Museum of Fine Arts

“The organization amended their by-laws during the fiscal year.”

“The audit committee reviews the 990 during a committee meeting. A copy of the full 990 is provided to the committee, who review and approve the 990 prior to its review by the full governing body. This review is reported to the board at its spring meeting. The full 990 is made available to the governing board vis-a-vis an internal website.”

“Board members are required to sign conflict of interest forms on an annual basis. Completion of the forms is tracked and the contents of the forms are reviewed by the museum.”

“The board maintains a compensation committee. This committee reviews available data from the mfa's peer museums, as well as participates in surveys with peer museums concerning compensation. The committee utilizes the information obtained concerning peer museums directors' salaries and other compensation information. Combined with performance measurement, to discuss and determine appropriate compensation for the director and key officers. Documentation of peer data on compensation and performance measurement is maintained.”

“The museum's full financial statements are available on the commonwealth of massachusetts attorney general's website, guidestar.org, and upon request from the museum. Certain excerpts of the financial statements are available on the museum's website (www.mfa.org).”

“The museum of fine arts houses and preserves preeminent collections and aspires to serve a wide variety of people through direct encounters with works of art. The museum aims for the highest standards of quality in all its endeavors. It serves as a resource for both those who are already familiar with art and those for whom art is a new experience. Through exhibitions, programs, research and publications, the museum documents and interprets its own collections. It provides information and perspective on art through time and throughout the world. The museum holds its collections in trust for future generations. It assumes conservation as a primary responsibility, which requires constant attention to providing a proper environment for works of art and artifacts. Committed to its vast holdings, the museum nonetheless recognizes the need to identify and explore new and neglected areas of art. It seeks to acquire art of the past and present which is visually significant and educationally meaningful. The museum has obligations to the people of boston and new england, across the nation and abroad. It celebrates diverse cultures and welcomes new and broader constituencies. The museum is a place in which to see and to learn. It stimulates in its visitors a sense of pleasure, pride and discovery, which provides aesthetic challenges and leads to a greater cultural awareness and discernment. The museum creates educational opportunities for visitors and accommodates a wide range of experiences and learning styles. The museum's ultimate aim is to encourage inquiry and to heighten public understanding and appreciation of the visual world.”

“Change in fair value of split interest agreements -386,558. Change in fair value of interest rate swap agreement 8,794,778.”

“This process has not changed from the prior year.”