The Barnes Foundation

“The barnes foundation 990 is prepared by an independent firm based on information provided by management. A draft is reviewed and revised by the executive vice president, cfo and coo, the director of finance and the general counsel (members of management). The 990 is then finalized by the independent firm and the barnes foundation submits the draft 990 for review to all board members prior to filing. After a comment period, form 990 is submitted to the irs.”

“In addition to requiring each trustee, officer and key employee to make a disclosure of any possible personal, familial, or business relationship that could give rise to a conflict of interest or the appearance of a conflict of interest, the foundation's conflict of interest policy also requires the disclosure of any change of circumstance that would give rise to conflicts concerns. Moreover, the foundation has adopted a whistleblower policy designed to encourage prompt disclosure by trustees, officers and employees of any unlawful or improper behavior or transactions, including those that raise potential conflict of interest concerns. Each year all directors, officers, trustees and key employees are reminded of their obligations to comply with the conflict on interest policy at the organization's annual meeting and periodically at other times during the year.”

“The barnes foundation performs a review of the compensation and benefits package (including fringe, retirement and severance benefits) for key employees at the time of hire. This review relies upon comparability data to determine whether the compensation arrangement in its entirety is reasonable. For this purpose, appropropriate and relevant information includes compensation paid by similiarly situated tax-exempt and taxable organizations for functionally comparable positions. This review also takes into account the size, revenue, geographic location, structure and complexity of the organization.”

“The barnes foundation's by-laws, charter, financial statements and certain other governing documents (e.g., conflict of interest policy), are available for review upon request for the same period of disclosure as set forth in section 6104(d), directed to the following: general counsel (a member of management), barnes foundation, 2025 benjamin franklin parkway, philadelphia, pa 19130.”

“Security: program service expenses 1,217,049. Management and general expenses 69,213. Fundraising expenses 24,400. Total expenses 1,310,662. Other professional services: program service expenses 1,431,547. Management and general expenses 81,411. Fundraising expenses 28,701. Total expenses 1,541,659.”

“In 2019, the foundation adopted asc 606 revenue from contracts with customers in accordance with u.s. Gaap and elected to implement using the full retrospective method. Amongst other changes, implementation resulted in an increase in liabilities of $985,809 to reflect the additional deferred revenue which resulted from accounting for the obligation to provide benefits to members over a future membership period. There was a corresponding reduction in net assets without donor restriction of $985,993 as of december 31, 2018.”