Rosenbach Museum and Library

“The sole member shall have the right to elect three members of the board.”

“The bylaws may be altered, amended or repealed only by the sole member; free library of philadelphia foundation.”

“A copy of the draft form 990 is emailed to all board members as a pdf as soon as it is completed, questions and comments are solicited during the board's meetings thereafter.”

“The conflict of interest policy is currently under revision and is being informally monitored at present.”

“The board of directors, acting in tandem through its finance committee and its executive committee, sets the compensation level for the executive director annually this is accomplished by considering 1) the director's performance as documented in an annual performance review, 2) salaries of individuals in similar positions, as documented by salary surveys received and/or purchased each year from the greater philadelphia cultural alliance, the association of art museum directors, the american association of museums, and forms 990 of other organizations, 3) the financial position of the museum itself all of the members of these two committees are independent directors of the organization for the compensation levels of key staff members, the same procedure is followed, but with the additional participation and recommendations of the executive director, based on his own performance reviews of those individuals.”

“The organization makes certain of its governing documents (articles of incorporation, by-laws, deed of trust) available to the public on request it does not make minutes of meetings of the board of trustees and its committees public, nor internal financial statements and projections similarly, the museum makes copies of its policy on conflicts of interest available to the public on request, but not those copies actually signed by board and staff members finally, the museum makes audited financials statements and forms 990 available by request (the forms 990 are also available on the websites of third-party organizations such as guidestar). In addition, the museum produces an annual report with summary financial information derived from the independent audit and a review of the activities the organization has undertaken in the preceding year annual reports are available through the museums website or can be mailed to those persons who request a printed copy.”

“Includes proceeds from the sale of collection items. Collections are not capitalized, thus no cost basis is tracked.”

“Payroll filings, including forms w-2, for the rosenbach of the free library employees are handled by a related party, free library of philadelphia foundation. The rosenbach of the free library reimburses the free library of philadelphia foundation for the costs associated with these filings.”