2024-11-15T08:34:22-06:00 2023-12-31 620713250 KRAFTCPAS PLLC 555 GREAT CIRCLE ROAD NASHVILLE TN 37228 990 2023-01-01 621731495 FRIST ART MUSEUM FOUNDATION FRIS 6152443340 919 BROADWAY NASHVILLE TN 37203 CAROL L VOLLBRECHT TREASURER 6152443340 2024-11-15 1 1 FRANCES E LEAHY P00713593 6152427351 2024-11-14 2023 2024-10-15 13:58:12Z CAROL L VOLLBRECHT 919 BROADWAY NASHVILLE TN 37203 10276946 0 X N/A X 1998 TN SUPPORTING ORGANIZATION TO FRIST ART MUSEUM (EIN: 62-1731492) 8 8 0 0 0 0 0 0 0 0 1348071 1382349 72658 19768 1420729 1402117 2189778 2384678 0 0 0 0 0 0 0 178479 287590 2368257 2672268 -947528 -1270151 62764334 68031155 3457784 3865671 59306550 64165484 SUPPORTING ORGANIZATION TO FRIST ART MUSEUM (EIN: 62-1731492) 0 0 2384678 2384678 PROVIDED GRANTS TO FRIST ART MUSEUM (EIN: 62-1731492) TO SUPPORT ITS EFFORTS IN OPERATING A HIGH QUALITY ART MUSEUM IN NASHVILLE, TENNESSEE. 2384678 1 0 0 0 0 0 0 0 0 0 0 1 0 0 1 1 0 1 0 0 1 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 X 8 8 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 X THE ORGANIZATION 6152443340 919 BROADWAY NASHVILLE TN 37203 CAROL L VOLLBRECHT TREASURER 1.00 X 0 138759 14311 WILLIAM R FRIST CHAIRMAN & PRESIDENT 1.00 X X 0 0 0 JACK F STRINGHAM II SECRETARY 1.00 X 0 0 0 H LEE BARFIELD II DIRECTOR 1.00 X 0 0 0 LAURA CHADWICK DIRECTOR 1.00 X 0 0 0 KARYN MCLAUGHLIN FRIST DIRECTOR 1.00 X 0 0 0 FRANK M GARRISON JR DIRECTOR 1.00 X 0 0 0 BOB GORDON DIRECTOR 1.00 X 0 0 0 JAMAAL B SHEATS DIRECTOR 1.00 X 0 0 0 JOE N STEAKLEY DIRECTOR 1.00 X 0 0 0 0 138759 14311 0 0 1 0 DIVERSIFIED TRUST COMPANY 3102 WEST END AVE SUITE 600 NASHVILLE TN 37203 INVESTMENT MANAGEMENT 152740 1 1154023 1154023 9103155 8874829 228326 228326 228326 MISCELLANEOUS REVENUE 900099 19768 19768 19768 1402117 0 0 1402117 2384678 2384678 17950 17950 259512 259512 LICENSES AND FEES 10128 10128 2672268 2384678 287590 0 2409995 2842162 6732 5736 33130 39726 32623216 37068403 27691261 28075128 62764334 68031155 12697 75339 3445087 3790332 3457784 3865671 X 59306550 64165484 59306550 64165484 62764334 68031155 X -1270151 6399329 -270244 X X 0 1 X 1 0 X X 1 FRIST ART MUSEUM 621731492 7 1 2384678 0 1 2384678 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 X 1 1 PART IV, SECTION D, LINE 3 ALL OF THE BOARD MEMBERS OF FRIST ART MUSEUM FOUNDATION ALSO SERVE IN A SIMILAR GOVERNANCE POSITION AS TRUSTEES ON THE BOARD OF ITS SUPPORTED ORGANIZATION, FRIST ART MUSEUM. IN ADDITION, THE FRIST ART MUSEUM FOUNDATION'S PRESIDENT AND SECRETARY SERVE IN THE SAME RESPECTIVE ROLES FOR FRIST ART MUSEUM. AS A RESULT, THE INTERESTS OF THE SUPPORTED ORGANIZATION ARE REPRESENTED IN THE INVESTMENT DECISIONS OF THE SUPPORTING ORGANIZATION. IN ADDITION, FRIST ART MUSEUM'S EXECUTIVE DIRECTOR ATTENDS AND PARTICIPATES (WITHOUT VOTING RIGHTS) IN ALL BOARD MEETINGS OF THE FRIST ART MUSEUM FOUNDATION. PART IV, SECTION E, LINE 3A AS DESCRIBED IN THE CHARTER AND BYLAWS OF BOTH THE FRIST ART MUSEUM FOUNDATION AND FRIST ART MUSEUM (THE SUPPORTED ORGANIZATION), THE FRIST ART MUSEUM FOUNDATION IS THE SOLE MEMBER OF FRIST ART MUSEUM AND HAS THE POWER TO APPOINT ITS BOARD OF TRUSTEES. THIS APPOINTMENT OCCURS IN JANUARY OF EACH YEAR. PART IV, SECTION E, LINE 3B AS PREVIOUSLY MENTIONED, ALL OF THE BOARD MEMBERS OF FRIST ART MUSEUM FOUNDATION ALSO SERVE AS BOARD MEMBERS FOR FRIST ART MUSEUM AND TWO OF THE ORGANIZATION'S OFFICERS OVERLAP IN SIMILAR ROLES FOR THE SUPPORTED ORGANIZATION. ALTHOUGH THE FOUNDATION'S BOARD MEMBERS DO NOT COMPRISE MORE THAN ONE-THIRD OF FRIST ART MUSEUM'S BOARD, THEY ARE CONSIDERED TO HAVE A SIGNIFICANT VOICE IN THE POLICIES, PROGRAMS, AND ACTIVITIES OF FRIST ART MUSEUM. 0 COMMON TRUST FUNDS 8695466 F HEDGE FUNDS 5690304 F PRIVATE EQUITY 10346255 F PARTNERSHIP INTERESTS 3343103 F 28075128 INVESTMENT FUNDS HELD FOR BENEFIT OF FRIST ART MUSEUM 3589790 FRIST ART MUSEUM ENDOWMENT ASSETS POOLED WITH FOUNDATION INVESTMENTS 200542 3790332 X PART X, LINE 2: MANAGEMENT PERFORMS AN EVALUATION OF ALL INCOME TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN THE COURSE OF PREPARING THE FOUNDATION'S INCOME TAX RETURNS TO DETERMINE WHETHER THE INCOME TAX POSITIONS MEET A "MORE LIKELY THAN NOT" STANDARD OF BEING SUSTAINED UNDER EXAMINATION BY THE APPLICABLE TAXING AUTHORITIES. MANAGEMENT HAS PERFORMED ITS EVALUATION OF ALL INCOME TAX POSITIONS TAKEN ON ALL OPEN INCOME TAX RETURNS AND HAS DETERMINED THAT THERE WERE NO POSITIONS TAKEN THAT DO NOT MEET THE "MORE LIKELY THAN NOT" STANDARD. ACCORDINGLY, THERE ARE NO PROVISIONS FOR INCOME TAXES, PENALTIES, OR INTEREST RECEIVABLE OR PAYABLE RELATING TO UNCERTAIN INCOME TAX POSITIONS. CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 INVESTMENTS IN PARTNERSHIPS DOMICILED IN THE CARIBBEAN 15694439 0 0 0 0 0 0 15694439 0 15694439 1 0 0 1 1 0 1 FRIST ART MUSEUM 919 BROADWAY NASHVILLE TN 37203 621731492 501 (C) (3) 2384678 0 SUPPORT FOR OPERATING A HIGH QUALITY ART MUSEUM IN TENNESSEE. 1 PART I, LINE 2: EACH OF THE MEMBERS OF THE FOUNDATION'S BOARD SERVES AS A TRUSTEE OF THE RECIPIENT ORGANIZATION. 0 0 0 0 0 0 0 0 0 CAROL L VOLLBRECHT TREASURER 0 138759 0 0 0 0 0 8405 0 5906 0 153070 0 0 FORM 990, PART VI, SECTION B, LINE 11B A DRAFT OF FORM 990 WAS PROVIDED TO THE DIRECTORS VIA E-MAIL FOR REVIEW PRIOR TO ITS SUBMISSION TO THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C EACH OFFICER AND DIRECTOR REVIEWS AND SIGNS THE CONFLICT OF INTEREST DISCLOSURE STATEMENT ANNUALLY. THE FRIST ART MUSEUM FOUNDATION'S CONFLICT OF INTEREST POLICY PRESCRIBES THE PROCESS FOR DISCLOSURE OF ANY POTENTIAL CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 AS REPORTED IN PART VII, SECTION A, THE FRIST ART MUSEUM FOUNDATION HAS NO PAID EMPLOYEES. THEREFORE, LINES 15A AND 15B WERE COMPLETED WITH "NO" RESPONSES. FORM 990, PART VI, SECTION C, LINE 18 FORMS 990 AND 1023 ARE AVAILABLE FOR REVIEW UPON REQUEST. FORM 990, PART VI, SECTION C, LINE 19 THE FRIST ART MUSEUM FOUNDATION DOES NOT MAKE ITS FINANCIAL STATEMENTS, GOVERNING DOCUMENTS OR THE CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: FOR INCLUSION IN INVESTMENT PORTFOLIO 75,000. ESTIMATED INVESTMENT YIELD ON FUNDS HELD FOR BENEFIT OF FRIST ART MUSEUM -18,267. ESTIMATE INVESTMENT GAIN ON FRIST ART MUSEUM ENDOWMENT ASSETS -326,977. FORM 990, PART XII, LINE 2C THE ORGANIZATION DID NOT CHANGE ITS OVERSIGHT OR SELECTION PROCESS FROM THE PRIOR YEAR. FRIST ART MUSEUM 919 BROADWAY NASHVILLE TN 37203 621731492 OPERATION OF AN ART MUSEUM TN 501(C)(3) LINE 7 FRIST ART MUSEUM FOUNDATION 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 PART V, LINE 1B TO FRIST ART MUSEUM FOUNDATION, ITS SUPPORTED ORGANIZATION AS IDENTIFIED IN PART II. PART V, LINE 1R THE FRIST ART MUSEUM ESTABLISHED AN ENDOWMENT DURING 2016, UPON AGREEING TO ACCEPT A PERMANENTLY RESTRICTED CONTRIBUTION FROM A DONOR. THE AGREEMENT WITH THE DONOR PROVIDES THAT THE ENDOWMENT FUNDS MAY BE POOLED WITH THE FOUNDATION'S INVESTMENT PORTFOLIO FOR INVESTMENT MANGEMENT PURPOSES. ANY APPRECIATION OR DEPRECIATION IN FAIR VALUE IS TO BE DETERMINED IN A MANNER CONSISTENT WITH THE OTHER FUNDS DEPOSITED BY THE FRIST ART MUSEUM, IS MEASURED ANNUALLY, AND TRANSFERRED TO THE FRIST ART MUSEUM IN ACCORDANCE WITH THE TERMS OF THE CONTRIBUTION AGREEMENT. PART V, LINE 1S SINCE 2011, FRIST ART MUSEUM ("FAM") HAS DEPOSITED CASH BALANCES AVAILABLE FOR INVESTMENT WITH THE FRIST ART MUSEUM FOUNDATION (THE "FOUNDATION"). THE PURPOSE OF THIS ARRANGEMENT IS TO ALLOW THE PROFESSIONAL INVESTMENT MANAGERS WHO OVERSEE THE FOUNDATION'S INVESTMENTS TO ALSO INVEST AND MANAGE FAM'S FUNDS AVAILABLE FOR INVESTMENT. ACCORDINGLY, FAM'S OBJECTIVE IS TO INCREASE ITS INVESTMENT YIELD AND REDUCE ITS CASH CONCENTRATION IN BANK DEPOSITORY ACCOUNTS. FUNDS OF FAM THAT ARE HELD UNDER THIS ARRANGEMENT ARE SUBJECT TO INCREASE OR DECREASE FOR AN ALLOCABLE SHARE OF THE APPRECIATION OR DEPRECIATION IN FAIR VALUE OF THE SPECIFIED INVESTMENTS HELD IN THE FOUNDATION'S INVESTMENT PORTFOLIO. GENERALLY, FAM FUNDS ON DEPOSIT ARE REPAYABLE BY THE FOUNDATION WITHIN 30 TO 60 DAYS AFTER RECEIVING FAM'S WITHDRAWAL REQUEST. DURING 2023, MANGEMENT RECORDED ESTIMATED APPRECIATION OF $326,977, WHICH INCREASED THE ESTIMATED FAIR VALUE OF FAM'S CUMULATIVE AMOUNT ON DEPOSIT TO $3,589,790 AT DECEMBER 31, 2023. IN ADDITION, MANAGEMENT WILL PERIODICALLY TRANSFER FUNDS CONTRIBUTED BY DONORS TO THE FOUNDATION FOR INCLUSION IN ITS INVESTMENTS PORTFOLIO, PRINCIPALLY IN RESPONSE TO THE DONOR'S AUTHORIZATION OF THE DONOR'S INTENDED USE OF THE FUNDS FOR LONG-TERM SUPPORT. TRANSFERRED FUNDS ARE INCORPORATED INTO THE INVESTMENT PORTFOLIO OF THE FOUNDATION AND MANAGED ACCORDING TO ITS INVESTMENT POLICY. DURING THE ENDED DECEMBER 31, 2023 FAM TRANSFERRED $75,000 TO THE FOUNDATION FOR LONG TERM INVESTMENT.