Portland Museum of Art

“Forms 990 and 990-T are reviewed at a meeting of the PMA Audit Committee, then distributed to the full Board of Trustees with sufficient time for each Trustee to review and provide feedback, questions, and/or concerns. All Trustees are invited to ask questions and provide input to the Audit Committee. The Audit Committee subsequently votes to accept Forms 990 and 990-T and sends final drafts to the President of the Board for signature and filing.”

“Trustees are asked to fill out a Conflict of Interest form annually. The procedure is outlined in PMA's "Institutional Code of Ethics and Guidelines for Professional Practice" a board-approved policy that is reviewed and signed by each incoming Trustee. Per the policy, in the event a significant conflict of interest appears to be unavoidable, the Trustee shall seek the approval of the Board, or a duly appointed and authorized committee of the Board, prior to engaging in such action, and such approval, if given, shall result in there being no conflict with respect to the contemplated action.”

“Per PMA's Bylaws, the executive committee is authorized to exercise the following specific powers and duties on behalf of the board of trustees: (a) To enter into employment with, and to terminate the employment of, the chief executive officer (the "Director"), to negotiate and enter into employment contracts with the Director subject to final approval by the board of trustees, to annually review the performance of the Director, to determine the Director's annual compensation adjustments and benefits adjustments, to resolve all disciplinary and other issues relating to the Director's employment; (b) To review annually the performance of any other key employees and to resolve all disciplinary and other issues relating to such employees when such tasks are specifically delegated to the executive committee by the board of trustees; The Executive Committee in 2021 developed a new compensation plan and five year contract for the PMA Director. The employment contract began on March 1, 2021 and terminates on February 28, 2026. The compensation plan was developed by an ad hoc committee of the Executive Committee. The ad hoc committee was formed to develop a multi-year plan for approval by the full Executive Committee. The ad hoc committee contracted with Career Management Associates (CMA) to provide guidance as to an appropriate level of compensation. On December 10, 2020, CMA provided a report titled: "Non-Profit Executive Compensation Analysis Report." CMA's report included data compiled from the 990 forms of specific peer group organizations identified by the PMA's board, and also compiled 990 data from a broader set of peers who reported the same nonprofit classification. Using the report's guidelines, the ad hoc committee negotiated with the Director a new five-year contract that provides remuneration within the band of reasonable compensation for a similarly situated museum director. The Executive Committee approved the terms of the new employment agreement and it was accepted by the Director and signed by all parties on November 23, 2021. The Executive Committee in 2024 developed a compensation plan and three year contract for the PMA Senior Deputy Director and Chief Operating Officer. The employment contract began February 1, 2024 and terminates on January 31, 2027. The compensation plan was developed by an ad hoc committee of the Executive Committee to develop a multi-year plan for approval by the full Executive Committee. The Executive Committee consulted with data provided by Association of Art Museum Directors to provide guidance as to the appropriate level of compensation. In review of salary ranges for Chief Operating Officer, Deputy Director and Director of Development and using the report's guidelines, the Executive Committee approved the 3-year contract that provides remuneration within the band of reasonable compensation for similarly situated senior deputy directors. The Executive Committee approved the terms of the new employment agreement and it was accepted by the Senior Deputy Director and signed by all parties.”

“PMA's governing documents, conflict of interest policy, and financial statements are made available to the public upon request. The PMA's audited financial statements and IRS Form 990 are publicly posted on the PMA's website.”

“Section 1.263(a)-3(n) Election: Portland Museum of Art 7 Congress Square Portland, ME 04101 EIN: 01-0378420 Portland Museum of Art is electing to capitalize repair and maintenance costs under Regulation Section 1.263(a)-3(n).”

“The 2023 Form 990 was filed before the issuance of the organization's audited financial statements. A prior period adjustment of $1,617,252 was recorded to align the net assets with those reported in the 01/31/2024 audited financial statements.”