The Frick Collection

“The Board of Trustees has delegated to the Audit Committee responsibility for oversight of the preparation and filing of the Form 990. The Audit Committee accordingly meets for the purpose of reviewing and commenting on a draft version of the Form 990 prior to filing. After the Form 990 is approved by the Audit Committee, a copy of the final return (without Schedule B, which is redacted to maintain donor anonymity) is made available to each member of the Board of Trustees before it is filed. The Form 990 additionally is reviewed and commented upon by management prior to filing.”

“The Collections conflict of interest policy covers each member of the Board of Trustees, officer, key employee, and member of any committee of the Board of Trustees of the Collection (collectively "covered persons"). Each covered person makes annual written disclosures regarding entities known to do business with the Collection and in which the covered person or a family member of the covered has a financial, ownership, personal, professional or organizational interest or affiliation. The completed disclosure statements are reviewed by the Collection's General Counsel and Assistant Secretary and the chair of the Audit Committee. The policy additionally requires covered persons to disclose potential conflicts of interest as they arise, or become known to the covered person, to the Chair of the Board, if the transaction will be considered for approval by the Board of Trustees, or, if the matter will come before a Committee of the Board, the relevant committee chair. The Chair or relevant committee chair reports the potential conflict to the chair of the Audit Committee and the General Counsel for evaluation and determination of whether an actual conflict of interest exists. Members of the Audit Committee may be consulted in making the determination, and, in any case, all disclosures and resulting determinations are reported to the Audit Committee. If it is determined that an actual conflict of interest exists, the Board of Trustees or committee, as applicable, is notified. If a covered person discloses a potential conflict of interest at a meeting during which the Board or committee is expected to take action on the matter, an actual conflict of interest is presumed under the policy. A transaction involving a conflict of interest for a covered person must be approved by only those Trustees or committee members who do not have a conflict with respect to the transaction. The covered person may not vote on the transaction or be present or participate in deliberations on the transaction, except that the covered person may present information concerning the transaction if so requested by the Board or relevant committee.”

“The Compensation Committee of the Board of Trustees recommends the compensation of the Director and Chief Executive Officer (the "Director") to the full Board of Trustees for its review and approval. The Compensation Committee also is responsible for setting the compensation of the other officers and key employees (who are compensated in their capacity as employees and not as officers) based on the recommendations of the Director. The positions for which this procedure is followed are the Deputy Director and Chief Operating Officer and Assistant Secretary; the Chief Financial Officer and Assistant Treasurer; the General Counsel and Assistant Secretary; the Chief Curator; the Deputy Director for External Affairs; and the Chief Librarian. In determining the reasonableness of compensation paid to each of the foregoing individuals, the Compensation Committee, and the Board of Trustees in the case of the Director, reviews comparability data available for peer organizations, including Forms 990 and published compensation surveys. The Compensation Committee additionally engaged an independent compensation consultant in the 2015 tax year to conduct a compensation survey for the position of Director and Chief Executive Officer. The compensation analysis is undertaken annually, and the most recent review for each individual holding the positions listed above was undertaken in the 2015 tax year.”

“The Collection was incorporated by act of the New York State legislature, and its charter therefore is a public document. The charter also has been published by the Collection. A copy of the Collection's audited financial statements may be obtained by written request to the Collection. Portions of the audited financial statements, such as the statement of financial position and the statement of activities, are reproduced in the Collection's Annual Report, which is available on the Collection's website. The Collections bylaws and conflicts of interest policy are not generally available to the public.”

“The Board of Trustees has appointed an Executive Committee with the authority to exercise, during the intervals between regularly scheduled meetings of the Board of Trustees, all of the powers of the Board except that the Executive Committee may not amend or repeal the bylaws of the Collection or adopt new bylaws; fill vacancies in the Board of Trustees; dissolve, remove members or change the number of members of, or fill vacancies in, any committee of the Board; or amend or repeal any resolution of the Board of Trustees which by its terms is not amendable or repealable. The Executive Committee consists of the following members with voting rights: the Chair, the Vice Chair, the Secretary, and the Treasurer of the Collection, each of whom must be a member of the Board of Trustees under the Collections bylaws, as well as one other Trustee who is elected to the committee by the Board. The Director and Chief Executive Officer of the Collection is a nonvoting member of the Executive Committee.”

“Museum Program (continued)Special Exhibitions:From Svres to Fifth Avenue: French Porcelain at the Frick CollectionApril 28, 2015, through April 24, 2016Visitors: 232,382 (during the period beginning July 1, 2015 and ending April 24, 2016)Leightons Flaming June June 9 through September 6, 2015Visitors: 52,610 (during the period beginning July 1, 2015 and ending September 6, 2015)Landscape Drawings in the Frick CollectionJune 9 through September 13, 2015Visitors: 57,219 (during the period beginning July 1, 2015 and ending September 13, 2015)Andrea del Sarto: The Renaissance Workshop in ActionOctober 7, 2015 through January 10, 2016Visitors: 79,205 Van Dyck: The Anatomy of PortraitureMarch 2 through June 5, 2016Visitors: 98,971 Porcelain, No Simple Matter: Arlene Schechet and the Arnhold CollectionMay 24, 2016, through April 2, 2017Visitors: 29,270 (during the period of May 24, 2016 through June 30, 2016)Education Programs: The Collection organized a total of 1,141 public education programs during the 2015 tax year that served approximately 21,511 individuals. Public programs included lectures, gallery talks, seminars, sketching sessions in the galleries, and gallery conversations for the general public; evening art dialogues for young professionals; salon evenings featuring performances of music and dance, as well as expert commentary on interdisciplinary topics; free evenings at the Frickincluding special evening events for teens and college students-- that offered a range of programs, including gallery talks, open sketching in the galleries, and dance and music performances; and guided visits, after school programs, and courses for middle school, high school, and graduate students. Art History Lecture Series: Sixteen scholarly lectures presented to the public by curatorial staff of the Collection and guest speakers The Frick Collection, 2016 Symposia: A Symposium on the History of Art, April 15 & 16, 2016, graduate student symposium co-organized with the Institute of Fine Arts, New York UniversityChamber Music Concert Series: Ten concerts were presented in 2015 tax year and recorded for broadcast on national public radio.Publications:Director's Choice: The Frick Collection, 2015Limoges Enamels at The Frick Collection, 2015Van Dyck: The Anatomy of Portraiture, 2016”

“Library Program (continued)Drawing on the archival collections the library, the Center for the History of Collecting is a program that was established to foster awareness and scholarly study of the formation of fine and decorative arts collections and to promote the relevance of this subject to the history of art and culture. In the 2015 tax year, the Collection organized the following academic symposia on the history of collecting:Preferring the Now: Two Centuries of Collecting Contemporary ArtNovember 17, 2015A Demand for Drawings: Five Centuries ofCollectingMarch 4 & 5, 2016America and the Art of Flanders: Collecting Paintings by Rubens, Van Dyck, and TheirCirclesMay 13 & 14, 2016The Collection additionally awarded seven grants to graduate students and post-doctoral scholars undertaking original research within the field of the history of art collecting.”

“Program services, management and fundraising expenses include non-operating costs, a considerable portion of which are related to pension and other post-retirement benefits. These actuarially-calculated costs have a significant impact on the classification of functional expenses and their relative totals.”