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        <ExplanationTxt>THE FOUNDATION HAS ELECTED TO EXERCISE THE OPTION OF NOT CAPITALIZING ITEMS THAT MEET THE DEFINITION OF COLLECTIONS AS PRESCRIBED BY ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA.</ExplanationTxt>
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        <ExplanationTxt>THE MUSEUM'S COLLECTIONS INCLUDE PAINTINGS, ANTIQUES, SCULPTURES, PHOTOGRAPHS, DECORATIVE ARTS AND FURNITURE, PRINTS, DRAWINGS, ASIAN ART, CIRCUS MEMORABILIA AND POSTERS, HISTORIC BUILDINGS, A HISTORIC THEATER, TROPICAL SCULPTURE GARDENS, HISTORICAL RECORDS, AND AN ART RESEARCH LIBRARY. THESE COLLECTIONS ARE FOR PUBLIC VIEWING, SCHOLARLY RESEARCH, INCLUSION IN PUBLIC/PRIVATE SCHOOL CURRICULUMS, HISTORICAL DOCUMENTATION, AND PRESERVED FOR THE PUBLIC TRUST.</ExplanationTxt>
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        <ExplanationTxt>THE JOHN &amp; MABLE RINGLING MUSEUM OF ART FOUNDATION, INC. IS A DIRECT-SUPPORT ORGANIZATION AS DEFINED IN FLORIDA STATUTE 1004.45 FOR THE BENEFIT OF THE JOHN &amp; MABLE RINGLING MUSEUM OF ART. THE RINGLING MUSEUM, AS THE STATE ART MUSEUM OF FLORIDA, IS OPERATED BY FLORIDA STATE UNIVERSITY AND FEATURES CA' D'ZAN, MUSEUM OF ART, TIBBALS LEARNING CENTER, CIRCUS MUSEUM, HISTORIC ASOLO THEATER, ULLA R. AND ARTHUR F. SEARING WING, TING TSUNG AND WEI FONG CHAO CENTER FOR ASIAN ART, KEITH D. MONDA GALLERY FOR CONTEMPORARY ART, KOTLER-COVILLE GLASS PAVILION, JOHNSON-BLALOCK EDUCATION CENTER, AND ADDITIONAL VENUES SITUATED ON 66 ACRES OF BAYFRONT PROPERTY IN SARASOTA. THE RINGLING MUSEUM OF ART FOUNDATION PROVIDES SUPPORT TO THE MUSEUM IN ORDER TO ENHANCE AND ENRICH THE EXPERIENCE OF ITS GUESTS AND INCLUDES SUPPORT FOR SPECIAL EXHIBITIONS, COLLECTIONS CONSERVATION AND CARE, AND EDUCATION PROGRAMMING. THE RINGLING MUSEUM IS THE LARGEST UNIVERSITY ART MUSEUM COMPLEX IN THE UNITED STATES AND SERVES AS THE LEGACY OF JOHN AND MABLE RINGLING: A PLACE OF ART, ARCHITECTURE, AND CIRCUS IN AN ENVIRONMENT THAT INSPIRES, EDUCATES, AND ENTERTAINS.</ExplanationTxt>
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        <ExplanationTxt>THE FLORIDA STATE UNIVERSITY APPROVES THE BOARD MEMBERSHIP OF THE JOHN AND MABLE RINGLING MUSEUM OF ART FOUNDATION. THE FOUNDATION CONSISTS OF NO MORE THAN 31 MEMBERS APPOINTED BY THE PRESIDENT OF THE UNIVERSITY FROM A LIST OF NOMINEES PROVIDED BY THE RINGLING FOUNDATION.</ExplanationTxt>
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        <ExplanationTxt>THE JOHN AND MABLE RINGLING FOUNDATION DEVELOPS THE POLICY FOR THE MUSEUM, SUBJECT TO THE PROVISIONS OF JOHN RINGLING'S WILL AND THE OVERALL DIRECTION OF THE PRESIDENT OF THE FLORIDA STATE UNIVERSITY. THE FOUNDATION IS INVESTED WITH THE POWER AND AUTHORITY TO NOMINATE A MUSEUM DIRECTOR WHO IS APPOINTED BY AND SERVES AT THE PLEASURE OF THE PRESIDENT OF THE UNIVERSITY AND SHALL REPORT TO THE PROVOST OF THE UNIVERSITY OR HIS OR HER DESIGNEE.</ExplanationTxt>
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        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 11B</FormAndLineReferenceDesc>
        <ExplanationTxt>THE AUDIT COMMITTEE REVIEWS THE DRAFT 990 IN CONSULTATION WITH AN EXTERNAL CPA FIRM AND MUSEUM MANAGEMENT. THE DRAFT IS REVISED BASED ON THE COMMITTEE'S RECOMMENDATIONS AND IS THEN MADE AVAILABLE TO BOARD MEMBERS WHO ARE INVITED TO SUBMIT COMMENTS/QUESTIONS TO THE AUDIT COMMITTEE CHAIR PRIOR TO FILING THE RETURN.</ExplanationTxt>
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        <ExplanationTxt>THE POLICY IS GIVEN TO EVERY BOARD MEMBER ANNUALLY AND THE BOARD MEMBER IS REQUIRED TO SIGN IT ATTESTING HE/SHE HAS READ AND UNDERSTANDS THE PROVISIONS. PERSONS COVERED ARE BOARD MEMBERS, BOARD MEMBER'S BUSINESS ASSOCIATES, AND BOARD MEMBER'S FAMILY BUSINESS ASSOCIATES. ASSOCIATE MEANS AN ORGANIZATION, CORPORATION, PARTNERSHIP, JOINT VENTURE, PROPRIETORSHIP OR OTHER ENTITY OR ASSOCIATE WITH RESPECT TO EITHER THE BOARD MEMBER OR BOARD MEMBER'S FAMILY. FAMILY MEMBERS INCLUDE SPOUSE, PARENTS, SIBLINGS, AUNTS/UNCLES, CHILDREN, DOMESTIC PARTNER, AND ANY PERSON RESIDING IN THE BOARD MEMBER'S HOUSEHOLD.</ExplanationTxt>
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        <ExplanationTxt>THE FOUNDATION MAKES GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.</ExplanationTxt>
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        <FormAndLineReferenceDesc>FORM 990, PART XII, LINE 2C:</FormAndLineReferenceDesc>
        <ExplanationTxt>THE AUDIT COMMITTEE ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT PROCESS. NO CHANGE FROM THE PRIOR YEAR.</ExplanationTxt>
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