Delaware Art Museum Inc

“The members of the museum consist of persons who pay dues established for any class of membership.”

“Annual meetings of the membership are held to vote on the election of trustees and review the business of the museum.”

“The museum's by-laws give responsibility for overseeing the filing of form 990 to the audit committee of the board of trustees. The audit committee reviews the form 990 prior to filing.”

“Each trustee must certify annually that they have reviewed the ethics guidelines for trustees and disclose any possible violation of the principles set forth therein. Similarly, every year all employees must certify that they have reviewed the employee code of ethics and disclose any possible violation of the principles set forth therein. All disclosures are reviewed by the audit committee.”

“The by-laws require that the compensation for the executive director be set by the compensation committee of the board of trustees. In establishing the level of compensation the committee follows the process described below which is used by management in establishing compensation for employees. A position description is prepared and periodically updated for each position in the museum. Compensation guidelines for each position are established by the human resources manager by benchmarking the positions against the same or similar positions in other museums and/or other local entities which employ individuals who would compete for the position (e.g., a development position in other not-for-profit organizations would compete for a museum development position). Salary range benchmarks are established by using surveys conducted by the association of art museum directors (aamd), and surveys of local not-for-profit organizations. The museum endeavors to set each employee's salary within the salary range based on the employees demonstrated level of competencies”

“The museum's audited financial statements are available on its website. The museum's form 990, governing documents and conflict of interest statement are available on request.”

“Professional fees: program service expenses 17,503. Management and general expenses 203,470. Fundraising expenses 0. Total expenses 220,973. Contract services: program service expenses 74,695. Management and general expenses 117,911. Fundraising expenses 2,138. Total expenses 194,744. Collection accessions: program service expenses 159,870. Management and general expenses 0. Fundraising expenses 0. Total expenses 159,870. Maintenance: program service expenses 53,610. Management and general expenses 53,229. Fundraising expenses 0. Total expenses 106,839. Conservation and collection care: program service expenses 87,720. Management and general expenses 0. Fundraising expenses 0. Total expenses 87,720. Printing: program service expenses 29,670. Management and general expenses 19,780. Fundraising expenses 0. Total expenses 49,450. Postage and shipping: program service expenses 18,613. Management and general expenses 10,000. Fundraising expenses 0. Total expenses 28,613.”

“The process for oversight of the audited financial statements and selecting the outside independent auditors has not changed from the prior year”

“Delaware art museum's financial statements for calendar year 2024 reported a reclassification of net assets from funds outside of the endowment funds to amounts included in endowment funds. This reclassification was only applied to calendar year 2023. Therefore, the end of year balance from two years back on schedule d, part v does not equal the beginning of year balance from the prior year. The balances and related activity were adjusted on this tax filing. A summary of the changes is as follows: tax year 2023 as originally filed: beginning balance: $27,209,915 contributions: $2,354,844 net investment earnings: $2,516,613 other expenditures: $2,513,675 ending balance: $29,567,697 tax year 2023 reclassified: beginning balance: $27,651,099 contributions: $2,354,844 net investment earnings: $2,571,249 other expenditures: $2,539,253 ending balance: $30,037,939 differences: beginning balance: $441,184 contributions: $-0- net investment earnings: $54,636 other expenditures: $25,578 ending balance: $470,242”