2024-08-15T11:37:28-05:00 2023-09-30 882730877 CHERRY BEKAERT ADVISORY LLC 101 SOUTH 5TH STREET STE 2100 LOUISVILLE KY 40202 990 2022-10-01 610444823 SPEED ART MUSEUM SPEE 5023685893 2035 SOUTH THIRD STREET LOUISVILLE KY 40208 DEANA PARADIS TREASURER 5023685893 2024-08-15 1 1 KEVIN FUQUA CPA CVA P00433011 8885871719 2022 2024-08-08 14:25:15Z DEANA PARADIS 2035 SOUTH THIRD STREET LOUISVILLE KY 40208 32122445 0 X WWW.SPEEDMUSEUM.ORG X 1933 KY AT THE SPEED ART MUSEUM, WE INVITE EVERYONE TO CELEBRATE ART FOREVER. WHETHER YOU'RE AN ART AFICIONADO OR DON'T KNOW A DALI FROM A DEGAS, YOU CAN FIND FRESH INSPIRATION AND MEANING AT THE SPEED ART MUSEUM. WITH MODERN ARCHITECTURE, EXPANDED PROGRAMMING, INTERACTIVE EXHIBITS AND INVITING OUTDOOR SPACES, THE SPEED OFFERS COUNTLESS OPPORTUNITIES FOR EVERYONE TO CREATE THEIR OWN CONNECTIONS AND EXPERIENCE ART AT THEIR OWN SPEED. AT THE SPEED, WE'RE WORKING TO MAKE THE MUSEUM A SAFE AND WELCOMING PLACE FOR EVERYONE IN OUR COMMUNITY. LEARN MORE ABOUT THE SPEED'S COMMITMENT TO DIVERSITY, EQUITY, ACCESSIBILITY, AND INCLUSION. 33 33 171 37 90754 89703 9530287 8884551 538154 549276 8314065 2594417 575255 1028433 18957761 13056677 0 0 0 0 5202497 6272156 0 0 1113712 8799654 9257368 14002151 15529524 4955610 -2472847 127590707 131370539 1261231 2537490 126329476 128833049 X AT THE SPEED ART MUSEUM, WE INVITE EVERYONE TO CELEBRATE ART FOREVER. WHETHER YOU'RE AN ART AFICIONADO OR DON'T KNOW A DALI FROM A DEGAS, YOU CAN FIND FRESH INSPIRATION AND MEANING AT THE SPEED ART MUSEUM. WITH MODERN ARCHITECTURE, EXPANDED PROGRAMMING, INTERACTIVE EXHIBITS AND INVITING OUTDOOR SPACES, THE SPEED OFFERS COUNTLESS OPPORTUNITIES FOR EVERYONE TO CREATE THEIR OWN CONNECTIONS AND EXPERIENCE ART AT THEIR OWN SPEED. AT THE SPEED, WE'RE WORKING TO MAKE THE MUSEUM A SAFE AND WELCOMING PLACE FOR EVERYONE IN OUR COMMUNITY. LEARN MORE ABOUT THE SPEED'S COMMITMENT TO DIVERSITY, EQUITY, ACCESSIBILITY, AND INCLUSION. 0 0 7388218 530393 GUARDIANSHIP AND MAINTENANCE OF THE MUSEUM AND ITS ART COLLECTION. THE SPEED ART MUSEUM UTILIZES SECURITY PERSONNEL AND TECHNOLOGY TO SECURE THE COLLECTION AS WELL AS THE MUSEUM STAFF AND VISITORS. STATE-OF-THE-ART TEMPERATURE AND HUMIDITY CONTROL SYSTEMS PROTECT THE COLLECTION FROM ENVIRONMENTAL DAMAGES. 1922029 18883 CURATORIAL INITIATIVES INCLUDE ROTATING EXHIBITIONS, CARE FOR THE PERMANENT COLLECTION, AND SCHOLARLY PUBLICATIONS. THE CURATORIAL STAFF STEWARDS A COLLECTION OF 13,000 OBJECTS SPANNING 6,000 YEARS OF HUMAN HISTORY FROM ANCIENT TO CONTEMPORARY ARTWORKS. CURATORS PRODUCE AMBITIOUS EXHIBITIONS, BRINGING ARTWORK FROM AROUND THE WORLD TO THE LOUISVILLE COMMUNITY AND PROGRAM EVENTS TO ENHANCE EXHIBITION CONTENT. 2582524 EDUCATION AND OUTREACH PROGRAMS FOSTER DYNAMIC, MULTI-SENSORIAL EXPERIENCES FOR VISITORS OF ALL AGES AND BACKGROUNDS. EDUCATION PROGRAMS FOR YOUTH AND FAMILIES PROVIDE OPPORTUNITIES FOR CHILDREN TO GROW UP WITH THE SPEED. OFFERINGS INCLUDE HANDS-ON WORKSHOPS, INTERACTIVE LESSONS, AND GUIDED TOURS OF THE COLLECTION. OUTREACH PROGRAMS ENGAGE UNDERSERVED POPULATIONS AND OFTEN PARTNER WITH BOTH ARTS AND NON-ARTS ORGANIZATIONS TO REACH ALL LEVELS OF THE COMMUNITY. 11892771 1 1 0 0 0 0 0 1 0 1 1 1 0 0 0 1 1 0 0 0 1 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 1 81 0 1 171 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 33 33 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 0 0 KY X X THE ORGANIZATION 5026342981 2035 SOUTH THIRD STREET LOUISVILLE KY 40208 LOPA MEHROTRA TRUSTEE, CHAIR 1.00 X X 0 0 0 ROGER CUDE TRUSTEE, PAST CHAIR 1.00 X X 0 0 0 ANNA C TATMAN TRUSTEE, TREASURER 1.00 X X 0 0 0 TAWANDA CHITAPA TRUSTEE, SECRETARY 1.00 X X 0 0 0 DOUG BALLANTINE TRUSTEE 1.00 X 0 0 0 TERRIAN BARNES TRUSTEE 1.00 X 0 0 0 CAMPBELL BROWN TRUSTEE 1.00 X 0 0 0 CARY BROWN TRUSTEE 1.00 X 0 0 0 JOHN CROCKETT TRUSTEE 1.00 X 0 0 0 ANGELA CURRY TRUSTEE 1.00 X 0 0 0 VICTORIA DIAZ TRUSTEE 1.00 X 0 0 0 CAROL FARMER TRUSTEE 1.00 X 0 0 0 ANN GEORGEHEAD TRUSTEE 1.00 X 0 0 0 JIM GRAY TRUSTEE 1.00 X 0 0 0 SHAWN HADLEY TRUSTEE 1.00 X 0 0 0 BRETT HALE TRUSTEE 1.00 X 0 0 0 ALAN KAMEI TRUSTEE 1.00 X 0 0 0 SUSAN DABNEY LAVIN TRUSTEE 1.00 X 0 0 0 TODD LOWE TRUSTEE 1.00 X 0 0 0 ANNE WOO SPEED MCNAUGHTON TRUSTEE 1.00 X 0 0 0 BRUCE MERRICK TRUSTEE 1.00 X 0 0 0 RON MURPHY TRUSTEE 1.00 X 0 0 0 MARY HELEN MYLES TRUSTEE 1.00 X 0 0 0 TOM O'GRADY TRUSTEE 1.00 X 0 0 0 DEANA PARADIS TRUSTEE 1.00 X 0 0 0 BROOKES POPE TRUSTEE 1.00 X 0 0 0 ELLEN SHAPIRA TRUSTEE 1.00 X 0 0 0 SEEMA SHETH TRUSTEE 1.00 X 0 0 0 MARTHA SLAUGHTER TRUSTEE 1.00 X 0 0 0 STACEY WADE TRUSTEE 1.00 X 0 0 0 J TANNER WATKINS TRUSTEE 1.00 X 0 0 0 ANN WELLS TRUSTEE 1.00 X 0 0 0 KAVEH ZAMANIAN TRUSTEE 1.00 X 0 0 0 RAPHAELA PLATOW EXECUTIVE DIRECTOR 40.00 X 278000 0 4277 TONI CARVER SMITH CFO (THRU 5/6/22) 40.00 X 141000 0 4001 CATHERINE SURRATT COO (THRU 12/31/22) 40.00 X 141500 0 100 ERIKA HOLMQUIST-WALL CHIEF CURATOR 40.00 X 148925 0 19257 ABBY SHUE DEPUTY DIRECTOR (THRU 7/1/22) 40.00 X 154000 0 5146 863425 0 32781 5 0 1 0 BOSSE CONSTRUCTION 2116 PLANTSIDE DRIVE LOUISVILLE KY 40299 CONSTRUCTION 2028991 REED HILDERBRAND 130 BISHOP ALLEN DRIVE CAMBRIDGE MA 02139 ARCHITECT 539368 WILTSHIRE AT THE SPEED 1310 E BRECKINRIDGE ST LOUISVILLE KY 40204 CATERING 380642 WALKER MECHANICAL CONTRACTORS INC PO BOX 35218 LOUISVILLE KY 40232 FACILITY MAINTENANCE 189869 PLC MANAGEMENT 9400 WILLIAMSBURG PLAZA SUITE 120 LOUISVILLE KY 40222 CONSTRUCTION CONSULTANT 168000 10 1043698 781449 7059404 5946143 8884551 MEMBERSHIPS 900099 265950 265950 ADMISSIONS 900099 264443 264443 EDUCATION PROGRAMMING 900099 18883 18883 549276 2562274 90754 2471520 293673 0 293673 293673 293673 18652808 18620665 32143 32143 32143 173095 1043698 308751 -135656 -135656 300161 136352 163809 163809 PARKING GARAGE 900099 466421 466421 CATERING REVENUE 900099 120680 120680 FILM PROGAM 900099 119506 119506 706607 13056677 549276 90754 3532096 423877 423877 4771088 3179159 953697 638232 700555 431761 182116 86678 376636 230684 99641 46311 7594 7594 44574 44574 363609 363609 428666 171433 230605 26628 161707 143479 17481 747 1628134 1565673 54453 8008 197744 120112 20252 57380 8780 4610 1856 2314 3090157 2969640 105066 15451 141875 131959 9868 48 ACCESSIONS 1182198 1182198 MEDIA & COMMUNICATIONS 594784 593041 1519 224 EXHIBITIONS 504548 503446 960 142 GUEST RELATIONS 460592 455991 4433 168 442406 209585 1440 231381 15529524 11892771 2523041 1113712 10459 3216 3470426 4935143 4628638 4502099 138280 95526 182529 150884 177008 96814 90011693 41868620 47626922 48143073 54935770 59762074 11621554 10608548 4799121 3073162 127590707 131370539 1062963 2437101 198268 100389 1261231 2537490 X 105607887 107896233 20721589 20936816 126329476 128833049 127590707 131370539 X -2472847 5070422 -94002 X X 0 1 X 1 0 X 4062266 4594318 8978381 8445787 8884551 34965303 4062266 4594318 8978381 8445787 8884551 34965303 78820 34886483 2452276 1700701 1989438 1939586 2765193 10847194 273092 659971 706607 1639670 47452167 3792313 0.73520 0.72980 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X 0 65686236 182000 6787113 1889192 70766157 80941584 342000 -11674233 -3923115 65686236 69362301 102000 14133325 2656042 80941584 69945621 3000 2803450 3389770 69362301 70581394 1001500 1316644 2953917 69945621 0.88210 0.11790 0.00000 1 0 1400 1400 82567924 39246253 43321671 2508109 1857355 650754 4934260 765012 4169248 48143073 LIMITED PARTNERSHIPS 6712865 F REAL ESTATE FUNDS 483404 F FUNDS HELD IN TRUST BY OTHERS 965892 F HEDGE FUNDS 2446387 F 10608548 X 18187171 5070422 108141 445103 5623666 12563505 363609 129563 493172 13056677 15683598 108141 445103 553244 15130354 363609 35561 399170 15529524 PART III, LINE 1A: IN CONFORMITY WITH THE PRACTICE FOLLOWED BY MOST MUSEUMS, ART OBJECTS ARE NOT INCLUDED IN THE ACCOMPANYING STATEMENT OF FINANCIAL POSITION. ACCORDINGLY, THE FAIR VALUES OF THE OBJECTS ACQUIRED BY GIFT ARE NOT INCLUDED IN THE STATEMENT OF ACTIVITIES. THE COSTS OF OBJECTS PURCHASED ARE INCLUDED AS EXPENSE IN THE STATEMENT OF ACTIVITIES. FOR THE YEARS ENDED SEPTEMBER 30, 2023 AND 2022, THE MUSEUM RECEIVED GIFTS OF ART WORK IN THE AMOUNT OF $5,776,450 AND $1,884,800, RESPECTIVELY, AND PURCHASED ARTWORK IN THE AMOUNT OF $2,335,375 AND $1,084,500 RESPECTIVELY. DEACESSIONS WERE NOT SIGNIFICANT FOR THE YEARS ENDED SEPTEMBER 30, 2023 AND 2022. PART III, LINE 4: THE MUSEUM HAS A SIGNIFICANT COLLECTION OF ART INCLUDING APPROXIMATELY 13,000 PIECES. THE COLLECTION SPANS 6,000 YEARS AND RANGES FROM ANCIENT EGYPTIAN TO CONTEMPORARY ART. THE MUSEUM HAS DISTINGUISHED COLLECTIONS OF 17TH CENTURY DUTCH AND FLEMISH PAINTINGS; 18TH CENTURY FRENCH ART; RENAISSANCE AND BAROQUE TAPESTRIES; AND SIGNIFICANT HOLDINGS OF CONTEMPORARY PAINTINGS AND SCULPTURES. WORKS BY KENTUCKY ARTISTS, INCLUDING FURNITURE, PAINTINGS AND DECORATIVE ARTS ARE REPRESENTED IN THE MUSEUM'S COLLECTION. AFRICAN AND NATIVE AMERICAN WORKS ARE ALSO REPRESENTED. PART V, LINE 4: THE INTENDED USE OF THE ORGANIZATION'S ENDOWMENT FUNDS ARE TO SUPPORT ITS OPERATIONS. PART X, LINE 2: THE MUSEUM QUALIFIES AS A TAX-EXEMPT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS CLASSIFIED AS OTHER THAN A PRIVATE FOUNDATION. ACCORDINGLY, NO INCOME TAXES HAVE BEEN PROVIDED IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE MUSEUM RECOGNIZES UNCERTAIN INCOME TAX POSITIONS USING THE "MORE-LIKELY-THAN-NOT" APPROACH AS DEFINED IN THE ASC. NO LIABILITY FOR UNCERTAIN TAX POSITIONS HAS BEEN RECORDED IN THE ACCOMPANYING FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 308,751. COST OF GOOD SOLD 136,352. PART XI, LINE 4B - OTHER ADJUSTMENTS: OTHER EXPENSES NETTED WITH REVENUES ON FINANCIAL STATEMENTS 35,561. CHANGE IN FUNDS HELD IN TRUST BY OTHERS 94,002. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 308,751. COST OF GOODS SOLD 136,352. PART XII, LINE 4B - OTHER ADJUSTMENTS: OTHER EXPENSES NETTED WITH REVENUES ON FINANCIAL STATEMENTS 35,561. EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENT INVESTMENT 8388883 0 0 0 0 0 0 8388883 0 8388883 1 0 0 0 0 0 PART III ACCOUNTING METHOD: SPEED BALL 773039 657073 115966 129672 13064 85261 ART OF BOURBON 443754 386625 57129 30868 49886 1216793 1043698 173095 160540 13064 135147 308751 -135656 X X X X X 0 0 0 0 0 0 0 0 0 RAPHAELA PLATOW EXECUTIVE DIRECTOR 278000 0 0 0 0 0 4277 0 0 0 282277 0 0 0 ERIKA HOLMQUIST-WALL CHIEF CURATOR 140000 0 8925 0 0 0 5878 0 13379 0 168182 0 0 0 ABBY SHUE DEPUTY DIRECTOR (THRU 7/1/22) 140000 0 14000 0 0 0 4308 0 838 0 159146 0 0 0 X 53 5776450 FAIR MARKET VALUE X AUCTION ITEMS 33 119266 FMV X EVENT SUPPLIES 5 50427 FMV 3 0 1 1 PART I, LINE 32B: THE MUSEUM CONSIGNS PROPERTY TO AUCTION HOUSES FOR PUBLIC SALE. IN ADDITION TO PUBLIC SALE, THE MUSEUM MAY ELECT TO TRANSFER PROPERTY TO OTHER COLLECTING INSTITUTIONS (FILSON AND KENTUCKY HISTORICAL SOCIETY ARE EXAMPLES). PART I, LINE 33: IN CONFORMITY WITH THE PRACTICE FOLLOWED BY MOST MUSEUMS, ART OBJECTS ARE NOT INCLUDED IN THE ACCOMPANYING STATEMENT OF FINANCIAL POSITION. ACCORDINGLY, THE FAIR VALUES OF THE OBJECTS ACQUIRED BY GIFT ARE NOT INCLUDED IN THE STATEMENT OF ACTIVITIES. THE COSTS OF OBJECTS PURCHASED ARE INCLUDED AS EXPENSE IN THE STATEMENT OF ACTIVITIES. FOR THE YEAR ENDED SEPTEMBER 30, 2023, THE MUSEUM RECEIVED GIFTS OF ART WORK IN THE AMOUNT OF $5,776,450. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD OF TRUSTEES' EXECUTIVE COMMITTEE REVIEWS THE FORM 990 PRIOR TO FILING. THE BOARD TREASURER REVIEWS AND SIGNS. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST IS DIRECTED TO THE BOARD OF TRUSTEES, BOARD OF GOVERNORS, EMPLOYEES, AND VOLUNTEERS, WHO CAN INFLUENCE THE ACTIONS OF THE SPEED ART MUSEUM. THOSE PERSONS SHALL EXERCISE THE UTMOST GOOD FAITH IN ALL TRANSACTIONS INVOLVED IN THEIR DUTIES, AND THEY SHALL NOT USE THEIR POSITIONS WITH THE SPEED ART MUSEUM OR KNOWLEDGE GAINED THERE FROM FOR THEIR PERSONAL BENEFIT. THE INTERESTS OF THE ORGANIZATION MUST BE THE FIRST PRIORITY IN ALL DECISIONS AND ACTIONS. IF A CONFLICT OF INTEREST EXISTS, IT IS THE RESPONSIBILITY OF THE BOARD OF TRUSTEES, BOARD OF GOVERNORS, EMPLOYEES, AND VOLUNTEERS TO SCRUTINIZE THE TRANSACTIONS AND OUTSIDE BUSINESS INTERESTS AND RELATIONSHIPS FOR POTENTIAL CONFLICTS AND TO IMMEDIATELY MAKE SUCH DISCLOSURES. SIGNED COPIES OF THE FORMS ARE REQUESTED AND FILED ANNUALLY. EACH TRUSTEE, GOVERNORS AND EMPLOYEE SIGNS THAT THEY DID THE FOLLOWING: 1. READ AND UNDERSTOOD THE SPEED ART MUSEUM CONFLICT OF INTEREST POLICY. 2. AT THE PRESENT TIME, ARE NOT AWARE OF ANY CONFLICT OF INTEREST INVOLVING THEIR POSITION. 3. IF AT ANY TIME, A CONFLICT OF INTEREST IS DISCOVERED, THIS SHALL BE REPORTED BASED ON THE POLICY. 4. IF A SITUATION INVOLVING CONFLICT OF INTEREST, THAT PERSON SHALL ABSTAIN FROM PARTICIPATING IN THE DISCUSSION AND VOTE ON THE DECISION IN ORDER TO AVOID EVEN THE APPEARANCE OF CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD OF TRUSTEES EMPLOYED AN OUTSIDE CONSULTING FIRM IN 2021 TO HELP IN THE SEARCH FOR THE NEW DIRECTOR AND DETERMINATION OF COMPENSATION. A COMPARABILITY STUDY WAS PERFORMED USING MARKET DATA FROM RUSSELL REYNOLDS AND OTHER SOURCES, THE SALARY WAS APPROVED BY THE BOARD AND THE DELIBERATION WAS DOCUMENTED IN BOARD MINUTES. THE COMPENSATION OF THE EXECUTIVE DIRECTOR IS REVIEWED ANNUALLY BY A COMMITTEE OF THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, FINANCIAL STATEMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN FUNDS HELD IN TRUST BY OTHERS -94,002. FORM 990, PART XII 2C THE PROCESS HAS NOT CHANGED FROM PRIOR YEAR. THE FINANCE & AUDIT COMMITTEE OF THE BOARD OF TRUSTEES ASSUMES THE RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT.