The Parrish Art Museum Inc

“In conformity with the practice followed by many museums, art objects purchased or donated are not included as assets on the balance sheet. The value of objects acquired by gift is not reported as contributions at the time of the gift. When works of art are either purchased or sold, the proceeds or costs are reflected as an increase or decrease in unrestricted net assets - board designated accessions in the statements of activities and changes in net assets. Proceeds from the sale of works of art, and any investment income derived from these proceeds, are designated by the board of trustees and are to be used solely for the purchase of artwork. Approximately three thousand objects are in the care of the museum and are housed in the museum's climate controlled collection storage vault. The collections are catalogued and maintained according to professional standards established and monitored by the american alliance of museums. The responsible management of the collections is governed by a policy approved by the collections committee and the board of trustees which articulates the focus of the collections, their care and handling, insurance, and conservation maintenance. The parrish art museum maintains a fine arts "wall to wall" insurance policy on its collection that covers the collection while at the museum, in transit, or on exhibition anywhere in the world.”

“The permanent collection of the parrish art museum is comprised of 3,171 objects, including 681 paintings, 75 sculptures, 669 works on paper, 1,571 prints, 172 photographs, and 3 videos. The collection is distinguished for its core works by american artists, many of whom resided or reside on the east end of long island. Of special significance are the museum's renowned holdings of major works by william merritt chase and fairfield porter. It is the museum's desire to continue to collect along this line, and within the past six years the museum has developed collections in depth of the work of other noteworthy artists such as esteban vicente and alan shields. The goal of this strategy is to allow the museum periodically to present focused installations of select artists to foment deeper understanding and appreciation of those who have made significant contributions to american art history and who have close ties to the region. This direction in collecting sets the parrish apart from sister institutions that take a more encyclopedic approach thus further cementing the museum's special niche within the overall landscape of museums nationwide. Since 2012 the museum has added 484 works to the permanent collection and made great headway in realizing this goal. The permanent collection forms the foundation for the museum's overall efforts. Whenever possible special exhibitions are contextualized through related installations drawn from the collection, and the museum often mounts relevant thematic mini-exhibitions in this way, such as still life in the studio, painting horizons, and material world. The parrish's guidelines for acquisition and collections management policies was implemented in 1998 and vetted in its 2008 accreditation by the american alliance of museums. All works in the collection are accessioned and catalogued. The parrish art museum uses gallery system's tms (the museum system) for cataloguing of works in the permanent collection. The parrish implemented tms in 2006. At that time, tms was recognized as a leading collection management software, one with which museum staff had the most familiarity and best served its growing needs.”

“The robert lehman fund - this fund was endowed and provided by the robert lehman foundation, inc., with the income generated to be used to support the operating expenses of the robert lehman foundation gallery. The druckenmiller fund for education - this fund was endowed and provided by stanley and fiona druckenmiller, with income to be used in an educational planning program for museum/school collaborations. The werner & maren otto endowment fund for the study of the art of eastern long island - this fund was endowed and provided by dr. And mrs. Werner otto, with the income generated to be restricted and used for the study of the art of eastern long island, as defined in the donor agreement. The "lewis b. And dorothy cullman chief curator art and education" position - this fund was endowed and provided by the lewis b. And dorothy cullman foundation to fund expenses associated with the position of chief curator (named "the lewis b. And dorothy cullman chief curator art and education" position). Harriet and esteban vicente foundation - this fund was endowed and provided by the harriet and esteban vicente foundation, with the income generated to be used to support the operating expenses of the harriet and esteban vicente foundation gallery. The operating endowment fund - this fund was endowed and provided by various donors, with the income to be used for unrestricted purposes for ongoing operations. The mr. And mrs. Raymond j. Horowitz fund for publications - this fund was endowed and provided by mr. And mrs. Raymond j. Horowitz, with the income to be used for publications developed and produced by the museum. The museum obtained permission from mr. And mrs. Raymond j. Horowitz to expend a portion of the principal each year in support of publications. The liliane and norman peck fund for special exhibitions - this fund was endowed by various donors, with the income and a portion of principal to be used in support of special exhibitions. The james and charlotte brooks fund-this fund was endowed and provided by the james and charlotte brooks foundation, with the income and a portion of the principal to be used for the care and interpretation of the james and charlotte brooks collection at the parrish, the development and presentation of exhibitions about modern and contemporary art, including but not limited to brooks. The dorothy lichtenstein arts reach fund-this fund was endowed and established by agnes gund and dorothy lichtenstein, with the income and a portion of the principal to be used for projects and initiatives that bring artists and the community together to explore how art and creativity can address concerns about diversity and educational, social, and economic inequities.”

“Management evaluated the museum's tax positions and concluded that the museum had taken no uncertain tax positions that require adjustment to the financial statements to comply with the provisions of fasb asc no. 740, accounting for uncertainty in income taxes.”

“INVESTMENT FEES -22,356.”