Asian Art Museum Foundation

“The finance office makes available and sends the public disclosure copy of the form 990 to the audit committee of the foundation board for review and approval before filing. We also send the public disclosure copy of the form 990 to the full foundation board for review prior to filing.”

“The policy covers board members and staff. Trustees are asked to inform the board in advance and as fully as practicable of any transactions with the museum or through a business relationship with an asian art commissioner or a foundation trustee in which they have an economic interest in order for the trustees to review and approve or disapprove the transaction. If a conflict is determined to exist, the chairperson of the governing board or committee shall, if appropriate, appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. After exercising due diligence, the governing board or committee shall determine whether the organization can obtain with reasonable efforts a more advantageous transaction or arrangement from a person or entity that would not give rise to a conflict of interest. If a more advantageous transaction or arrangement is not reasonably possible under circumstances not producing a conflict of interest, the governing board or committee shall determine by a majority vote of the disinterested directors whether the transaction or arrangement is in the organization's best interest, for its own benefit, and whether it is fair and reasonable. In conformity with the above determination it shall make its decision as to whether to enter into the transaction or arrangement. If the governing board or committee has reasonable cause to believe a member has failed to disclose actual or possible conflicts of interest, it shall inform the member of the basis for such belief and afford the member an opportunity to explain the alleged failure to disclose. If, after hearing the member's response and after making further investigation as warranted by the circumstances, the governing board or committee determines the member has failed to disclose an actual or possible conflict of interest, it shall take appropriate disciplinary and corrective action.”

“The independent board's compensation committee members review external benchmarks, deliberate and discuss the details of renewal contracts, and document all decisions on the ceo's compensation.”

“The audited financial statements and the public disclosure copy of form 990s are posted to the asian art museum website. All other information is provided to the public upon request.”