2025-08-08T13:25:58-05:00 2024-09-30 750786316 WEAVER AND TIDWELL LLP 2300 N FIELD ST STE 1000 DALLAS TX 75201 990 2023-10-01 756067569 PEROT MUSEUM OF NATURE & SCIENCE PERO 2144285555 2201 N FIELD ST DALLAS TX 75201 ANNE WOODS CFO 2144285555 2025-08-08 1 1 SARA BURKHART P01435955 9724901970 2023 2025-03-06 01:10:19Z LINDA ABRAHAM SILVER 2201 N FIELD ST DALLAS TX 75201 51013380 0 X WWW.PEROTMUSEUM.ORG X 1968 TX TO INSPIRE MINDS THROUGH NATURE AND SCIENCE. 33 33 190 2329 17204 12758 13749352 20290084 14836060 14232867 1180774 2203753 84291 -164635 29850477 36562069 0 0 0 0 9619611 9914335 0 0 2651318 17711055 19129928 27330666 29044263 2519811 7517806 188766474 200170101 10515855 10033702 178250619 190136399 TO INSPIRE MINDS THROUGH NATURE AND SCIENCE. 0 0 19073551 12961462 OPENING DECEMBER 1, 2012, THE PEROT MUSEUM IS A RESULT OF A SUCCESSFUL $185 MILLION CAPITAL CAMPAIGN TO UNITE THREE INSTITUTIONS (THE DALLAS MUSEUM OF NATURAL HISTORY, THE SCIENCE PLACE AND THE DALLAS CHILDREN'S MUSEUM) INTO ONE INTERACTIVE BUILDING. WITH THE MISSION TO "INSPIRE MINDS THROUGH NATURE AND SCIENCE," THE MUSEUM PROVIDES A WIDE VARIETY OF ACTIVITIES INCLUDING IN-DEPTH PERMANENT EXHIBITS, TRAVELING EXHIBITS, HANDS-ON INTERACTIVES, ONSITE SCHOOL PROGRAMS, SCHOOL OUTREACH PROGRAMS, DISCOVERY CAMPS, FILMS AND WEEKEND ACTIVITIES FOR ADULTS, CHILDREN, AND FAMILIES. DURING FISCAL YEAR 2024, THE MUSEUM SERVED OVER 836,000 VISITORS THROUGH ON-SITE VISITS, INCLUDING OVER 113,000 STUDENTS ON 1,543 FIELD TRIPS. THE TRAVELING EXHIBITS IN FISCAL YEAR 2024 WERE T REX: THE ULTIMATE PREDATOR AND MARS ROVER. 3378620 1271405 THE MUSEUM IS DEDICATED TO INSPIRING CHILDREN TO PURSUE STEM CAREERS BY PROVIDING ENGAGING EDUCATIONAL TOOLS. THE MUSEUM PROVIDES HANDS-ON LEARNING PROGRAMS FOR SCHOOL CHILDREN THAT SUPPORT THE TEXAS ESSENTIAL KNOWLEDGE AND SKILLS (TEKS) STANDARDS. TO ENSURE ACCESSIBILITY OF PEROT MUSEUM PROGRAMS, PARTICULARLY TO SCHOOLS SERVING STUDENTS ON FREE OR REDUCED LUNCH, THE MUSEUM PROVIDES FINANCIAL AID WITH FUNDS CONTRIBUTED BY INDIVIDUALS, CORPORATIONS AND FOUNDATIONS FOR THIS PURPOSE. IN FISCAL YEAR 2024, THE MUSEUM'S IN-PERSON EDUCATIONAL PROGRAMS SERVED OVER 326,000 PARTICIPANTS ONSITE AND OFFSITE THROUGH FIELD TRIPS, SCHOOL PROGRAMS, CAMPS, AND COMMUNITY OUTREACH. 1230425 THE PEROT MUSEUM OPENED A NEW COLLECTIONS FACILITY IN MARCH 2020, ALLOWING THE MUSEUM'S COLLECTIONS TO BE CONSOLIDATED INTO ONE, STATE-OF-THE-ART FACILITY. THIS FACILITY PROVIDES AMPLE LAB AND WORK SPACES TO SUPPORT CONTINUED RESEARCH OF THE COLLECTIONS. IN ADDITION, PEROT MUSEUM PARTNERS WITH LOCAL AND REGIONAL ORGANIZATIONS TO CONDUCT FIELD RESEARCH AND FOSSIL PRESERVATION. 23682596 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 1 123 0 1 190 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 33 33 1 0 0 0 0 1 0 1 1 0 0 1 1 1 1 1 1 1 0 0 X ANNE WOODS 2147565837 2201 N FIELD STREET DALLAS TX 75201 YASMIN BHATIA DIRECTOR 1.00 X 0 0 0 NANCY CARLSON DIRECTOR 1.00 X 0 0 0 SCOTT GREENE DIRECTOR 1.00 X 0 0 0 JOAN BUCHANAN HILL DIRECTOR 1.00 X 0 0 0 MARIA-CRISTINA JARAMILLO DIRECTOR 1.00 X 0 0 0 SANTIAGO JORBA DIRECTOR 1.00 X 0 0 0 KAREN KATZ DIRECTOR 1.00 X 0 0 0 MANOJ KUTTY DIRECTOR 1.00 X 0 0 0 SUZANNE PEROT MCGEE DIRECTOR 1.00 X 0 0 0 PAMELA OKADA DIRECTOR 1.00 X 0 0 0 NANCY PEROT DIRECTOR 1.00 X 0 0 0 ROYCE RAMEY DIRECTOR 1.00 X 0 0 0 LIZ RYAN DIRECTOR 1.00 X 0 0 0 SACHIN SCHROFF DIRECTOR 1.00 X 0 0 0 EARL SIMPKINS DIRECTOR 1.00 X 0 0 0 NICOLE SMALL DIRECTOR 1.00 X 0 0 0 MARLENE SUGHRUE DIRECTOR 1.00 X 0 0 0 ROBERT VAUGHN DIRECTOR 1.00 X 0 0 0 BILL WADE DIRECTOR 1.00 X 0 0 0 KELVIN WALKER DIRECTOR 1.00 X 0 0 0 ABIGAIL WILLIAMS DIRECTOR 1.00 X 0 0 0 WILLIAM LANE BRITAIN DIRECTOR 1.00 X 0 0 0 PETER BALYTA DIRECTOR 1.00 X 0 0 0 SHELLY DEE DIRECTOR 1.00 X 0 0 0 STEPHANIE KNIGHT DIRECTOR 1.00 X 0 0 0 HAMILTON LEE DIRECTOR 1.00 X 0 0 0 JOHN MCGUIRE DIRECTOR 1.00 X 0 0 0 LAURA MELO DIRECTOR 1.00 X 0 0 0 ALICE RODRIGUEZ DIRECTOR 1.00 X 0 0 0 DAVID CORRIGAN CHAIR 1.00 X X 0 0 0 NANCY BEST CHAIR-ELECT 2.00 X X 0 0 0 ANDREW GOULD SECRETARY 2.00 X X 0 0 0 MEGHNA SHARMA TREASURER 2.00 X X 0 0 0 LINDA ABRAHAM-SILVER CHIEF EXECUTIVE OFFICER 40.00 X 500016 0 33858 ANNE WOODS CHIEF FINANCIAL OFFICER 40.00 X 287537 0 32122 DAVID HUMPHRIES CHIEF OPERATING OFFICER 40.00 X 282105 0 50542 KATHERINE STENESEN CHIEF DEVELOPMENT OFFICER 40.00 X 280978 0 32773 LOREA SEIDEL CHIEF PEOPLE OFFICER 40.00 X 250139 0 27426 MICHAEL SPIEWAK VP OF EXHIBITIONS AND OPER 40.00 X 169637 0 28933 MELISSA REDDICK VP OF DEVELOPMENT 40.00 X 180396 0 9435 MEGHAN IRWIN SR. DIRECTOR DEVELOPMENT 40.00 X 144985 0 9449 SAMANTHA SANDERS SR. DIRECTOR OF INSIGHTS AND ANALYTICS 40.00 X 143803 0 13715 CHANTEL BOUDREAUX SR. DIRECTOR OF OPERATIONS AND EVENTS 40.00 X 142326 0 11600 ASHLEY CHELLGREN SR. DIRECTOR DEVELOPMENT 40.00 X 120233 0 7595 2502155 0 257448 14 0 1 0 BALFOUR BEATTY CONSTRUCTION LLC 3100 MCKINNON 6TH FLOOR DALLAS TX 75201 CONSTRUCTION AND EQUIPMENT REPAIR 1585525 ENTECH SALES & SERVICES LLC 3404 GARDEN BROOK DR DALLAS TX 75234 BUILDING MAINTENANCE 590002 MORRIS TECHNOLOGY SOLUTIONS LLC 14400 NORTHBROOK DR STE 220 SAN ANTONIO TX 78232 IT - SERVERS & SUPPORT 316595 CUMMINS SOUTHERN PLAINS LLC 600 NORTH WATSON RD ARLINGTON TX 76011 BACKUP GENERATOR REBUILD 309404 TONY FAY PUBLIC RELATIONS LLC 2021 CRABAPPLE DR PLANO TX 75074 PUBLIC RELATIONS 188825 11 12657 2180208 2216441 919018 14961760 7556989 20290084 ADMISSION FEES - GENER 900099 9780254 9780254 PARKING REVENUE 812930 1535781 1535781 EDUCATION PROGRAMS 611710 1271405 1271405 THEATER ADMISSIONS 900099 843661 843661 STORE COMMISSIONS 900099 658222 658222 143544 143544 14232867 2184664 17204 2167460 1073997 668582 405415 405415 405415 12733316 12714227 19089 19089 19089 121075 2216441 1068502 -947427 -947427 MISCELLANEOUS REVENUE 900099 377377 377377 377377 36562069 14232867 17204 2021914 1992988 744383 904688 343917 6587061 4954670 421006 1211385 171212 117894 28811 24507 523967 326750 137202 60015 639107 398863 136267 103977 423945 423945 26667 16300 7508 2859 159345 159345 80707 80707 1176634 643340 314184 219110 1227803 1072338 155465 1951206 1564748 75206 311252 970390 970390 739407 739407 4296381 4296381 172160 112749 45468 13943 75048 13893 55364 5791 2234 2234 6329387 6311856 12486 5045 508164 440375 66254 1535 CATERING & HOSPITALITY 534235 284877 84257 165101 PROGRAM SERVICES & EQUI 265155 230337 7402 27416 BAD DEBT EXPENSE 171928 171928 MISCELLANEOUS 19132 19100 32 29044263 23682596 2710349 2651318 9942828 1740560 32346247 34189655 2415066 5329620 309324 312548 1533887 485827 206305615 87102756 106017184 119202859 27800118 31226152 1092279 524448 7309541 7158432 188766474 200170101 2662348 2814053 932466 449716 6921041 6769933 10515855 10033702 X 157290257 164822146 20960362 25314253 178250619 190136399 188766474 200170101 7517806 4093520 274454 0 X X 0 1 X 1 0 X 5183589 12091379 17451289 13749352 13906213 62381822 28579 28579 5212168 12091379 17451289 13749352 13906213 62410401 9016028 53394373 1057003 366263 1181251 2371164 3258661 8234342 14852 13758 28610 377377 377377 71050730 53621894 0.75150 0.80570 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X X EDUCATIONAL PROGRAM 0 27490936 4276048 948000 30818984 25649414 2819300 977778 27490936 30445801 -3936670 859717 25649414 25126770 6135127 816096 30445801 24086675 1734901 694806 25126770 0.64444 0.35556 0 0 31238026 31238026 114908809 39246769 75662040 1608758 982101 626657 9840675 7686031 2154644 48709347 39187855 9521492 119202859 MUTUAL FUNDS - EQUITIES 12957987 F PRIVATELY MANAGED FUNDS - EQUITIES 12522797 F PRIVATELY MANAGED FUNDS - ALTERNATIVE INVESTMENTS 5612708 F PRIVATE EQUITY FUND 132660 F 31226152 LEASE LIABILITY 6769933 6769933 X 41868127 4093520 380984 -171711 4302793 37565334 80707 -1083972 -1003265 36562069 29982347 106530 1083972 1190502 28791845 80707 171711 252418 29044263 PART III, LINE 1A: A PORTION OF THE COLLECTIONS OF THE MUSEUM ARE OWNED BY THE CITY OF DALLAS, AND A PORTION ARE OWNED BY THE MUSEUM. THE MUSEUM'S COLLECTIONS ARE COMPRISED OF OBJECTS OF HISTORICAL, CULTURAL OR SCIENTIFIC SIGNIFICANCE THAT ARE HELD FOR EDUCATIONAL, RESEARCH, SCIENTIFIC, AND CURATORIAL PURPOSES. EACH OF THE ITEMS IS CATALOGED, PRESERVED AND CARED FOR, AND MONITORED ACCORDING TO PROFESSIONAL MUSEUM STANDARDS, AND ACTIVITIES VERIFYING ITS EXISTENCE AND ASSESSING ITS CONDITION ARE PERFORMED CONTINUOUSLY. THE COLLECTIONS ARE SUBJECT TO A POLICY THAT REQUIRES PROCEEDS FROM SALES OF COLLECTION ITEMS BE USED TO ACQUIRE OTHER ITEMS FOR COLLECTIONS OR PROVIDE FOR THE DIRECT CARE OF EXISTING COLLECTIONS. PART III, LINE 4: THE MUSEUM'S COLLECTIONS INCLUDE OVER 200,000 ITEMS COMPRISED OF ARTIFACTS, ECO-FACTS, ENTOMOLOGY, VERTEBRATE, INVERTEBRATE, AND BOTANICAL PALEONTOLOGY, MALACOLOGY, ICHTHYOLOGY, HERPETOLOGY, ORNITHOLOGY AND MAMMALOGY SPECIMENS, AND COVER APPROXIMATELY 1.7 BILLION YEARS OF THE EARTH'S HISTORY. THE PEROT MUSEUM OF NATURE AND SCIENCE IS A COLLECTIONS-BASED, RESEARCH-DRIVEN NATURE AND SCIENCE MUSEUM DEDICATED TO FURTHERING AN UNDERSTANDING AND APPRECIATION OF THE NATURAL, TECHNOLOGICAL, AND SCIENTIFIC WORLD THROUGH COLLECTIONS-BASED RESEARCH, EDUCATIONAL PROGRAMS AND EXHIBITS. THE MUSEUM USES ITS COLLECTIONS TO SUPPORT ITS MISSION TO "INSPIRE MINDS THROUGH NATURE AND SCIENCE." PART V, LINE 4: THE INTENDED USE OF THE ENDOWMENT FUNDS IS TO SUPPORT THE PEROT MUSEUM OF NATURE AND SCIENCE. PART X, LINE 2: THE ORGANIZATION HAS BEEN RECOGNIZED BY THE INTERNAL REVENUE SERVICE AS A NONPROFIT CORPORATION EXEMPT FROM FEDERAL INCOME TAX ON ITS INCOME, UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE ORGANIZATION FOLLOWS THE PROVISIONS OF ASC 740-10, INCOME TAXES, RELATED TO UNRECOGNIZED TAX POSITIONS. THE ORGANIZATION RECOGNIZES THE TAX BENEFITS FROM UNCERTAIN TAX POSITIONS ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITIONS WILL BE SUSTAINED ON EXAMINATION BY THE TAXING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITIONS. THE TAX BENEFITS RECOGNIZED IN THE FINANCIAL STATEMENTS FROM SUCH POSITIONS ARE MEASURED BASED ON THE LARGEST BENEFIT THAT HAS A GREATER THAN 50% LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT. THE ORGANIZATION DOES NOT BELIEVE THERE ARE ANY MATERIAL UNCERTAIN TAX POSITIONS AND ACCORDINGLY, IT WILL NOT RECOGNIZE ANY LIABILITY FOR UNRECOGNIZED TAX BENEFITS. FOR THE YEARS ENDED SEPTEMBER 30, 2024 AND 2023, THERE WERE NO INTEREST OR PENALTIES RECORDED OR INCLUDED IN THE FINANCIAL STATEMENTS. THE ORGANIZATION IS RELYING ON ITS TAX-EXEMPT STATUS AND ITS ADHERENCE TO ALL APPLICABLE LAWS AND REGULATIONS TO PRESERVE THAT STATUS. HOWEVER, THE CONCLUSIONS REGARDING ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES WILL BE SUBJECT TO REVIEW AND MAY BE ADJUSTED AT A LATER DATE BASED ON FACTORS INCLUDING, BUT NOT LIMITED TO, ONGOING ANALYSIS OF TAX LAWS, REGULATIONS, AND INTERPRETATIONS THEREOF. THE ORGANIZATION'S INFORMATIONAL RETURNS ARE GENERALLY SUBJECT TO EXAMINATION FOR THREE YEARS AFTER THE LATER OF THE DUE DATE OR DATE OF FILING. AS A RESULT, THE ORGANIZATION IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY TAX AUTHORITIES FOR YEARS PRIOR TO 2020. PART XI, LINE 2D - OTHER ADJUSTMENTS: ADDITIONAL BAD DEBT EXPENSE -171,711. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL DIRECT COSTS -668,582. ADDITIONAL SPECIAL EVENT EXPENSES -415,390. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL DIRECT COSTS 668,582. ADDITIONAL SPECIAL EVENT EXPENSES 415,390. PART XII, LINE 4B - OTHER ADJUSTMENTS: ADDITIONAL BAD DEBT EXPENSE 171,711. NIGHT AT THE MUSEUM 2337516 2216441 121075 529235 62712 476555 2337516 2216441 121075 529235 62712 476555 1068502 -947427 X X X 0 1 0 0 0 0 0 1 0 LINDA ABRAHAM-SILVER CHIEF EXECUTIVE OFFICER 398963 0 100000 0 1053 0 12200 0 21658 0 533874 0 0 0 DAVID HUMPHRIES CHIEF OPERATING OFFICER 252861 0 27100 0 2144 0 11934 0 38608 0 332647 0 0 0 ANNE WOODS CHIEF FINANCIAL OFFICER 251478 0 35000 0 1059 0 11826 0 20296 0 319659 0 0 0 KATHERINE STENESEN CHIEF DEVELOPMENT OFFICER 249536 0 31200 0 242 0 10534 0 22239 0 313751 0 0 0 LOREA SEIDEL CHIEF PEOPLE OFFICER 225685 0 23500 0 954 0 6144 0 21282 0 277565 0 0 0 MICHAEL SPIEWAK VP OF EXHIBITIONS AND OPER 155013 0 13229 0 1395 0 6787 0 22146 0 198570 0 0 0 MELISSA REDDICK VP OF DEVELOPMENT 151496 0 28800 0 100 0 2264 0 7171 0 189831 0 0 0 SAMANTHA SANDERS SR. DIRECTOR OF INSIGHTS AND ANALYTI 132703 0 11000 0 100 0 3019 0 10696 0 157518 0 0 0 MEGHAN IRWIN SR. DIRECTOR DEVELOPMENT 133736 0 11024 0 225 0 5709 0 3740 0 154434 0 0 0 CHANTEL BOUDREAUX SR. DIRECTOR OF OPERATIONS AND EVENT 130871 0 10600 0 855 0 3687 0 7913 0 153926 0 0 0 PART I, LINE 4B LINDA ABRAHAM-SILVER AND DAVE HUMPHREYS PARTICIPATED IN A SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN. THERE WERE NO PAYMENTS RECEIVED DURING THE REPORTING PERIOD. PART I, LINE 7 THE PEROT MUSEUM OF NATURE AND SCIENCE OFFERS A DISCRETIONARY ANNUAL BONUS TO MUSEUM EXECUTIVE MANAGEMENT STAFF WHO MEET ELIGIBILITY REQUIREMENTS. VICTORY GRIFFIN LP 35% CONTROLLED ENTITY OF FAMILY MEMBER OF THE MUSEUM'S BOARD MEMBERS 3516129 LAND SALE 0 VICTORY GRIFFIN LP 35% CONTROLLED ENTITY OF FAMILY MEMBER OF THE MUSEUM'S BOARD MEMBERS 6383871 CONTRIBUTED NONFINANCIAL ASSET 0 HILLWOOD URBAN COMPANY IS OWNED BY A FAMILY MEMBER OF THE MUSEUM'S BOARD MEMBERS. 572000 CONTRACTED SERVICES RELATED TO FACILITY MANAGEMENT 0 X 4 510678 BRKR VAL ON REC; AVG H/L X 1 6383871 APPRAISAL X 1 100 DONOR VALUATION X 3 0 X DISCOUNTED CATERING FOR NATM EVENT 2 592500 VALUE PROVIDED BY VE X BEVERAGES FOR NATM EVENT 3 57500 VALUE PROVIDED BY VE X NATM PRINT ADS 1 12340 VALUE PROVIDED BY VE 0 1 1 PART I, LINE 32B: THE MUSEUM MAINTAINS A CUSTODIAL GIFT ACCOUNT WITH CHARLES SCHWAB TO PROCESS STOCK CONTRIBUTIONS. PART I, LINE 33: LINE 21-23, COLUMN C: $0 WAS REPORTED BECAUSE THE MUSEUM DOES NOT CAPITALIZE ITS COLLECTION UNDER ASC 958-360-25 (FORMERLY SFAS 116). FORM 990, PART VI, SECTION A, LINE 2 SUZANNE MCGEE AND NANCY PEROT HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION A, LINE 7A WITH RESPECT TO THE ORGANIZATION'S 33 CURRENT DIRECTORS, UP TO TWO ARE APPOINTED AT THE ORGANIZATION'S ANNUAL MEETING UPON THE SOLE AUTHORITY AND DISCRETION OF PETRUS MANAGEMENT HOLDING COMPANY, INC. FORM 990, PART VI, SECTION B, LINE 11B INDEPENDENT CPA FIRM PREPARES THE FORM 990 BASED ON INFORMATION FROM THE AUDIT AND OTHER INFORMATION AS REQUESTED FROM THE MUSEUM'S CONTROLLER. THE CFO AND THE CONTROLLER REVIEW THE PREPARED FORM 990 WITH THE CPA FIRM. THEN THE CFO CIRCULATES THE FORM 990 TO THE CEO, BOARD CHAIRMAN, GOVERNING BOARD, AND FINANCE & AUDIT COMMITTEE FOR REVIEW AND COMMENTS. FORM 990, PART VI, SECTION B, LINE 12C ALL BOARD MEMBERS RECEIVE A COPY OF THE CONFLICTS OF INTEREST POLICY AND ARE REQUIRED TO ACKNOWLEDGE IN WRITING THAT HE/SHE HAS READ, UNDERSTANDS AND WILL COMPLY WITH THE POLICY. A DISCLOSURE QUESTIONNAIRE IS SENT TO ALL BOARD MEMBERS TO COMPLETE SO THEY CAN DISCLOSE THEIR PERSONAL, BUSINESS, OR OTHER ORGANIZATIONAL INTEREST AND AFFILIATIONS AND THOSE OF PERSONS CLOSE TO THEM THAT COULD BE REASONABLY CONSTRUED AS BEING MUSEUM RELATED. IF THERE APPEARS TO BE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, THE GOVERNING BOARD OR COMMITTEE WILL GIVE THE MEMBER THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS SO THEY CAN VOTE ON WHETHER A CONFLICT EXISTS OR NOT. IF THE GOVERNING BOARD OR COMMITTEE HAS REASONABLE CAUSE TO BELIEVE A MEMBER HAS FAILED TO DISCLOSE ACTUAL OR POSSIBLE CONFLICTS OF INTEREST, IT SHALL INFORM THE MEMBER OF THE BASIS FOR SUCH BELIEF AND AFFORD THE MEMBER AN OPPORTUNITY TO EXPLAIN THE ALLEGED FAILURE TO DISCLOSE. IF, AFTER HEARING THE MEMBER'S RESPONSE AND AFTER MAKING FURTHER INVESTIGATION AS WARRANTED BY THE CIRCUMSTANCES, THE GOVERNING BOARD OR COMMITTEE DETERMINES THE MEMBER HAS FAILED TO DISCLOSE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, IT SHALL TAKE APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION. FORM 990, PART VI, SECTION B, LINE 15A AN EXTERNAL COMPENSATION CONSULTANT, AS DIRECTED BY THE CHIEF PEOPLE OFFICER, PREPARES A COMPENSATION STUDY THAT INCLUDES COMPARABLE COMPENSATION DATA FROM OTHER ORGANIZATIONS INCLUDING DATA FROM FORMS 990 OF SIMILAR ORGANIZATIONS. THE CURRENT BOARD CHAIRMAN AND INCOMING BOARD CHAIRMAN REVIEW THE COMPENSATION STUDY, REVIEW THE CEO'S JOB PERFORMANCE VERSUS ANNUAL OBJECTIVES, DELIBERATE ON AND DETERMINE THE APPROPRIATE CEO COMPENSATION. THE BOARD CHAIRMAN COMMUNICATES IN WRITING THE APPROVED COMPENSATION TO THE CHIEF PEOPLE OFFICER. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XII, LINE 2C NO CHANGES TO THE AUDIT PROCEDURE OCCURRED DURING THE FISCAL YEAR.