2025-04-07T16:21:08-05:00 2024-06-30 882730877 CHERRY BEKAERT ADVISORY LLC 3800 GLENWOOD AVE SUITE 200 RALEIGH NC 27612 990 2023-07-01 237071511 NORTH CAROLINA MUSEUM OF ART FOUNDATION NORT 9198396262 4630 MAIL SERVICE CENTER RALEIGH NC 276994630 VALERIE HILLINGS CEO 9198396262 2025-03-19 1 1 BREE-ANN WEIDNER P01319397 9197821040 2023 2025-03-06 01:10:19Z VALERIE HILLINGS 4630 MAIL SERVICE CENTER RALEIGH NC 276994630 51085479 0 X WWW.NCARTMUSEUM.ORG X 1969 NC THE NORTH CAROLINA MUSEUM OF ART HIGHLIGHTS THE FOLLOWING PROGRAMMING, EXHIBITION AND INITIATIVES; IN THE LAST YEAR THE MUSEUM ADDED 41 WORKS OF ART WITH EXPANSIONS IN THE AMERICAN COLLECTION, CONTEMPORARY ACQUISITIONS AND AFRICAN ART. SEVERAL SIGNIFICANT WORKS WERE ADDED TO THE COLLECTION OF OUTDOOR SCULPTURES IN THE MUSEUM PARK. THE NORTH CAROLINA MUSEUM OF ART SHOWCASED EIGHT TEMPORARY EXHIBITIONS THAT SPANNED TIME, CULTURES AND ARTISTIC GENRES. THE NORTH CAROLINA MUSEUM OF ART PROVIDED NEARLY 11,300 PROGRAMS, INCLUDING TOURS, SCHOOL PROGRAMS, FAMILY AND ADULT PROGRAMS, TEACHER PROFESSIONAL DEVELOPMENT, STATEWIDE OUTREACH, CONCERTS, PERFORMING ARTS PROGRAMS, AND DIGITAL RESOURCES ENGAGING OVER 262,000 PEOPLE ACROSS ALL 100 NORTH CAROLINA COUNTIES AND BEYOND IN ADDITION TO ITS ANNUAL ATTENDANCE OF 1,079,895. 28 28 42 130 128578 72572 14408518 14094184 1456100 1699174 1598124 3106395 1317612 1414248 18780354 20314001 972298 1682789 0 0 3426698 4586557 0 0 2326073 8786411 10130237 13185407 16399583 5594947 3914418 82214482 89700713 2716261 3257988 79498221 86442725 THE NORTH CAROLINA MUSEUM OF ART STEWARDS AND SHARES THE PEOPLE'S ART COLLECTION AND INSPIRES CREATIVITY BY CONNECTING OUR DIVERSE COMMUNITIES TO CULTURAL AND NATURAL RESOURCES. 0 0 9107081 1682789 1699174 THE MUSEUM OF ART IS PARTIALLY SUPPORTED BY STATE APPROPRIATIONS THAT LARGELY FUND STATE STAFF POSITIONS AND THEIR RELATED BENEFITS, AND A PORTION OF THE OPERATING COSTS OF RUNNING THE MUSEUM. THE FOUNDATION PROVIDES THE MAJORITY OF FINANCIAL SUPPORT NEEDED FOR EDUCATION, CURATORIAL, PROGRAMMING AND MARKETING OF THE MUSEUM INCLUDING SUPPORT FOR STATEWIDE AND MUSEUM-BASED EDUCATION PROGRAMMING, SPECIAL TRAVELING ART EXHIBITIONS, SUPPLEMENTAL ART CONSERVATIONS FUNDS, AND PUBLIC PROGRAMMING. THE FOUNDATION ALSO CULTIVATES DONORS FOR COMMISSIONED WORKS OF ART AND CONTRIBUTIONS FOR ART ACQUISITIONS. ALL ART PURCHASED OR COMMISSIONED IS GIFTED BY THE FOUNDATION TO THE MUSEUM. A LARGE MAJORITY OF THE ARTWORK HELD IN THE MUSEUM'S ART COLLECTION HAS BEEN GIFTED BY THE FOUNDATION. 1036481 THE FOUNDATION MANAGES APPROXIMATELY 33 ACRES OF REAL ESTATE ADJACENT TO THE MUSEUM PARK, WHICH ENCOMPASSES LANDSCAPING AND PARKING. 541118 495542 THE NORTH CAROLINA MUSEUM OF ART FOUNDATION PROVIDES OVERSIGHT MANAGEMENT TO THE OUTSOURCED ON-SITE FULL SERVICE RESTAURANT AND CONCESSION FOOD SERVICES. THE NORTH CAROLINA MUSEUM OF ART FOUNDATION PROVIDES DAY-TO-DAY MANAGEMENT OF THE MUSEUM'S RETAIL STORE. IN ADDITION, THE FOUNDATION ALSO PLANS AND MANAGES A PORTFOLIO OF SPECIAL EVENTS INCLUSIVE OF CORPORATE RENTALS, CONFERENCES WEDDINGS, DONOR CULTIVATION EVENTS, AND MEMBERSHIP PROGRAMMING. 10684680 1 1 0 1 0 0 0 0 0 1 1 1 0 0 1 0 1 0 0 0 1 0 0 0 1 1 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 236 0 1 42 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 28 28 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 NC X X VALERIE HILLINGS 9198396262 4630 MAIL SERVICE CENTER RALEIGH NC 276994630 X BRAD WILSON PRESIDENT (THRU 2/6/23) 1.00 0.00 X X 0 0 0 LIZA ROBERTS VICE PRESIDENT 1.00 0.00 X X 0 0 0 DIANE BASTIAN TREASURER 1.00 0.00 X X 0 0 0 MINA LEVIN SECRETARY 1.00 0.00 X X 0 0 0 ANGELIQUE BOWMAN ASSISTANT SECRETARY 1.00 0.00 X X 0 0 0 JENNIFER SIMPSON ASSISTANT TREASURER 1.00 0.00 X X 0 0 0 MAYME BOYD DIRECTOR 1.00 0.00 X 0 0 0 PETER BRISTOW DIRECTOR 1.00 0.00 X 0 0 0 AMIRH COLLIS DIRECTOR 1.00 0.00 X 0 0 0 WORTH DUNN DIRECTOR 1.00 0.00 X 0 0 0 MASON FREEMAN DIRECTOR 1.00 0.00 X 0 0 0 MAVIS GRAGG DIRECTOR 1.00 0.00 X 0 0 0 HEATHER GRAHAM DIRECTOR 1.00 0.00 X 0 0 0 BECKI GRAY DIRECTOR 1.00 0.00 X 0 0 0 GORDON GRUBB DIRECTOR 1.00 0.00 X 0 0 0 SAM HOOKER DIRECTOR 1.00 0.00 X 0 0 0 JESSICA MAYNARD DIRECTOR 1.00 0.00 X 0 0 0 NANCY MCFARLANE DIRECTOR 1.00 0.00 X 0 0 0 JAMES NARRON DIRECTOR 1.00 0.00 X 0 0 0 VAIBHAV PARMAR DIRECTOR 1.00 0.00 X 0 0 0 GEORGE PASCHAL DIRECTOR 1.00 0.00 X 0 0 0 SIMMI PRASAD DIRECTOR 1.00 0.00 X 0 0 0 SCOTT RELAN DIRECTOR 1.00 0.00 X 0 0 0 CHARMAINE RIGGINS DIRECTOR 1.00 0.00 X 0 0 0 JIM ROMANO DIRECTOR 1.00 0.00 X 0 0 0 SEPI SAIDI DIRECTOR 1.00 0.00 X 0 0 0 RENEE SNYDERMAN DIRECTOR 1.00 0.00 X 0 0 0 LEAH GOODNIGHT TYLER DIRECTOR 1.00 0.00 X 0 0 0 GLORIS YSASI-DIAZ DIRECTOR 1.00 0.00 X 0 0 0 VALERIE HILLINGS CEO 40.00 0.00 X 223296 0 4733 MARIE D'ALESSANDRO CFO 40.00 0.00 X 182130 0 18966 JOHNNY BURLESON CHIEF ADV. OFFICER (THRU 11/30/23) 40.00 0.00 X 177773 0 14766 ERIN CLEGHORN DIR. OF DEVELOPMENT & MEMBERSHIP 40.00 0.00 X 152957 0 8409 JESSICA GORELICK DIRECTOR OF NCMA CAMPAIGN 40.00 0.00 X 128365 0 13478 864521 0 60352 5 0 1 0 I HEAR MUSIC INC 9910 COVENTRY COURT CINCINNATI OH 45040 CONCERT TALENT 869607 DAVIS LANDSCAPE LTD 60 RUPERT RD RALEIGH NC 27603 LANDSCAPING 484591 TELEPATHIC GRAPHICS INC 1131 ATLANTIC AVE SUITE 106 ROCKY MOUNT NC 27801 GRAPHIC DESIGN & PRINTING 198880 TWO DOTS COMMUNICATIONS LLC 259 DARECREST LANE WENDELL NC 27591 CREATIVE SERVICES & VIDEO PRODUCTION 153490 RMB AUDIO INC 3532 EDGEMONT DRIVE RALEIGH NC 27612 AUDIO SERVICES 150986 9 1809340 29140 12255704 752430 14094184 ADMISSIONS 900099 1699174 1699174 1699174 3200798 -1997 3202795 2717 2717 29970815 30065218 -94403 -94403 -94403 841090 29140 233199 607891 607891 214281 84278 130003 130003 1014900 388783 626117 495542 130575 MISCELLANEOUS REVENUE 900099 47520 47520 47520 20314001 2194716 128578 3896523 X 1682789 1682789 447857 118435 180968 148454 3550144 938828 1434524 1176792 53300 14095 21537 17668 307240 81249 124148 101843 228016 60298 92136 75582 28612 28612 65246 65246 73504 73504 231676 231676 4468649 3733241 310110 425298 346082 177718 97178 71186 1192631 983638 169317 39676 33435 33435 589161 420441 105441 63279 913850 858099 37380 18371 172766 68817 82613 21336 EXHIBITION AND EVENTS 1581465 1374492 93877 113096 433160 172540 207128 53492 16399583 10684680 3388830 2326073 3257988 586012 5214208 7190717 2400047 4765110 80067 56681 124364 148394 1020141 1235744 20233557 6682952 14436062 13550605 47384674 53631799 8280958 8535651 15973 0 82214482 89700713 691411 863850 1650209 2034235 374641 359903 2716261 3257988 X 23367179 21762176 56131042 64680549 79498221 86442725 82214482 89700713 3914418 3030086 0 X 0 1 X 1 0 X 7201215 9842202 10370676 14408518 14094184 55916795 7201215 9842202 10370676 14408518 14094184 55916795 10755601 45161194 1283531 1286639 4363415 2758522 3205512 12897619 289749 203259 651075 810467 1954550 25395 74144 25651 47520 172710 70941674 13940492 0.63660 0.67490 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER REVENUE - 2020 AMOUNT: $ 25,395. 2021 AMOUNT: $ 74,144. 2022 AMOUNT: $ 25,651. 2023 AMOUNT: $ 47,520. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 73504 0 0 73504 0 PART II-B, LINE 1: DURING THE FISCAL YEAR ENDED 6/30/24, THE FOUNDATION ENGAGED A FIRM TO PROVIDE LOBBYING ASSISTANCE IN SEEKING ADDITIONAL STATE AND LOCAL SUPPORT FOR THE NORTH CAROLINA MUSEUM OF ART. ACTIVITIES INCLUDED MEETING WITH AND CONTACTING GOVERNMENT OFFICIALS AND LEGISLATORS. 52855405 4134438 5506287 2503393 59992737 46349421 5344906 3384044 2222966 52855405 51877064 1182151 -4382281 2327513 46349421 42528371 826147 9387073 864527 51877064 41584660 3640627 1192118 3389034 500000 42528371 0.11040 0.88960 0.00000 0 0 4430574 4430574 3167587 1713222 1454365 12635396 4969730 7665666 13550605 ALTERNATIVE INVESTMENTS 8535651 F 8535651 OBLIGATIONS UNDER SPLIT-INTEREST AGREEMENTS 359903 359903 23834825 3030086 16154 3046240 20788585 231676 -706260 -474584 20314001 16890321 16154 706260 722414 16167907 231676 231676 16399583 PART V, LINE 4: ENDOWMENT FUNDS ARE HELD TO SUPPORT ART ACQUISITION, CURATORIAL DUTIES, EXHIBITION DESIGN, CONSERVATION, PROGRAMMING AND OTHER MUSEUM ACTIVITIES. THE FOUNDATION RETAINS IN PERPETUITY (A) THE ORIGINAL VALUE OF INITIAL AND SUBSEQUENT GIFT AMOUNTS (INCLUDING PROMISES TO GIVE NET OF DISCOUNT AND ALLOWANCE FOR DOUBTFUL ACCOUNTS) DONATED TO THE ENDOWMENT AND (B) ANY ACCUMULATIONS TO THE ENDOWMENT MADE IN ACCORDANCE WITH THE DIRECTION OF THE APPLICABLE DONOR GIFT INSTRUMENT AT THE TIME THE ACCUMULATION IS ADDED. DONOR-RESTRICTED AMOUNTS NOT RETAINED IN PERPETUITY ARE SUBJECT TO APPROPRIATION FOR EXPENDITURE BY THE FOUNDATION IN A MANNER CONSISTENT WITH THE STANDARD OF PRUDENCE PRESCRIBED BY UPMIFA. THE PERCENTAGE REPORTED FOR PERMANENT ENDOWMENTS INCLUDES AMOUNTS THAT MUST BE MAINTAINED IN PERPETUITY AS WELL AS ACCUMULATED EARNINGS ON SUCH AMOUNTS THAT HAVE NOT YET BEEN APPROPRIATED FOR EXPENDITURE. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD -388,783. DIRECT GAMING EXPENSES -84,278. DIRECT FUNDRAISING EVENT EXPENSES -233,199. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 388,783. DIRECT GAMING EXPENSES 84,278. DIRECT FUNDRAISING EVENT EXPENSES 233,199. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 3782768 0 0 0 0 0 0 3782768 0 3782768 0 0 0 0 0 0 PART I, LINE 3: THE AMOUNT SHOWN IN PART I REFLECTS THE FAIR MARKET VALUE OF FOREIGN INVESTMENTS HELD AT THE END OF THE FISCAL YEAR BEING REPORTED ON. ART IN BLOOM 870230 29140 841090 233199 GALA 870230 29140 841090 233199 233199 607891 214281 73676 10602 0 214281 73676 10602 84278 130003 NC 0 THE NC MUSEUM OF ART FOUNDATION IS A NON-PROFIT ORGANIZATION RECOGNIZED IN NC UNDER G.S. 105-130.11(A). THE ORGANIZATION CONDUCTED TWO RAFFLES IN 2024 IN ACCORDANCE WITH NC G. S. 14-309.15 AND IS NOT REQUIRED TO OBTAIN A GAMING LICENSE. 0 1 0 1.00000 MARIE D'ALESSANDRO 4630 MAIL SERVICE CENTER RALEIGH NC 276994630 0 0 1 NORTH CAROLINA DEPARTMENT OF NATURAL AND CULTURAL RESOURCES 4601 MAIL SERVICE CENTER RALEIGH NC 27601 566062189 GOVERNMENT 0 1682789 BOOK ARTWORK ARTWORK FOR NORTH CAROLINA MUSEUM OF ART 1 0 PART I, LINE 2: THE FOUNDATION ONLY MAKES GRANTS TO SUPPORT THE NORTH CAROLINA MUSEUM OF ART, A COMPONENT OF NORTH CAROLINA DEPARTMENT OF NATURAL AND CULTURAL RESOURCES. THE CLOSE CONNECTION BETWEEN THE ORGANIZATIONS SERVES TO MONITOR THE USE OF SUPPORT PROVIDED. X X X X 0 0 0 0 0 0 0 1 0 VALERIE HILLINGS CEO 98296 0 125000 0 0 0 0 0 4733 0 228029 0 0 0 MARIE D'ALESSANDRO CFO 182130 0 0 0 0 0 0 0 18966 0 201096 0 0 0 JOHNNY BURLESON CHIEF ADV. OFFICER (THRU 11/30/23) 177773 0 0 0 0 0 0 0 14766 0 192539 0 0 0 ERIN CLEGHORN DIR. OF DEVELOPMENT & MEMBERSHIP 152957 0 0 0 0 0 0 0 8409 0 161366 0 0 0 PART I, LINE 7 THE BOARD WILL DETERMINE WHETHER TO AWARD AN ANNUAL BONUS, AND THE AMOUNT OF ANY BONUS, FOR A GIVEN FISCAL YEAR IN ITS DISCRETION BASED ON ITS EVALUATION OF EXECUTIVE'S AND THE FOUNDATION'S PERFORMANCE FOR THAT YEAR AND THE FOUNDATION'S THEN CURRENT FINANCES. AN ANNUAL BONUS AWARDED BY THE FOUNDATION FOR A GIVEN FISCAL YEAR WILL BE PAID IN THE FOLLOWING FISCAL YEAR. EXECUTIVE MUST BE EMPLOYED BY THE FOUNDATION ON A BONUS PAYMENT DATE TO EARN THE BONUS OR ANY PART THEREOF. THE FOUNDATION'S CURRENT FISCAL YEAR RUNS FROM JULY 1 THROUGH JUNE 30. X 9 659098 FMV X SUPPLIES AND RAFFLE ITEMS 20 93332 FMV 0 0 1 0 SCHEDULE M, COLUMN (B) AMOUNTS IN COLUMN (B) DESCRIBE NUMBER OF CONTRIBUTIONS. FORM 990, PART VI, SECTION B, LINE 11B THE AUDIT COMMITTEE AND MANAGEMENT REVIEW THE FORM 990 PRIOR TO PROVIDING A COPY TO THE FULL BOARD AND FILING WITH THE IRS. TO PROTECT THE PRIVACY OF DONORS, THE BOARD IS PROVIDED THE PUBLIC DISCLOSURE VERSION OF THE 990 SO PART VI, LINE 11A HAS BEEN ANSWERED NO. FORM 990, PART VI, SECTION B, LINE 12C THE AUDIT COMMITTEE ALSO SERVES AS THE ETHICS COMMITTEE FOR THE FOUNDATION, OVERSEEING THE WHISTLEBLOWER, RECORD RETENTION, CONFLICTS OF INTEREST AND CONFIDENTIALITY POLICIES. THE AUDIT COMMITTEE CHAIRMAN IS THE INDEPENDENT PARTY TO WHICH EMPLOYEES AND BOARD MEMBERS MAY REPORT ANY ETHICS CONCERNS OR POSSIBLE CONFLICTS OF INTEREST. THE COMMITTEE MEETS AT LEAST TWICE PER YEAR AND MORE OFTEN AS NECESSARY. POTENTIAL CONFLICTS OF INTEREST ARE REVIEWED WITH THE FOUNDATION'S CHIEF EXECUTIVE DIRECTOR AND CHIEF FINANCIAL OFFICER AS NEEDED FOR RESOLUTION. AN ANNUAL ACKNOWLEDGEMENT PROCESS OCCURS WITH ALL BOARD MEMBERS AND STAFF WHEREBY THEY FORMALLY CERTIFY RECEIPT OF ALL GOVERNANCE POLICIES AND AGREEMENT TO COMPLY WITH THEM. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS HAS THE PRIMARY GOVERNING RESPONSIBILITY OF OVERSEEING HUMAN RESOURCE MATTERS AND ALSO WORKS IN CONJUNCTION WITH THE FINANCE COMMITTEE AS IT RELATES TO ANY FINANCIAL IMPACT OF DECISIONS TAKEN. THE EXECUTIVE COMMITTEE EVALUATES THE PERFORMANCE OF THE FOUNDATION'S CHIEF EXECUTIVE OFFICER AND SETS THEIR COMPENSATION LEVEL BASED ON THE RESULTS OF THE EVALUATION. THE COMMITTEE REVIEWED THE LATEST AMERICAN ASSOCIATION OF MUSEUMS (AAM) ANNUAL SALARY SURVEY AS A BASIS FOR COMPARISON OF COMPENSATION RESONABLENESS. THE AAM SURVEY PROVIDED BENCHMARK DATA OF U.S. MUSEUMS BY GEOGRAPHIC AREA, POPULATION, AND BUDGET SIZE FOR KEY MUSEUM POSITIONS. FINAL RECOMMENDATIONS WERE SUBMITTED TO THE FULL BOARD FOR APPROVAL AND INCLUSION IN THE FOUNDATION'S OPERATING BUDGET. FORM 990, PART VI, SECTION C, LINE 19 THE FOUNDATION'S ARTICLES OF INCORPORATION ARE ON FILE WITH THE NORTH CAROLINA SECRETARY OF STATE AND ARE PUBLICLY AVAILABLE. THE FOUNDATION'S OTHER GOVERNING DOCUMENTS, CONFLICTS OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE NOT GENERALLY MADE AVAILABLE TO THE GENERAL PUBLIC EXCEPT BY SPECIFIC REQUEST FOR PURPOSES CLEARLY IDENTIFIED AND APPROVED BY THE BOARD. FORM 990, PART VII, SECTION A, COMPENSATION OF OFFICERS: VALERIE HILLINGS, CEO OF THE FOUNDATION, ALSO SERVES AS THE DIRECTOR OF THE NORTH CAROLINA MUSEUM OF ART. MS. HILLINGS RECEIVES COMPENSATION FROM THE MUSEUM FOR HER SERVICES PROVIDED TO THE MUSEUM. BECAUSE THE MUSEUM IS NOT CONSIDERED TO BE A RELATED ORGANIZATION, SUCH COMPENSATION HAS NOT BEEN REPORTED IN THE FOUNDATION'S RETURN. THE AMOUNT REPORTED IN PART VII REPRESENTS HER COMPENSATION FROM THE FOUNDATION FOR SERVICES PROVIDED TO THE FOUNDATION. FORM 990, PART IX, LINE 11G EXHIBITION: PROGRAM SERVICE EXPENSES 669,299. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 669,299. CURATORIAL: PROGRAM SERVICE EXPENSES 487,063. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 487,063. EDUCATION & PROGRAMMING: PROGRAM SERVICE EXPENSES 680,139. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 680,139. PERFORMANCE & PRODUCTION: PROGRAM SERVICE EXPENSES 1,486,491. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,486,491. OTHER FEES FOR SERVICES: PROGRAM SERVICE EXPENSES 410,249. MANAGEMENT AND GENERAL EXPENSES 310,110. FUNDRAISING EXPENSES 425,298. TOTAL EXPENSES 1,145,657.