Modern and Contemporary Art Support Corp

“James Grooms is an employee of Museum of Modern Art, the parent and supported organization of Modern and Contemporary Art Support Corp. Ronald Lauder and Agnes Gund are both Trustees of Museum of Modern Art.”

“The management duties of Modern and Contemporary Art Support Corp are conducted by its parent and supported organization Museum of Modern Art.”

“The Modern and Contemporary Art Support Corp Form 990 is prepared by Grant Thornton Advisors LLC in coordination with the Museum's Controller's office with input from many museum departments. It is then reviewed by Museum senior staff including the Director, the Chief Operating Officer, the Chief Financial Officer, and the General Counsel. The 990 is then presented to the Museum's Audit Committee of the Board of Trustees for review and approval. A copy of the 990 is provided to each member of the Board of Trustees electronically or in printed copy prior to filing the return.”

“As a support organization, Modern & Contemporary Art Support Corp is covered by the Museum's Code of Conduct. On an annual basis, the Museum distributes its Code of Conduct to all Trustees and designated employees and requires that Conflict of Interest Questionnaires be completed and returned for initial review by the Office of the General Counsel and the Director of Human Resources respectively. Amongst other things, the Conflict of Interest Questionnaire requires the responder confirm that he or she has read and understands the Code of Conduct, agree to abide by it, identify whether he or she or a family member has any relationship with the Museum that may represent a conflict of interest as defined by the Code and report any knowledge of a transaction which should be reported under the Code, etc. When potential employee conflicts of interest are reported or identified, when necessary, an investigation is conducted to determine the facts and circumstances and recommendation of action. If warranted, such action may include, but is not limited to, prohibiting the individual from participating in deliberations and decisions regarding the transaction in question, or taking disciplinary action, which in appropriate circumstances may include suspension or termination.”

“James Grooms is not paid as an officer of Modern and Contemporary Art Support Corp but as an employee of the Museum of Modern Art, the sole member of Modern and Contemporary Art Support Corp. The process for determining the compensation of museum employees includes periodic review and approval by the Museum of Modern Art's Board of Trustees, Compensation Subcommittee of the Executive Committee (the "Committee"), a committee of the governing bodies consisting of independent trustees and not including the Director of the Museum or other staff members. In making its determination, the committee obtains and reviews comparability data with respect to compensation levels paid for comparable job positions obtained through the assistance of an expert compensation consultant which, in appropriate instances, includes survey data regarding compensation levels paid by similarly situated organizations for comparable employment positions, Form 990 data from other leading museums and cultural and educational institutions, as well as for-profit institutions. The determination, deliberation and decisions made by the committee are contemporaneously substantiated and documented in minutes of the meeting which include the committee members present and participating, the compensation terms approved, the data relied upon and how it was obtained.”

“The governing documents are available for review upon request. Conflict of Interest policy, Code of Conduct policy and financial statements are available for review upon request.”

“The compensation disclosed on Part VII (and Schedule J) for James Grooms is paid by Museum of Modern Art, a related organization, for solely services rendered to Museum of Modern Art and not attributable, or reimbursed, by Modern & Contemporary Art Support Corp.”