2025-09-18T13:03:10-05:00 2024-12-31 331374517 PKF O'CONNOR DAVIES ADVISORY LLC 245 PARK AVENUE 12TH FLOOR NEW YORK NY 10167 990 2024-01-01 131978163 FOUNDATION FOR CONTEMPORARY ARTS INC FOUN 2128077077 820 GREENWICH STREET 4TH FLOOR NEW YORK NY 10014 KAY TAKEDA EXECUTIVE DIRECTOR 2128077077 2025-09-18 1 1 EVA MRUK P00543254 2122862600 2025-09-16 2024 2025-03-06 01:10:19Z KAY TAKEDA 820 GREENWICH STREET 4TH FLOOR NEW YORK NY 10014 10989020 0 X WWW.FOUNDATIONFORCONTEMPORARYARTS.ORG X 1963 NY TO ENCOURAGE, SPONSOR, AND PROMOTE INNOVATIVE WORK IN THE ARTS. 12 12 12 21 0 0 5575900 2305523 0 0 1155130 2031261 -297314 546 6433716 4337330 1539400 1605000 0 0 1029894 983651 89905 0 256460 604484 547458 3263683 3136109 3170033 1201221 50346689 55356112 1080504 1226324 49266185 54129788 X TO ENCOURAGE, SPONSOR, AND PROMOTE INNOVATIVE WORK IN THE ARTS CREATED AND PRESENTED BY INDIVIDUALS, GROUPS, AND ORGANIZATIONS. 1 0 1297951 1035000 0 GRANTS TO ARTISTS: UNRESTRICTED, $45,000 CASH AWARDS INTENDED TO PROVIDE RECIPIENTS WITH THE FINANCIAL MEANS TO ENGAGE IN WHATEVER ARTISTIC ENDEAVORS THEY WISH TO PURSUE. RECIPIENTS ARE CHOSEN ANNUALLY THROUGH A CONFIDENTIAL PEER NOMINATION PROCESS, STAFF RESEARCH, AND SELECTION BY A COMMITTEE COMPRISING FCA'S BOARD AND GUEST EXPERTS. IN 2024, 23 GRANTS WERE MADE TO INDIVIDUAL ARTISTS. 11 OF THESE AWARDS ARE NAMED AFTER AND IN MEMORY OF ARTISTS: JOHN CAGE, MERCE CUNNINGHAM, VIOLA FARBER, HELEN FRANKENTHALER, ROY LICHTENSTEIN, ALVIN LUCIER, RICHARD POUSETTE-DART, ROBERT RAUSCHENBERG, DOROTHEA TANNING, CY TWOMBLY, AND C.D. WRIGHT. THE CAGE AND CUNNINGHAM AWARDS ARE MADE IN ALTERNATING YEARS. 707328 465000 0 EMERGENCY GRANTS: GRANTS OF $500-$3,000, AWARDED ON A ROLLING BASIS TO ARTISTS AND COLLECTIVES WHO INCUR UNEXPECTED EXPENSES RELATED TO THE PUBLIC PRESENTATION OF THEIR WORK OR RECEIVE SUDDEN OPPORTUNITIES TO PRESENT THEIR WORK PUBLICLY. APPLICATIONS ARE RECEIVED ON A ROLLING BASIS THROUGH AN OPEN APPLICATION PROCESS. STAFF REVIEW APPLICATIONS FOR ELIGIBILITY, AND EACH MONTH AN ARTIST PANEL REVIEWS THEM AND DETERMINES GRANT RECIPIENTS. IN 2024, FCA MADE 231 EMERGENCY GRANTS TOTALING $465,000. 67746 60000 0 WARREN PRINDLE VISUAL ARTS SCHOLARSHIP (CVAS): FCA ADMINISTERS AN ANNUAL SCHOLARSHIP PROGRAM FOR COLLEGE-BOUND SENIORS FROM THE HOUSATONIC VALLEY REGIONAL HIGH SCHOOL FOR UNDERGRADUATE STUDY IN THE FINE ARTS, WITH FUNDS CONTRIBUTED BY A CONNECTICUT FOUNDATION. SELECTION IS MADE BY A PANEL OF VISUAL ARTISTS BASED ON MERIT AND FINANCIAL NEED. SINCE 2023, EACH NEW SCHOLARSHIP RECIPIENT RECEIVES $80,000 OVER FOUR YEARS ($10,000 PER SEMESTER). $60,000 WAS DISTRIBUTED TO THREE STUDENTS IN 2024. FORMERLY THE CONTEMPORARY VISUAL ART SCHOLARSHIP, THE AWARD WAS NAMED AFTER HVRHS ART TEACHER WARREN PRINDLE UPON HIS RETIREMENT. 62167 45000 0 THE ELLSWORTH KELLY AWARD: THIS ENDOWED AWARD WAS ESTABLISHED WITH A GIFT FROM THE ELLSWORTH KELLY FOUNDATION IN HONOR OF THE ARTIST. THE GRANT IS MADE ANNUALLY TO CREATE A SOLO EXHIBITION OPPORTUNITY FOR A CONTEMPORARY VISUAL ARTIST AT A U.S. ART MUSEUM OR UNIVERSITY OR COLLEGE ART GALLERY. FCA IDENTIFIES AND INVITES APPLICATIONS FROM SUCH INSTITUTIONS ANNUALLY. THE FOUNDATION'S BOARD REVIEWS APPLICATIONS AND SELECTS THE RECIPIENT. THE 2024 AWARD WAS $45,000. 95568 CREATIVE RESEARCH GRANTS ADMINISTRATION:CREATIVE RESEARCH GRANTS OF $10,000 ARE AWARDED BY FCA TO SUPPORT CRITICAL EXPLORATORY PHASES OF THE ARTISTIC PROCESS. LAUNCHED IN 2024, THE PROGRAM IS MADE POSSIBLE BY A GENEROUS BEQUEST FROM THE ESTATE OF MARGO LEAVIN. FCA INVITES PRIOR RECIPIENTS OF EMERGENCY GRANTS TO APPLY FOR ACTIVITIES THAT WOULD INFORM AND ENHANCE THEIR ARTISTIC PRACTICE OVER AN 18-MONTH PERIOD. APPLICATIONS ARE REVIEWED BY STAFF FOR ELIGIBILITY AND SUBSEQUENTLY REVIEWED BY AN ARTIST PANEL IN TWO PHASES TO SELECT THE RECIPIENTS. RECIPIENTS SIGN A GRANT AGREEMENT AND ARE ASKED TO SUBMIT A FINAL REPORT UPON THE CONCLUSION OF FUNDED ACTIVITIES, DESCRIBING HOW THEY USED THEIR GRANT AND ITS IMPACT. THE RESULTING $300,000 IN CREATIVE RESEARCH GRANTS WERE AWARDED IN JANUARY 2025 AND DO NOT APPEAR IN THE GRANT TOTAL. 157735 45000 0 2230760 1 1 0 1 0 0 0 0 0 1 1 1 0 0 0 1 1 0 0 0 1 0 1 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 299 0 12 1 0 0 0 0 0 0 0 0 0 0 0 0 X 12 12 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 NY X X KAY TAKEDA EXECUTIVE DIRECTOR 2128077077 820 GREENWICH STREET 4TH FL NEW YORK NY 10014 CECILY BROWN CO-CHAIR 2.00 X X 0 0 0 JULIAN LETHBRIDGE CO-CHAIR 2.00 X X 0 0 0 ANTHONY B CREAMER III TREASURER 2.00 X X 0 0 0 EMILY WEI RALES SECRETARY 2.00 X X 0 0 0 ANNE COLLIER DIRECTOR 1.00 X 0 0 0 JENNIE C JONES DIRECTOR 1.00 X 0 0 0 RICHARD MAXWELL DIRECTOR 1.00 X 0 0 0 DEAN MOSS DIRECTOR 1.00 X 0 0 0 OKWUI OKPOKWASILI DIRECTOR 1.00 X 0 0 0 MATANA ROBERTS DIRECTOR 1.00 X 0 0 0 JAMES WELLING DIRECTOR 1.00 X 0 0 0 JOHN YAU DIRECTOR 1.00 X 0 0 0 ELIZABETH K TAKEDA EXECUTIVE DIRECTOR 40.00 X 244276 0 25752 KATHLEEN FLYNN DEPUTY DIRECTOR 40.00 X 156456 0 18843 400732 0 44595 2 0 1 0 0 98095 2207428 113208 2305523 1021278 1021278 7661673 6651690 1009983 1009983 1009983 OTHER INCOME 900099 546 546 546 4337330 0 0 2031807 132989 132989 1427011 1427011 45000 45000 445327 135776 160318 149233 413425 286540 70700 56185 10143 7448 1533 1162 54216 33402 11465 9349 60540 30315 16035 14190 88195 88195 209568 209568 112910 77575 25210 10125 16460 3638 9961 2861 26015 9905 14231 1879 2695 1412 693 590 7348 4801 2459 88 11149 1989 7651 1509 16307 16307 14733 9453 5280 GRANTS BOOKLET 25959 19925 3473 2561 EVENT HOSPITALITY 9406 8435 971 EQUIPMENT RENTALS 4599 4599 MISCELLANEOUS EXPENSE 2114 1637 477 3136109 2230760 648889 256460 307147 449174 7047392 3947536 651067 303420 38882 97762 137050 88905 60455 48145 23993277 22408661 18248469 28101414 50346689 55356112 20004 33824 1060500 1192500 1080504 1226324 X 38443250 41753273 10822935 12376515 49266185 54129788 50346689 55356112 X 1201221 3680882 -18500 X X 0 1 X 1 0 X 4671132 4659664 7390955 5557400 2305523 24584674 4671132 4659664 7390955 5557400 2305523 24584674 9335497 15249177 331754 447784 434108 827774 1021278 3062698 1835 5066 898 53 546 8398 27655770 70000 0.55140 0.57940 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2020 AMOUNT: $ 1,835. 2021 AMOUNT: $ 5,066. 2022 AMOUNT: $ 898. 2023 AMOUNT: $ 53. 2024 AMOUNT: $ 546. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2670081 2670081 283504 70876 0 0 403863 270084 273716 283504 1231167 1846751 0 0 0 0 100966 67521 68429 70876 307792 461688 0 0 0 0 12659455 1250000 761534 591604 14079385 10647993 1000000 1239325 227863 12659455 8046201 1145590 -1393798 250000 7547993 7548017 718184 220000 8046201 6427956 1345061 225000 7548017 0.27700 0.53216 0.19084 0 0 68102 48946 19156 68948 39959 28989 48145 LONG/SHORT EQUITY FUND OF FUNDS 2184845 F LONG/SHORT EQUITY FUND OF FUNDS 2536735 F DISTRESSED LOANS FUND OF FUNDS 2672589 F ARBITRAGE AND EVENT-DRIVEN 2711756 F INTERNATIONAL EQUITY FUND OF FUNDS 3731214 F LONG/SHORT EQUITY AND OTHER PUBLIC COMPANIES 1271495 F LONG/SHORT HEALTH CARE EQUITIES AND OTHER 1276457 F LARGE GROWTH FUND 1046987 F SMALL CAP EQUITY 1463876 F OPPORTUNISTIC TECHNOLOGY GROWTH 681987 F MID CAP EQUITY 2777055 F GLOBAL LONG-ONLY EQUITY FUND OF FUNDS 4114703 F GLOBAL CREDIT FUND OF FUNDS 1631715 F 28101414 X 8099918 3680882 291274 3972156 4127762 209568 209568 4337330 3236315 291274 18500 309774 2926541 209568 209568 3136109 PART V, LINE 4: IN CONCERT WITH THE DONOR-SPECIFIED FUND PURPOSE AND THE MISSION OF THE ORGANIZATION, ENDOWMENT EARNINGS FUND THE MERCE CUNNINGHAM AWARD, THE HELEN FRANKENTHALER AWARD FOR PAINTING, THE ELLSWORTH KELLY AWARD, THE ROY LICHTENSTEIN AWARD, THE ALVIN LUCIER AWARD FOR MUSIC, THE ROBERT RAUSCHENBERG AWARD, THE DOROTHEA TANNING AWARD, AND THE C.D. WRIGHT AWARD FOR POETRY. FOR 2024 TOTAL ENDOWMENT NET ASSETS ALSO INCLUDES BOARD DESIGNATED FUNDS. PART X, LINE 2: MANAGEMENT EVALUATED THE FOUNDATION'S TAX POSITIONS FOR ALL OPEN TAX YEARS AND HAS CONCLUDED THAT THE FOUNDATION HAS NO UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE. GENERALLY, THE FOUNDATION IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE OR LOCAL TAX AUTHORITIES FOR YEARS BEFORE 2021, WHICH IS THE STANDARD STATUTE OF LIMITATIONS LOOK-BACK PERIOD. CURRENTLY, THERE ARE NO EXAMINATIONS IN PROGRESS. PART XII, LINE 2D - OTHER ADJUSTMENTS: WRITE OFF OF PRIOR YEAR PLEDGES 18,500. 1 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 16545547 EUROPE 0 0 INVESTMENTS 2536735 EAST ASIA AND THE PACIFIC 0 0 GRANTMAKING 45000 0 0 0 0 0 0 19127282 0 19127282 GRANT TO ARTIST EAST ASIA AND THE PACIFIC 1 45000 1 0 1 1 1 0 PART I, LINE 2: RECIPIENT ARTISTS ARE CHOSEN THROUGH FCA'S ANNUAL GRANTS TO ARTISTS PROGRAM. FCA CONDUCTS A CONFIDENTIAL PEER NOMINATION PROCESS AND STAFF CARRY OUT RESEARCH INTO NOMINEES. A COMMITTEE COMPRISING THE FOUNDATION'S BOARD AND GUEST EXPERTS IN ARTISTIC FIELDS SUPPORTED BY THE GRANT REVIEW AND SELECT GRANTEES. THE NUMBER OF AWARDS MADE IN ANY OF THE FIVE FIELDS IS BASED ON THE STRENGTH OF THE CANDIDATES AND THE POTENTIAL IMPACT OF THE AWARD. RECIPIENTS RECEIVE AND COUNTERSIGN AN AWARD LETTER OUTLINING THE GRANT TERMS TO INITIATE GRANT PAYMENT. RECIPIENTS ARE IN CONTACT WITH STAFF REGARDING PUBLIC ANNOUNCEMENT OF THEIR GRANT, DOCUMENTATION OF THEIR PRACTICE AND AN ANNUAL RECEPTION. RECIPIENTS ARE ALSO ASKED TO PROVIDE A FINAL REPORT AT THE END OF THE YEAR, DESCRIBING HOW THEY USED THEIR GRANT AND HOW IT INFLUENCED THEIR WORK OR PRACTICE. FORM 990, SCHEDULE F, PART IV, LINE 1: THE ORGANIZATION IS NOT REQUIRED TO FILE FORM 926 BECAUSE IT DOES NOT MEET THE APPLICABLE THRESHOLD OWNERSHIP OR OTHER FILING REQUIREMENTS. FORM 990, SCHEDULE F, PART IV, LINE 3: THE ORGANIZATION IS NOT REQUIRED TO FILE FORM 5471 BECAUSE IT DOES NOT MEET THE APPLICABLE THRESHOLD OWNERSHIP OR OTHER FILING REQUIREMENTS. FORM 990, SCHEDULE F, PART IV, LINE 4: THE ORGANIZATION IS NOT REQUIRED TO FILE FORM 8621 BECAUSE IT DOES NOT MEET THE APPLICABLE THRESHOLD OWNERSHIP OR OTHER FILING REQUIREMENTS. 1 MUSEUM OF CONTEMPORARY ART DETROIT 4454 WOODWARD AVENUE DETROIT MI 48201 203872376 501(C)(3) 45000 0 SUPPORT FOR SOLO EXHIBITION OF A CONTEMPORARY VISUAL ARTIST IMMEDIATE MEDIUM INC PO BOX 1138 NEW YORK NY 10276 061607955 501(C)(3) 45000 0 SUPPORT FOR EXPERIMENTAL PERFORMANCE/EXHIBITION PROJECT 2 2024 GRANTS TO ARTISTS 11 495000 2024 EMERGENCY GRANTS 212 422011 VIOLA FARBER AWARD 2 90000 ALVIN LUCIER AWARD 1 45000 C.D. WRIGHT AWARD 1 45000 CY TWOMBLY AWARD 1 45000 HELEN FRANKENTHALER AWARD 1 45000 MERCE CUNNINGHAM AWARD 1 45000 RICHARD POUSETTE-DART AWARD 1 45000 ROBERT RAUSCHENBERG AWARD 1 45000 ROY LICHTENSTEIN AWARD 1 45000 CONTEMPORARY VISUAL ARTS SCHOLARSHIP 2 40000 WARREN PRINDLE VISUAL ARTS SCHOLARSHIP 1 20000 PART I, LINE 2: FCA AWARDS GRANTS IN THE FOLLOWING FIELDS: DANCE, MUSIC/SOUND, PERFORMANCE ART/THEATER, POETRY, AND THE VISUAL ARTS. EMERGENCY GRANTS. THESE GRANTS ARE AWARDED MONTHLY TO ARTISTS AND COLLECTIVES WHO INCUR UNEXPECTED EXPENSES WHEN PROJECTS ARE CLOSE TO COMPLETION OR RECEIVE SUDDEN OPPORTUNITIES TO PRESENT THEIR WORK TO THE PUBLIC. EMERGENCY GRANTS RANGE FROM $500 TO $3,000. APPLICATIONS ARE RECEIVED ON A ROLLING BASIS THROUGH AN OPEN APPLICATION PROCESS. STAFF REVIEW APPLICATIONS FOR ELIGIBILITY, AND AN ARTIST PANEL IS CONVENED MONTHLY TO REVIEW AND DETERMINE GRANT RECIPIENTS BASED ON PROGRAM CRITERIA. RECIPIENTS RECEIVE AND COUNTERSIGN AN AWARD LETTER STATING THE GRANT TERMS AND PROVIDE A COMPLETED W-9 TO INITIATE GRANT PAYMENT. RECIPIENTS ARE REQUIRED TO PROVIDE A BRIEF FINAL REPORT AFTER THE PROJECT CONCLUDES ACCOUNTING FOR THE USE OF FUNDS AND DESCRIBING THE IMPACT OF THE GRANT AND PROJECT OUTCOMES. PROJECT DOCUMENTATION IS ALSO ENCOURAGED. 212 GRANTS WERE MADE IN 2024. GRANTS TO ARTISTS. THESE UNRESTRICTED, $45,000 CASH AWARDS ARE INTENDED TO PROVIDE RECIPIENTS THE FINANCIAL MEANS TO ENGAGE IN WHATEVER ARTISTIC ENDEAVORS THEY WISH TO PURSUE. RECIPIENTS ARE CHOSEN ANNUALLY THROUGH A CONFIDENTIAL PEER NOMINATION PROCESS. STAFF CONDUCT RESEARCH INTO NOMINEES, AND A COMMITTEE COMPRISING THE FOUNDATION'S BOARD AND GUEST EXPERTS IN ARTISTIC FIELDS SUPPORTED BY THE GRANT REVIEW AND SELECT GRANTEES. THE NUMBER OF AWARDS MADE IN ANY OF THE FIVE FIELDS IS BASED ON THE STRENGTH OF THE CANDIDATES AND THE POTENTIAL IMPACT OF THE AWARD. RECIPIENTS RECEIVE AND COUNTERSIGN AN AWARD LETTER THAT OUTLINES THE GRANT TERMS AND PROVIDE A COMPLETED W-9 TO INITIATE GRANT PAYMENT. RECIPIENTS ARE ASKED TO PROVIDE A FINAL REPORT AT THE END OF THE YEAR, DESCRIBING HOW THEY USED THEIR GRANT AND HOW IT INFLUENCED THEIR WORK OR PRACTICE. IN 2024, 11 AWARDS WERE MADE. ELEVEN GRANTS TO ARTISTS AWARDS ARE NAMED AND ENDOWED, OR FUNDED, IN MEMORY OF ARTSTS INCLUDING: JOHN CAGE, MERCE CUNNINGHAM, VIOLA FARBER, HELEN FRANKENTHALER, ROY LICHTENSTEIN, ALVIN LUCIER, RICHARD POUSETTE-DART, ROBERT RAUSCHENBERG, DOROTHEA TANNING, CY TWOMBLY, AND C.D. WRIGHT. IN 2024, ELEVEN SUCH AWARDS WERE MADE INCLUDING A SECOND VIOLA FARBER AWARD. THE JOHN CAGE AND MERCE CUNNINGHAM AWARDS ARE MADE IN ALTERNATING YEARS. THE ELLSWORTH KELLY AWARD. INAUGURATED IN 2016, THIS $45,000 CASH AWARD WAS ENDOWED THROUGH A GIFT FROM THE ELLSWORTH KELLY FOUNDATION IN HONOR OF THE ARTIST. THE GRANT IS MADE ANNUALLY TO CREATE A SOLO EXHIBITION OPPORTUNITY FOR A CONTEMPORARY VISUAL ARTIST AT A U.S. ART MUSEUM OR UNIVERSITY ART GALLERY. EACH YEAR FCA IDENTIFIES AND INVITES APPLICATIONS FROM SUCH INSTITUTIONS. THE FOUNDATION'S BOARD REVIEWS APPLICATIONS AND SELECTS THE RECIPIENT. THE RECIPIENT INSTITUTION RECEIVES AND COUNTERSIGNS AN AWARD AGREEMENT, PROVIDES A COMPLETED W-9 TO INITIATE GRANT PAYMENT, AND IS REQUIRED TO SUBMIT AN INTERIM PROGRESS REPORT BY JUNE 15 OF EACH SUBSEQUENT YEAR UNTIL THE EXHIBITION OPENS. WITHIN 30 DAYS OF THE EXHIBITION'S CLOSING DATE, A FINAL FINANCIAL REPORT ON THE EXHIBITION STATING USE OF FUNDS, AND A NARRATIVE REPORT ON EXHIBITION ACTIVITIES AND OUTCOMES ARE RECEIVED; COLLATERAL MATERIALS ARE ALSO REQUESTED. ONE AWARD WAS MADE IN 2024. WALTER PRINDLE VISUAL ARTS SCHOLARSHIP (CVAS). FCA ADMINISTERS AN ANNUAL SCHOLARSHIP PROGRAM FOR COLLEGE-BOUND SENIORS FROM THE HOUSATONIC VALLEY REGIONAL HIGH SCHOOL FOR UNDERGRADUATE STUDY IN THE FINE ARTS, WITH FUNDS CONTRIBUTED BY A CONNECTICUT FOUNDATION. SELECTION IS MADE BY A PANEL OF VISUAL ARTISTS BASED ON MERIT AND FINANCIAL NEED. SINCE 2023 NEW RECIPIENTS RECEIVE $80,000 OVER FOUR YEARS, DISBURSED IN PAYMENTS OF $10,000 PER SEMESTER DIRECTLY TO EACH SCHOOL. STUDENTS SUBMIT TRANSCRIPTS AND DOCUMENTATION OF RECENT ARTWORK TO RENEW THE SCHOLARSHIP EACH YEAR. PAYMENT IS MADE UPON CONFIRMATION OF ENROLLMENT. $60,000 WAS DISTRIBUTED FOR THREE STUDENTS IN 2024. X 0 0 0 0 0 0 0 0 0 ELIZABETH K TAKEDA EXECUTIVE DIRECTOR 244276 0 0 0 0 0 7381 0 18371 0 270028 0 0 0 KATHLEEN FLYNN DEPUTY DIRECTOR 156456 0 0 0 0 0 4737 0 14106 0 175299 0 0 0 X 26 21490 SELLING PRICE X 3 91718 AVG. SELLING PRICE 0 0 1 1 PART I, COLUMN (B): THE FOUNDATION IS REPORTING THE NUMBER OF CONTRIBUTORS IN PART I, COLUMN (B). PART I, LINE 32B: ARTWORKS ARE LISTED FOR SALE ON FCA'S WEBSITE AND FROM TIME TO TIME ON THIRD-PARTY ONLINE PLATFORMS OR VIA CONSIGNMENT WITH GALLERIES. THIRD PARTIES TAKE A COMMISSION OF THE SALE PRICE UPON THE SALE OF AN ARTWORK. FORM 990, PART III, LINE 2 CREATIVE RESEARCH GRANTS ADMINISTRATION - CREATIVE RESEARCH GRANTS OF $10,000 ARE AWARDED BY FCA TO SUPPORT CRITICAL EXPLORATORY PHASES OF THE ARTISTIC PROCESS. LAUNCHED IN 2024, THE PROGRAM IS MADE POSSIBLE BY A GENEROUS BEQUEST FROM THE ESTATE OF MARGO LEAVIN. FCA INVITES PRIOR RECIPIENTS OF EMERGENCY GRANTS TO APPLY FOR ACTIVITIES THAT WOULD INFORM AND ENHANCE THEIR ARTISTIC PRACTICE OVER AN 18-MONTH PERIOD. APPLICATIONS ARE REVIEWED BY STAFF FOR ELIGIBILITY AND SUBSEQUENTLY REVIEWED BY AN ARTIST PANEL IN TWO PHASES TO SELECT THE RECIPIENTS. RECIPIENTS SIGN A GRANT AGREEMENT AND ARE ASKED TO SUBMIT A FINAL REPORT UPON THE CONCLUSION OF FUNDED ACTIVITIES, DESCRIBING HOW THEY USED THEIR GRANT AND ITS IMPACT. FORM 990, PART VI, SECTION B, LINE 11B PRIOR TO FILING THE FORM 990 WITH THE IRS, MANAGEMENT REVIEWS THE FORM 990, AFFIRMING THE ACCURACY AND CONSISTENCY IN REPORTING WITH THE AUDITED FINANCIAL STATEMENTS. NEXT, MANAGEMENT FORWARDS THE FORM 990 FOR THE TREASURER'S REVIEW AND APPROVAL. FOLLOWING THIS REVIEW, THE FORM 990 IS EMAILED TO THE BOARD OF DIRECTORS INVITING THE BOARD TO SUBMIT ANY FURTHER COMMENTS. BARRING ANY COMMENTS FROM THE BOARD, MANAGEMENT CONFIRMS TO THE PREPARER THAT THE FORM 990 IS APPROVED. THE APPROVED FORM 990 IS THEN FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE FOUNDATION FOR CONTEMPORARY ARTS HAS A CONFLICT OF INTEREST POLICY THAT APPLIES TO THE BOARD OF DIRECTORS, OFFICERS, KEY EMPLOYEES, AND ANY RELATED PARTIES OF THE AFOREMENTIONED. ALL INDIVIDUALS COVERED UNDER THIS POLICY HAVE A DUTY TO DISCLOSE A POTENTIALLY PROHIBITED TRANSACTION, AND ALL MATERIAL FACTS, TO THE BOARD OF DIRECTORS FOR REVIEW. ALL RELATED PARTIES LEAVE THE ROOM WHEN THE BOARD CONDUCTS DELIBERATIONS REGARDING THE POTENTIAL TRANSACTION. THE BOARD MAY ALSO CONSIDER ALTERNATE TRANSACTIONS AND USE COMPARABILITY DATA TO DETERMINE WHETHER THE TRANSACTION OR ALTERNATE IS FAIR, REASONABLE AND IN THE BEST INTERESTS OF THE FOUNDATION. THE TRANSACTION IS APPROVED BY A MAJORITY VOTE OF THE INDEPENDENT BOARD MEMBERS PRESENT AT THE MEETING. THE MINUTES OF ALL MEETINGS OF THE BOARD OR BOARD COMMITTEES AT WHICH A POTENTIAL CONFLICT TRANSACTION IS CONSIDERED CONTAIN THE NAMES OF THE INDIVIDUALS WHO DISCLOSED OR WERE DETERMINED TO HAVE A CONFLICT OF INTEREST, THE NATURE OF THE POTENTIAL CONFLICT, ANY ACTION TAKEN TO DETERMINE IF A CONFLICT OF INTEREST EXISTS, AND THE BOARD'S DECISION STATING IF A CONFLICT OF INTEREST EXISTS. ADDITIONALLY, THE MINUTES CONTAIN THE NAMES OF ALL MEMBERS PRESENT FOR THE DISCUSSION, VOTING AND DECISION REGARDING THE POTENTIAL CONFLICT, AND THE NAMES OF THOSE RECUSED FROM THE DISCUSSION AND VOTING. EACH DIRECTOR, OFFICER, AND KEY EMPLOYEE ANNUALLY SIGNS A STATEMENT THAT CONFIRMS THEIR RECEIPT, UNDERSTANDING AND COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION B, LINE 15A THE COMPENSATION OF THE EXECUTIVE DIRECTOR IS DETERMINED BY OFFICERS OF THE BOARD, AND APPROVED BY THE BOARD. INCREASES IN COMPENSATION ARE BASED ON THE OFFICERS AND BOARD'S ASSESSMENT OF PERFORMANCE AND AVAILABLE COMPARATIVE DATA, INCLUDING COMPARISON WITH COMPENSATION OF OTHER EXECUTIVES OF ARTS ORGANIZATIONS AS FOUND IN THEIR FORMS 990. IN 2021, THE BOARD RETAINED THE SERVICES OF A COMPENSATION CONSULTANT TO CONDUCT A FORMAL BENCHMARKING STUDY FOR EXECUTIVE COMPENSATION VS. PEER ORGANIZATIONS TO INFORM A SEARCH PROCESS THAT CONCLUDED WITH A NEW HIRE IN 2022. THE MOST RECENT DETERMINATION OF COMPENSATION WAS MADE EFFECTIVE JANUARY 1, 2025. FORM 990, PART VI, SECTION C, LINE 19 THE FOUNDATION MAKES ITS FORM 990 AVAILABLE FOR PUBLIC INSPECTION AS REQUIRED UNDER SECTION 6104 OF THE INTERNAL REVENUE CODE AS IT IS POSTED ON GUIDESTAR.ORG AND OTHER SIMILAR TYPES OF WEBSITES. IN ADDITION, FORMS 990 AND 1023, AS WELL AS THE FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICY, ARTICLES OF INCORPORATION AND BYLAWS ARE AVAILABLE UPON WRITTEN REQUEST. FORM 990, PART XI, LINE 9: WRITE OFF OF PRIOR YEAR PLEDGES -18,500. FORM 990, PART XII, LINE 2C: THE FOUNDATION HAS NOT CHANGED ITS AUDIT OVERSIGHT PROCESS OR THE PROCESS TO SELECT AN INDEPENDENT ACCOUNTANT FROM THE PROCESS FOLLOWED IN THE PRIOR TAX YEAR.