The Hyde Collection Trust

“Mary renz, a board member has a family relationship with the hyde family. Stephan and carolyn von schenk, are trustees and married.”

“The board chairman, director, treasurer and financial officer review form 990 prior to filing. After the 990 is reviewed, it is presented to the finance committee for final approval. After filing, copies of form 990 are available to all members of the board of trustees.”

“In addition to filing an annual written conflict of interest disclosure statement, all trustees and employees of the hyde collection are required, under the conflict of interest policy, to disclose any actions that may even appear to constitute a conflict of interest to the board chairman, the director, or if disclosure is made during a commitee meeting, the committee chairman. In the context of board decision making, a majority of the disinterested trustees present at a meeting where a disclosure of potential conflict of interest takes place will decide the extent of participation of the parties involved, and such decision will be documented in the minutes of the meeting.”

“Compensation review for all employees is performed annually by the human resources committee, a standing committee of the board of trustees. The review includes comparison with compensation data for comparable positions at similar institutions. The results of the review process are recorded contemporaneously.”

“Governing documents, the conflict of interest policy, and financial statements are made available to the public, upon request.”

“Change in fair value of beneficial trust 367,884.”

“The organization has an audit committee that assumes responsibility for oversight of the audit and selection of an independent accountant. There has been no change from the prior year.”

“Change in accounting policy - effective january 1, 2021, the museum changed its method of accounting for their artwork collections. Previously, the museum recorded collections and archives at a value certified by an independent appraiser when available at the time they are added to the museum's collection. In accordance with generally accepted accounting principles, the museum elected an alternative policy to not capitalize. As such, a prior period adjustment has been recorded to reflect the change in accounting policy and to remove the value of collections and archives from the statement of financial position. Net assets with donor restrictions and collections and archives as of december 31, 2020 were decreased by $9,255,254 to account for the change in accounting policy.”