Metropolitan Museum of Art

“Governing body delegated authority in accordance with the museum's by-laws, the executive committee has the right to exercise all the powers of the board of trustees during intervals between meetings of the board of trustees other than the powers to (a) fill vacancies in the board of trustees or in any committee; (b) amend or repeal the by-laws or adopt new by-laws;(c) amend or repeal any resolution of the board of trustees which by its terms shall not be so amendable or repealable; (d) elect or remove trustees or officers; (e) approve a merger or plan of dissolution; (f) adopt a resolution authorizing action on the sale, lease, exchange or other disposition of all or substantially all the assets of the museum; or (g) approve amendments to the charter.”

“The following trustees of the museum have a business relationship with each other: blair effron and sacha lainovic.”

“In October 2024, the Board of Trustees voted to amend the Museum's By-Laws to provide, among other things, an increase in the number of individuals that may serve as Elective Trustees (sixty rather than forty-five).”

“Governing body and management the museum does not have "members" as such term is defined in the instructions to form 990. However, the museum uses the term "members" in connection with dues, fees, goods, benefits, privileges and services as established by the museum from time to time.”

“Process the organization uses to review the form 990 the museum's form 990, including required schedules and supporting documentation, is initially compiled by the museum's finance department primarily relying on the museum's general ledger, audited financial statements and other financial systems. The museum's controller, chief financial officer, general counsel, and external tax advisors participate in a series of detailed reviews of the form 990. The form 990 is also reviewed by the museum's senior management, including the museum's director and chief executive officer, chief operating officer, and the audit committee of the museum's board of trustees. A complete copy is provided to each member of the board of trustees prior to filing the return. The museum's external tax advisors file the form 990 electronically with the internal revenue service.”

“Conflict of interest policy the museum regularly and consistently monitors and enforces compliance with its conflict of interest policy by requiring ongoing disclosure of potential conflicts, review of such disclosures, and recusal by conflicted individuals when warranted. Specifically, on an annual basis, the museum seeks to ensure compliance with its conflict of interest policy by sending relevant written policies to select staff, including investment and senior staff, trustees and advisory members of committees of the board of trustees. Each policy is sent with a statement, which must be completed, signed and returned to the museum's general counsel. The statement requires each individual to confirm that he or she has (i) received a copy of the policy, (ii) read and understood the policy and (iii) agrees to comply with the policy. The individual is also asked to disclose any potential conflict of interest that he or she or a member of his or her family, or an entity in which any of them have a material ownership interest, may have. The statements are completed and returned to the general counsel's office. When potential conflicts arise, they are initially evaluated by the general counsel with the assistance of outside legal counsel if necessary. Actual conflicts of interest are generally resolved ultimately in consultation with the museum's director and chief executive officer (for select staff), the chair of the legal committee of the museum's board of trustees and the general counsel(for trustees and select staff) or the co-chairs of the board (for the director and chief executive officer). If an actual conflict of interest is determined to exist, the individual is prohibited from participating in the board's deliberations and decisions regarding the transaction. A summary of the potential conflicts of interest disclosed by the trustees are presented to the audit committee each year. A summary of the potential conflicts of interest disclosed by select staff is presented to the director and chief executive officer each year.”

“Compensation review the compensation committee ("the committee") of the museum's board of trustees is responsible for oversight of compensation and benefits programs for the museum's officers, and for ensuring that the compensation policies of the museum are consistent with and in support of the museum's mission, values and long-term goals. The intent of the committee is to provide a total compensation program for the officers that promotes the museum's long-term objectives, and is reasonable, appropriate and fair. Annually, an independent compensation consultant and the committee review the total compensation of each officer of the museum. The independent compensation consultant makes recommendations with respect to the total compensation of each officer, and the committee approves the compensation. Compensation decisions are made with reference to comparability data for similarly qualified persons in functionally comparable roles at similarly situated organizations presented by the independent compensation consultant. The independent compensation consultant and the committee also consider other relevant factors in determining compensation, including the museum's mission and goals, the performance of each officer and the market for executive talent. Deliberations and decisions regarding compensation arrangements are contemporaneously documented in the meeting minutes. The committee complies with the "rebuttable presumption" procedures set forth in section 4958 of the internal revenue code of 1986, as amended, for establishing that compensation is presumed to be reasonable.”

“Public availability of other documents the museum's audited financial statements and annual report are made available to the public on the museum's website. The museum makes its governing documents and conflict of interest policy available to the public upon request.”

“The Metropolitan Museum of Art was founded on April 13, 1870, with a statement of purpose that has guided it for over 150 years: "to be located in the City of New York, for the purpose of establishing and maintaining in said city a Museum and library of art, of encouraging and developing the study of the fine arts, and the application of arts to manufacture and practical life, of advancing the general knowledge of kindred subjects, and, to that end, of furnishing popular instruction." The Met is devoted to a universal collection of art in the service of the public. During the 2022 strategic-planning process, the need for an updated, more inclusive and welcoming mission statement with a more tightly articulated expression of that purpose became apparent. To that end, on May 10, 2022, the Trustees of The Metropolitan Museum of Art reaffirmed the above statement of purpose and supplemented it with the following statement of mission: "The Metropolitan Museum of Art collects, studies, conserves, and presents significant works of art across time and cultures in order to connect all people to creativity, knowledge, ideas, and one another." In this context, we recognize that our position as one of just a few universal art museums brings both renown and great responsibilities, especially in a period when the public looks to us for meaning and inspiration. Our achievements in fiscal year 2025 underscored not only our commitment to fulfilling these responsibilities but to doing so in an exemplary and visionary way, as a leading global arts institution like The Met must. In fiscal year 2025, The Met welcomed 5.7 million visitors, 5 percent more than last year, a testament to the excellence and attraction of our programming across all of our spaces. We also made significant progress in a number of capital projects that will reshape the Museum for generations to come, as The Met's two-million-square-foot Fifth Avenue location stands at the threshold of an essential transformation. With the opening in May of the new Michael C. Rockefeller Wing for the arts of Africa, the ancient Americas, and Oceania, the Museum experience has been totally reimagined, and the forward-thinking trend will continue in coming years with the opening of the Oscar L. Tang and H.M. Agnes Hsu-Tang Wing, The Met's new space for international modern and contemporary art, in 2030; a new special exhibition gallery in the Great Hall in 2026, with a new 83rd Street entrance and reimagined spaces for dining and retail in a later phase; and new Galleries for the Art of Ancient West Asia and the Art of Ancient Cyprus in 2027. These superb new spaces will highlight the collection and tell new stories through art, while improving visitor experience, infrastructure, and sustainability. ON-SITE ATTENDANCE With over 5.7 million visitors to its two locations-The Met Fifth Avenue and The Met Cloisters-in fiscal year 2025, the Museum's overall attendance grew by 5 percent compared to last year, and for the second consecutive year, local visitorship (New York, Connecticut, and New Jersey residents) exceeded pre-pandemic figures-a 109 percent recovery compared to 2019. Local attendance made up 62 percent of all visitors in fiscal year 2025, while domestic out-of-state visitors accounted for 23 percent. The Museum also tracked its highest single-day attendance since 2017 on opening day of The Michael C. Rockefeller Wing, May 31, 2025, when 33,700 visitors came to The Met. The Thomas J. Watson Library saw 9,903 visits by outside researchers in fiscal year 2025 and welcomed 2,764 new outside researchers. The Museum libraries circulated 66,907 items to readers and continued to digitize rare collection materials, both printed and manuscript, and to make them available online, averaging 190,819 hits per month. Deepening and strengthening relationships with local communities continues to be a core strategic goal for the Museum. The Government Affairs department meets this objective through a”

“The Museum has long engaged with countries around the globe as part of its commitment to the shared stewardship of the world's cultural heritage, and in recent years has established a number of key international partnerships. These include agreements with India, Thailand, Nigeria, Korea, and the Republic of Italy. For example, this year, following collaborative research, The Met and The Hellenic Republic of Greece announced in February 2025 the return of a seventh-century BCE Bronze Head of a Griffin to Greece, which will be loaned back to The Met for an exhibition in 2026. This follows an already-in-progress landmark 50-year partnership that The Met and Greece have with the Greek government and the Museum of Cycladic Art regarding Leonard N. Stern's Collection of Cycladic art that brought 161 stunning Cycladic artifacts from the Leonard N. Stern Collection-which includes nearly all the major types of Cycladic marble figurines representing the Late Neolithic period to the end of the Early Bronze Age-to The Met for a long display and includes a series of cultural exchanges and opportunities. For example, in February of this year, as part of the Museum's Cultural Heritage Now convening series, we presented a panel discussion between The Met and Greece in "The Cyclades at The Met, a New Model of Collaboration," featuring Met curators and scientists, representatives from the Hellenic Ministry of Culture, and others. As another example this fiscal year, in September 2024 the Museum announced a loan agreement whereby 14 ancient sculptures that a private collector in New Zealand voluntarily repatriated to the Republic of Yemen would be transferred to The Met. At the Museum, the works-from the Hague family collection-will be studied and catalogued until Yemen requests their return. The loan follows the historic custodial agreement established between The Met and Yemen in 2023, whereby The Met is now caring for and displaying two ancient stone works that the Museum had repatriated from its own collection after provenance research led by Met scholars established that the works rightfully belong to the Republic of Yemen. As part of a commitment to transparency, The Met has launched object webpages for all restituted works of art, specifying that the object has been returned and to what country. EXHIBITIONS AND PUBLICATIONS In fiscal year 2025, the Museum's exhibitions team mounted 38 exhibitions and installations. Groundbreaking major commissions and fresh explorations of historically important artists shared the lineup with innovative and thematic presentations to make new connections in art across time periods, from ancient to modern. The following exhibitions were among the highlights in fiscal year 2025: Chinese Painting and Calligraphy: Selections from the Collection; Mary Sully: Native Modern; Ink and Ivory: Indian Drawings and Photographs Selected with James Ivory; The Three Perfections: Japanese Poetry, Calligraphy, and Painting from the Mary and Cheney Cowles Collection; A Decade on Paper: Recent Acquisitions, 2014-2024; The Genesis Facade Commission: Lee Bul, Long Tail Halo; Mexican Prints at the Vanguard; Man-dalas: Mapping the Buddhist Art of Tibet; Paris through the Eyes of Saint-Aubin; Materialized Space: The Architecture of Paul Rudolph; Siena: The Rise of Painting, 1300-1350; Floridas: Anastasia Samoylova and Walker Evans; Jesse Krimes: Corrections; Flight into Egypt: Black Artists and Ancient Egypt, 1876-Now; Art Work: Artists Working at The Met; The Great Hall Commission: Tong Yang-Tze, Dialogue; Colorful Korea: The Lea R. Sneider Collection; Celebrating the Year of the Snake; Democratizing Prints: The JoAnn Edinburg Pinkowitz Gift; Caspar David Friedrich: The Soul of Nature; Recasting the Past: The Art of Chinese Bronzes, 1100-1900; Monstrous Beauty: A Feminist Revision of Chinoiserie; The New Art: American Photography, 1839-1910; The Roof Garden Commission: Jennie C. Jones, Ensemble; Sargent and Paris; Superfine: Tail”

“In offsite programs related to exhibitions, we hosted two exhibition preview conversations celebrating the Costume Institute's Superfine: Tailoring Black Style, at the Apollo Stages in Victoria Theater in Harlem and the Billie Holiday Theatre in Brooklyn. The Harlem conversation focused on the cultural and historic style legacy of the neighborhood and featured Harlemites Jonathan McCrory of the National Black Theatre, historian and fashion icon Lana Turner, and bandleader Dandy Wellington. It attracted 180 with over 100 people joining the livestream and 7,000 views of the recording. The Brooklyn conversation featured the exhibition design duos Ev Bravado and Tla D'Amore of Who Decides War, and Dynasty and Soull Ogun of L'Enchanteur. The Billie Holiday Theatre sold out with an audience of 200, with 100 people joining the livestream and over 3,000 views of the recording. The exhibition Monstrous Beauty: A Feminist Revision of Chinoiserie inspired a partnership with Mott Street Girls for guided walking tours in Chinatown-visiting murals on Doyers Street and a multigenerational family-owned porcelain shop from the 1890s run by the fifth-generation owner, a former Met Civic Practice Partnership Artist in Residence, Mei Lum. Both tours sold out, with 60 people participating. This year's large-scale Museum-wide festivals included our annual Met Fall Fest, Lunar New Year, and Museum Mile, drawing over 40,000 visitors of all ages for performances, art making, talks, and connection with over 25 community partners. On May 31, the Museum marked the reopening of the new Michael C. Rockefeller Wing with a day-long celebration that saw a record 33,000 visitors in a single day. Activities included live music, talks, artist demonstrations and drop-in art making, and film screenings, engaging scholars and artists from the three collection regions as well as the wing's architect Kulapat Yantrasast in conversation with Met leadership. The Museum again served as a cultural hub for young people. Our popular Teens Take The Met! engaged 3,285 teens this year in activities led by 62 cultural and community-based organizations and 15 internal department collaborators; the teen copyist program inspired 24 teens; and our regular Teen Fridays drew 690 New York City teens in a laboratory for creative and social exploration. The Your Met Art Box program, designed to reduce isolation and foster wellness among New York City's elderly population, continues to expand. Presented in partnership with the New York City Department for the Aging, it grew by 44 percent, bringing monthly art-making activities and conversations to 104 older adult centers. The program engaged over 1,800 participants, several of whom subsequently visited the Museum for the first time, compliments of The Met. Our Discoveries workshops engage children and adults on the autism spectrum and their care-givers, and this year Education partnered with the Musical Instruments Galleries for live music listening opportunities in the gallery and the chance to create instruments in conjunction with the Jennie C. Jones Roof Garden Commission. As always, The Met remained an essential resource for teaching, training, and learning at all levels. This year, more than 184,945 K-12 teachers and students participated in 98 virtual and 37,053 in-person guided tours of The Met collection, and 147,794 in self-guided tours. In addition, more than 1,181 teachers and school leaders participated in programs focused on integrating art into the classroom and further strengthened multidisciplinary art learning to attract educators from a wider variety of disciplines. Advancing research and scholarship and supporting professional development is another priority of the Education Department. The reopening of the Rockefeller Wing galleries was an opportunity to welcome 14 university faculty and administrators for a behind-the-scenes tour of the galleries while under construction and serve as a resource for university facult”

“LIVE ARTS The Museum's Department of Live Arts presented a total of 84 performances in fiscal year 2025-83 percent of which were offered free with Museum admission-and reached a total audience of nearly 8,000 visitors. Among the highlights in this year's MetLiveArts season were several major projects that showcased the Museum's collection and iconic spaces. In a first for The Met, live performance was featured as an integral part of a major exhibition in the form of a dedicated gallery called the Performance Pyramid within the exhibition Flight into Egypt: Black Artists and Ancient Egypt, 1876-Now. In the space, 11 live performance events featured artists in the genres of music, theater, dance, and performance art, resulting in a documentary history of Black performance art incorporating ancient Egyptian themes. At The Met Cloisters, Live Arts commissioned and presented two large-scale, site-specific works: Primero Sueo, a new processional opera by Paola Prestini and Magos Herrera based on the writings of the medieval Mexican nun Sor Juana Inez de la Cruz; and Forest of Metal Objects,a site-specific percussion piece by Michael Gordon that took advantage of The Met Cloisters' unique acoustical properties, combining them with theatrical and choreographic staging by Paul Lazar and Annie B. Parson. The Met Cloisters was also the site of a three-night marathon performance of eminent composer Philip Glass's complete string quartets, performed by the acclaimed ensemble Brooklyn Rider, and Glass himself attended the first night of the cycle. DIGITAL The Museum's website ended fiscal year 2025 with 29 million users, of which 35 percent were international. The most visited sections of the website were The Met Collection, the Heilbrunn Timeline of Art History, exhibition information, and ticketing. The Digital Department focused on enhancing the user experience across these key areas, introducing new features and design improvements tailored to diverse audiences. Highlights included citation buttons on Timeline essays to support students and more scannable layouts on exhibition pages to aid visit planners. In support of the reopening of The Michael C. Rockefeller Wing, the Digital Department launched an impressive slate of interpretive content that had been in the making for several years. In video, the team published 16 videos that were directed by filmmaker Sosena Solomon and co-produced with the World Monuments Fund about vital conservation and preservation work across Africa; three animated maps that visualize the complex and interconnected histories of migration and trade in Africa, Oceania, and the ancient Americas; three videos that provide virtual tours of objects in the collection; and a host of artist profile and archival videos. The team also produced a suite of articles and essays to coincide with the reopening, three video tours of the galleries, and three audio guides, including a Spanish-language version for the Arts of the Ancient Americas. The second season of The Met's narrative nonfiction podcast Immaterial featured eight new episodes highlighting important works from The Met collection and experts from diverse backgrounds. Since the launch of Immaterial in 2022, it has accumulated more than 310,000 downloads resulting in more than 3 million minutes of total listening time by roughly 37,000 unique listeners. The department's video production teams continued to produce engaging stories in popular formats, such as artist interviews, exhibition tours, and stories about conservation. We also launched new video initiatives this year-YouTube Shorts and YouTube Podcasts-that contributed to an overall gain of 52,000 subscribers and 29 million minutes of engagement time. Again this year, the Digital Department commissioned prominent authors to write personal essays reflecting on The Met collection and published pieces from a number of authors. The team also produced and published videos featuring renowned novelist Amor Towles,”

“Change in value of split-interest agreements 1,613,755 unrealized gains and losses on 2015 bond returns 10,369,727 net reclassifications, fees, and other 270,852 pension - related changes other than nppc 4,198,873 change in fair value of interest rate exchange agreements (977,362) partnership ubit (16,482,984) ------------ total (1,007,139)”