ALLOWING THE DIRECTOR/CEO TO TRAVEL BY FIRST CLASS WHEN ON MUSEUM BUSINESS. THE FUNDS PAY THE DIFFERENTIAL IN COST BETWEEN FIRST CLASS AND STANDARD FARE. THE MUSEUM PAYS FOR THE DUES OF THE DIRECTOR/CEO TO JOIN SOCIAL CLUBS WHICH PROMOTE THE INTERESTS OF THE MUSEUM FROM EITHER A DEVELOPMENT OR STRATEGIC PLANNING VIEWPOINT. SCHEDULE J, PART 1, LINE 4B THE TOLEDO MUSEUM OF ART PROVIDES A SPLIT-DOLLAR LIFE INSURANCE PLAN TO ITS EXECUTIVE FROM WHICH NO CASH PAYMENTS WERE MADE DURING THE REPORTING YEAR. ADAM LEVINE EXECUTIVE DIRECTOR SPLIT INTEREST AGREEMENT X 500000 500000 0 1 1 500000 X 27 0 X 11 116818 MARKET QUOTE 12 0 1 0 PART I, LINE 33: NO VALUES WERE REPORTED ON FORM 990 PART VIII, STATEMENT OF REVENUE, LINE 1, FOR WORKS OF ART BECAUSE THE MUSEUM DID NOT CAPITALIZE ITS COLLECTIONS, AS ALLOWED UNDER GENERALLY ACCEPTED ACCOUNTING PRINCIPLES. FORM 990, PART VI, SECTION A, LINE 2 BOARD MEMBERS COMPLETE A CONFLICT OF INTEREST FORM EVERY YEAR AND THE MUSEUM TRACKS RESPONSES. THE MUSEUM HAS DETERMINED THAT NONE OF THE RELATIONSHIP CONNECTIONS ARE SIGNIFICANT. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS SENT TO ALL BOARD MEMBERS FOR THEIR REVIEW. ENOUGH TIME IS PROVIDED TO RAISE QUESTIONS BEFORE FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE MUSEUM'S CONFLICT OF INTEREST POLICY IS SENT TO ALL BOARD AND BOARD COMMITTEE MEMBERS ANNUALLY, WITH A DISCLOSURE FORM WHICH MUST BE COMPLETED AND RETURNED TO THE CFO OR DIRECTOR'S OFFICE. RESULTS ARE SUMMARIZED AND REVIEWED WITH THE AUDIT COMMITTEE. THE DISCLOSURE FORM INCLUDES SITUATIONS SUCH AS DOING BUSINESS WITH THE MUSEUM, FINANCIAL INTEREST IN TRANSACTIONS WITH THE MUSEUM, GIFTS, AND PERSONAL BENEFITS. BOARD MEMBERS WHO HAVE A CONFLICT SHALL NOT VOTE OR USE HIS OR HER PERSONAL INFLUENCE ON THE MATTER. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION OF THE DIRECTOR/CEO OF THE TOLEDO MUSEUM OF ART IS DETERMINED ANNUALLY. IN ADDITION TO THE TERMS OF THE DIRECTOR'S/CEO'S EMPLOYMENT AGREEMENT, THE BOARD, THROUGH ITS CHAIR AND THE CHAIR OF THE LEADERSHIP & GOVERNANCE COMMITTEE, CONSIDER ALL RELEVANT FACTORS, INCLUDING BUT NOT LIMITED TO, EACH OF THE BOARD MEMBER'S EVALUATIONS OF THE DIRECTOR/CEO; THE DIRECTOR'S/CEO'S ACCOMPLISHMENT OF ANNUAL AND LONG TERM GOALS; THE REPUTATION AND IMPACT OF THE DIRECTOR/CEO IN THE COMMUNITY, REGION, ART WORLD AND OTHERWISE; AND COMPENSATION OF OTHER ART MUSEUM LEADERS WHOSE MUSEUMS ARE INCLUDED IN THE TOLEDO MUSEUM OF ART'S DISTINGUISHED PEER GROUP, AS WELL AS ART MUSEUMS THAT ARE OTHERWISE SIMILAR IN STATURE, SCOPE AND SIZE. THE DIRECTOR/CEO AND THE PEOPLE & TALENT DEPARTMENT WORK TOGETHER TO DETERMINE THE COMPENSATION OF ALL OTHER EMPLOYEES USING COMPARABLE MARKET DATA FOR SALARIES AND BENEFITS. THIS PROCESS WAS LAST COMPLETED IN 2024. FORM 990, PART VI, SECTION C, LINE 19 ALL OF THE ABOVE DOCUMENTS ARE AVAILABLE ON REQUEST. FORM 990, PART VI, SECTION A, LINE 2: BASED ON THE INFORMATION THAT IS AVAILABLE TO THIS ORGANIZATION, NONE OF THE OFFICERS, BOARD MEMBERS, BOARD COMMITTEE MEMBERS, KEY EMPLOYEES, HIGHEST COMPENSATED EMPLOYEES, HIGHEST COMPENSATED PROFESSIONAL OR OTHER INDEPENDENT CONTRACTORS ARE RELATED TO EACH OTHER THROUGH FAMILY RELATIONSHIPS. IN ADDITION, THEY DO NOT HAVE COMMON OWNERSHIP OF BUSINESSES NOR EMPLOYMENT RELATIONSHIPS WITH EACH OTHER. THESE INDIVIDUALS COULD HAVE PROFESSIONAL DEALINGS WITH EACH OTHER FROM TIME TO TIME IN THE NORMAL COURSE OF BUSINESS. HOWEVER, ANY SUCH BUSINESS DEALINGS AMONG THE SPECIFIED PARTIES WOULD NOT IMPACT THIS ORGANIZATION. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF PERPETUAL AND SPLIT-INTEREST TRUST 8,427,409. UT SCHOLARSHIPS -59,000. FORM 990, PART XII, LINE 2C: THE PROCESS FOR OVERSIGHT AND SELECTION OF AN INDEPENDENT ACCOUNTANT HAVE NOT CHANGED FROM THE PRIOR YEAR. MONROE STREET DEVELOPMENT CORPORATION LLC 2445 MONROE ST TOLEDO OH 43620 821120238 RESIDENTIAL RENTAL OH -256554 1588235 TOLEDO MUSEUM OF ART EDWARD D LIBBEY ENDOWMENT FUND KEYBANK NA PO BOX 10099 TOLEDO OH 436990099 346400765 MAKING GRANTS TO TOLEDO MUSEUM OF ART OH 501(C)(3) PF 0 FLORENCE S LIBBEY ENDOWMENT FUND KEYBANK NA PO BOX 10099 TOLEDO OH 436990099 344288280 MAKING GRANTS TO TOLEDO MUSEUM OF ART OH 501(C)(3) PF 0 CHARITABLE TRUSTS (5) CHARITABLE CONTRIBUTIONS OH N/A 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 EDWARD D LIBBEY ENDOWMENT FUND C 2625432 FLORENCE S LIBBEY ENDOWMENT FUND C 932554 BRANDES NON-US EQUITY PORTFOLIO 4275 EXECUTIVE SQUARE SUITE 500 LA JOLLA CA 92037 367045786 INVESTMENT INCOME CA EXCLUDED FROM TAX UNDER SECTIONS 512-514 0 1432688 29891259 0 0 0.18390