2024-11-06T16:35:32-06:00 2023-12-31 271728945 PKF O'CONNOR DAVIES LLP 665 FIFTH AVENUE NEW YORK NY 10022 990 2023-01-01 133540880 MUSEUM OF AMERICAN FINANCE MUSE 2129084110 222 BROADWAY 19TH FL NEW YORK NY 10038 DAVID COWEN PRESIDENT AND CEO 2129084619 2024-11-06 1 1 EVA MRUK P00543254 2122862600 2024-11-06 2023 2024-10-15 13:58:12Z DAVID COWEN 222 BROADWAY 19TH FL NEW YORK NY 10038 1691160 0 X WWW.MOAF.ORG X 1982 NY TO PRESERVE, EXHIBIT AND TEACH ABOUT THE NATION'S FINANCE AND FINANCIAL HISTORY. 41 41 9 43 0 0 1534036 1517994 60685 3870 865 3796 -102538 -115280 1493048 1410380 0 0 0 0 1194739 1236865 0 0 311129 448062 412880 1642801 1649745 -149753 -239365 534602 463184 366630 534577 167972 -71393 X FINANCE IMPACTS EVERYONE. AS A SOCIALLY RELEVANT ORGANIZATION, THE MUSEUM OF AMERICAN FINANCE SEEKS TO IMPROVE UNDERSTANDING OF THE INFLUENCE OF FINANCIAL INSTITUTIONS AND CAPITAL MARKETS ON THE U.S. AND GLOBAL ECONOMIES, AND ON INDIVIDUALS' LIVES. THE NATION'S ONLY INDEPENDENT MUSEUM DEDICATED TO FINANCE AND FINANCIAL HISTORY EDUCATES THE PUBLIC THROUGH EXHIBITS, FINANCIAL LITERACY PROGRAMS AND PUBLIC EVENTS. THE MUSEUM, AN AFFILIATE OF THE SMITHSONIAN INSTITUTION, SEEKS TO EMPOWER INDIVIDUALS OF ALL BACKGROUNDS TO STRIVE TOWARD FINANCIAL INDEPENDENCE, WHILE ENCOURAGING CURIOSITY AND DISCOVERY. 0 0 539366 0 3370 COLLECTION AND EXHIBITION PROGRAMSIN 2023, THE MUSEUM SHOWCASED OBJECTS FROM ITS COLLECTIONS AT SEVERAL LOCATIONS AND COMPLETED THE FIRST PHASE OF A MAJOR INITIATIVE TO DIGITIZE ITS EXTENSIVE ARCHIVES. IN JANUARY, THE MUSEUM LOANED ONE OF THE HIGHLIGHTS OF ITS 18TH CENTURY COLLECTION TO THE US CAPITOL VISITOR CENTER IN WASHINGTON, DC, FOR AN EXHIBIT TITLED "E PLURIBUS UNUM: OUT OF MANY, ONE." THE EXHIBIT, WHICH WAS ON VIEW THROUGH JULY, FEATURED THE US BOND CERTIFICATE SIGNED BY PATRICK HENRY FOR $416.04 OF "ASSUMED DEBT," DATED NOVEMBER 1792. IN OCTOBER, THE MUSEUM DISPLAYED HIGHLIGHTS FROM ITS COLLECTION TO ATTENDEES OF THE INTERNATIONAL MONEY EXHIBITION IN NASHVILLE, TN, WHICH ATTRACTED THOUSANDS OF VISITORS FROM AROUND THE WORLD.ALSO IN 2023, THE MUSEUM AND ITS ARCHIVAL PRESERVATION PARTNER, HERITAGE WERKS, COMPLETED PHASE ONE OF THE WIDE-RANGING, MULTI-YEAR COLLECTION DIGITIZATION INITIATIVE, WHICH WAS MADE POSSIBLE THROUGH SUPPORT RECEIVED FROM PREVIOUS GALAS AND GENEROUS DONATIONS FROM MOAF BOARD MEMBERS. THE MOAF COLLECTION RELOCATED TO AN ARCHIVAL FACILITY IN GEORGIA, WHERE IT WAS PROCESSED, EVALUATED AND PRIORITIZED FOR HIGH RESOLUTION SCANNING AND META-TAGGING. MORE THAN 2,500 OF THE HIGHEST PRIORITY OBJECTS WERE SCANNED, WITH THE SCANNING PROCESS CONTINUING IN 2024. THIS INITIATIVE WILL MAKE THE COLLECTION MORE ACCESSIBLE FOR BOTH DIGITAL AND PHYSICAL EXHIBITIONS, INCLUDING THE MUSEUM'S OFFICIAL TRAVELING EXHIBIT, WHICH WILL BE AVAILABLE IN THE FIRST HALF OF 2024. 497082 0 500 COMMUNITY OUTREACH AND EDUCATIONFINANCIAL EDUCATION IS AT THE HEART OF THE MUSEUM'S MISSION, AND MORE THAN 112,000 STUDENTS HAVE PARTICIPATED IN ITS EDUCATION PROGRAMS SINCE 2009. A HIGHLIGHT OF THE MUSEUM'S EDUCATIONAL INITIATIVES IS THE MUSEUM FINANCE ACADEMY (MFA), A UNIQUE PERSONAL FINANCE CERTIFICATE COURSE OFFERED FREE OF CHARGE TO HIGH SCHOOL JUNIORS AND SENIORS. THE PROGRAM WHICH IS CURRENTLY PRESENTED IN AN ONLINE FORMAT PROVIDES A FOUNDATION IN PERSONAL FINANCE. THIS PROGRAM IS OFFERED IN THE SPRING AND FALL, WITH THE OPPORTUNITY FOR THE TOP-ACHIEVING STUDENTS TO EARN PARTIAL COLLEGE SCHOLARSHIPS. THIS PAST JULY, THE MUSEUM EXPANDED THE MFA WITH A PILOT PROGRAM IN PARTNERSHIP WITH THE NEW YORK PUBLIC LIBRARY THAT REACHED 642 STUDENTS.THE MUSEUM ALSO OFFERS A ROBUST SERIES OF MORE THAN 30 PUBLIC EVENTS PER YEAR. AMONG THE DISTINGUISHED PARTICIPANTS ARE NOBEL LAUREATES AND INDUSTRY LEADERS, AS WELL AS AWARD-WINNING AUTHORS. MUCH OF THE MUSEUM'S PROGRAMMING SHIFTED TO A VIRTUAL FORMAT IN MARCH 2020, LEADING TO AN EXPANDED NUMBER OF EVENTS AND A FOUR-FOLD INCREASE IN ATTENDANCE. IN 2023, PROGRAMS WERE OFFERED IN BOTH IN-PERSON AND VIRTUAL FORMATS. FEATURED SPEAKERS INCLUDED DARON ACEMOGLU, ROB ARNOTT, ALAN BLINDER, DAVID BOOTH, LEON COOPERMAN, CHERYL STRAUSS EINHORN, EUGENE FAMA, MARIO GABELLI, DIANA HENRIQUES, EDMUND PHELPS, PULAK PRASAD, AMONG MANY OTHERS. THE MAJORITY OF THE MUSEUM'S PROGRAMS ARE PRESENTED IN PARTNERSHIP WITH THE FORDHAM UNIVERSITY GABELLI CENTER FOR GLOBAL SECURITY ANALYSIS. IN 2023, THE MUSEUM ALSO CONTINUED ITS PARTNERSHIP WITH THE NEW YORK PUBLIC LIBRARY'S THOMAS YOSELOFF BUSINESS CENTER ON A FREE FINANCIAL EDUCATION SERIES FOR ADULTS, TITLED "INVESTING A TO Z," AS WELL AS A FREE SERIES ON RETIREMENT PLANNING, TITLED "RETIREMENT A TO Z." BOTH OF THESE PROGRAMS ATTRACTED LARGE NATIONAL AND INTERNATIONAL AUDIENCES IN 2023 WITH MORE THAN 5,000 TOTAL PARTICIPANTS AND CONTINUE IN 2024. 1036448 1 1 0 0 0 0 0 1 0 1 0 0 0 0 0 1 1 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 7 0 9 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 41 41 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 NY X X DAVID COWEN PRESIDENTCEO 2129084110 222 BROADWAY 19TH FL NEW YORK NY 10038 PETER A COHEN CHAIR 1.00 X X 0 0 0 ANDREA DE CHOLNOKY CO-VICE CHAIR 1.00 X X 0 0 0 KAREN SEITZ CO-VICE CHAIR 1.00 X X 0 0 0 SANFORD F CRYSTAL TREASURER 1.00 X X 0 0 0 ALVI ABUAF TRUSTEE 1.00 X 0 0 0 PETER AKWABOAH TRUSTEE 1.00 X 0 0 0 SABRINA BAILEY TRUSTEE 1.00 X 0 0 0 GREGORY W BAUER TRUSTEE 1.00 X 0 0 0 DOUGLAS CIFU TRUSTEE 1.00 X 0 0 0 MARCY COHEN TRUSTEE 1.00 X 0 0 0 LAWRENCE CUNNINGHAM TRUSTEE 1.00 X 0 0 0 PATRICK CURTIN TRUSTEE 1.00 X 0 0 0 JOHN P DAVIDSON III TRUSTEE 1.00 X 0 0 0 PETER DAVIS TRUSTEE THRU JAN 2023 1.00 X 0 0 0 RIC EDELMAN TRUSTEE 1.00 X 0 0 0 CHARLES ELSON TRUSTEE 1.00 X 0 0 0 EILEEN FAHEY TRUSTEE 1.00 X 0 0 0 MARTIN FRIDSON TRUSTEE 1.00 X 0 0 0 ADAM GOLDSTEIN TRUSTEE 1.00 X 0 0 0 MARTHA CLARK GOSS TRUSTEE 1.00 X 0 0 0 CORY GUNDERSON TRUSTEE 1.00 X 0 0 0 KIRK HALDEMAN TRUSTEE 1.00 X 0 0 0 BRADFORD HU TRUSTEE 1.00 X 0 0 0 CAROL KAIMOWITZ TRUSTEE 1.00 X 0 0 0 GLENN KAUFMAN TRUSTEE 1.00 X 0 0 0 RANCH KIMBALL TRUSTEE 1.00 X 0 0 0 MITTI LIEBERSOHN TRUSTEE 1.00 X 0 0 0 CONSUELO MACK TRUSTEE 1.00 X 0 0 0 JOE MECANE TRUSTEE 1.00 X 0 0 0 ANDERS NEMETH TRUSTEE 1.00 X 0 0 0 EAMON NOLAN TRUSTEE 1.00 X 0 0 0 ELIZABETH O'MELIA TRUSTEE 1.00 X 0 0 0 CHRIS PERRY TRUSTEE 1.00 X 0 0 0 BRAD PETERSON TRUSTEE 1.00 X 0 0 0 BOB PISANI TRUSTEE 1.00 X 0 0 0 SCOTT REDDEL TRUSTEE 1.00 X 0 0 0 MARK SHENKMAN TRUSTEE 1.00 X 0 0 0 DAVID L SHULER TRUSTEE 1.00 X 0 0 0 MARIA E SMITH TRUSTEE THRU NOV 2023 1.00 X 0 0 0 RICHARD SYLLA PH D TRUSTEE 1.00 X 0 0 0 SAUL VAN BEURDEN TRUSTEE 1.00 X 0 0 0 DENNISON VERU TRUSTEE 1.00 X 0 0 0 CHARLES V WAIT TRUSTEE 1.00 X 0 0 0 DAVID COWEN PRESIDENT/CEO 40.00 X 210000 0 7539 MINDY ROSS DIRECTOR OF EXTERNAL RELATIONS 40.00 X 157500 0 33851 KRISTIN AGUILERA DEPUTY DIRECTOR 40.00 X 121000 0 45341 LINDA RAPACKI MANAGING DIR. OF BUSINESS 40.00 X 108500 0 5143 597000 0 91874 4 0 1 0 0 1888 1089528 426578 1517994 EXHIBIT CREATION FEES 611600 2850 2850 ADMISSION FEES 611600 520 520 TOURS, LECTURES, SYMP. 611600 500 500 3870 3796 3796 165500 1089528 280780 -115280 -115280 1410380 3870 0 -111484 217539 130523 21754 65262 726115 462776 105839 157500 9879 6396 1562 1921 216301 136080 29352 50869 67031 42160 9082 15789 67449 67449 19381 15393 2476 1512 32756 29490 3209 57 34774 12501 21888 385 35723 28373 4564 2786 67523 47058 8934 11531 4093 4093 42374 33655 5413 3306 EDUCATION PROGRAMS 85805 85805 ORGANIZATIONAL MBRSHP 20301 20301 REPAIRS & MAINT. 2701 2145 345 211 1649745 1036448 302168 311129 127574 273145 29444 29778 125946 3000 2050 248638 158211 534602 463184 215711 257445 150919 252132 0 25000 366630 534577 X 153722 -310643 14250 239250 167972 -71393 534602 463184 -239365 0 X X 0 1 X 1 0 X 1361626 2000898 2016812 1534036 1517994 8431366 1361626 2000898 2016812 1534036 1517994 8431366 631339 7800027 6996 1088 240 865 3796 12985 8444351 114975 0.92370 0.94020 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X 0 14250 125000 139250 114250 100000 14250 9250 105000 114250 9250 9250 9250 9250 1.00000 0 0 0 X 1525380 115000 115000 1410380 0 1410380 1764745 115000 115000 1649745 0 1649745 PART III, LINE 1A: IN ACCORDANCE WITH INDUSTRY PRACTICE, COLLECTIONS FOR USE AS EXHIBITS AND PROGRAMS ARE NOT CAPITALIZED OR REFLECTED IN THESE FINANCIAL STATEMENTS. PART III, LINE 4: AS PART OF ITS MISSION TO DOCUMENT THE HISTORY AND PRACTICE OF AMERICAN FINANCE, THE MUSEUM OF AMERICAN FINANCE ACTIVELY COLLECTS DOCUMENTS AND ARTIFACTS RELATED TO THE CAPITAL MARKETS, MONEY AND BANKING. THE COLLECTION INCLUDES STOCKS, BONDS, CURRENCY, CHECKS, PRINTS, ENGRAVINGS, PHOTOGRAPHS, OBJECTS AND BOOKS. THE MUSEUM HAS AN EXTENSIVE COLLECTION OF STOCK AND BOND CERTIFICATES FROM THE GILDED AGE, AS WELL AS ONE OF THE NATION'S PREMIER COLLECTIONS OF 18TH CENTURY U.S. FINANCIAL DOCUMENTS. THE MUSEUM HOUSES AND CARES FOR ITS COLLECTIONS IN ORDER TO PRESERVE THEM AS A RESOURCE FOR THE FUTURE IN ADDITION TO ALLOWING FOR PUBLIC ACCESS THROUGH EXHIBITIONS, EDUCATIONAL PROGRAMMING, DIGITAL OUTREACH AND RESEARCH. PART V, LINE 4: THE MUSEUM CREATED THE ENDOWMENT FUND WITH THE INTENT TO PRESERVE THE PRINCIPAL AND THE RETURNS FROM THE INVESTING OF THE PRINCIPAL ARE AVAILABLE FOR USE OF THE MUSEUM TO PRODUCE FUTURE EXHIBITS, OFFER TIMELY AND SCHOLARLY PROGRAMS, PUBLISH A MAGAZINE, CONDUCT ORAL HISTORY INTERVIEWS, MANAGE A COLLECTION OF DOCUMENTS AND ARTIFACTS, AND CONSTRUCT AND MAINTAIN FACILITIES CONSISTENT WITH A UNIQUE INSTITUTION DEDICATED TO THE STUDY AND PRESENTATION OF FINANCIAL MATTERS. PART X, LINE 2: THE MUSEUM RECOGNIZES THE EFFECT OF INCOME TAX POSITIONS ONLY IF THOSE POSITIONS ARE MORE LIKELY THAN NOT TO BE SUSTAINED. MANAGEMENT HAS DETERMINED THAT THE MUSEUM HAD NO UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE FINANCIAL STATEMENT RECOGNITION OR DISCLOSURE. THE MUSEUM IS NO LONGER SUBJECT TO EXAMINATION BY THE APPLICABLE TAXING JURISDICTIONS FOR YEARS PRIOR TO DECEMBER 31, 2020. GALA 1217255 1077255 140000 3970 188985 83681 WINE AS AN INVESTMENT 37773 12273 25500 4144 1255028 1089528 165500 3970 188985 87825 280780 -115280 X X 0 0 0 0 0 0 0 1 0 DAVID COWEN PRESIDENT/CEO 209601 0 0 0 399 0 6300 0 1239 0 217539 0 0 0 MINDY ROSS DIRECTOR OF EXTERNAL RELATIONS 149601 0 7500 0 399 0 0 0 33851 0 191351 0 0 0 KRISTIN AGUILERA DEPUTY DIRECTOR 100601 0 20000 0 399 0 117 0 45224 0 166341 0 0 0 PART I, LINE 7 INDIVIDUALS REPORTED ON FORM 990, PART VII, SECTION A AND SCHEDULE J, PART II RECEIVED BOARD-APPROVED DISCRETIONARY BONUSES IN 2023. DAVID COWEN PRESIDENT/CEO GENERAL SUPPORT X 25000 25000 0 1 0 25000 FORM 990, PART VI, SECTION A, LINE 4 IN 2023 THE BYLAWS WERE AMENDED. THERE WAS A CHANGE TO THE ACTION OF WRITTEN CONSENT: ANY ACTION REQUIRED OR PERMITTED BY THE BOARD MAY BE TAKEN BY THE WRITTEN CONSENT OF A MAJORITY OF TRUSTEES RATHER THAN UNANIMOUS WRITTEN CONSENT OF ALL TRUSTEES. FORM 990, PART VI, SECTION B, LINE 11B THE MUSEUM'S FORM 990 IS PREPARED BY AN OUTSIDE ACCOUNTANT WITH CONTRIBUTIONS FROM SEVERAL KEY MUSEUM STAFF MEMBERS, INCLUDING THE MUSEUM'S PRESIDENT, ACCOUNTANT AND OTHERS. THE MUSEUM'S ACCOUNTANT AND PRESIDENT MEET REGULARLY TO REVIEW AND DISCUSS THE MUSEUM'S FINANCIAL STATEMENTS AND THE 990. THE 990 IS THEN PRESENTED TO THE AUDIT COMMITTEE, A STANDING COMMITTEE OF THE MUSEUM'S BOARD OF TRUSTEES, FOR REVIEW AND APPROVAL. THE MUSEUM'S BOARD OF TRUSTEES IS PROVIDED WITH ELECTRONIC ACCESS TO THE 990 BEFORE IT IS FILED WITH THE IRS. THE MUSEUM'S ACCOUNTANT HAS MADE TRUSTEES AWARE OF HOW TO ACCESS THE 990, AND GAVE A SMALL PRESENTATION ON HOW TO READ THE 990. PAPER COPIES OF THE 990 ARE ALSO MADE AVAILABLE TO TRUSTEES UPON REQUEST. FORM 990, PART VI, SECTION B, LINE 12C ON AN ANNUAL BASIS, THE MUSEUM DISTRIBUTES A CONFLICT OF INTEREST STATEMENT AND QUESTIONNAIRE TO ALL TRUSTEES AND OFFICERS TO BE COMPLETED AND RETURNED FOR REVIEW BY THE MUSEUM'S DEPUTY DIRECTOR. AMONG OTHER THINGS, THE QUESTIONNAIRE REQUIRES TRUSTEES TO ACKNOWLEDGE AND AFFIRM THE MUSEUM'S CONFLICT OF INTEREST POLICY, AND LIST ANY EXISTING OR POTENTIAL CONFLICTS SUCH TRUSTEE MAY HAVE WITH RESPECT TO THE MUSEUM. IF A TRUSTEE CONFLICT IS IDENTIFIED, THE TRUSTEE IS REQUIRED TO DISCLOSE THE MATERIAL FACTS OF HIS OR HER INTEREST IN THE TRANSACTION IN QUESTION TO THE BOARD, IS EXCLUDED FROM ANY DELIBERATIONS ABOUT IT AND MUST RECUSE HIM OR HERSELF FROM VOTING ON THE MATTER. POTENTIAL EMPLOYEE CONFLICTS ARE HANDLED WITH AN INVESTIGATION CONDUCTED BY THE MUSEUM'S PRESIDENT, IN CONSULTATION WITH THE DEPUTY DIRECTOR, TO DETERMINE IF ANY ACTION IS WARRANTED. EMPLOYEES PRESENTING POTENTIAL CONFLICTS ARE EXCLUDED FROM PARTICIPATING IN DELIBERATIONS AND DECISIONS REGARDING THE TRANSACTION IN QUESTION. FORM 990, PART VI, SECTION B, LINE 15A THE MUSEUM PRESIDENT'S COMPENSATION IS REVIEWED EVERY OTHER YEAR. THE PROCESS FOR DETERMINING THE PRESIDENT'S COMPENSATION IS DETERMINED USING COMPARABLE DATA FROM GUIDESTAR. THE BOARD OF TRUSTEES THEN REVIEWS THE PROPOSED COMPENSATION, IN ACCORDANCE WITH THE RELATED EMPLOYMENT AGREEMENT AND TAKING INTO ACCOUNT THE PRESIDENT'S PERFORMANCE AND OTHER FACTORS. THE BOARD APPROVES PRESIDENT'S COMPENSATION. THIS PROCESS WAS LAST UNDERTAKEN IN 2022 AND WAS DOCUMENTED IN THE MINUTES OF THE BOARD MEETINGS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS FORM 990 AVAILABLE FOR PUBLIC INSPECTION AS REQUIRED UNDER SECTION 6104 OF THE INTERNAL REVENUE CODE. THE RETURN IS POSTED ON GUIDESTAR.ORG AND OTHER SIMILAR TYPES OF WEBSITES. IN ADDITION, THE FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICY, AND BY-LAWS ARE ALSO AVAILABLE UPON WRITTEN REQUEST. FORM 990, PART XII, LINE 2C: THE MUSEUM OF AMERICAN FINANCE HAS AN AUDIT COMMITTEE THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND FOR THE SELECTION OF AN INDEPENDENT ACCOUNTANT. THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.