Carnegie Institute

“Family/business relationships between officer/director/key employee: trustees l. Foster & a. Neupaver = business; trustees e. Frazier & c. Duronio = business; trustees e. Frazier & j. Guyaux = business; trustees c. Duronio & j. Guyaux = business.”

“Board members: the bylaws of carnegie institute provide for appointment of public trustees by one of the following public officials or public bodies: mayor of the city of pittsburgh, county executive of allegheny county, city council of the city of pittsburgh, county council of allegheny county, and the board of public education.”

“11b - form 990 review process: the carnegie institute cfo's office is responsible for gathering relevant information and preparing the annual form 990. Once the form is complete in draft status, it is reviewed with the institute's independent certified public accounting firm. Upon completion of independent review by the cpas, the form is reviewed by the president and chief financial officer of the institute and then presented to and reviewed with the audit and risk management committee. Finally, the form is presented to the board of trustees for review at a scheduled meeting prior to filing with the irs.”

“Conflict of interest compliance: bylaws of carnegie institute contain a provision that requires each trustee, member of a museum board or committee, officer and member of senior management to disclose, annually, the existence of any circumstances that might constitute a conflict of interest with the organization. The process is initiated in the spring of each year by the president sending a conflict of interest policy and disclosure questionnaire to above recipients. Completed questionnaires are returned to the president for evaluation of actual or perceived conflicts. A summary of the process and results is communicated to the audit committee at a scheduled meeting and forwarded to the board of trustees. Appropriate action is taken annually by the board relative to actual or perceived conflicts. The minutes of the governing board contain an official record of the process and conclusions.”

“Executive compensation process - carnegie institute adopted an executive compensation policy aimed at providing a reasonable and competitive executive total compensation consistent with market-based performance compensation practices for individuals possessing the experience and skill needed to improve the overall performance of the organization. The institute focuses on comparable nonprofit organizations in the local area to benchmark pay, along with data from additional market segments, private foundations and published not-for-profit surveys. The board authorizes the president, in consultation with the independent executive committee (ec), to establish an organizational job evaluation system and compensation policy. The president annually reviews and approves museum/corporate goals and objectives relevant to executives, evaluates their performance and recommends to the ec compensation levels based on the evaluations. The ec reviews recommendations and grants approval as appropriate. The ec annually reviews and approves corporate goals and objectives relevant to president compensation based on comparables, the evaluation and subject to any employment contract that is in effect. The process/conclusions are contemporaneously documented in ec meeting minutes.”

“Governing documents: carnegie institute's governing documents, conflict of interest policy, and financial statements are available for public inspection. The documents are available upon request and communication of same is conveyed at https://www.carnegiemuseums.org/about-us/”

“Change in fair value of beneficial interest in perpetual trusts -1,586,783. Rounding -2.”

“The organization did not change its oversight process or selection process during tax year 2022.”