The O'Keeffe Museum Foundation

“The georgia o'keeffe museum has the power to appoint directors for the foundation.”

“The foundation cannot sell, lease, or encumber any real property held by it, or allow any business organization formed by it to sell, lease, or encumber any real property without the written consent of a two-thirds majority of the museum board of trustees. The foundation also cannot borrow in excess of $1 million without the written consent of a two-thirds majority of the museum board of trustees. Directors of the foundation may be removed with or without cause by a majority vote of the museum board of trustees.”

“The form 990 is reviewed in detail by the finance and audit committee and then is distributed to the full board for review prior to filing.”

“The directors of the o'keeffe museum foundation follow the conflict of interest policy of the georgia o'keeffe museum, its supported organization. The foundation's directors work for or serve on the board of the georgia o'keeffe museum. Under the conflict of interest policy of gokm, board members and officers complete a conflict of interest form annually. Any conflicts or potential conflicts are reviewed periodically throughout the year with the director and board chair & president, when appropriate or needed.”

“The governing documents, financial statements, and the conflict of interest policy are available to the public upon request. The audited financial statements are posted on our website.”

“The o'keeffe museum foundation follows the whistleblower and document retention and destruction policies of the georgia o'keeffe museum, its supported organization.”

“Although the filing organization does not pay compensation and does not issue forms w-2, it is reporting payroll expenses allocated to it from its supported organization on form 990, part ix, statement of functional expenses.”

“Additional expenses related to fundraising for the o'keeffe museum foundation are reflected on the form 990 for the georgia o'keeffe museum. While the foundation is playing an integral role in the development of the capital campaign for a new museum facility, the personal and infrastructure dedicated to fundraising for both organizations are mostly part of the museum's operations. When the amounts from their respective form 990's are combined, the museum and foundation had total contributions of $6,155,980, and total fundraising expenses of $1,336,656.”

“Reversal of pledge discount 81,017.”