2026-04-02T13:22:11-05:00 2025-06-30 882730877 CHERRY BEKAERT ADVISORY LLC 3800 GLENWOOD AVE SUITE 200 RALEIGH NC 27612 990 2024-07-01 237071511 NORTH CAROLINA MUSEUM OF ART FOUNDATION NORT 9198396262 4630 MAIL SERVICE CENTER RALEIGH NC 276994630 VALERIE HILLINGS CEO 9198396262 2026-03-20 1 1 MELANIE MCPEAK P01346034 9197821040 2024 2025-03-06 01:10:19Z VALERIE HILLINGS 4630 MAIL SERVICE CENTER RALEIGH NC 276994630 43812176 0 X WWW.NCARTMUSEUM.ORG X 1969 NC THE NORTH CAROLINA MUSEUM OF ART FOUNDATION HIGHLIGHTS ARTWORK THROUGH EXHIBITIONS, PROGRAMMING, AND OTHER INITIATIVES. 27 27 82 99 90038 45814 14094184 24498173 1699174 1088878 3106395 5265868 1414248 1419214 20314001 32272133 1682789 8786695 0 0 4586557 5366293 0 0 2105876 10130237 10908737 16399583 25061725 3914418 7210408 89700713 99478655 3257988 2781752 86442725 96696903 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 17164565 8786695 1102151 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. 1019972 THE FOUNDATION MANAGES APPROXIMATELY 33 ACRES OF REAL ESTATE ADJACENT TO THE MUSEUM PARK, WHICH ENCOMPASSES LANDSCAPING AND PARKING. 558158 552987 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. 18742695 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 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 334 0 1 82 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 27 27 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 NC X X MARIE D'ALESSANDRO 9196646753 2110 BLUE RIDGE ROAD RALEIGH NC 27607 X KEVIN ANDERSON DIRECTOR 1.00 0.00 X 0 0 0 DIANE BASTIAN PRESIDENT 1.00 0.00 X X 0 0 0 ANGELIQUE BOWMAN ASSISTANT SECRETARY 1.00 0.00 X X 0 0 0 MAYME BOYD DIRECTOR (THRU 12/24) 1.00 0.00 X 0 0 0 PETER BRISTOW 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 VICE PRESIDENT 1.00 0.00 X X 0 0 0 SAM HOOKER DIRECTOR 1.00 0.00 X 0 0 0 MINA LEVIN SECRETARY 1.00 0.00 X 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 LIZA ROBERTS DIRECTOR 1.00 0.00 X 0 0 0 CARRIE RUSSELL DIRECTOR 1.00 0.00 X 0 0 0 SEPI SAIDI DIRECTOR (THRU 03/25) 1.00 0.00 X 0 0 0 JENNIFER SIMPSON ASSISTANT TREASURER 1.00 0.00 X X 0 0 0 RENEE SNYDERMAN TREASURER 1.00 0.00 X X 0 0 0 LEAH GOODNIGHT TYLER DIRECTOR 1.00 0.00 X 0 0 0 BRAD WILSON DIRECTOR 1.00 0.00 X 0 0 0 GLORIA YSASI-DIAZ DIRECTOR 1.00 0.00 X 0 0 0 MARIE D'ALESSANDRO CFO 40.00 0.00 X 202491 0 22768 VALERIE HILLINGS CEO 40.00 0.00 X 183211 0 5526 JESSICA GORELICK DIRECTOR OF NCMA CAMPAIGN 40.00 0.00 X 139399 0 14164 ERIN CLEGHORN DIRECTOR OF DEVELOPMENT (THRU 5/24) 40.00 0.00 X 107432 0 6951 EUGENE YOUNG DIRECTOR OF IT 40.00 0.00 X 101035 0 16275 733568 0 65684 5 0 1 0 I HEAR MUSIC INC 9910 COVENTRY COURT CINCINNATI OH 45040 CONCERT TALENT 790236 TRANSPORT CONSULTANTS INTERNATIONAL INC 30 UNION AVENUE SOUTH 2ND FLOOR CRANFORD NJ 07016 ART TRANSPORT 260460 TELEPATHIC GRAPHICS INC 1131 ATLANTIC AVE SUITE 106 ROCKY MOUNT NC 27801 GRAPHIC DESIGN & PRINTING 200979 CATE SERVICES & CONSTRUCTION LLC 1306 BROAD STREET DURHAM NC 27705 AMPITHEATER MAINTENANCE 191781 TESSITURA NETWORK INC PO BOX 035184 SEATTLE WA 98124 CRM SYSTEM 171858 17 1783272 40499 22674402 2592078 24498173 ADMISSIONS 900099 1088878 1088878 1088878 2621713 -2510 2624223 4765 4765 13572425 10928270 2644155 2644155 2644155 892920 40499 172241 720679 720679 5300 3100 2200 2200 1081967 436432 645535 552987 92548 TAXES REMITTED FOR RAFFLE 900099 15840 15840 EXHIBITION INCOME 900099 7232 7232 ARTWORK TREATMENTS 900099 3683 3683 19280 2358 16922 46035 32272133 1655138 90038 6028784 X 8786695 8786695 435932 139575 180961 115396 4270124 1367190 1772586 1130348 69496 22251 28849 18396 323962 103725 134481 85756 266779 85416 110744 70619 12461 12461 56025 56025 79014 79014 237577 237577 3706324 3077818 487650 140856 309517 218314 63218 27985 1066751 730460 287743 48548 85303 85303 558000 393176 129753 35071 909344 851635 38759 18950 122581 78207 32744 11630 EXHIBITION AND EVENTS 2087856 1817670 27066 243120 BAD DEBT EXPENSE 994158 634278 265558 94322 DUES AND SUBSCRIPTIONS 199660 127384 53333 18943 484166 308901 129329 45936 25061725 18742695 4213154 2105876 586012 63307 7190717 10464877 4765110 7770733 56681 55845 148394 128193 1235744 266025 20414464 7592296 13550605 12822168 53631799 62342988 8535651 5564519 89700713 99478655 863850 634546 2034235 1806169 359903 341037 3257988 2781752 X 21762176 18966798 64680549 77730105 86442725 96696903 89700713 99478655 7210408 3043770 0 X 0 1 X 1 0 X 9842202 10370676 14408518 14094184 24498173 73213753 9842202 10370676 14408518 14094184 24498173 73213753 15422796 57790957 1286639 4363415 2758522 3205512 2628988 14243076 289749 203259 651075 810467 768693 2723243 25395 74144 25651 47520 46035 218745 90398817 11116902 0.63930 0.63660 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. 2024 AMOUNT: $ 46,035. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 79014 0 0 79014 0 PART II-B, LINE 1: DURING THE FISCAL YEAR ENDED 6/30/25, 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. 59992737 3721395 7500385 2365963 68848554 52855405 4134438 5506287 2503393 59992737 46349421 5344906 3384044 2222966 52855405 51877064 1182151 -4382281 2327513 46349421 42528371 826147 9387073 864527 51877064 0.10460 0.89540 0.00000 0 0 4430574 4430574 3180656 1935795 1244861 12803234 5656501 7146733 12822168 ALTERNATIVE INVESTMENTS 5564519 F 5564519 OBLIGATIONS UNDER SPLIT-INTEREST AGREEMENTS 341037 341037 35733624 3043770 43525 3087295 32646329 237577 -611773 -374196 32272133 25479446 43525 611773 655298 24824148 237577 237577 25061725 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 -436,432. DIRECT FUNDRAISING EVENT EXPENSES -172,241. DIRECT GAMING EXPENSES -3,100. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 436,432. DIRECT FUNDRAISING EVENT EXPENSES 172,241. DIRECT GAMING EXPENSES 3,100. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 1458518 0 0 0 0 0 0 1458518 0 1458518 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 933419 40499 892920 172241 933419 40499 892920 172241 172241 720679 1 NORTH CAROLINA DEPARTMENT OF NATURAL AND CULTURAL RESOURCES 4601 MAIL SERVICE CENTER RALEIGH NC 27601 566062189 GOVERNMENT 8000000 786695 BOOK ART WORK BUILDING IMPROVEMENTS AND ART WORK FOR THE 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 1 0 0 0 0 0 0 1 0 MARIE D'ALESSANDRO CFO 202491 0 0 0 0 0 7336 0 15432 0 225259 0 0 0 VALERIE HILLINGS CEO 103211 0 80000 0 0 0 5526 0 0 0 188737 0 0 0 JESSICA GORELICK DIRECTOR OF NCMA CAMPAIGN 139399 0 0 0 0 0 5565 0 8599 0 153563 0 0 0 PART I, LINE 4A ERIN CLEGHORN RECEVIED SEVERANCE PAY OF 41,575. 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 19 2548762 FMV X SUPPLIES 8 43316 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 TO PROTECT THE PRIVACY OF DONORS, THE BOARD AND AUDIT COMMITTEE ARE PROVIDED THE PUBLIC DISCLOSURE VERSION OF THE 990; THEREFORE, PART VI, LINE 11A HAS BEEN ANSWERED NO. THE AUDIT COMMITTEE AND MANAGEMENT REVIEW THE FORM 990 PRIOR TO PROVIDING A COPY TO THE FULL BOARD AND FILING WITH THE IRS. 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 OFFICER 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 661,346. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 661,346. CURATORIAL: PROGRAM SERVICE EXPENSES 145,839. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 145,839. EDUCATION & PROGRAMMING: PROGRAM SERVICE EXPENSES 738,560. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 738,560. PERFORMANCE & PRODUCTION: PROGRAM SERVICE EXPENSES 887,938. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 887,938. OTHER FEES FOR SERVICES: PROGRAM SERVICE EXPENSES 644,135. MANAGEMENT AND GENERAL EXPENSES 487,650. FUNDRAISING EXPENSES 140,856. TOTAL EXPENSES 1,272,641.