2024-09-10T10:07:51-05:00 2023-12-31 043037870 BOLLUS LYNCH LLP 89 SHREWSBURY STREET WORCESTER MA 01604 990 2023-01-01 042458501 ARTISTS ASSOCIATION OF NANTUCKET INC ARTI 5082280722 24 AMELIA DRIVE NANTUCKET MA 02554 TRACEY SEARS EXEC. DIRECTOR 5082280722 2024-08-28 1 0 BARBARA E KING P00005629 5087557107 2024-08-28 2023 2024-08-08 14:25:15Z TRACEY SEARS 24 AMELIA DRIVE NANTUCKET MA 02554 1972501 0 X WWW.NANTUCKETARTS.ORG X 1952 MA TO FOSTER THE VISUAL ARTS ON NANTUCKET, TO PROMOTE, SUPPORT AND ENCOURAGE THE WORK OF NANTUCKET ARTISTS, PROVIDING EDUCATIONAL PROGRAMS IN THE ARTS, AND PRESERVING THE LEGACY OF NANTUCKET ARTISTS, AND TO CREATE A VIBRANT ARTS COMMUNITY. 17 17 47 0 0 0 1233413 1075383 417725 434298 35605 78853 71166 -56539 1757909 1531995 0 0 0 0 1065140 1126151 0 0 362033 658820 570157 1723960 1696308 33949 -164313 5530039 5512692 113538 124773 5416501 5387919 TO FOSTER THE VISUAL ARTS ON NANTUCKET, TO PROMOTE, SUPPORT AND ENCOURAGE THE WORK OF NANTUCKET ARTISTS, PROVIDING EDUCATIONAL PROGRAMS IN THE ARTS, PRESERVING THE LEGACY OF NANTUCKET ARTISTS, AND TO CREATE A VIBRANT ARTS COMMUNITY. 0 0 481923 295229 YEAR-ROUND ART CLASSES AND WORKSHOPS FOR ADULTS AND CHILDREN 106668 0 PERMANENT COLLECTION OF OVER 1,300 PIECES OF NANTUCKET ART . 192133 139069 GALLERY FEATURING OVER 230 NANTUCKET ARTISTS 780724 1 1 0 0 0 0 0 1 0 1 1 0 0 0 0 0 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 1 16 0 47 0 0 0 0 0 0 0 0 0 0 0 X 17 17 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X FRANCINE BALLING 5082280722 24 AMELIA DRIVE NANTUCKET MA 02554 PATTY KENEALLY PRESIDENT 1.00 X X 0 0 0 PETER STEINGRABER VICE PRESIDENT 1.00 X X 0 0 0 ROBIN WOLPOW VICE PRESIDENT 1.00 X X 0 0 0 KRISTIE FERRENTELLA TREASURER 1.00 X X 0 0 0 MEGHAN WEEKS CLERK 1.00 X X 0 0 0 LESLIE BRESETTE DIRECTOR 1.00 X 0 0 0 BARBARA STERN BURKE DIRECTOR 1.00 X 0 0 0 LAURIE CHAMPION DIRECTOR 1.00 X 0 0 0 ERIKA CHRISTENSEN DIRECTOR 1.00 X 0 0 0 BARBARA CLARKE DIRECTOR 1.00 X 0 0 0 MARYANN JONES DIRECTOR 1.00 X 0 0 0 JANET JOSEPH DIRECTOR 1.00 X 0 0 0 BOB MIKLOS DIRECTOR 1.00 X 0 0 0 JENNIFER PINCINCE DIRECTOR 1.00 X 0 0 0 BRIAN SAGER DIRECTOR 1.00 X 0 0 0 TRACY ULMER DIRECTOR 1.00 X 0 0 0 JIM WATERBURY DIRECTOR 1.00 X 0 0 0 TRACEY SEARS EXECUIVE DIRECTOR 40.00 X 137793 0 0 COURTNEY BRIDGES EXEC. DIRECTOR (FMR) 40.00 X 111014 0 0 248807 0 0 2 0 0 0 0 60775 687699 326909 95663 1075383 PROGRAM & TUITION INCO 711130 295229 295229 GALLERY INCOME 711130 139069 139069 434298 78853 78853 383967 687699 440506 -56539 -56539 1531995 434298 0 22314 248807 149284 99523 737796 382132 169325 186339 61201 37461 15091 8649 78347 31652 25019 21676 24158 24158 13975 13975 59953 28295 16658 15000 23178 23178 21019 982 15167 4870 16425 12516 3909 137803 110524 27279 134008 91572 42436 25957 16735 9222 BANK AND CREDIT CARD FE 39650 21808 17842 PROGRAM SUPPLIES 36999 36999 MISCELLANEOUS 28361 3121 17106 8134 COLLECTION PURCHASES 6927 6927 1744 1744 1696308 780724 553551 362033 127421 224747 762295 563457 25000 20000 8163 2213 30930 26563 4519774 1203987 3407954 3315787 1168276 1359925 5530039 5512692 113538 124773 113538 124773 X 3998086 3789241 1418415 1598678 5416501 5387919 5530039 5512692 -164313 135731 0 X 0 1 X 1 0 X 898039 1062379 1267304 1174101 1075383 5477206 898039 1062379 1267304 1174101 1075383 5477206 390378 5086828 23737 33716 38701 46614 78853 221621 5698827 1964891 0.89260 0.94450 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 1 1168276 191649 1359925 1315878 63000 -210602 1168276 1089762 85000 141272 156 1315878 940655 56500 132147 39540 1089762 728978 71500 163632 23455 940655 1.00000 0 0 770693 770693 3348854 891083 2457771 400227 312904 87323 3315787 1667726 135731 135731 1531995 0 1531995 1696308 0 1696308 0 1696308 PART III, LINE 1A: THE ASSOCIATION MAINTAINS A COLLECTION OF NANTUCKET ART. THE ART IS CATALOGUED, WATCHED OVER BY A COMMITTEE AND STORED IN A CLIMATE-CONTROLLED STORAGE LOCATION. AS ALLOWED BY ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA AND FOLLOWING THE PRACTICES OF SIMILAR ORGANIZATIONS, THE ASSOCIATION HAS NOT CAPITALIZED ITS COLLECTION OF NANTUCKET ART AND OTHER RELATED OBJECTS PURCHASED OR DONATED. THE COLLECTION IS HELD FOR PUBLIC EXHIBITION, EDUCATION, OR RESEARCH IN FURTHERANCE OF PUBLIC SERVICE RATHER THAN FINANCIAL GAIN. THE ASSOCIATION CONTINUALLY REVIEWS ITS COLLECTION AND MAY DEACCESS OR ACQUIRE ADDITIONAL ITEMS. EXPENDITURES FOR ADDITIONAL COLLECTION ITEMS ARE PRESENTED AS A REDUCTION IN THE APPROPRIATE CLASS OF NET ASSETS. THE PROCEEDS FROM THE SALE OF COLLECTION ITEMS MUST BE USED TO ACQUIRE OTHER ITEMS FOR THE COLLECTION. PART V, LINE 4: THE ASSOCIATION'S ENDOWMENT CONSISTS OF INDIVIDUAL DONOR-RESTRICTED FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED OR LEGAL RESTRICTIONS. AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, THE ASSOCIATION CLASSIFIES AS DONOR RESTRICTED NET ASSETS (A) THE ORIGINAL VALUE OF GIFTS DONATED TO THE PERMANENT ENDOWMENT, (B) THE ORIGINAL VALUE OF SUBSEQUENT GIFTS TO THE PERMANENT ENDOWMENT, AND (C) ACCUMULATIONS TO THE PERMANENT ENDOWMENT MADE IN ACCORDANCE WITH THE DIRECTION OF THE APPLICABLE DONOR GIFT INSTRUMENT AT THE TIME THE ACCUMULATION IS ADDED TO THE FUND. THE REMAINING PORTION OF THE DONOR-RESTRICTED ENDOWMENT FUND THAT IS NOT CLASSIFIED AS NON-EXPENDABLE NET ASSETS IS CLASSIFIED AS EXPENDABLE NET ASSETS UNTIL THOSE AMOUNTS ARE APPROPRIATED FOR EXPENDITURE BY THE ASSOCIATION IN A MANNER CONSISTENT WITH THE STANDARD OF PRUDENCE PRESCRIBED BY STATE LAW. IN ACCORDANCE WITH THE UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT, THE ASSOCIATION CAN CONSIDER THE FOLLOWING FACTORS IN MAKING A DETERMINATION TO APPROPRIATE OR ACCUMULATE DONOR-RESTRICTED ENDOWMENT FUNDS: THE DURATION AND PRESERVATION OF THE FUND; THE PURPOSES OF THE ASSOCIATION AND THE DONOR-RESTRICTED ENDOWMENT FUND; GENERAL ECONOMIC CONDITIONS; THE POSSIBLE EFFECT OF INFLATION AND DEFLATION; THE EXPECTED TOTAL RETURN FROM INCOME AND THE APPRECIATION OF INVESTMENTS; OTHER RESOURCES OF THE ASSOCIATION; AND THE INVESTMENT POLICIES OF THE ASSOCIATION. THE ASSOCIATION HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ITS ENDOWMENT ASSETS THAT ATTEMPT TO PROVIDE A PREDICTABLE STREAM OF FUNDING FOR ITS PROGRAMS WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. UNDER THIS POLICY, AS APPROVED BY THE BOARD, THE ASSOCIATION'S INVESTMENT COMMITTEE SHALL SEEK TO INVEST THE ENDOWMENT FUNDS IN SUCH A MANNER THAT THE INVESTMENTS WILL PROVIDE A SPENDABLE RETURN CONSISTENT WITH A LONG-TERM GOAL OF PRESERVING THE FUNDS IN REAL TERMS. ACTUAL RETURNS IN ANY GIVEN YEAR MAY VARY FROM THIS AMOUNT. TO SATISFY ITS LONG-TERM RATE-OF-RETURN OBJECTIVES, THE ASSOCIATION RELIES ON A TOTAL RETURN STRATEGY IN WHICH INVESTMENT RETURNS ARE ACHIEVED THROUGH BOTH CAPITAL APPRECIATION (REALIZED AND UNREALIZED) AND CURRENT YIELD (INTEREST AND DIVIDENDS). THE ASSOCIATION HAS INVESTED IN MUTUAL FUNDS THAT TARGET A DIVERSIFIED ASSET ALLOCATION THAT PLACES A GREATER EMPHASIS ON EQUITY-BASED INVESTMENTS TO ACHIEVE ITS LONG-TERM RETURN OBJECTIVES WITHIN PRUDENT RISK CONSTRAINTS. THE ASSOCIATION DETERMINES AN ANNUAL APPROPRIATION OF EARNINGS ON ITS ENDOWMENT DURING ITS BUDGETING PROCESS. AN APPROPRIATION OF $0 WAS MADE IN 2022. SUMMER GALA - ART AUCTION 717131 515669 201462 256095 WET PAINT 202599 131330 71269 143621 2 151936 40700 111236 40790 1071666 687699 383967 440506 440506 -56539 X 0 0 0 0 0 0 0 0 0 PART I, LINE 3 ALL COMPENSATION, INCLUDING EXECUTIVE DIRECTOR, GOES THROUGH A FORMAL PERFORMANCE APPRAISAL. THE EXECUTIVE DIRECTOR'S PERFORMANCE IS REVIEWED BY THE BOARD OF DIRECTORS. X 8 FAIR MARKET VALUE X AUCTION ITEMS 0 65100 FMV X EVENT SUPPLIES 0 30563 FMV 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 THE ASSOCIATION HAS MEMBERS FORM 990, PART VI, SECTION A, LINE 7A OFFICERS AND BOARD MEMBERS ARE ELECTED BY THE ASSOCIATION'S MEMBERS ON AN ANNUAL BASIS. FORM 990, PART VI, SECTION B, LINE 11B RETURN IS REVIEWED BY THE TREASURER AND MADE AVAILABLE ELECTRONICALLY TO THE BOARD PRIOR TO SUBMITTING. FORM 990, PART VI, SECTION B, LINE 12C ANY CONFLICT OF INTEREST WOULD BE BROUGHT TO THE BOARD'S ATTENTION PER POLICY. FORM 990, PART VI, SECTION B, LINE 15 ALL COMPENSATION, INCLUDING EXECUTIVE DIRECTOR, GOES THROUGH A FORMAL PERFORMANCE APPRAISAL. THE EXECUTIVE DIRECTOR'S PERFORMANCE IS REVIEWED BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS ARE AVAILABLE UPON WRITTEN REQUEST TO THE ASSOCIATION.