The Athenaeum of Philadelphia

“The athenaeum is supported in part by paid memberships. The members, sometimes referred to as stockholders or shareholders, purchase a "share" or membership that remains in their name as long as the member pays annual "dues".”

“The board officers are elected by the board. All board members are members.”

“Members convene at the "annual meeting" to elect officers and board members and to ratify decisions of the board, that serves as the governing body.”

“The finance committee of the board reviews the form 990 and after any revisions or additions are made, the 990 is submitted to the full board of directors for their approval.”

“Annually all board members are required to sign a document stating that they have read and are in compliance with the organization's conflict of interest policy. The executive director monitors board activities to assure there are no conflicts. The conflict of interest policy is as follows: no board member or board committee member, or any member of his/her family should accept any gift, entertainment, service, loan, or promise of future benefits from any person who either personally or whose employees might benefit or appear to benefit from such board or committee member's connection with the athenaeum of philadelphia, unless the facts such benefit, gift, service, or loan are disclosed in good faith and are authorized by the athenaeum board. Board and committee members are expected to work out for themselves the most gracious method of declining gifts, entertainment, and benefits that do not meet this standard. No board or committee members should perform, for any personal gain, services to any athenaeum of philadelphia supplier of goods or services, as employee, consultant, or in any other capacity which promises compensation of any kind, unless the facts of such transactions or contracts are disclosed in good faith, and the board or committee authorizes such a transaction. Similar association by a family member of the board or committee member or by any other close relative may be inappropriate. No board or committee member or any member of his/her family should have any beneficial interest in, or substantial obligation to any athenaeum of philadelphia supplier of goods or services of any other organization that is engaged in doing business with or serving the athenaeum of philadelphia unless it has been determined by the board, on the basis of full disclosure of facts, that such interest does not give rise to a conflict of interest. This policy statement is not intended to apply to gifts and/or similar entertainment of nominal value that clearly are in keeping with good business ethics and do not obligate the recipient. Any matter of question or interpretation that arises relating to this policy should be referred to the president for decision and/or referral to the board of directors for decision, where appropriate. I have received, read and understand fully the conflict of interest statement and will comply with the statement by bringing any potential conflict of interest situations to the board for consideration.”

“The executive director is the top management official of the athenaeum of philadelphia. Prior to hiring, the salary was determined by researching the form 990 of similar organizations in the region; studying salary data published by the chronicle of philanthropy; looking at listings in the job bank of the greater philadelphia cultural alliance; and analyzing the athenaeum's finances. This data was presented to the executive committee which set a gross salary figure and benefit package that subsequently was approved by the full board. The board evaluates the performance of the executive director. Increases in salary are considered during the preparation of the annual budget.”

“The organization makes its governing documents, conflict of interest policy and financial statements available to the public upon request.”

“Unrealized gain on beneficial interest in perpetual trust 788,998.”