2024-11-08T15:01:05-06:00 2023-12-31 420714325 RSM US LLP 19026 RIDGEWOOD PKWY STE 400 SAN ANTONIO TX 78259 990 2023-01-01 731267576 THE GLASS-GLEN BURNIE FOUNDATION GLAS 2108449637 PO BOX 12449 SAN ANTONIO TX 78212 DAVID HO ROTH CO-OPERATING TRUSTEE 2108449637 2024-11-07 1 0 JOSEPHINE BEHREND P00715390 2108286281 2024-11-07 2023 2024-10-15 13:58:12Z ALLAN G PATERSON PO BOX 12449 SAN ANTONIO TX 78212 7581670 0 X N/A X 1986 TX THE RESTORATION, MAINTENANCE, AND SUPPORT OF HISTORIC PROPERTIES ACQUIRED IN THE VICINITY OF WINCHESTER, VIRGINIA FOR EDUCATIONAL AND PUBLIC BENEFIT AND TO ENDOW A MUSUEM THAT INCLUDES 18TH AND EARLY 19TH CENTURY AMERICAN AND ENGLISH ART ALONG WITH ADDITIONS MADE TO THE COLLECTIONS. 5 0 1 0 98172 38869 0 0 0 0 1642944 1354727 1938549 1409829 3581493 2764556 3080500 4411243 0 0 531830 411856 0 0 0 493875 445644 4106205 5268743 -524712 -2504187 57440868 49360899 0 0 57440868 49360899 X THE MISSION OF THE GLASS-GLEN BURNIE FOUNDATION (THE "FOUNDATION") IS EXCLUSIVELY CHARITABLE AND EDUCATIONAL, SPECIFICALLY TO RESTORE, MAINTAIN, AND SUPPORT THE HISTORIC PROPERTIES AND GROUDS THAT THE FOUNDATION OWNS IN THE VICINITY OF WINCHESTER, VIRGINIA FOR EDUCATIONAL AND PUBLIC BENEFIT AND TO ENDOW A MUSEUM THAT INCLUDES 18TH AND EARLY 19TH CENTURY AMERICAN AND ENGLISH ART ALONG WITH ADDITIONS MADE TO THE COLLECTIONS. THE FOUNDATION FULFILLS ITS MISSION THROUGH THE CREATION AND CONTINUING SUPPORT OF THE GLASS-GLEN BURNIE MUSEUM, INC. (DOING BUSINESS AS THE MUSEUM OF THE SHENADOAH VALLEY) (THE "MSV"), WHICH OPERATES A MUSEUM ON THE FOUNDATION'S WINCHESTER PROPERTY THAT PROVIDES A WIDE VARIETY OF GALLERIES, EXHIBITIONS, AND EDUCATIONAL PROGRAMS, CARES FOR THE FOUNDATION'S HISTORIC PROPERTIES AND GROUNDS, OPERATES A 90-ACRE ART PARK ON THE GROUNDS, AND PRESERVES THE LARGEST GREEN SPACE AND ONLY WORKING FARM IN THE CITY OF WINCHESTER. 0 0 4752742 4411243 THE FOUNDATION CONTINUED THE SUPPORT OF THE MUSUEM OF THE SHENANDOAH VALLEY, ITS SUPPORTED ORGANIZATION. 4752742 1 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 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 11 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 X 5 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 1 1 0 1 0 X JENNIFER PEACE 2108449637 PO BOX 12449 SAN ANTONIO TX 78212 DAVID HO ROTH CO-OPERATING TRUSTEE 20.00 X X 92400 0 0 ALLAN G PATERSON CO-OPERATING TRUSTEE 20.00 X X 81900 0 0 TODD BROCKWELL TRUSTEE, SECRETARY 10.00 X X 50400 0 0 JOHN B ADAMS JR TRUSTEE 10.00 X 50400 0 0 GERALD F SMITH JR TRUSTEE 10.00 X 50400 0 0 JENNIFER PEACE EXECUTIVE DIRECTOR 40.00 X 80000 0 0 405500 0 0 0 0 0 0 FARMERS NATIONAL COMPANY 15 WEST 6TH STREET SUITE 2700 TULSA OK 74119 INVESTMENT MANAGEMENT 120794 1 407573 98172 309401 1409829 1409829 5764268 4817114 947154 947154 947154 2764556 0 98172 2666384 4411243 4411243 405500 227850 177650 236 236 6120 6120 1818 1818 15785 15785 289600 289600 1493 1493 17042 15338 1704 1 1 33103 13225 19878 AD VALOREM TAX 80065 80065 MISCELLANEOUS EXPENSE 4283 3855 428 TELEPHONE & INTERNET 2331 1166 1165 UNRELATED BUSINESS INCO 123 123 5268743 4752742 516001 0 X 0 345519 1923330 2012807 0 503665 0 17920598 7377816 32021157 39624757 5072118 0 57440868 49360899 0 0 X 57440868 49360899 57440868 49360899 57440868 49360899 X -2504187 -5575782 X 0 1 X 1 0 X X 1 GLASS-GLEN BURNIE MUSEUM INC (DBA MUSEUM OF THE SHENANDOAH VALLEY) 541857973 7 1 4411243 0 1 4411243 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 X 1 1 SCHEDULE A, PART IV, SECTION A, LINE 1 THE PURPOSES OF THE GLASS-GLEN BURNIE FOUNDATION (FOUNDATION) ARE (I) THE RESTORATION AND MAINTENANCE OF HISTORIC PROPERTIES ACQUIRED IN THE VICINITY OF WINCHESTER, VIRGINIA, SO THAT SUCH PROPERTIES WILL BE PRESERVED AS HISTORIC BUILDING AND GROUNDS FOR EDUCATIONAL AND OTHER BENEFIT OF THE PUBLIC FOREVER AND (II) THEREBY ENDOW A MUSEUM OF 18TH AND EARLY 19TH CENTURY AMERICAN AND ENGLISH ART. IT IS INTENDED THAT RESTORATION AND MAINTENANCE WILL INCLUDE NOT ONLY THE BUILDINGS ACQUIRED BUT ALSO THE GROUNDS SURROUNDING THE BUILDINGS AND ALSO FURNITURE, FIXTURES AND FURNISHING INSIDE THE BUILDINGS AND THAT FUNDS WHEN AVAILABLE WILL BE USED TO MAKE ADDITIONS TO THE FOUNDATION'S COLLECTIONS. ALL PROPERTY AND ASSETS OF THE GLASS-GLEN BURNIE FOUNDATION SHALL BE USED WITHIN THE UNITED STATES EXCLUSIVELY FOR THE AFORESAID EDUCATIONAL PURPOSES AND FOR NO OTHER PURPOSE. TO ACHIEVE THIS PURPOSE, THE FOUNDATION CAUSED THE CREATION OF THE GLASS-GLEN BURNIE MUSEUM, INC. DBA: THE MUSEUM OF THE SHENANDOAH VALLEY, WHICH IS THE FOUNDATION'S SUPPORTED ORGANIZATION. PART IV, SECTION E, LINE 2A: AS DESCRIBED ABOVE, SUBSTANTIALLY ALL OF THE ORGANIZATION'S ACTIVITIES DURING THE TAX YEAR DIRECTLY FURTHER THE EXEMPT PURPOSE OF THE GLASS-GLEN BURNIE MUSEUM (THE SUPPORTED ORGANZIATION). THE FOUNDATION IS RESPONSIVE TO THE MUSEUM BY HAVING ALL TRUSTEES OF THE FOUNDATION SERVE ON THE BOARD OF THE SUPPORTED ORGANIZATION. PART IV, SECTION E, LINE 2B: AS DESCRIBED ABOVE, THE ACTIVITIES ENGAGED IN BY THE FOUNDATION ARE NECESSARY FOR THE MUSEUM (THE SUPPORTED ORGANIZATION), AND WERE IT NOT FOR THE ACTIVITIES CONDUCTED BY THE FOUNDATION, THE MUSEUM WOULD HAVE TO PERFORM THE FUNCTIONS OF RESTORATION AND MAINTENANCE OF THE HISTORIC PROPERTIES. PART IV, SECTION D, LINE 3: ALL 5 FOUNDATION TRUSTEES ARE ON THE GOVERNING BODY OF THE MUSEUM AND HAVE A CLOSE WORKING RELATIONSHIP. THE FOUNDATION AND THE EXECUTIVE BOARD OF THE MUSEUM ALSO HAS ONE JOINT BOARD MEETING PER YEAR. SUBTANTIALLY ALL THE FOUNDATION'S ACTIVITIES ARE TO FURTHER THE ACTIVITIES OF THE MUSEUM. X X 0 0 OTHER PARTNERSHIP/ JOINT VENTURE INVESTMENTS 39624757 C 39624757 X 2394891 0 2394891 168806 200859 369665 2764556 4899078 0 4899078 168806 200859 369665 5268743 PART III, LINE 4: IT IS INTENDED THAT RESTORATION AND MAINTENANCE WILL INCLUDE NOT ONLY THE BUILDINGS ACQUIRED BUT ALSO THE GROUNDS SURROUNDING THE BUILDINGS AND ALSO FURNITURE, FIXTURES AND FURNISHINGS INSIDE THE BUILDINGS AND THAT FUNDS, WHEN AVAILABLE, WILL BE USED TO MAKE ADDITIONS TO THE FOUNDATION'S COLLECTIONS. PART X, LINE 2: THE FOUNDATION IS EXEMPT FROM FEDERAL INCOME TAXES UNDER INTERNAL REVENUE CODE (IRC) SECTION 501(C)(3). ON APRIL 30, 2004, THE IRS APPROVED THE FOUNDATION'S REQUEST TO CHANGE ITS TAX STATUS, EFFECTIVE JANUARY 1, 1999, FROM A PRIVATE FOUNDATION TO A SUPPORT ORGANIZATION UNDER IRC SECTION 509(A)(3), UNDER SECTION 501(C)(6) OF THE IRC, THE FOUNDATION IS EXEMPT FROM TAXES ON INCOME OTHER THAN UNRELATED BUSINESS INCOME. THE FOUNDATION IS SUBJECT TO FEDERAL AND STATE INCOME TAXES ON ITS UNRELATED BUSINESS INCOME, AS A RESULT OF OWNERSHIP IN VARIOUS INVESTMENT ENTITIES. THE FOUNDATION UTILIZES THE ACCOUNTING REQUIREMENTS ASSOCIATED WITH UNCERTAINTY IN INCOME TAXES USING THE PROVISIONS OF FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) ACCOUNTING STANDARDS CODIFICATION (ASC) 740, INCOME TAXES. USING THAT GUIDANCE, TAX POSITIONS INITIALLY NEED TO BE RECOGNIZED IN THE FINANCIAL STATEMENTS WHEN IT IS MORE LIKELY THAN NOT THE POSITIONS WILL BE SUSTAINED UPON EXAMINATION BY THE TAX AUTHORITIES. IT ALSO PROVIDES GUIDANCE FOR DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURE AND TRANSITION. AS OF DECEMBER 31, 2023, THE FOUNDATION HAS NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. PART XI, LINE 4B - OTHER ADJUSTMENTS: OTHER EXPENSES NETTED AGAINST REVENUE 200,859. PART XII, LINE 4B - OTHER ADJUSTMENTS: OTHER EXPENSES NETTED AGAINST REVENUE 200,859. 1 GLASS-GLEN BURNIE MUSEUM INC (DBA MUSEUM OF THE SHENANDOAH VALLEY) 901 AMHERST STREET WINCHESTER VA 22601 541857973 501(C)(3) 4411243 0 TO SUPPORT THE MUSEUM'S MONTHLY OPERATIONS 1 0 PART I, LINE 2: SUBSTANTIATION OF THE AMOUNT OF GRANTS GIVEN TO THE SUPPORTED ORGANIZATION ARE DOCUMENTED IN THE MINUTES OF THE TRUSTEE MEETINGS. THE ORGANIZATION MONITORS THE USE OF GRANT FUNDS THROUGH REVIEW OF THE SUPPORTED ORGANIZATION'S BUDGETS AND AUDITED FINANCIAL STATEMENTS. THE TRUSTEES OF THE FOUNDATION ALSO SERVE ON THE BOARD OF THE SUPPORTED ORGANIZATION. FORM 990, PART VI, SECTION A, LINE 8B THE ORGANIZATION DOES NOT HAVE COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY ALL TRUSTEES AT A TRUSTEE MEETING PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS PRESENTED TO THE TRUSTEES EACH YEAR FOR REVIEW, AND EACH TRUSTEE SIGNS THE POLICY EACH YEAR. FORM 990, PART VI, SECTION B, LINE 15B COMPENSATION WAS SET IN 1997 AND REMAINED UNCHANGED UNTIL 2007. AT THAT TIME, A THIRD-PARTY COMPENSATION REASONABLENESS REPORT WAS UTILIZED TO INCREASE TRUSTEE FEES. CO-OPERATING TRUSTEE FEES WERE ESTABLISHED IN 2010 PURSUANT TO AN INDEPENDENT COMPENSATION STUDY. A THIRD PARTY COMPENSATION STUDY WAS COMPLETED BY STANFIELD + O'DELL IN LATE 2019. BASED ON THE FINDINGS OF THE STUDY, AN INCREASE IN TRUSTEE COMPENSATION WAS VOTED ON AND APPROVED AT THE OCTOBER 2019 TRUSTEE MEETING. CO-OPERATING TRUSTEE COMPENSATION WAS INCREASED FROM $30,000 TO $42,000 ANNUALLY, AND TRUSTEE COMPENSATION WAS INCREASED FROM $48,000 TO $67,200 ANNUALLY. THESE INCREASES BECAME EFFECTIVE ON JANUARY 1, 2020. FORM 990, PART VI, SECTION C, LINE 19 ALL GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST PG. 11, PART X, LINE 10A & LINE 15 IN 2023, MANAGEMENT ADOPTED A POLICY TO PREPARE ITS FINANCIAL STATEMENTS ON THE MODIFIED BASIS OF ACCOUNTING. DUE TO THE CHANGE IN ACCOUNTING METHOD, THE FINANCIAL STATEMENTS NO LONGER INCLUDE THE HISTORICAL PROPERTIES OR LAND AS ASSETS ON THE BALANCE SHEET. THIS CHANGE IS REFLECTED AS OTHER CHANGES IN NET ASSETS IN THE AMOUNT OF $5,575,782. FORM 990, PART XI, LINE 9: HISTORICAL PROPERTIES -5,072,118. LAND -503,664. GLASS-GLEN BURNIE MUSEUM INC (DBA MUSEUM OF THE SHENANDOAH VALLEY) 901 AMHERST STREET WINCHESTER VA 22601 541857973 MUSEUM VA 501(C)(3) LINE 10 N/A 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 GLASS-GLEN BURNIE MUSEUM INC (DBA MUSEUM OF THE SHENANDOAH VALLEY) B 4411243 CASH