The Phillips Collection

“Toni paul and ronald paul have a family relationship. One has expertise in the education field and the other in campaign finance and fundraising. Andrea strawn and stephen strawn have a family relationship. One has expertise as a journalist and the other in healthcare technology.”

“The financial statements were prepared by management and audited by the museum's independent auditors. The form 990 was prepared by management and reviewed by the museum's external tax accountants. The audit committee of the board is charged with reviewing the audited financials and the annual 990 filing. These documents are reviewed in special meetings of the committee attended by museum staff and (in the instance of the audited financials) the external auditors.”

“Key employees are required to comply with the conflicts of interest policy detailed in the staff handbook. Letters reiterating the policy for board members are sent periodically to each board member as part of the annual audit process. Each board member is required to send a written response indicating his/her compliance. If a conflict were to arise, it would be resolved by discussion with the board chair and vice chairs, legal counsel, and the board member as to the appropriate resolution.”

“The director of the museum was hired with the assistance of a search firm with major not-for-profit clients. Its salary recommendation was based upon comparables from that firm's experience as well as on national statistical surveys. Going forward, the director's salary is determined by the board's chair and vice chairs based upon performance results, budget capacity, and comparables with other museums. All other employees are hired in salary ranges utilizing local and/or national statistical surveys. Increases in compensation outside of dc minimum wage requirements are determined by the director in consultation with h.r. And/or senior leadership based upon performance results and in comparison with other institutions based upon statistical surveys. For professional staff, the most common survey used is the american association of museum directors annual salary survey. The last salary review took place in spring 2020 using fy19 data.”

“The governing documents, audited financial statements, and conflict of interest policy are available by request. The audited financial statements are also available in summary form within the museum's member magazine each year. The most recent audited financial statements and 990 are posted on the museum's website.”

“The phillips collection temporarily closed its doors mid-march 2020 and pivoted to digital events to keep audiences engaged online. Our 48 virtual programs through fy20 included the following: weekly meditation, monthly book club and family programs, summer meetups for pk-12 educators, and weekly artist-led workshops in partnership with local art collective red dirt studio; a tour of the riffs and relations exhibition was featured on social media and youtube; exclusive "coffee and conversation" member mornings and "art talks with the director" virtual events helped keep our members and donors engaged. Our youtube channel had 78,367 views and our website averaged well over 1000 daily visitors from all 50 us states and over 200 countries.”

“On may 11, 2020, the collection received loan proceeds in the amount of $1,462,886 under the paycheck protection program. The promissory note calls for monthly principal and interest payments amortized over the term of the promissory note with a deferral of payments for the first six months. Under the coronavirus aid, relief, and economic security act (cares act), the promissory note may be forgiven by the small business administration in whole or in part. Subsequent legislation changed the terms of these loans allowing for deferral of loan payments until sba remittance of forgiveness amount to the lender for those borrowers who apply for loan forgiveness. The collection intends to use the proceeds for purposes consistent with the paycheck protection program and believes that its use of the loan proceeds will meet the conditions for forgiveness of the loan with the intention of applying for forgiveness after completing the 24 week period. Revenue from debt extinguishment will be recorded once the defined barriers have been met.”