2024-11-15T16:27:26-06:00 2023-12-31 420714325 RSM US LLP 4 TIMES SQUARE NEW YORK NY 10036 990PF 2023-01-01 260273135 THE FLAG ART FOUNDATION FLAG 2125186682 CO GLENN FUHRMAN 545 W 25TH ST 9FL NEW YORK NY 100015501 GLENN FUHRMAN PRESIDENT/TREASURER 2125186682 2024-11-15 1 0 KAREN LO P01434915 2123721000 2024-11-15 2023 2024-10-15 13:58:12Z X X 28106110 X 0 X 423017 423017 423017 447680 447680 447680 -99999 16549751 1349726 124 1780 1780 1780 311445 135755 311445 1083923 2356178 1184046 0 0 0 0 356217 0 0 356217 39440 0 0 39440 1269 0 0 1269 27262 0 0 27262 93094 83044 0 10050 102477 0 0 102477 6445 0 6445 174565 0 0 174565 156189 0 0 156189 659546 526 0 659020 1616504 83570 6445 1526489 525950 525950 2142454 83570 6445 2052439 -1058531 2272608 1177601 12031 2785 2785 20624825 15119384 15119384 2245886 8155722 11632829 227681 26811 104737 200870 200870 2832843 1150242 1150242 25820322 24629003 28106110 41766 11677 394486 291787 436252 303464 X 430940 430940 0 0 24953130 23894599 25384070 24325539 25820322 24629003 25384070 -1058531 0 24325539 0 24325539 SALE OF ARTWORK D 2019-03-18 2023-01-03 1900000 550000 1350000 1350000 US TREASURY BILL DUE 08/03/2023 P 2023-02-03 2023-08-03 9770578 9770578 0 0 US TREASURY BILL DUE 08/31/2023 P 2023-03-06 2023-08-31 4879173 4879173 0 0 MSD RING PARTNERS LP (SEC 1231) P 2023-12-31 2023-12-31 1 1 UBTI FROM MSD PRIVATE CREDIT OPPORTUNITY FUND LP (STCL) P 2023-12-31 2023-12-31 124 124 UBTI FROM MSD PRIVATE CREDIT OPPORTUNITY FUND LP (LTCG) P 2023-12-31 2023-12-31 -398 -398 UBTI FROM MSD RING PARTNERS LP (SEC 1231) P 2023-12-31 2023-12-31 -1 -1 1349726 124 31589 0 31589 0 31589 37244 0 5000 0 42244 X 0 10655 10655 0 0 0 0 0 0 0 0 0 1 1 0 1 1 NY DE 1 1 0 0 0 1 WWW.FLAGARTFOUNDATION.ORG THE FOUNDATION 2125186682 C/O GLENN FUHRMAN 545 W 25TH ST 9FL NEW YORK NY 100015501 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 GLENN FUHRMAN C/O GLENN FUHRMAN 545 W 25TH ST 9FL NEW YORK NY 100015501 PRESIDENT/TREASURER 5.00 0 0 0 AMANDA FUHRMAN C/O GLENN FUHRMAN 545 W 25TH ST 9FL NEW YORK NY 100015501 VICE PRESIDENT 5.00 0 0 0 RISA DANIELS C/O GLENN FUHRMAN 545 W 25TH ST 9FL NEW YORK NY 100015501 SECRETARY (AS OF 09/28/23) 1.00 0 0 0 LAURA TWERSKY C/O GLENN FUHRMAN 545 W 25TH ST 9FL NEW YORK NY 100015501 DIRECTOR 1.00 0 0 0 JONATHAN RIDER C/O GLENN FUHRMAN 545 W 25TH ST 9FL NEW YORK NY 100015501 DIRECTOR 40.00 195000 16518 0 CAROLINE CASSIDY C/O GLENN FUHRMAN 545 W 25TH ST 9FL NEW YORK NY 100015501 EXHIBITIONS & PROGRA 40.00 100000 16518 0 0 VIRTRU INVESTMENT PARTNERS INC 640 PARK AVE 11TH FL NEW YORK NY 10065 INVESTMENT MANAGEMENT FEES 83044 0 CONTEMPORARY ART EXHIBITIONS THAT ARE FREE AND OPEN TO THE PUBLIC, INCLUDING PUBLICATIONS PRODUCTION ALONGSIDE THE EXHIBITIONS. THE FOUNDATION ALSO MAINTAINS A WEBSITE TO SHOWCASE ART HELD AT THE GALLERY AND TO NOTIFY THE PUBLIC OF UPCOMING EVENTS. 1367775 14 PIECES OF ART LOANED TO 10 GALLERIES AND MUSEUMS EACH FOR PERIODS RANGING FROM 3 MONTHS TO OPEN ENDED. 0 0 0 10464620 9955538 20420158 0 0 20420158 306302 20113856 1005693 X 2052439 0 2052439 2007-12-26 X 1005693 399978 258346 336417 2000434 854839 339981 219594 285954 1700369 2052439 2019891 1122690 1301409 6496429 0 0 0 0 0 2052439 2019891 1122690 1301409 6496429 0 0 670462 576995 287529 224278 1759264 0 0 0 0 GLENN FUHRMAN X 92ND STREET Y 1395 LEXINGTON AVENUE NEW YORK NY 10128 NONE PC FOR DONEE'S EXEMPT PURPOSE 10000 ARTISTS SPACE 11 CORTLANDT ALLEY NEW YORK NY 10013 NONE PC FOR DONEE'S EXEMPT PURPOSE 5000 AVENUES FOR JUSTICE 100 CENTRE STREET ROOM 1541 NEW YORK NY 10013 NONE PC FOR DONEE'S EXEMPT PURPOSE 5000 NEW YORK ACADEMY OF ART 111 FRANKLIN STREET NEW YORK NY 10013 NONE PC FOR DONEE'S EXEMPT PURPOSE 10000 NEW YORK CITY AIDS MEMORIAL PO BOX 23 NEW YORK NY 10159 NONE PC FOR DONEE'S EXEMPT PURPOSE 25000 SKOWHEGAN SCHOOL OF PAINTING AND SCULPTURE 136 WEST 22ND STREET NEW YORK NY 10011 NONE PC FOR DONEE'S EXEMPT PURPOSE 15000 THE BROOKLYN INSTITUTE OF ARTS AND SCIENCES 200 EASTERN PARKWAY BROOKLYN NY 11238 NONE PC FOR DONEE'S EXEMPT PURPOSE 231000 THE JEWISH MUSEUM 1109 FIFTH AVENUE NEW YORK NY 10128 NONE PC FOR DONEE'S EXEMPT PURPOSE 5750 THE STUDIO MUSEUM IN HARLEM 144 WEST 125TH STREET NEW YORK NY 10027 NONE PC FOR DONEE'S EXEMPT PURPOSE 27200 THE TRUST FOR PUBLIC LAND 23 GEARY STREET SUITE 1000 SAN FRANCISCO CA 94108 NONE PC FOR DONEE'S EXEMPT PURPOSE 185000 WESTERN RESERVE HISTORICAL SOCIETY 10825 EAST BOULEVARD CLEVELAND OH 44106 NONE PC FOR DONEE'S EXEMPT PURPOSE 7000 525950 0 14 423017 14 447680 901101 275 18 -100274 01 1780 MSD AQUA PARTNERS LP 14 -731 MSD PRIVATE CREDIT OPPORTUNITY FUND LP 901101 18555 14 148648 MSD RING PARTNERS LP 901101 157978 14 -2366 REBATE INCOME 01 3801 VOLTAGESQUARED GMBH& CO. KG 14 -14440 176808 907115 0 1083923 0 0 0 0 0 0 0 0 0 0 TAX PREPARATION FEES 27262 0 0 27262 COMPUTER EQUIPMENT 4961 4961 SL 5.000000000000 0 0 0 LEASEHOLD IMPROVEMENTS 2018-01-12 120142 15405 SL 39.000000000000 3081 0 3081 LEASEHOLD IMPROVEMENTS 2023-03-02 44167 SL 39.000000000000 944 0 944 NEW SECURITY SYSTEM 2023-07-25 38523 SL 7.000000000000 2293 0 2293 LEASEHOLD IMPROVEMENTS 2023-09-29 19888 SL 39.000000000000 127 0 127 FORM 990-PF, PART I, LINE 10A GROSS SALES OF $1,780 IS FROM CATALOGUE SALES. FORM 990-PF, PART VI-B, LINE 1A(1) THE FOUNDATION LEASES SPACE FROM FLAG ART PROPERTY LLC, A LIMITED LIABILITY COMPANY WHICH IS 100% OWNED BY GLENN FUHRMAN, A DISQUALIFIED PERSON. THE LEASE AGREEMENT PROVIDES FOR RENT OF $0. FORM 990-PF, PART XIV, LINE 2 THE FLAG ART FOUNDATION ("FOUNDATION") WAS CREATED ON MAY 25, 2007 AS A NON-PROFIT CORPORATION TO PROMOTE THE STUDY, IMPROVEMENT AND ADVANCEMENT OF THE VISUAL ARTS, TO FURTHER THE PUBLIC'S APPRECIATION AND UNDERSTANDING OF ACHIEVEMENTS AND ART WORKS ELICITED BY ART, ARCHITECTURE AND LANDSCAPE, TO LOAN WORKS OF ART TO OTHER PUBLIC CHARITIES FOR EXHIBITION, AND TO HOLD AND SUPPORT EXHIBITIONS OF POSTWAR AND CONTEMPORARY WORKS OF ART.THE FOUNDATION WILL OWN (OR HAVE LOANED TO IT FROM OTHERS) PAINTINGS, DRAWINGS AND OTHER WORKS OF ART, AND MAY ALSO OWN OR HAVE LOANED TO IT BOOKS, PUBLICATIONS AND ARCHIVAL MATERIALS RELATED TO WORKS OF ART. THE FOUNDATION WILL USE THESE ITEMS TO CARRY OUT ITS CHARITABLE, EDUCATIONAL AND CULTURAL PROGRAMS AS DESCRIBED BELOW.A PRINCIPAL ACTIVITY OF THE FOUNDATION WILL BE TO CIRCULATE WORKS OF ART ON A CONTINUING BASIS TO EDUCATIONAL INSTITUTIONS, PUBLIC MUSEUMS AND SIMILAR SECTION 501(C)(3) INSTITUTIONS FOR PUBLIC EXAMINATION AND DISPLAY AND USE BY TEACHERS, SCHOLARS AND OTHERS FOR STUDY OF ART AND CULTURE. THE FOUNDATION WILL NOT CHARGE THE INSTITUTIONS TO WHICH IT LENDS WORKS OF ART FOR THEIR USE OF THESE WORKS, BUT THE INSTITUTIONS SOMETIMES MAY BE EXPECTED TO PAY FOR TRANSPORTATION COSTS AND COSTS ASSOCIATED WITH SAFEKEEPING AND PRESERVATION OF THE ART WHILE AT SUCH INSTITUTIONS. MSD AQUA PARTNERS LP AT COST 689695 2171798 MSD PRIVATE CREDIT OPPORTUNITY FUND LP AT COST 1491715 1320715 MSD RING PARTNERS LP AT COST 0 1838422 SEE ME BROADWAY LLC AT COST 200000 200000 KERNEL FOODS, INC. AT COST 999995 999995 VOLTAGESQUARED GMBH &CO. KG AT COST 1774317 1798614 WOODMONT INVESTMENTS LTD. AT COST 3000000 3303285 COMPUTER EQUIPMENT 4961 4961 0 LEASEHOLD IMPROVEMENTS 120142 18486 101656 LEASEHOLD IMPROVEMENTS 44167 944 43223 NEW SECURITY SYSTEM 38523 2293 36230 LEASEHOLD IMPROVEMENTS 19888 127 19761 LEGAL FEES 1269 0 0 1269 ARTWORK 2832843 1150242 1150242 ART ADVERTISING 35139 0 0 35139 ART RELATED EXPENSES 12360 0 0 12360 ART SHIPPING AND HANDLING 287051 0 0 287051 BANK CHARGES 526 526 0 0 COMMUNICATIONS 63242 0 0 63242 DUES AND SUBSCRIPTIONS 11994 0 0 11994 EXHIBITION EXPENSE 152394 0 0 152394 INSURANCE 32572 0 0 32572 MEALS 10356 0 0 10356 MISCELLANEOUS EXPENSES 3993 0 0 3993 NYS DEPT OF LAW 750 0 0 750 NYS FILING FEE 50 0 0 50 OFFICE SUPPLIES 13009 0 0 13009 PAYROLL PROCESSING FEES 2538 0 0 2538 REPAIRS AND MAINTENANCE 19681 0 0 19681 STORAGE EXPENSE 10275 0 0 10275 TELEPHONE 3616 0 0 3616 MSD AQUA PARTNERS LP -731 -731 -731 MSD PRIVATE CREDIT OPPORTUNITY FUND LP 167203 148693 167203 MSD RING PARTNERS LP 155612 -1568 155612 REBATE INCOME 3801 3801 3801 VOLTAGESQUARED GMBH& CO. KG -14440 -14440 -14440 DUE TO MSD RING PARTNERS LP 392369 291787 DUE TO FUHRMAN FAMILY FOUNDATION 2117 0 EVENT PHOTOGRAPHER 10050 0 0 10050 INVESTMENT MANAGEMENT FEES 83044 83044 0 0 FEDERAL EXCISE TAX 77000 0 0 77000 PAYROLL TAXES 25477 0 0 25477