The 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.”

“TWO TRUSTEES OF THE MUSEUM, HAMILTON E. JAMES AND J. TOMILSON HILL, HAD A BUSINESS RELATIONSHIP UNTIL DECEMBER 2018. BOTH WERE OFFICERS OF THE BLACKSTONE GROUP. In addition, two trustees of the Museum, James Breyer and Hamilton James, have a business relationship with each other; both serve on the board of directors of the Blackstone Group.”

“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 PRESIDENT AND DIRECTOR 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.”

“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 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 resolved in consultation with the museum's president and director (for staff) and the chairman of the board of trustees and the legal committee of the museum's board (for trustees, including the director and the president). 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 senior staff is presented to the president and the director each year.”

“The compensation committee ("the committee") of the 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. The committee complies with the "rebuttable presumption" procedures for determining that compensation is reasonable under internal revenue code section 4958. Deliberations and decisions regarding compensation arrangements are contemporaneously documented in the meeting minutes.”

“Public availability of other documents the museum's audited financial statements are included in the museum's annual report, which is 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.”

“Mission and accomplishments the metropolitan museum of art was founded on april 13, 1870, with a statement of purpose that has guided it for over 140 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." on january 13, 2015, 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 all times and cultures in order to connect people to creativity, knowledge, and ideas." the metropolitan museum of art's unparalleled collection, groundbreaking exhibitions and scholarship, and innovative programs offer powerful ways to experience more than five millennia of art and culture. In fiscal year 2019, our wide-ranging activities were both impactful and well received. Total attendance was more than 7 million visitors for the third year in a row, demonstrating the strength of our mission to connect people with the art of all times and cultures. In fiscal year 2019 the museum also began actively planning for its 150th anniversary celebration in 2020, and we look forward to celebrating with our global audience in ways that allow the magnificence and relevance of the met to shine. Below is a summary of our many activities and achievements during fiscal year 2019. Attendance for the third year in a row the museum welcomed more than 7 million visitors (7,027,858) to its three locations--the met fifth avenue, the met cloisters, and the met breuer--in fiscal year 2019, which was also the first full fiscal year under the museum's new admissions policy. Continually one of new york's most visited tourist attractions for domestic and international audiences, the met draws a wide range of visitors. In the past fiscal year, international tourists accounted for 28 percent of visitors, local visitors from the five boroughs made up 35 percent of the overall total, and 16 percent were from the tristate area. The met cloisters drew 325,326 visitors in fiscal year 2019, a record for the location that was fueled by the attendance for "heavenly bodies: fashion and the catholic imagination", and the met breuer saw more than 326,392. International activity connecting audiences around the world with the met's vast resources is an important part of our mission, and fiscal year 2019 saw many achievements in this area. In the field of conservation, the met continues its leadership role in the indian conservation fellowship program (icfp), a multiyear partnership initiated in 2011 between the met; stichting restauratie atelier limburg, maastricht, the netherlands; the freer gallery of art and the arthur m. Sackler gallery, smithsonian institute, washington, d.c.; and the government of india, supported by the andrew w. Mellon foundation and the ministry of culture, india. The program provides practical, intensive training and professional development for emerging and mid-career indian conservators at host institutions. The network initiative for conservation science (nics), a pilot program launched in september 2016 by the met and its department of scientific research with the support of the andrew w. Mellon foundation, held its second annual symposium in november 2018. Nics aims to advance research and scholarship in art history, archaeology, conservation, and science by sharing the museum's cutting-edge research facilities and expertise with a group of partner institutions, including ten new york museums. Conservators from the brooklyn museum, the central park conservancy, the frick collection, the hispanic society of america, the morgan library and museum, and th”

“Exhibitions the met mounted forty-four exhibitions and published twenty-seven new titles in fiscal year 2019, all of which offered thought-provoking ways to experience art. The programming ranged from small, focused installations to major international loan shows. The following exhibitions were among the highlights in fiscal year 2019: the first comprehensive retrospective in north america of french painter eugne delacroix (1798-1863); "devotion to drawing: the karen b. Cohen collection of eugne delacroix "jane and louise wilson: stasi city "armenia! "art of native america: the charles and valerie diker collection "artistic encounters with indigenous america "celebrating tintoretto: portrait paintings and studio drawings "in praise of painting: dutch masterpieces at the met "jewelry: the body transformed "atea: nature and divinity in polynesia "epic abstraction: pollock to herrera "the art of london firearms "monumental journey: the daguerreotypes of girault de prangey "the tale of genji: a japanese classic illuminated "the world between empires: art and identity in the ancient middle east "play it loud: instruments of rock & roll the roof garden commission: "alicja kwade, parapivot "camp: notes on fashion "watercolors of the acropolis: mile gilliron in athens "frank lloyd wright textiles: the taliesin line, 1955-60 "ragnar kjartansson: death is elsewhere and, at the met breuer: "obsession: nudes by klimt, schiele, and picasso from the scofield thayer collection "odyssey: jack whitten sculpture, 1963-2017 "everything is connected: art and conspiracy "julio le parc "lucio fontana: on the threshold "siah armajani: follow this line "home is a foreign place: recent acquisitions in context and "phenomenal nature: mrinalini mukherjee". Conservation and research the museum's curatorial programs are supported by numerous services and resources. The departments of paintings, paper, objects, textile, and photographs conservation along with scientific research prepare and review every artwork selected for an exhibition or loan. The met's conservation effort ranks with the best of the world's major museums. The thomas j. Watson library houses valuable research material available to the staff and public for curatorial, education, and publication projects. In fiscal year 2019, 10,784 visits were made by outside researchers, and 1,930 new outside researchers were registered. The museum libraries circulated 65,915 items to readers. Eleven weekly sessions of story time in nolen library reached over 17,333 children and their caregivers. The library continued to digitize rare collection materials, both printed and manuscript, and to make them available online, averaging 188,458 page hits per month (compared to 159,598 in fiscal year 2018). The met is one of the world's preeminent art-book publishers, and in fiscal year 2019 the museum's publications and editorial department had one of its most active years, producing twenty-seven new titles and eight reprints. Among these were fourteen exhibition catalogues, including the highly successful "delacroix", "armenia: art, religion, and trade in the middle ages", "the tale of genji: a japanese classic illuminated", "play it loud: instruments of rock & roll", and "camp: notes on fashion", as well as catalogues on the daguerreotypes of girault de prangey, native american art, photographs of the moon, and jewelry. In addition, the department published volumes highlighting the met collection of french paintings (available online and in print), islamic calligraphy, and modern and contemporary art, as well as a new edition of the "metropolitan museum guide". It inaugurated a picture albums series to accompany select exhibitions, and published the annual "metropolitan museum journalfour issues of the "bulletin". Education through another successful year of innovative programming, scholarly endeavors, and community engagement, the museum's education department increased the diversity and participation of the”

“Digital the met has emerged as a global leader in both its digital practices and reach. In october 2018, we launched the met collection api (application programming interface). Building on the success of the museum's open access policy announced in 2017, the api enables any third party to sustainably integrate the met collection into their website, ensuring that up-to-date versions of more than 400,000 images and data are available to users without restriction. In recognition of the continually expanding potential for open access to broaden public exposure to these images and scholarly records, the met collaborated with microsoft and the massachusetts institute of technology (mit) to explore the ways in which audiences engage with the collection through artificial intelligence technologies. The results of the collaboration were announced in february 2019. Last spring's "play it loud: instruments of rock & roll" was the first exhibition to feature a new web-based digital resource called the primer, which allows audiences all over the world to engage with the art in our galleries through stories, videos, and images. Going forward, primers will be offered for many of our major exhibitions to help prepare visitors for an upcoming visit or to extend their experience afterward. The museum's website ended the fiscal year with more than 30 million visits, and our social media reach has been similarly broad: its twitter feed has more than 4.3 million followers, its webby award-winning instagram has 3.2 million followers, and its facebook account has more than 1.9 million followers. Capital projects the museum completed the renovation and reinterpretation of its andr mertens galleries for musical instruments in fiscal year 2019. The third and final phase of the three-year project opened in february, following earlier gallery reopenings in july 2017 and march 2018, and includes over 250 musical instruments of various origins and kinds as well as a concert space with advanced recording and sound systems. We made significant progress in the renovation of the ten galleries that present british decorative arts and sculpture from the early sixteenth through the nineteenth century and that include three historic interiors. The galleries are scheduled to reopen in march 2020. Work to replace the skylights and make infrastructure improvements in the galleries for european paintings from 1250 to 1800 also continued this year. Begun in august 2018, this major project to enhance visitor experience will be completed over three and a half years. To ensure that important masterpieces remain on view during this time, many works have been moved to other galleries. In november 2018, the museum announced it would embark on an ambitious renovation of the michael c. Rockefeller wing, which comprises the 40,000-square-foot galleries of the department of the arts of africa, oceania, and the americas. The wing will be completely reimagined to reflect new curatorial vision and the met's continued commitment to art from these regions. Kulapat yantrasast of the firm "why architecture" is leading the design effort; work is expected to begin in late 2020.”

“Change in value of split-interest agreements (18,924,086) unrealized gains and losses on 2015 bond proceeds 4,680,361 net reclassifications, fees, and other 805,803 pension - related changes other than nppc (20,952,969) change in fair value of interest rate exchange agreements (8,708,642) partnership ubit 23,792,101 ----------- total (19,307,432)”