The Childrens Museum

“In june 2020 the bylaws were revised as follows: composition and election of trustees: notwithstanding the foregoing, in an effort to maintain leadership stability during extraordinary circumstances to serve the best interests of the corporation, the governance committee may nominate extending the term of one or more trustees who are at the end of their term, allowing them to serve one additional term without a one year waiting period. In such a case, the governance committee will accompany the nomination with the circumstance-related information as appropriate. Composition and election of overseers of the corporation: the board of trustees shall continue to elect overseers at the annual meeting or by action during the year. Notwithstanding the foregoing, in an effort to maintain leadership stability during extraordinary circumstances and to serve the best interests of the corporation, the governance committee may nominate extending the term of one or more overseers who are at the end of their term, allowing them to serve one additional term without a one year waiting period. In such a case, the governance committee will accompany the nomination with the circumstance-related information as appropriate. There shall at all times be not more than ninety overseers.”

“The finance and audit committees are the governing bodies that have responsibility for reviewing the form 990. This form was distributed by email to these committees prior to the filing date, leaving time for questions and comments. In addition, the entire board of trustees also receives a copy of the form 990.”

“On an annual basis, the museum asks all the trustees and officers to review and execute a conflict of interest policy statement. It is the responsibility of the president/ceo and the board chair to review and disclose conflicts and handle the matter as he or she deems appropriate. The conflict of interest policy statement also obligates each fiduciary, on an ongoing basis, to report any conflicts either existing or perceived to the president/ceo or board chair.”

“The process for reviewing and determining the ceo's compensation is as follows: there is a compensation committee, which is a subset of the board of trustees which convenes twice a year to review the ceo's performance and consider market data for this position. Based on this review, a compensation package is adjusted and agreed upon each year. In 2017, the museum hired an independent compensation consultant to analyze current salary and wages of the entire organization against market conditions. New job ranges and position categories were established and a plan was created to adjust salaries and wages over time.”

“Governing documents and conflict of interest policy are made available upon request. The financial statements are available on the organization's website as well as upon request.”

“Unrealized loss on derivative instruments -625,912. Book-tax rental income adjustment per irc 467 222,530.”

“The audit committee assumes responsibility for oversight of the audit of the museum's financial statements and selection of the independent auditor. This process has not changed from the prior year.”