Museum of Fine Arts

“The audit committee reviews the form 990, excluding schedule b, during a committee meeting. Schedule b is provided to, and reviewed by, a sub-group of the audit committee comprised of the audit committee chair, chair of the board of trustees, and the president of the board. Form 990 is reviewed and approved prior to the review by the full board of trustees. The review is reported to the board and the form 990, excluding schedule b, is made available to the baord of trustees via the intranet.”

“All board members are required to disclose any conflicts of interest by completing and signing a questionnaire annually; it is the responsibility of the members to disclose such interests. Completion of these forms are tracked and reviewed by the museum. Periodic reviews are conducted to ensure that the organization is operating in a manner consistent with its charitable purposes and does not engage in activities that could jeopardize its tax-exempt status.”

“Compensation is determined by the board's compensation committee. This committee reviews available data from its peer organziations, available published surveys, and other available sources such as peer organizations' 990 forms, as well as periodic 3rd party provided compensation studies. This information is used in conjunction with performace measurements to determine appropriate compensation for the director and key officers.”

“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). In addition, forms 990 as well as the financial statements and conflicts of interest policy are available upon written request or by calling the organization.”

“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 1,073,687. Change in fair value of interest rate swap agreement 1,737,089.”

“The museum did not change either its oversight process or selection process during the tax year of its financial statements and selection of an independent accountant.”