2024-11-15T08:35:09-06:00 2023-12-31 620713250 KRAFTCPAS PLLC 555 GREAT CIRCLE ROAD NASHVILLE TN 37228 990 2023-01-01 621731492 FRIST ART MUSEUM FRIS 6152443340 919 BROADWAY NASHVILLE TN 37203 SETH FEMAN PHD EXECUTIVE DIRECTOR & CEO 6152443340 2024-11-15 1 1 FRANCES E LEAHY P00713593 6152427351 2024-11-15 2023 2024-10-15 13:58:12Z SETH FEMAN PHD 919 BROADWAY NASHVILLE TN 37203 24037671 0 X WWW.FRISTARTMUSEUM.ORG X 1998 TN HIGH QUALITY EXHIBITIONS WITH RELATED EDUCATIONAL PROGRAMS AND COMMUNITY OUTREACH ACTIVITIES. 23 23 85 213 217943 0 15137195 13710438 1434369 1507238 10601 433390 645387 539254 17227552 16190320 0 0 0 0 5857935 5879918 0 4400 685569 6788234 7430029 12646169 13314347 4581383 2875973 32978116 35413391 2282532 2207794 30695584 33205597 X TO PRESENT AND ORIGINATE HIGH QUALITY EXHIBITIONS WITH RELATED EDUCATIONAL PROGRAMS AND COMMUNITY OUTREACH ACTIVITIES. 0 0 7412152 1073892 EXHIBITIONS: HOSTED TRAVELING ART EXHIBITIONS FROM THE UNITED STATES AND ABROAD, AS WELL AS INTERNAL DEVELOPMENT OF ART EXHIBITIONS ON A DIVERSE RANGE OF THEMES 2031939 27581 EDUCATION AND ENGAGEMENT: OFFERED A WIDE VARIETY OF ACCESSIBLE AND AFFORDABLE PROGRAMS DESIGNED TO ASSIST PEOPLE OF ALL AGES AND BACKGROUDS TO BECOME MORE KNOWLEDGEABLE AND APPRECIATIVE OF ART. 842714 405765 MEMBER AND GUEST SERVICES: THE FRIST ART MUSEUM PROVIDES AN ENRICHING MEMBER AND GUEST EXPERIENCE THROUGH GALLERY GUIDANCE. EXHIBITION CONTENT IS MADE AVAILABLE TO MEMBERS AND GUESTS THROUGH MEMBER PUBLICATIONS, AUDIO GUIDES, AND EXHIBITION BROCHURES. 386750 319606 GIFT SHOP: OFFERED WIDE SELECTION OF ARTS AND CRAFTS SUPPLIES, EDUCATIONAL MATERIALS, PUBLICATIONS, CATALOGUES AND GIFT ITEMS THAT ARE RELATED TO EXHIBITIONS AND PROGRAMS. ALSO FEATURED ARE SELECT EXHIBITION-RELATED ITEMS BY LOCAL ARTISANS 386750 319606 10673555 1 1 0 0 0 0 0 1 0 1 1 0 0 1 1 1 1 1 0 1 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 1 142 0 1 85 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 23 23 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 TN X X X CAROL L VOLLBRECHT 6152443340 919 BROADWAY NASHVILLE TN 37203 SETH FEMAN EXEC. DIRECTOR & CEO 40.00 X 299928 0 23306 MARK SCALA CHIEF CURATOR 40.00 X 170978 0 19570 ANNE HENDERSON DIRECTOR-EDUCATION AND ENG 40.00 X 141288 0 16604 CAROL VOLLBRECHT DIRECTOR-FINANCE 40.00 X 138759 0 14311 ELLEN PRYOR DIRECTOR-COMMUNICATIONS 40.00 X 134995 0 17767 HANS SCHMITT-MATZEN DIRECTOR-INTERNAL AFFAIRS 40.00 X 122676 0 27129 SHERI HORN DIRECTOR-HUMAN RESOURCES 40.00 X 117162 0 14896 JONATHAN NORRIS CHIEF DEVELOPMENT OFFICER 40.00 X 108850 0 6231 WILLIAM R FRIST CHAIRMAN & PRESIDENT 10.00 X X 0 0 0 JACK F STRINGHAM II SECRETARY 2.00 X 0 0 0 H LEE BARFIELD II TRUSTEE 2.00 X 0 0 0 CLAY BLEVINS TRUSTEE 2.00 X 0 0 0 LAURA CHADWICK TRUSTEE 2.00 X 0 0 0 ELIZABETH SHAUGHNESSY DENNIS TRUSTEE 2.00 X 0 0 0 KARYN MCLAUGHLIN FRIST TRUSTEE 2.00 X 0 0 0 FRANK M GARRISON JR TRUSTEE 2.00 X 0 0 0 HOWARD C GENTRY TRUSTEE 2.00 X 0 0 0 BOB GORDON TRUSTEE 2.00 X 0 0 0 CLAIRE GULMI TRUSTEE 2.00 X 0 0 0 JAMES HARBISON TRUSTEE 2.00 X 0 0 0 AUBREY B HARWELL JR TRUSTEE 2.00 X 0 0 0 MELVIN N JOHNSON DBA TRUSTEE 2.00 X 0 0 0 NEIL B KRUGMAN TRUSTEE 2.00 X 0 0 0 WANDA LYLE TRUSTEE 2.00 X 0 0 0 KAREN MOORE TRUSTEE 2.00 X 0 0 0 JAMAAL B SHEATS TRUSTEE 2.00 X 0 0 0 JOHN SMITHWICK TRUSTEE 2.00 X 0 0 0 JOE N STEAKLEY TRUSTEE 2.00 X 0 0 0 DEBORAH E STORY TRUSTEE 2.00 X 0 0 0 JULIE W WALKER TRUSTEE 2.00 X 0 0 0 GAIL WILLIAMS TRUSTEE 2.00 X 0 0 0 1234636 0 139814 8 0 1 0 DSI SECURITY SERVICES PO BOX 7163 DOTHAN AL 36302 SECURITY SERVICES 796954 MAXWELL ROOFING SHEET METAL INC 2500 DICKERSON ROAD NASHVILLE TN 37207 ROOFING SERVICES 672265 WOLFE WOODWORKING 1220 GARFIELD AVENUE MARINETTE WI 54143 EXHIBITION CONSTRUCTION 410501 TRANSPORT CONSULTANTS INTERNATIONAL 30 UNION AVENUE SOUTH 2ND FLOOR CRANFORN NJ 07016 EXHIBITION SHIPPING 390657 BOHAN ADVERTISING 124 12TH AVENUE SOUTH NASHVILLE TN 37203 ADVERTISING 353882 15 765295 952746 2384678 1255782 8351937 7037055 13710438 ADMISSIONS REVENUE 713990 1073892 1073892 MEMBERSHIP REVENUE 713990 405765 405765 EDUCATION PROGRAM FEES 713990 27581 27581 1507238 433390 433390 251870 33927 217943 217943 217943 7037055 7037055 0 69300 952746 327698 -258398 -258398 732817 448671 284146 284146 PARKING REVENUE 812930 260103 260103 MISCELLANEOUS INCOME 812930 35460 35460 295563 16190320 1826844 217943 435095 672220 600258 23987 47975 4172893 3162445 606596 403852 188325 141670 28217 18438 505676 384795 64893 55988 340804 254335 55745 30724 25700 25700 40688 40688 4400 4400 207731 109548 90218 7965 443390 43835 398680 875 697497 519340 141558 36599 1201676 1074295 98381 29000 248090 212851 25664 9575 712174 634896 63126 14152 204593 41984 162609 EXHIBITIONS 2254681 2254681 TEMPORARY LABOR 1051430 1037026 14387 17 DUES AND LICENSES 221219 156638 46946 17635 MISCELLANEOUS EXPENSE 97384 25609 64872 6903 23776 19349 2956 1471 13314347 10673555 1955223 685569 9441634 1412943 3700986 14024264 903986 657069 5481 216099 257596 296221 1127967 1211621 27159318 13448302 13979813 13711016 3560653 3884158 32978116 35413391 1338627 1115284 830337 1000439 113568 92071 2282532 2207794 X 23783122 27223094 6912462 5982503 30695584 33205597 32978116 35413391 2875973 345244 -711204 0 X X 0 1 X 1 1 1 X 11293233 11048829 12721620 15137195 13699676 63900553 711204 711204 711204 711204 711204 3556020 12004437 11760033 13432824 15848399 14410880 67456573 31287610 36168963 24281 33362 45103 10601 433390 546737 76097 76097 68079407 13212366 0.53130 0.53110 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 0 182275 18267 942 199600 199600 -17325 182275 199600 37107 37107 199600 199600 28246 28246 199600 194940 26318 21658 199600 1.00000 0 1 1 2710375 2710375 14993601 8825205 6168396 4259554 3929486 330068 5195788 693611 4502177 13711016 FUNDS DEPOSTED WITH FRIST ART MUSEUM FOUNDATION 3589790 ENDOWMENT ASSETS 199600 RIGHT OF USE ASSETS 94768 3884158 OPERATING LEASE LIABILITY 92071 92071 X 17345860 345244 345244 17000616 -810296 -810296 16190320 14835847 711204 810296 1521500 13314347 0 13314347 PART III, LINE 1A: ALTHOUGH FRIST ART MUSEUM IS A NON-COLLECTING INSTITUTION, MANAGEMENT AGREED TO ACCEPT THE PRIVATE DONATION OF A SCULPTURE IN 2013, WHICH WAS INSTALLED ON THE PROPERTY FOR PUBLIC VIEWING. THE DONATED COLLECTION ITEM IS DEEMED TO BE HELD IN FURTHERANCE OF PUBLIC SERVICE RATHER THAN FOR FINANCIAL GAIN AND, ACCORDINGLY, WILL BE PROTECTED, KEPT ENCUMBERED, CARED FOR, AND PRESERVED. IN THE EVENT FRIST ART MUSEUM DECIDES TO DE-ACCESS THE SCULPTURE, IT WOULD BE DONATED TO ANOTHER NOT-FOR-PROFIT ARTS INSTITUTION. MANAGEMENT HAS ADOPTED A NON-CAPITALIZATION ACCOUNTING POLICY IN REGARD TO THE VALUATION AND REPORTING OF COLLECTED ART OBJECTS. IN ACCORDANCE WITH GAAP, A LINE ITEM CAPTION FOR THE DONATED COLLECTION ITEM IS PRESENTED IN THE STATEMENT OF FINANCIAL POSITION, HOWEVER, NO VALUE HAS BEEN REPORTED FOR THIS ITEM. PART III, LINE 4: THE SCULPTURE ACQUIRED IN 2013 IS AVAILABLE FOR PUBLIC VIEWING ON THE PROPERTY AND ITS INSTALLATION IS CONSISTENT WITH FRIST ART MUSEUM'S MISSION OF PRESENTING HIGH QUALITY VISUAL ART. PART V, LINE 4: FRIST ART MUSEUM ESTABLISHED AN ENDOWMENT DURING 2016, UPON AGREEING TO ACCEPT A RESTRICTED CONTRIBUTION FROM A DONOR. THE PURPOSE OF THIS ENDOWMENT, AS SPECIFIED BY THE DONOR, IS TO PROVIDE ANNUAL SUPPORT FOR EXHIBITIONS IN THE CONTEMPORARY ARTISTS' PROJECT GALLERY. PART X, LINE 2: MANAGEMENT PERFORMS AN EVALUATION OF ALL INCOME TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN THE COURSE OF PREPARING FRIST ART MUSEUM'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 IN THE ACCOMPANYING FINANCIAL STATEMENTS. PART XI, LINE 4B - OTHER ADJUSTMENTS: DIRECT SPECIAL EVENT EXPENSES -327,698. COST OF SALES -482,598. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF SALES 482,598. DIRECT SPECIAL EVENT EXPENSES 327,698. FUNDRAISING GALA 1022046 952746 69300 159956 72917 88036 1022046 952746 69300 159956 72917 88036 320909 -251609 X X X 0 0 0 0 0 0 0 0 0 SETH FEMAN EXEC. DIRECTOR & CEO 299928 0 0 0 0 0 17400 0 5906 0 323234 0 0 0 MARK SCALA CHIEF CURATOR 170978 0 0 0 0 0 10395 0 9175 0 190548 0 0 0 ANNE HENDERSON DIRECTOR-EDUCATION AND ENG 141288 0 0 0 0 0 8663 0 7941 0 157892 0 0 0 CAROL VOLLBRECHT DIRECTOR-FINANCE 138759 0 0 0 0 0 8405 0 5906 0 153070 0 0 0 ELLEN PRYOR DIRECTOR-COMMUNICATIONS 134995 0 0 0 0 0 8361 0 9406 0 152762 0 0 0 X 11 7037055 AVG HI/LOW MKT PRICE 0 1 0 PART I, LINE 32B: THE ORGANIZATION IS REPORTING THE NUMBER OF CONTRIBUTIONS RECEIVED. FORM 990, PART VI, SECTION A, LINE 6 THE GOVERNING DOCUMENTS OF FRIST ART MUSEUM ESTABLISH THE FRIST ART MUSEUM FOUNDATION (A SUPPORTING ORGANIZATION) AS THE SOLE MEMBER OF THE FRIST ART MUSEUM. AS THE SOLE MEMBER, THE BOARD OF THE FRIST ART MUSEUM FOUNDATION HAS THE POWER TO APPOINT FRIST ART MUSEUM'S BOARD OF DIRECTORS. ADDITIONALLY, EACH MEMBER OF THE FRIST ART MUSEUM FOUNDATION BOARD SERVES ON THE BOARD OF FRIST ART MUSEUM. HOWEVER, THE FOUNDATION'S BOARD IS LIMITED TO 1/3 OF THE TOTAL VOTING MEMBERS OF FRIST ART MUSEUM'S BOARD. FORM 990, PART VI, SECTION A, LINE 7A AS DESCRIBED IN THE EXPLANATION FOR PART VI, SECTION A, LINE, 6, THE BOARD OF DIRECTORS OF FRIST ART MUSEUM FOUNDATION ANNUALLY ELECTS THE TRUSTEES OF FRIST ART MUSEUM. ALL OTHER GOVERNANCE DECISIONS ARE RESERVED TO THE TRUSTEES OF FRIST ART MUSEUM. FORM 990, PART VI, SECTION B, LINE 11B A DRAFT OF FORM 990 WAS PROVIDED TO THE TRUSTEES VIA E-MAIL FOR REVIEW AND APPROVAL PRIOR TO ITS SUBMISSION TO THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C EACH OFFICER AND TRUSTEE REVIEWS AND SIGNS A CONFLICT OF INTEREST DISCLOSURE STATEMENT ANNUALLY. FRIST ART MUSEUM'S CONFLICT OF INTEREST POLICY SETS FORTH THE PROCESS FOR DISCLOSURE OF ANY ACTUAL OR POTENTIAL CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 EXECUTIVE COMPENSATION IS BASED ON THE EMPLOYEE'S ASSIGNED JOB DUTIES AND EXPECTATIONS. COMPARATIVE COMPENSATION DATA IS OBTAINED FROM THE NATIONAL SURVEY OF COMPENSATION COMPILED ANNUALLY BY THE ASSOCIATION OF ART MUSEUM DIRECTORS. THE ASSOCIATION PUBLISHES COMPENSATION DATA FOR THE PREVIOUS YEAR BASED ON BUDGET, GEOGRAPHICAL LOCATIONS, AND POPULATION DENSITY. A RANGE OF DATA IS AVAILABLE WHICH REFLECTS THE HIGHEST TO LOWEST COMPENSATION IN ALL PUBLISHED CATEGORIES. MEMBERS OF THE HUMAN RESOURCES COMMITTEE CONSIDER THE SALARIES OF THE EXECUTIVE DIRECTORS IN THE SOUTHEAST WORKING AT INSTITUTIONS WITH A BUDGET OVER $10 MILLION, WHICH ARE LOCATED IN A METROPOLITAN AREA WITH A POPULATION OF 1.5 MILLION. HISTORICALLY, THE COMMITTEE'S OBJECTIVE HAS BEEN TO COMPENSATE THE EXECUTIVE DIRECTOR AT THE MEDIAN TO 75TH PERCENTILE. THE EXECUTIVE DIRECTOR RECEIVES NO CAR ALLOWANCE, NO CLUB MEMBERSHIPS, NO HOUSING ALLOWANCE, NO TRAVEL FOR COMPANIONS, NO REIMBURSEMENT FOR PERSONAL SERVICES, AND NO FIRST-CLASS TRAVEL. COMPENSATION FOR KEY EMPLOYEES IS DETERMINED BY THE HUMAN RESOURCES COMMITTEE IN CONJUNCTION WITH THE EXECUTIVE DIRECTOR, USING THE SAME SOURCE OF STATISTICAL DATA DESCRIBED ABOVE FOR THE EXECUTIVE DIRECTOR. FORM 990, PART VI, SECTION C, LINE 18 FRIST ART MUSEUM'S FORM 990 IS AVAILABLE FOR PUBLIC INSPECTION AT THE ORGANIZATION'S WEBSITE WWW.FRISTARTMUSEUM.ORG AS WELL AS WWW.GIVINGMATTERS.COM AND GUIDESTAR.ORG. IN ADDITION, FORMS 990-T AND 1023 ARE AVAILABLE FOR REVIEW UPON REQUEST FORM 990, PART VI, SECTION C, LINE 19 FRIST ART MUSEUM'S AUDITED FINANCIAL STATEMENTS ARE AVAILABLE FOR PUBLIC INSPECTION AT THE ORGANIZATION'S WEBSITE, WWW.FRISTARTMUSEUM.ORG. THE ORGANIZATION DOES NOT MAKE GOVERNING DOCUMENTS OR THE CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. FORM 990, PART XII, LINE 2C FRIST ART MUSEUM HAS AN AUDIT COMMITTEE THAT ASSUMES RESPONSIBILITY FOR SELECTION OF THE INDEPENDENT ACCOUNTANT AND OVERSIGHT OF THE ANNUAL AUDIT. FRIST ART MUSEUM FOUNDATION 3100 WEST END AVENUE SUITE 1050 NASHVILLE TN 37203 621731495 SUPPORTING ORGANIZATION TN 501(C)(3) LINE 12C, III-FI N/A 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 FRIST ART MUSEUM FOUNDATION C 2384678 CASH FRIST ART MUSEUM FOUNDATION R 75000 CASH PART V, LINE 1C FRIST ART MUSEUM RECEIVED OPERATING SUPPORT TOTALING $2,384,678 FROM THE FRIST ART MUSEUM FOUNDATION, ITS SUPPORTING ORGANIZATION AS IDENTIFIED IN PART II. PART V, LINE 1R SINCE 2011, FRIST ART MUSEUM ("FAM") HAS DEPOSITED CASH BALANCES AVAILABLE FOR INVESTMENT WITH THE FIRST 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. THE CUMULATIVE AMOUNT ON DEPOSIT WAS $3,589,790 AT DECEMBER 31, 2023. FAM ESTABLISHED AN ENDOWMENT DURING 2016, UPON AGREEING TO ACCEPT A RESTRICTED CONTRIBUTION FROM A DONOR. THE AGREEMENT WITH THE DONOR PROVIDES THAT THE ENDOWMENT FUNDS MAY BE POOLED WITH THE FOUNDATION'S INVESTMENT PORRTFOLIO FOR INVESTMENT MANAGEMENT PURPOSES. ACCORDINGLY, THE ENDOWMENT FUND REPORTED IN SCHEDULE D, PART V IS HELD BY THE FOUNDATION. IN ADDITION, MANAGEMENT WILL PERIODICALLY TRANSFER FUNDS CONTRIBUTED BY DONORS TO THE FOUNDATION FOR INCLUSION IN ITS INVESTMENT PORTFOLIO, PRINCIPALLY IN RESPONSE TO THE DONOR'S AUTHORIZATION OR 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 YEAR ENDED DECEMBER 31, 2023, FAM TRANSFERRED $75,000 TO THE FOUNDATION FOR LONG-TERM INVESTMENT IN THE ENDOWMENT PORTFOLIO.