Unknown Organization

“A draft of form 990 is first reviewed by the interim executive director, then by the finance committee and then by the board of trustees.”

“The board of directors reviews the museum's conflict of interest policy annually to ensure that members of the board are regularly and consistently monitoring and enforcing it.”

“The board of trustees of the museum performs an annual review of the executive director's performance. Compensation is determined based on an evaluation of comparable market compensation rates and performance, according to best practice, and is also reviewed annually.”

“These forms are made available to the public upon request.”

“The museum makes these docuements available to the public upon request”

“Recognition of museum collection items 1,451,686.”

“For many years the higgins armory museum grappled with the challenges presented by housing the collection in its building at 100 barber ave. The board of trustees of the museum determined in late 2010 that the continued operation of the higgins museum had become impossible due to financial and organizational challenges. On october 25, 2012 and november 5, 2012, respectively, the worcester art museum and the museum unanimously adopted resolutions expressing their mutual intentions to collaborate in the transfer of the higgins collection to the worcester art museum. By vote on march 27, 2013, the incorporators of the museum authorized the museum's board of trustees to finalize a covenant agreement with the worcester art museum and wind-up the corporation's affairs. On november 19, 2013, the presidents of the higgins museum and the worcester art museum executed covenants for the transfer of assets of the higgins armory museum to the worcester art museum (the "covenants") contingent upon regulatory and court approvals, which were granted on december 20, 2013. Subsequent to the december 20, 2013 court approval of the plan to transfer the collection and financial assets, the two organizations executed a deed of gift, which specified the transfer of the core collection to the worcester art museum. Financial assets were to be gifted and transferred to the worcester art museum according to a schedule that took into consideration the requirements associated with winding down the museum's operations and disposing of remaining assets, including de-accessioned collection items, the building and its remaining contents. A total of $5,184,718 was transferred during 2014 to the worcester art museum and deposited into the newly created wam higgins armory general endowment fund. The core collection was transferred to the worcester art museum during 2014. The remaining assets of the museum have been disposed of according to the board's plan for liquidation of asset. On december 22, 2014 the building and property at 100 barber avenue was sold. A total of $60,649, held in the historical restriction fund, was transferred to the new owner of the building as part of the sale closing. The net proceeds of the sale of the building were included in the transfers to the worcester art museum. On march 9, 2015, the amount of $83,708 was paid to the massdevelopment fund. The museum received a grant of $104,636 from the massachusetts cultural facilities fund in 2009, with the provision that when the building was transferred to a for-profit entity or an unrelated non-profit entity, the amount would be repaid in full. In a letter dated march 5, 2015 massdevelopment offered to reduce the repayment amount to $83,708, establishing the repayment amount taking into account reasonable depreciation of the improvements paid for by the grant over the period during which the property was operating as a cultural facility. The amounts owed to the massdevelopment fund are included in the accrued costs of liquidation at december 31, 2014. A petition to dissolve the organization was prepared for presentation to the attorney general and the supreme judicial court of the commonwealth of massachusetts in late spring 2015. The museum will request and anticipates a court order to transfer all financial assets remaining at the time of dissolution to the worcester art museum. An accrual entry was made on december 31, 2014 to reflect the remaining liabilities of the museum for 2015 through the liquidation date.”