2009 National Museum 990

------ -- - __
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990 " Return of Organization Exempt From Income Tax OMB No 1545-0047
Form Under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code (except black lung 2008
Department of the Treasury benefit trust or private foundation) o~en to ~ubliC
Internal Revenue Service ~ The organization may have to use a copy of this return to satisfy state reporting requirements nspectlon
:. :- VI Liltt £UUO \'dienciar ear or tax year De!lmnm!l 7Jujjutj and ending 6/30109
B Check If applicable Please C Name of orqarnzanon NATIONAL MUSEUM OF MEXICAN ART 0 Employer identification number
o Address change use IRS FKA MEXICAN FINE ARTS CENTER MUSEt M
o Name change label or 36-3225519
print or OolnQ Business As
o lrntral return type. Number and street (or P 0 bOA If mau.s not dehvered to street adaress) I Room/SUite E Telephone number
See 1852 WEST 19TH STREET 312-738-1503
o Termmanon Specific City or town. state or country. and ZIP + 4 G Gross recelDts$ 4,656,066
Instruc-
o Amended return nons CHICAGO IL 60608
o Application pending F Name and address of principal officer H(a) Is thrs a group return for
affiliates? 8 Yes ~ No
H(b) Are all affiliates Yes No
Included?
If 'No," attach a list (see Instructions)
I Tax-exempt status IX 50l(c) ( 3 ) .... (Insert no) I I 4947(a)(1) or I I 527
J Website: ~ WWW. NATIONALMUSEUMOFMEXICANART . ORG H(c) Group exemption number~ N/ A
K TVDe of oroamzanon Ixi Corooranon I I Trust I I ASSOCiation I I Other ~ IL Year of formation 19 82 I M State of leaal domicile IL P rt I 5

a ummary
1 Briefly descnbe the organization's mission or most Significant activities
Q) PROMOTION OF MEXICAN ART
u
c
ca
c
..
Q)
> Check thrs box ~ 0 If the organization discontinued ItS operations or disposed of more than 25% of ItS assets
0 2
C)
011 3 Number of voting members of the governing body (Part VI, line 1a) 3 35
en 4 Number of Independent voting members of the governing body (Part VI, line 1b) 4 34
Q)
.. 102
';; 5 Total number of employees (Part V, line 2a) 5
.. 40
u 6 Total number of volunteers (estimate If necessary) 6
< 7a Total gross unrelated busmess revenue from Part tr.llt: line ~~D'
7a
b Net unrelated busmess taxable Income from Form 90-T tfrl~}:91S; 7b 0
1M Prior Year Current Year
Q) 8 Contributions and grants (Part VIII, line 1 h) :6 APR 3 0 2010 4,262,460 3 540,362
:::r 9 Program service revenue (Part VIII, line 2g) (II) I 330,130 369,658
c CJ)
Q)
> 10 Investment Income (Part VIII, column (A), lines 3, ,ar~~· - -- ~ 43,380 41,863
Q)
a:: 11 Other revenue (Part VIII, column (A), lines 5, 6d, 8 ,9c, ~e~ f UT 324,201 261,914
12 Total revenue-add lines 8 through 11 (must equ ~ "" .j. t',\ 4,960,171 4,213,797
13 Grants and Similar amounts paid (Part IX, column (A), lines 1-3)
14 Benefits paid to or for members (Part IX, column (A), line 4)
en 15 Salaries, other compensation, employee benefits (Part IX, column (A), lines 5-10) 2_1533,320 2 688,565
Q)
en 16aProfessionai fundraismq fees (Part IX, column (A), line 11e)
c
Q) b Total fundrarsrnq expenses (Part IX, column (D), line 25)~ 469,422
Q.
)(
w 17 Other expenses (Part IX, column (A), lines 11a-11d, 11f-24f) 2,536,136 2 202,353
18 Total expenses Add lines 13-17 (must equal Part IX, column (A), line 25) 5,069,456 4 890,918
19 Revenue less expenses Subtract line 18 from line 12 -109 285 -677,121
00> \ Beginning of Year End of Year
",c.J
_c 11,255,449 10 347,758
0>'" 20 Total assets (Part X, line 16)
~n;
co::a:I 21 Total liabilities (Part X, line 26) 3,512,087 3 488,510
_"C
o>c 7,743,362 6,859,248
Z:I 22 Net assets or fund balances Subtract line 21 from line 20 Part II

51 nature Block

5ign Here

VICE PRESIDENT - CFO

Under penalties of penurv. I declare that I have examined ttus retur accompanying schedules and statements. and to the best of my knowledge

. correct. and complet other than fficer) IS based on all information of which preparer h any knowledge

~-t::__

~ Signature of officer

~ MARTIN SANDOVAL

,. Type or print name and title

Preparers IdenllfYlng number (see instructions)

OM For Privacy Act and Paperwork Reduction Act Notice, see the separate instructions.

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Form990(2008)NATIONAL MUSEUM OF MEXICAN ART 36-3225519

Page 2

Part III Statement of Program Service Accomplishments (see instructions)

1 Briefly describe the organization's mission

PROMOTION OF MEXICAN ART

2 Old the organization undertake any Significant program services dunnq the year which were not listed on the prior Form 990 or 990-EZ?

If "Yes," describe these new services on Schedule 0

3 Old the organization cease conducting, or make Significant changes In how It conducts, any program services?

If "Yes," describe these changes on Schedule 0

4 Describe the exempt purpose achievements for each of the organization's three largest program services by expenses Section 501(c)(3) and 501 (c)(4) organizations and section 4947(a)(1) trusts are required to report the amount of grants and allocations to others, the total expenses, and revenue, If any, for each program service reported

DYes IRl No

DYes IRl No

4a (Code ) (Expenses $ 3 , 781 , 736 including grants of$ ) (Revenue $

SPONSOR SPECIAL EVENTS AND EXHIBITS THAT EXEMPLIFY THE VISUAL AND PERFORMING ARTS FOUND IN THE MEXICAN CULTURE, DEVELOP AND CONSERVE A SIGNIFICANT PERMANENT COLLECTION

OF MEXICAN ART, TO ENCOURAGE THE PROFESSIONAL DEVELOPMENT OF MEXICAN-AMERICAN ARTISTS AND OFFER ARTS EDUCATION PROGRAMS.

4b (Code

) (Expenses $

Including grants of$

) (Revenue $

4c (Code

) (Expenses $

Including grants of$

) (Revenue $

4d Other program services (Descnbe In Schedule 0 )

(Expenses $ including grants of$ ) (Revenue $

4e Total program service expenses~ $ 3 , 781 , 736 (Must equal Part IX, Line 25, column (B) )

Form 990 (2008)

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Form 990 (2008) NATIONAL MUSEUM OF MEXICAN ART

36-3225519

Page 3

Part IV Checklist of Required Schedules

I .. I.

"", NO
1 Is the organization descrrbed In section 501(c)(3) or 4947(a)(1) (other than a private foundation)? If "Yes,"
complete Schedule A 1 X
2 Is the organization required to complete Schedule B, Schedule of Contributors? 2 X
3 Old the organization engage In direct or Indirect political campaign actrvines on behalf of or rn opposition to
candidates for public office? If "Yes," complete Schedule C, Part I 3 X
4 Section 501(c)(3) organizations. Old the organization engage In lobbymq activities? If "Yes," complete
Schedule C, Part II 4 X
5 Section 501(c)(4), 501(c)(5), and 501 (c)(6) organizations. Is the organization subject to the section 6033(e)
notice and reporting requirement and proxy tax? If "Yes," complete Schedule C, Part III 5
6 Old the organization maintain any donor advised funds or any accounts where donors have the rrght to
provide advice on the drstnbutron or Investment of amounts In such funds or accounts? If "Yes," complete
Schedule 0, Part I 6 X
7 Old the organization receive or hold a conservation easement, includmq easements to preserve open space,
the environment, hrstonc land areas, or hrstonc structures? If "Yes," complete Schedule 0, Part II 7 X
8 Old the organization maintain coliectrons of works of art, hrstoncal treasures, or other Similar assets? If "Yes,"
complete Schedule 0, Part III 8 X
9 Old the organization report an amount In Part X, line 21, serve as a custodian for amounts not listed In Part
X; or provide credit counseling, debt management, credit repair, or debt neqouation services? If "Yes,"
complete Schedule 0, Part IV 9 X
10 Old the organization hold assets In term, permanent, or quasi-endowments? If "Yes," complete Schedule 0, Part V 10 X
11 Old the organization report an amount In Part X, lines 10. 12, 13, 15, or 25? If "Yes," complete Schedule 0,
Parts VI, VII, VIII, IX, or X as applicable 11 X
12 Old the organization receive an audited financial statement for the year for which It IS completing this return
that was prepared in accordance With GAAP? If "Yes," complete Schedule 0, Parts XI, XII, and XIII 12 X
13 Is the organization a school descrrbed In section 170(b)(1 )(A)(,,)? If "Yes," complete Schedule E 13 X
14a Old the organization rnamtam an office, employees, or agents outside of the US? 14a X
b Old the organization have aggregate revenues or expenses of more than $10,000 from grantmaklng, fundrarsmq,
busrness, and program service acnvmes outside the U.S? If "Yes," complete Schedule F, Part I 14b X
15 Old the organization report on Part IX, column (A), line 3, more than $5,000 of grants or assistance to any
organization or entity located outside the United States? If "Yes," complete Schedule F, Part II 15 X
16 Old the organization report on Part IX, column (A), line 3, more than $5,000 of aggregate grants or assistance
to Individuals located outside the United States? If "Yes," complete Schedule F, Part III 16 X
17 Old the organization report more than $15,000 on Part IX, column (A), line 11e? If "Yes," complete Schedule G, Part I 17 X
18 Old the organization report more than $15,000 total on Part VIII, lines 1c and Ba? If "Yes," complete Schedule G, Part II 18 X
19 Old the organization report more than $15,000 on Part VIII, line 9a? If "Yes," complete Schedule G, Part III 19 X
20 Old the organization operate one or more hospitals? If "Yes," complete Schedule H 20 X
21 Old the organization report more than $5,000 on Part IX, column (A), line 1? If "Yes," complete Schedule I, Parts I and II 21 X
22 Old the organization report more than $5,000 on Part IX, column (A), line 2? If "Yes," complete Schedule I, Parts I and III 22 X
23 Old the organization answer "Yes" to Part VII, Section A, questions 3,4, or 5? If "Yes," complete
Schedule J 23 X
24a Old the organization have a tax-exempt bond Issue With an outstanding prmcipal amount of more than
$100,000 as of the last day of the year, that was Issued after December 31, 2002? If "Yes," answer questions
24b-24d and complete Schedule K If "No," go to question 25 24a X
b Old the organization Invest any proceeds of tax-exempt bonds beyond a temporary period exception? 24b
c Old the organization rnamtam an escrow account other than a refunding escrow at any time dunnq the year
to defease any tax-exempt bonds? 24c
d Old the organization act as an "on behalf of' Issuer for bonds outstandrng at any time durrng the year? 24d
25a Section 501(c)(3) and 501 (c)(4) organizations. Old the organization engage In an excess benefit transaction
With a disqualified person durrng the year? If "Yes," complete Schedule L, Part I 25a X
b Old the organization become aware that It had engaged In an excess benefit transaction With a disqualified
person from a prror year? If "Yes," complete Schedule L, Part I 25b X
26 Was a loan to or by a current or former officer, director, trustee, key employee, highly compensated employee, or
disqualified person outstanding as of the end of the organization's tax year? If "Yes," complete Schedule L, Part II 26 X
27 Old the organization provide a grant or other assistance to an officer, director, trustee, key employee, or
substantial contrrbutor, or to a person related to such an mdrvidual? If "Yes," complete Schedule L Part III 27 X Form 990 (2008)

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36-3225519

Page 4

Part IV Checklist of Required Schedules (continued)

..... ~ nv
28 Dunng the tax year, did any person who IS a current or former officer, director, trustee, or key employee
a Have a direct business relatronship with the organization (other than as an officer, director, trustee, or
employee), or an indirect business relationship through ownership of more than 35% In another enllty
(individually or collectively with other person(s) listed In Part VII. Section A)? If "Yes" complete Schedule L
Part IV 28a X
b Have a family member who had a direct or indirect busmess relationship with the organization? If "Yes,"
complete Schedule L, Part IV 28b X
c Serve as an officer, director, trustee, key employee, partner, or member of an entity (or a shareholder of a
professional corporation) dOing business with the orqaruzatron? If "Yes," complete Schedule L, Part IV 28c X
29 Did the organization receive more than $25,000 In non-cash contrtbutrons? If "Yes," complete Schedule M 29 X
30 Did the organization receive contnbutrons of art, histoncal treasures, or other similar assets, or qualified
conservation contnbutrons? If "Yes," complete Schedule M 30 X
31 Did the organization liquidate, terminate, or dissolve and cease operations? If "Yes," complete Schedule N,
Part I 31 X
32 Did the organization sell, exchange, dispose of, or transfer more than 25% of ItS net assets? If "Yes," complete
Schedule N, Part II 32 X
33 Did the organization own 100% of an enllty disregarded as separate from the organization under Regulallons
sections 301 7701-2 and 301 7701-3? If "Yes," complete Schedule R, Part I 33 X
34 Was the organization related to any tax-exempt or taxable entity? If "Yes," complete Schedule R, Parts II,
III, IV, and V, line 1 34 X
35 Is any related organization a controlled entity within the meaning of secnon 512(b)(13)? If "Yes," complete
Schedule R, Part V, line 2 35 X
36 Section 501(c)(3) organizations. Did the orqaruzanon make any transfers to an exempt non-chantable related
organization? If "Yes," complete Schedule R, Part V, line 2 36 X
37 Did the orqarnzanon conduct more than 5% of Its activities through an entity that IS not a related organization
and that IS treated as a partnership for federal Income tax purposes? If "Yes," complete Schedule R, Part
VI 37 X Form 990 (2008)

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Page 5

Part V Statements Regarding Other IRS Filings and Tax Compliance

a Gross Income from members or shareholders b Gross Income from other sources (Do not net amounts due or paid to other sources against

amounts due or received from them) o......;.1.,;.1;;:.b.._ --i

Section 4947(a)(1) non-exempt charitable trusts. Is the organization filing Form 990 In lieu of F10rm 11041? r1;;:.2a~_--II--_

If "Yes: enter the amount of tax-exempt Interest received or accrued dunno the vear 12b

1a Enter the number reported In Box 3 of Form 1096. Annual Summary and Transmittal of U S Information Returns Enter -0- If not applicable

b Enter the number of Forms W-2G Included In line 1a Enter -0- If not applicable

1a

95

o

1b

c Old the organization comply with backup withholding rules for reportable payments to vendors and reportable

gaming (gambling) winnings to pnze winners?

2a Enter the number of employees reported on Form W-3. Transmittal of Wage and Tax Statements, filed for the calendar year ending with or within the year covered by this return

b If at least one IS reported on line 2a, did the organization file all required federal employment tax returns?

Note. If the sum of lines 1a and 2a IS greater than 250, you may be required to e-file this return (see Instructions)

3a Old the organization have unrelated busmess gross Income of $1,000 or more dunnq the year covered by thrs return?

b If "Yes," has It filed a Form 990-T for this year? If "No," provide an explanation In Schedule 0

4a At any time dunnq the calendar year, did the organization have an Interest In, or a signature or other authonty over, a financial account In a foreign country (such as a bank account, secunties account, or other flnancrat account)?

b If "Yes," enter the name of the foreign country.

See the Instructions for exceptions and filing requirements for Form TO F 90-22.1, Report of Foreign Bank and Financial Accounts

5a Was the organization a party to a prohibited tax shelter transaction at any time dunng the tax year?

b Old any taxable party notify the organization that It was or IS a party to a prohibited tax shelter transaction? c If "Yes," to question 5a or 5b, did the organization file Form 8886-T, Disclosure by Tax-Exempt Entity Regarding Prohibited Tax Shelter Transaction?

6a Old the organization sohot any contnbutions that were not tax deductible?

b If "Yes," did the organization Include With every sohcrtauon an express statement that such contnbutrons or gifts were not tax deductible?

7 Organizations that may receive deductible contributions under section 170(c).

a Old the organization provide goods or services In exchange for any quid pro quo contnbution of more than $75?

b If "Yes," did the organization notify the donor of the value of the goods or services provided?

c Old the organization sell, exchange, or otherwise dispose of tangible personal property for which It was

required to file Form 8282?

d If "Yes," indicate the number of Forms 8282 filed dunng the year

I 7d 1

e Old the organization, dunng the year, receive any funds, directly or indirectly, to pay premiums on a personal benefit contract?

f Old the organization, dunng the year, pay premiums, directly or indirectly, on a personal benefit contract? g For all contnbunons of qualified Intellectual property, did the organization file Form 8899 as required?

h For contnbutrons of cars, boats, airplanes, and other vehicles, did the organization file a Form 1098-C as required?

8 Section 501(c)(3) and other sponsoring organizations maintaining donor advised funds and section 509(a)(3) supporting organizations. Old the supporting organization, or a fund maintained by a sponsonng organization, have excess busmess holdings at any time dunng the year?

9 Section 501(c)(3) and other sponsoring organizations maintaining donor advised funds.

a Old the organization make any taxable distributions under section 4966?

b Old the organization make a drstnbution to a donor, donor advisor, or related person?

10 Section 501(c)(7) organizations. Enter.

a Initiation fees and capital contnbutrons Included on Part VIII, line 12

b Gross receipts, Included on Form 990, Part VIII, line 12, for public use of club facihnes

11 Section 501(c)(12) organizations. Enter

110a 1

10b

11a

12a b

I v~~ I .,_

X

1c X

2b X

3a

X

3b

4a

5a X
5b X
5c
6a X
6b
7a X
7b X
7c X
7e X
7f X
7a X
7h X
8 X
9a X
9b X Form 990 (2008)

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Form990(2008)NATIONAL MUSEUM OF MEXICAN ART 36-3225519 PageS

Part VI Governance, Management, and Disclosure (Sections A, B, and C request information about policies not ranulrad hv thn lntnrnal RF!VF!n1IF! Corle. \

Section A Governing Body and Mana_g_ement

For each "Yes" response to lines 2-7b below, and for a "No" response to lines 8 or 9b below, descnbe the circumstances, processes, or changes In Schedule 0 See Instructions

1a Enter the number of voting members of the governing body !--'1_.::a'-t__;;;3;._5:::...... --i

b Enter the number of voting members that are Independent L-..:1_.::b'--'-__;;;3;._4~ --i

2 Old any officer, director, trustee, or key employee have a family relationship or a business relationship with any other officer, director, trustee, or key employee?

3 Old the organization delegate control over management duties customanly performed by or under the direct

supervision of officers, directors or trustees, or key employees to a management company or other person?

4 Old the organization make any Significant changes to ItS organizational documents since the pnor Form 990 was filed?

5 Old the organization become aware dunng the year of a matenal diversion of the organization's assets?

S Does the organization have members or stockholders?

7a Does the organization have members, stockholders, or other persons who may elect one or more members of the governing body?

b Are any decrsions of the governing body subject to approval by members, stockholders, or other persons?

8 Old the organization contemporaneously document the meetings held or wntten actions undertaken dunng the year by the following

a The governing body?

b Each committee with authonty to act on behalf of the governing body? 9a Does the organization have local chapters, branches, or affiliates?

b If "Yes," does the organization have wntten pohoes and procedures governing the activities of such chapters, affiliates, and branches to ensure their operations are consistent with those of the organization?

10 Was a copy of the Form 990 provided to the organization's governing body before It was filed? All organizations must descnbe In Schedule 0 the process, If any, the organization uses to review the Form 990

11 Is there any officer, director or trustee, or key employee listed In Part VII, Section A, who cannot be reached at the oroamzatron's marlmq address? If "Yes" provide the names and addresses In Schedule 0

Yes No

2 X
3 X
4 X
5 X
S X
7a X
7b X
8a X
8b X
9a X
9b
10 X
11 X Section B Policies

Yes No
12a Does the organization have a wntten conflict of Interest policy? If "No," go to line 13 12a X
b Are officers, directors or trustees, and key employees required to disclose annually Interests that could give
nse to conflicts? 12b X
c Does the organization regularly and consistently morutor and enforce compliance with the policy? If "Yes,"
descnbe In Schedule 0 how this IS done 12c X
13 Does the organization have a wntten whistleblower policy? 13 X
14 Does the organization have a wntten document retention and destruction policy? 14 X
15 Old the process for determining compensation of the following persons Include a review and approval by
Independent persons, comparability data, and contemporaneous substantiation of the deliberation and decisron
a The organization's CEO, Executive Director, or top management official? 15a X
b Other officers or key employees of the organization? 15b X
Descnbe the process In Schedule 0 (see instructions)
1Sa Old the organization Invest In, contnbute assets to, or partrcipate In a JOint venture or Similar arrangement
with a taxable entity dunng the year? 1Sa X
b If "Yes," has the organization adopted a wntten policy or procedure requmnq the organization to evaluate
ItS partrctpanon In JOint venture arrangements under applicable federal tax law, and taken steps to safeguard
the orqamzatron's exempt status with respect to such arranqernents? 1Sb Section C. Disclosure

17 List the states with which a copy of this Form 990 IS required to be file. IL

18 Section 6104 requires an organization to make ItS Form 1023 (or 1024 If applicable), 990, and 990-T (501 (c)(3)s only) available for public Inspection Indicate how you make these available Check all that apply

o Own website ~ Another's website ~ Upon request

19 Describe In Schedule 0 whether (and If so, how), the organization makes ItS governing documents, conflict of Interest policy, and flnancial statements available to the public

20 State the name, physical address, and telephone number of the person who possesses the books and records of the

organization ~ CARLOS TORTOLERO 1852 WEST 19TH ST

CHICAGO IL 60608

312-738-1503

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Form 990 (2008)

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Form990(200B)NATIONAL MUSEUM OF MEXICAN ART 36-3225519

Page 7

Part VII Compensation of Officers, Directors, Trustees, Key Employees, Highest Compensated

1:: __ 1_- .___ __ 1_..1 .... __ • ,... __ •• _,.. ....... ~

...... t'.vrG""~! _II "",.,_ •• __ ••• __ 11.' __ • _

Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees

1a Complete this table for all persons required to be listed Use Schedule J-2 If additional space IS needed

• List all of the organization's current officers, directors, trustees (whether individuals or organizations), regardless of amount of compensation. and current key employees Enter -0- In columns (0) (E) and (F) If no compensation was paid.

• List the organization's five current highest compensated employees (other than an officer, director, trustee, or key employee) who received reportable compensation (Box 5 of Form W-2 and/or Box 7 of Form 1099-MISC) of more than $100,000 from the organization and any related organizations

• List all of the organization's former officers, key employees, and highest compensated employees who received more than $100.000 of reportable compensation from the organization and any related organizations

• List all of the organization's former directors or trustees that received, In the capacity as a former director or trustee of the organization, more than $10.000 of reportable compensation from the organization and any related organizations

List persons In the following order individual trustees or directors, institutional trustees, officers, key employees, highest compensated employees, and former such persons

Dc f dd ffi d k

heck this box I the organization I not com oensate any 0 icer, rrector, trustee, or ey ernpro, ee
(A) (8) (e) (D) (E) (F)
Name and Title Average Position (check all that apply Reportable Reportable Estimated
hours per Q~ 0 ~ "'I "T1 compensation compensation amount of
week ::;J 3c15 0 from from related other
!!! :!;
~~ S 0 -c "0:::1" 3 the organizations compensation
~ '" ~m
"'e. 3 ~ organization (W-211099-MISC) from the
Oc: 0 ",-
Q!:!!' "0
::;J 0" "'8 (W-2/1099-MISC) organization
!!!. -e 3 and related
c: '"
In 2 '" "0 organizations
~ '"
!!! ::;J
'" (I) In
'" !»
~
e.
MARTIN CAST ~O
BOARD CHAIR 4 X 0 0 0
FIDEL MARQU ~Z, JR
VICE CHAIR 1 X 0 0 0
SCOTT HODES
TREASURER 1 X 0 0 0
LILIA ALVAR ~O
SECRETARY 1 X 0 0 0
CLEOPATRA A ~EXANDER
TRUSTEE 1 X 0 0 0
ARMANDO ALM ~NDAREZ
TRUSTEE 1 X 0 0 0
CARLOS CARD ~NAS
TRUSTEE 1 X 0 0 0
RAMON CEPED ~
TRUSTEE 1 X 0 0 0
JULIE CHAVE ~
TRUSTEE 1 X 0 0 0
VINCENT COR DERO
TRUSTEE 1 X 0 0 0
DOMINIC DEL 3ADO
TRUSTEE 1 X 0 0 0
MARK DILLON
TRUSTEE 1 X 0 0 0
DOUGLAS DOE T'SCH
TRUSTEE 1 X 0 0 0
PHILIP FUEN T'ES
TRUSTEE 1 X 0 0 0
PATRICIA LA RA GARZA
TRUSTEE 1 X 0 0 0
DAVID KELSO til
TRUSTEE 1 X 0 0 0
RITA L. KNO K:
TRUSTEE 1 X 0 0 0 Form 990 (2008)

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Page 8

Part VII Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees (continued)

(A) (B) l..; (rh~~'> "lIth"t "~~I~'~ (D) (E) I (F)
Name ana title Average r"O_ .... _ ... ,_ " _____ t..I_ c: ... + .......... to",
• '\,;;; ... .IVIlClVl1I;;O ....... ,.. ..... ~ ............
hours per Qg_ :::> 0 " (1):1: "TI compensation compensatIOn amount of
~ :li (I) 3<l3 0 from
week ~~ ~ 0 '< "':::T 3 from related other
~ (I) ~~
(l)e. 3 ~ the organizations compensation
Uc: i5 '" mg
0'" :::> organization (W-2/1099-MISC) from the
~- e!. 0"
2 -c 3 (W-2/1099-MISC) organization
* (I) "0
c: (I) (I) ana related
'" :::>
(I) m '" organizations
(I) Q)
l[
GREGORY MOJ rCA
TRUSTEE 1 X 0 0 0
CARLOS X. M :>NTOYA
TRUSTEE 1 X 0 0 0
NORA MORENO CARGIE
TRUSTEE 1 X 0 0 0
RAYMOND MOT ~
TRUSTEE 1 X 0 0 0
CLARE MUNAN ~
TRUSTEE 1 X 0 0 0
SALLY NIETO
TRUSTEE 1 X 0 0 0
MIGUEL NOYO L..A
TRUSTEE 1 X 0 0 0
ROBERT ONTI \TEROS
TRUSTEE 1 X 0 0 0
DIANA PALOM !\R SCOTT
TRUSTEE 1 X 0 0 0
PATRICIA PU ..,IDO-SANCHEZ
TRUSTEE 1 X 0 0 0
VONITA REES ::::ER
TRUSTEE 1 X 0 0 0
JESSIE H. R OIZ
TRUSTEE 1 X 0 0 0
VALERIE A. SMITH
TRUSTEE 1 X 0 0 0
1b Total ~ 402,500 2 Total number of Individuals (including those In 1a) who received more than $100,000 In reportable compensation from the

~ 3

orqaruzatron
Yes No
3 Old the organization list any former officer, director or trustee, key employee, or highest compensated
employee on line 'la? If "Yes," complete Schedule J for such Individual 3 X
4 For any Individual listed on line 1a, IS the sum of reportable compensation and other compensation from
the orqamzanon and related organizations greater than $150,000? If "Yes," complete Schedule J for such
individual 4 X
5 Old any person listed on line 1a receive or accrue compensal1on from any unrelated organization for
services rendered to the organization? If "Yes" complete Schedule J for such person 5 X Section B. Independent Contractors

1 Complete this table for your five highest compensated Independent contractors that received more than $100,000 of

compensation from the oroaruzanon
(A) (S) (e)
Name and busmess address Oescnohon of services CompensaltOn

2 Total number of Independent contractors (Including those In 1) who received more than $100,000 In
compensation from the orcaruzanon ~ 0
OM Form 990 (2008 Pg 14


36-3225519

Page 9

Part VIIJ. Statement of Revenue

(A)

(B)

(C)

(D)

- - --- - - - - - - - -~ -- ---_- ------ IUldllt:=Vt;:'IIUt: r\t:=ldlt:U UI Unrelated rsevenue
exempt business excluded from tax
function revenue under sections
revenue 512 513 or 514
-- 1a Federated campaigns 1a
cc
"'~
"0 b Membership dues 1b
~E
III", C Fundrarsmq events 1c
.t: ..
'6l!!! d Related organizations 1d
1I;:e e Government grants (contnbullons) 1e 2,056,130
c·-
0111
.- .. f All other conmbunons, gifts. grants.
-QI
~.c and similar amounts not Included abo e 1f 1,484,232
..Q-
"i: 0
'E" 9 Noncash contnbuuons Included In lines t 3011 $
oc
0"' h Total. Add lines 1a-H ~ 3,540,362
:::::I Busn. Code
c
QI 355,002 355,002
> 2a PROGRAM FEES
QI
0:: b MUSEUM MEMBERSHIPS 14,656 14,656
QI
u
.~ C
QI d
V'l
E e
"'
a, f All other program service revenue
e
0.. a Total. Add lines 2a-2f ~ 369,658
3 Investment Income (mcludinq dividends. Interest, and
other similar amounts) ~ 41,863 41,863
4 Income from Investment of tax-exempt bond proceectJ
5 Royalties ~
(I) Real (II) Personal
6a Gross Rents
b Less rental exps 1
c Rental me or (loss -
d Net rental Income or (loss) ~
7a Gross amount fran (I) Secunties (II) Other
sales of assets
other than mvento
b Less cost or other
baSIS & sales exps
c Gain or (loss
d Net gain or (loss) ~
8a Gross Income from fundraismq events
QI (not including $
~
C
QI of contributions reported on line 1 c)
>
QI See Part IV, line 18 399,315
0:: a
lii b Less direct expenses b 139,950
s:
- Net Income or (loss) from fundraismo events ~ 259,365 259,365
0 c
9a Gross tncome from gaming acnvmes
See Part IV, line 19 a
b Less direct expenses b
c Net Income or (loss) from gaming activities ~
10a Gross sales of Inventory, less
returns and allowances a 304,868
b Less cost of goods sold b 302,319
c Net Income or (loss) from sales of Inventory ~ 2,549 2,549
Miscellaneous Revenue Busn Code
-
11a
b
c
d All other revenue
e Total. Add lines 11a-11d ~
12 Total Revenue. Add lines 1h, 2g, 3, 4, 5, 6d, 7d, 8c,
9c 10c and 11e ~ 4,213,797 2,549 0 670,886 Form 990 (2008)

OM

Pg 15


36-3225519

Page 10

Part IX Statement of Functional Expenses

Section 501 (c)(3) and 501 (c)(4) organizations must complete all columns.

All nthAr nraani"atinn~ must comolete column IAI but are not reouired to comolete columns 181. Ie\. and 10\.

-
Do not include amounts reported on lines 6b, ~A) (8) (C) Funj~1slng
Total expenses Program service Management and
7b 8b 9b and 10b of Part VIII. expenses general expenses expenses
1 Grants and other assistance to governments and
org8n1Z8tlon5 In thE' U S SE'P Part IV, line 21
2 Grants and other assistance to Individuals In
the U S See Part IV, line 22
3 Grants and other assistance to government~
organizations, and Individuals outside the
U S See Part IV, lines 15 and 16
4 Benefits paid to or for members
5 Compensation of current officers, directors,
trustees, and key employees 402,500 189 275 89.500 123,725
6 Compensation not Included above, to disqualified
persons (as defined under section 4958(f)( 1)) and
persons descnbed In section 4958(c)(3)(8)
7 Other salaries and wages 1,820,361 1.448.152 194.357 177,852
8 Pension plan contributions (Include section 401 (k)
and section 403(b) employer contnbutons] 64.198 38.237 16.326 9,635
9 Other employee benefits 232.575 183.157 26.817 22,601
10 Payroll taxes 168.931 122.653 20.604 25,674
11 Fees for services (non-employees)
a Management
b Legal
c Accounting
d Lobbymq
e Professional fundraismq services See Part IV, line 7
f Investment management fees
g Other 10,377 5.024 2,338 3,015
12 Advertrsinq and promotion
13 Office expenses 118,293 75,155 28,677 14,_ 461
14 Information technology
15 Royalties
16 Occupancy 157.188 143.961 9.158 4,069
17 Travel 24.499 13.155 8.611 2,733
18 Payments of travel or entertainment expens s
for any federal, state, or local public officrals
19 Conferences, conventions, and meetings 51,462 20.068 23,784 7,610
20 Interest 123,601 44.531 79,070
21 Payments to affiliates
22 Depreciation, depletion, and amortization 452,027 317.690 75,464 58,873
23 Insurance 48,530 42.695 3,559 2,276

24 Other expenses Itemize expenses not
covered above (Expenses grouped togethe
and labeled miscellaneous may not exceed
5% of total expenses shown on line 25 belov ' )
a EXHIBITS 1,173,487 1,173,487
b REPAIRS AND MAINTENANCE 98,729 71,493 24,750 2,486
c OTHER EXPENSES 31,067 14,463 16,289 315
d OTHER PROFESSIONAL FEES 24,000 18,095 3.065 2,840
e INTERNET FEES 16,041 11.570 3.040 1 431
f All other expenses -126.948 -151.125 14.351 9 826
25 Total functional exoenses. Add lines 1 throuqh 2 f 4.890.918 3,781.736 639.760 469 422
26 Joint Costs. Check here ~ D If following
SOP 98-2 Complete thrs line only If the
organization reported In column (B) JOint cos s
from a combined educational campaign and
fundraismq sohcrtation DM

Form 990 (2008)


36-3225519

Pg 16

Page 11

Part X Balance Sheet

(B)

(A)

c ""' f ~',...""'r

....... ::1 :::J - J .......

~nn nfv,::l::u

2

6,859,248
10,347,758
Yes No
2a X
2b X
2c X
3a X
3b
Form 990 (2008) 1 Cash-non-Interest bearing

2 Savings and temporary cash Investments 3 Pledges and grants receivable, net

4 Accounts receivable, net

5 Receivables from current and former officers, directors, trustees, key employees, or other related parties Complete Part II of Schedule L

6 Receivables from other disqualified persons (as defined under section 4958(f)(1» and persons described In section 4958(c)(3)(B) Complete Part II of Schedule L

.sa 7 Notes and loans receivable, net

:g 8 Inventories for sale or use

I/)

<C 9 Prepaid expenses and deferred charges

10a Land. buildmqs. and equipment cost baSIS b Less' accumulated deprecration Complete Part VI of Schedule D

10a

12,744,705

4 600,215

304,566

10b

11 Investments-publicly traded securities

12 Investments-other securities. See Part IV, line 11 13 Investments-program-related See Part IV, line 11 14 Intangible assets

15 Other assets See Part IV, line 11

16 Total assets. Add lines 1 through 15 (must equal line 34)

17 Accounts payable and accrued expenses 18 Grants payable

19 Deferred revenue

I/) 20 Tax-exempt bond liabilities

Q) 21 Escrow account liability Complete Part IV of Schedule D

E

22

:c

(II

:J

Payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified persons. Complete Part II of Schedule L

23 Secured mortgages and notes payable to unrelated third parties

24 Unsecured notes and loans payable

25 Other liabilities Complete Part X of Schedule D 26 Total liabilities. Add lines 17 throuqh 25

571,075 1

105,869

1,738,874 3

1,422,564

4

5

6

7

186,433 8

207,766 9

184,242

186,027

8 , 144 , 0 8 5 10c

406,668 11

8,144,490

12

13

14

548 15

11 255,449 16

501,360 17

10,347,758

358,875

18

7 , 500 19

20,000

20

21

22

3 , 003 , 22 7 23

3,109,635

24

25

3 512,087 26

3,488,510

Q) (,) r:::

~

(II 27

m

't' 28

r::: 29 ::l

LL

Organizations that follow SFAS 117, check he~ ~ and complete lines 27 through 29, and lines 33 and 34.

..

o

Unrestricted net assets Temporarily restricted net assets Permanently restricted net assets

Organizations that do not follow SFAS 117, check hEte 0 and complete lines 30 through 34.

~ 30 Capital stock or trust pnncipal, or current funds

I/) 31 Paid-In or capital surplus, or land, butldmq, or equipment fund I/)

<C 32 Retained earnings, endowment, accumulated Income, or other funds

Q) 33 Total net assets or fund balances

Z 34 Total liabilities and net assets/fund balances

5,554 893 27

5,245,679

2 , 18 8 , 4 6 9 28

1,613,569

29

30

31

32

7 , 7 4 3 , 3 62 33

11 ,2 5 5 , 44 9 34

Financial Statements and Reportina

Part XI

1 Accounting method used to prepare the Form 990 0 Cash I!I Accrual 0 Other

2a Were the organization's financial statements compiled or reviewed by an Independent accountant? b Were the organization's financral statements audited by an Independent accountant?

c If "Yes" to lines 2a or 2b, does the organization have a committee that assumes responsibility for oversiqht of the audit, review, or compilation of ItS financial statements and selection of an Independent accountant?

3a As a result of a federal award, was the organization required to undergo an audit or audits as set forth In

the Single Audit Act and OMB Circular A-133?

b If "Yes," did the orcamzanon undergo the required audit or audits?

OAA

Pg 17

Department of the Treasury Internal Revenue Service

Public Charity Status and Public Support

To be completed by all section 501(c)(3) oraanizations and section 4947lall11 nonexempt charitable trusts.

~ Attach to Form 990 or Form 990-EZ. ~ See separate instructions.

2008

SCHEDULE A (Form 990 or 990-EZ)

OMB No 1545-0047

Open to Public Ins ecnon

Name of the organization NATIONAL MUSEUM OF MEXICAN ART Employer identification number

FKA MEXICAN FINE ARTS CENTER MUSEUM 36-3225519

Part I Reason for Public Charity Status (All organizations must complete this part.) (see instructions)

The o~anlzatlon IS not a pnvate foundation because It IS (Please check only one organization)

1 A church, convention of churches, or association of churches described In section 170(b)(1)(A)(i).

2 A school descnbed In section 170(b)(1)(A)(ii). (Attach Schedule E )

3 A hospital or a cooperative hospital service organization descnbed In section 170(b)(1)(A)(iii). (Attach Schedule H)

4 A medical research organization operated In conjunction with a hospital descnbed In section 170(b)(1)(A)(iii). Enter the hospital's name.

City. and state

5 0 An organization operated for the benefit of a college or university owned or operated by a governmental Unit descnbed In section 170(b)(1)(A)(iv). (Complete Part II )

A federal, state, or local government or governmental Unit described In section 170(b)(1)(A)(v).

An organization that normally receives a substantial part of ItS support from a governmental unit or from the general public descnbed In section 170(b)(1)(A)(vi). (Complete Part II )

A community trust descnbed In section 170(b)(1)(A)(vi). (Complete Part II )

An organization that normally receives. (1) more than 33 1/3 % of ItS support from contnbuuons, membership fees, and gross receipts from acnvines related to ItS exempt funcnons-xsubject to certain exceptions, and (2) no more than 33 1/3 % of ItS

support from gross Investment Income and unrelated business taxable Income (less section 511 tax) from businesses acquired by the organization after June 30, 1975. See section 509(a)(2). (Complete Part III)

10 0 An organization organized and operated exclusively to test for public safety See section 509(a)(4). (see Instructions)

11 0 An organization organized and operated exclusively for the benefit of, to perform the functions of, or to carry out the purposes of one or more publicly supported organizations descnbed In section 509(a)(1) or section 509(a)(2) See section 509(a)(3). Check the box that describes the type of supporting organization and complete lines 11 e through 11 h

a D Type I b 0 Type II c 0 Type III-Functionally Integrated d 0 Type III-Other

e 0 By checking thrs box, I certify that the organization IS not controlled directly or indirectly by one or more disqualified persons other than foundation managers and other than one or more publicly supported organizations descnbed In section 509(a)(1) or section 509(a)(2)

If the organization received a wntten determination from the IRS that It IS a Type I, Type II, or Type III supporting organization, check thrs box

Since August 17, 2006, has the organization accepted any gift or contnbution from any of the followmq persons?

(i) A person who directly or Indirectly controls, either alone or together with persons descnbed In (II)

D

9

and (III) below, the governing body of the supported organization? (ii) A family member of a person descnbed In (I) above?

(iii) A 35% controlled entity of a person descnbed In (I) or (II) above?

h Provide the followmq Information about the organizations the organization supports

Yes No
11g(l)
11g(lI)
11g(III (I) Name of supported (ii) EIN (iii) Type of orqaruzatron (IV) Is Ihe organization (v) Did you notify (VI) Is the (vii) Amount of
organization (described on lines 1-9 In col (I) listed In your the organization In prqamzanon In col support
above or IRe section governing document? col (I) of your I) organized In the
(see instructions» support? US?
Yes No Yes No Yes No

Total For Privacy Act and Paperwork Reduction Act Notice, see the Instructions for Form 990.

Schedule A (Form 990 or 990-EZ) 2008

DAA

Pg 18

Schedule A (Form 990 or 990-EZ) 2008 NATIONAL MUSEUM OF MEXICAN ART 36 - 3225519 Page 2

Part II Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi)

(("nr"nnl,,+n 1"\",,1\1 if '''''''11 ,..h"" ..... ""rI +hl':'\ hn_ 1""\."'" Ii""" t: 7 nr 0 _oF D_r+ I \

~ __ IIIt::._ .. - _1111: I. 1-- _1. __ .'_- ........ __ I ... _ •• '11'''''-1 I I _ ..... _" I _." •• ,
Section A. Public Support
Calendar year (or fiscal year beginning in) ~ (a) 2004 (b) 2005 (e) 2006 (d) 2007 (e) 2008 (f) Total
1 Gifts, grants, contributions, and
membership fees received (Do not
Include any "unusual grants ") 4,004,957 4,054,492 3,967,802 4,356,344 3,564,527 19,948,122
2 Tax revenues levied for the organization's
benefit and either paid to or expended on
Its behalf
3 The value of services or facihnes
furnished by a governmental unit to the
organization without charge
4 Total. Add lines 1-3 4,004,957 4,054,492 3,967,802 4,356,344 3,564,527 19,948,122
5 The portion of total contributions by each
person (other than a governmental Unit or
publicly supported organization) Included
on line 1 that exceeds 2% of the amount
shown on line 11, column (n -- - - - - -
6 Public support. Subtract line 5 from line 4 19,948,122
Section B. Total Support
Calendar year (or fiscal year beginning in) ~ (a) 2004 (b) 2005 (e) 2006 (d) 2007 (e) 2008 (f) Total
7 Amounts from line 4 4,004,957 4,054,492 3,967,802 4,356,344 3,564,527 19,948,122
S Gross Income from Interest, dividends,
payments received on secunties loans,
rents, royalties and Income from Similar 33,564 26,279 58,570 43,380 41,863 203,656
sources
9 Net Income from unrelated business
activities, whether or not the business IS
regularly earned on
10 Other Income Do not Include gain or
loss from the sale of capital assets
(Explain In Part IV )
11 Total support. Add lines 7 through 10 20,151,778
12 Gross receipts from related activities, etc (see Instructions) I 12 3,816,642 13 First five years. If the Form 990 IS for the organization's first, second, third, fourth, or fifth tax year as a section 501(c)(3) organization, check this box and stop here

14 Public support percentage for 2008 (line 6, column (f) divrded by line 11, column (f»

15 Public support percentage from 2007 Schedule A, Part IV-A, line 26f

16a 33 1/3 % support test-200S. If the organization did not check the box on line 13, and line 14 IS 33 1/3 % or more, check this box and stop here. The organization qualifies as a publicly supported organization

b 33113 % support test-2007. If the organization did not check a box on line 13 or 16a, and line 15 IS 331/3 % or more, check this box and stop here. The organization qualifies as a publicly supported organization

17a 10%-faets-and-circumstances test-200S. If the organization did not check a box on line 13, 16a, or 16b, and line 14 IS 10% or more, and If the organization meets the "facts-and-circumstances" test, check this box and stop here. Explain In Part IV how the organization meets the "facts-and-crrcurnstances" test The organization qualifies as a publicly supported organization

b 1 O%-facts-and-eireumstanees test-2007. If the organization did not check a box on line 13, 16a, 16b, or 17a, and line 15 IS 10% or more, and If the organization meets the "facts-and-circumstances" test, check this box and stop here. Explain In Part IV how the organization meets the "facts-and-circumstances" test The organization qualifies as a publicly supported organization

1S Private foundation. If the organization did not check a box on line 13, 16a, 16b, 17a, or 17b, check this box and see instructions

~ 0
98.9894 %
99.1466 %
~ ~
~ 0 Section C. Computation of Public Su ort Percenta e

:8


DAA

Pg 19

Schedule A (Form 990 or 990-EZl 2008 NATIONAL MUSEUM OF MEXICAN ART

36-3225519

Page 3

Part III Support Schedule for Organizations Described in Section 509(a)(2) rr.nmnlptp nnlv if vrru r.hF!r.kF!rI thF! hnv nn linp Q nf P::Irt I \

..
Section A. Public Support
Calendar year (or fiscal year beginning in) ~ la) 2004 (b) 2005 (c) 2006 (d) 2007 (e) 2008 (f) Total
1 Gifts, grants, contributions, and
membership fees received. (Do not Include
any 'unusual grants ")
2 Gross receipts from adrmssions, merchandise
sold or services performed, or faolmes
furnished In any activity that IS related to the
organization's tax-exempt purpose
3 Gross receipts from activities that are not an
unrelated trade or busness under section 513
4 Tax revenues tevied for the organization's
benefit and either paid to or expended on
ItS behalf
5 The value of services or facilities
furnished by a governmental Unit to the
orqaruzanon without charge
6 Total. Add lines 1-5
7a Amounts Included on lines 1, 2, and 3
received from disqualified persons
b Amounts Included on lines 2 and 3
received from other than disqualified
persons that exceed the greater of 1 % 0
the total of lines 9, 10c, 11, and 12 for
the year or $5,000
c Add lines 7a and 7b
8 Public support (Subtract line 7c from
line 6)
action ota upport
Calendar year (or fiscal year beginning in) ~ (a) 2004 (b) 2005 (c) 2006 (d) 2007 (e) 2008 (f) Total
9 Amounts from line 6
10a Gross Income from Interest, dividends,
payments received on secunties loans,
rents, royalties and Income from Similar
sources
b Unrelated busmess taxable Income (Ies
section 511 taxes) from businesses
acquired after June 30,1975
11 Net Income from unrelated business
activities not Included In line 10b,
whether or not the business IS regularly
earned on
12 Other Income Do not Include gain or
loss from the sale of capital assets
(Explain In Part IV )
13 Total support. (Add lines 9, 10c, 11,
and 12 ) S

B T

IS

14 First five years. If the Form 990 IS for the organization's first, second, third, fourth, or fifth tax year as a section 501(c)(3) orqaruzauon, check this box and stop here

%

Section C. Com utation of Public Su ort Percenta e

15 Public support percentage for 2008 (line 8, column (f) divided by line 13, column (f))

16 Public su ort ercenta e from 2007 Schedule A, Part IV-A, line 27

%

17 Investment Income percentage for 2008 (line 10c, column (f) divided by line 13, column (f))

18 Investment Income percentage from 2007 Schedule A, Part IV-A, line 27h

19a 33113 % support tests-2008. If the organization did not check the box on line 14, and line 15 IS more than 33 1/3 %, and line

17 IS not more than 33 1/3 %, check thrs box and stop here. The organization qualifies as a publicly supported organization

b 33113 % support tests-2007. If the organization did not check a box on line 14 or line 19a, and line 16 IS more than 33 1/3%, and

line 18 IS not more than 33 1/3 %, check thrs box and stop here. The organization qualifies as a publicly supported organization ~

20 Private foundation. If the or anlzallon did not check a box on line 14 19a or 19b, check thiS box and see instructions ~

OAA Schedule A (Form 990 or 990-EZ) 2008

%

%

Pg 20

ScheduleA(Form990or990-EZ)200aNATIONAL MUSEUM OF MEXICAN ART 36-3225519 Page 4

Part IV Supplemental Information. Complete this part to provide the explanation required by Part II, line 10; Part II. line 17a or 17b: or Part III. lina 12_ Prnvirlp. ::.nv nth~r ::.rlrlitinn::.1 inf0rm:::lti0n (~pp in~!r"t.::!i0,"!S\


OAA

• • • • • • • • • • • • • • • •

• • • • • • • • • • • • • • •

•

National Museum of Mexican Art

Notes to Financial Statements

Years Ended June 30, 2009 and 2008

Note 2 - Summary of Significant Accounting Policies (Continued) Cash and Cash Equivalents

Cash and cash equivalents consist of cash on hand, cash in banks and short-term highly liquid investments, which are readily convertible into cash within ninety days of purchase. The Museum maintains its cash and cash equivalents primarily in Bank of America accounts, which at times may exceed federally insured limits. The Museum believes it is not exposed to any significant credit risk on cash and cash equivalents.

Public Support and Revenue Recognition

Public support and revenues are reported as increases in unrestricted net assets unless use of the related assets is limited by donor-imposed restrictions. Expenses are reported as decreases in unrestricted net assets. Gains and losses on investments and other assets or liabilities are reported as increases or decreases in unrestricted net assets unless explicit donor stipulation or law restricts their use. Expiration of temporary restrictions on net assets (i.e., the donor-stipulated purpose has been fulfilled or the stipulated time period has elapsed) is reported as reclassifications between applicable classes of net assets.

Contributions, including unconditional promises to give and governmental grants, are recorded when a commitment is received from the donor. All contributions are available for unrestricted use unless specifically restricted by the donor. Conditional promises to give are recognized when the conditions in which they depend are substantially met. Unconditional promises to give due in the next year are recorded at their net realizable value. Unconditional promises to give due in subsequent years are reported at the fair value of their net realizable value, using rates applicable to the years in which the promises are to be received. Amortization of the discount to fair value is included in contribution revenue. Promises to give noncash assets are recorded at their fair value.

The Museum receives support

_ This support is recorded by the

Museum when known, which is approximately 18 months after the assessment period. The amount of such support was $1,299,282 and $1,361,930 for the years ended June 30, 2009 and 2008, respectively. In addition, from time-to-time, provides support for specific capital projects. The Museum considers such nonrecurring support as nonoperating revenue.

Investments

Investments are carried at fair value based on quoted market prices. Contributions of investments are recorded at fair value as of the date of the gift. Unrealized and realized gains and losses are included in the statement of activities and are computed using the specific recorded cost of each security.

The Museum's investments are exposed to various risks such as interest rate, credit and overall market volatility. Due to these risk factors, it is reasonably possible that changes in the value of the investments will occur in the near term and that such changes could materially affect the amounts reported in the financial statements.

-12 -

Pg 25

SCHEDULE D (Form 990)

Supplemental Financial Statements

OMB No 1545-<l047

2008

r""Oo ..... " _'.L _ ..... _

,"",0;;;,,",01"110;;;;'1\"'" \II'C I I 'Co..,u, ,

Internal Revenue Service

..... ttach to Form 990. To be comnleted bv oraanizations that answered "Yes," to Form 990, Part IV, line 6, 7, 8, 9,10,11, or 12.

Name of the organization Employer identification number

NATIONAL MUSEUM OF MEXICAN ART


Part I Organizations Maintaining Donor Advised Funds or Other Similar Funds or Accounts. Complete if the organization answered "Yes" to Form 990, Part IV, line 6.

(a) Donor advised funds (b) Funds and other accounts
1 Total number at end of year
2 Aggregate contributions to (during year)
3 Aggregate grants from (during year)
4 Aggregate value at end of year 5 Old the organization Inform all donors and donor advisors In writing that the assets held In donor advised funds are the organization's property, subject to the organization's exclusive legal control?

6 Old the organization Inform all grantees, donors. and donor advisors In writing that grant funds may be

used only for charitable purposes and not for the benefit of the donor or donor advisor or other

Impermissible private benefit? 0 Yes 0 No

DYes

o No

, Part II Conservation Easements. Complete If the organization answered "Yes" to Form 9901 Part IV, line 7.

Purpose(s) of conservation easements held by the organization (check all that apply)

§ Preservation of land for public use (e g . recreation or pleasure) 0 Preservation of an historically Important land area

Protection of natural habitat 0 Preservation of certified hrstonc structure

Preservation of open space

2 Complete lines 2a-2d If the organization held a qualified conservation contribution In the form of a conservation easement on the last day of the tax year

a Total number of conservation easements

b Total acreage restricted by conservation easements

c Number of conservation easements on a certified histone structure Included In (a) d Number of conservation easements Included In (c) acquired after 8/17/06

Held at the End of the Year
2a
2b
2c
2d 3 Number of conservation easements modified. transferred. released. exunqurshed, or terminated by the organization durmq the taxable year ~ _ _ _ _ _

4 Number of states where property subject to conservation easement IS locate~ _ _ _ _ _

5 Does the organization have a written policy regarding the penodrc morutonnq, Inspection. Violations. and

enforcement of the conservation easements It holds?

DYes

o No

6 Staff or volunteer hours devoted to morutonnq. inspecting. and enforcmq easements dunnq the yiPs!.... 7 Amount of expenses Incurred In momtonnq, inspecting. and enforcmq easements dUring the ~r$ _ 8 Does each conservation easement reported on line 2(d) above satisfy the requirements of section

170(h)(4)(8)(I) and section 170(h)(4)(8)(II)?

9 In Part XIV. descnbe how the organization reports conservation easements In ItS revenue and expense statement. and balance sheet. and Include. If applicable. the text of the footnote to the orqaruzation's financial statements that descnbes the organization's accounting for conservation easements

DYes

o No

Part III I Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets.

Complete if the organization answered "Yes" to Form 990, Part IV, line 8.

1a If the organization elected. as permitted under SFAS 116. not to report In ItS revenue statement and balance sheet works of art. historical treasures. or other Similar assets held for public exhibition. education. or research In furtherance of public service. provide. In Part XIV. the text of the footnote to ItS financial statements that descnbes these Items

b If the organization elected. as permitted under SFAS 116. to report In ItS revenue statement and balance sheet works of art. historical treasures, or other Similar assets held for public exhibition. education. or research In furtherance of public service, provide the follOWing amounts relating to these Items:

(i) Revenues Included In Form 990. Part VIII, line 1 (ii) Assets Included In Form 990, Part X

~ $ ~ $

2 If the organization received or held works of art. historical treasures, or other Similar assets for financial gain, provide the followmq amounts required to be reported under SFAS 116 relating to these Items

a Revenues Included In Form 990. Part VIII. line 1 b Assets Included In Form 990. Part X

~ $ ~ $

For Privacy Act and Paperwork Reduction Act Notice, see the Instructions for Form 990. DM

Schedule 0 (Form 990) 2008

Pg 26

ScheduleD(Form990)2008 NATIONAL MUSEUM OF MEXICAN ART 36-3225519 Page 2

Part III Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets (continued)

3 Usmq the oroarnzanon's accession and other records check ::my of thp follnwin~ th"t "", " C::I~nlfi('''nt '_'~t> "f It" ~"I1~':!'"n

Items (check all that apply)

a ; Public exhibition

b X Scholarly research

c X Preservation for future generations

d ~ Loan or exchange programs e D Other _ _ _ _ _ _

4 Provide a descnpnon of the orqamzation's collections and explain how they further the organization's exempt purpose In Part XIV

5 Dunng the year, did the organization sohot or receive donations of art, rustoncal treasures, or other similar D ~

assets to be sold to raise funds rather than to be maintained as part of the organization's collection? Yes ~ No

Part IV Trust, Escrow and Custodial Arrangements. Complete if organization answered "Yes" to Form 990, Part IV, line 9, or reported an amount on Form 990, Part X, line 21.

1a Is the organization an agent, trustee, custodian or other Intermediary for contnbutrons or other assets not Included on Form 990, Part X?

b If "Yes," explain the arrangement In Part XIV and complete the followmq table

DYes

~o

c Beginning balance

d Additions dunng the year

e Distnbunons dunng the year f Ending balance

2a Did the organization Include an amount on Form 990, Part X, line 21?

b If "Yes" explain the arrangement In Part XIV

Amount
1c
1d
1e
1f
U Yes UNO Part V Endowment Funds. Complete if orqanization answered "Yes" to Form 990, Part IV, line 10.
(a) Current year (b) Prior year (c) Two years back (d) Three years back (e) Four years back
1a Beginning of year balance
b Contnbunons
c Investment earnings or losses ,
d Grants or scholarships
e Other expenditures for facilities
and programs
f Administrative expenses
9 End of year balance 2 Provide the estimated percentage of the year end balance held as a Board desiqnated or quasi-endowments- _ _ _ _ %

b Permanent endowment ~ %

c Term endowment ~ _ _ _ _ %

3a Are there endowment funds not In the possession of the organization that are held and administered for the organization by.

(i) unrelated organizations (ii) related organizations

b If "Yes" to 3a(II), are the related organizations listed as required on Schedule R? 4 Describe In Part XIV the Intended uses of the organization's endowment funds

Yes No
3a(i)
3a(iP
3b P VI I S F

P

XI

art nvestments-Land Buildinas. and Eauipment. ee orm 990 art ine 10.
Descnptron of Investment (a) Cost or other baSIS (b) Cost or other (c) Depreciation (d) Book value
(Investment) baSIS (other)
1a Land 147.925 147,925
b BUildings 7.796.407 2.216.049 5,580,358
c Leasehold Improvements 3.431.272 1.245.970 2,185,302
d Equipment 1. 342.629 1.111.724 230,905
e Other 26.472 26.472
Total. Add lines 1a-1e (Column (d) should equal Form 990, Part X, column (B), line 10(c» ~ 8,144_L490 Schedule 0 (Form 990) 2008

DAA

Pg 27

Schedule 0 (Form 990) 2008 NATIONAL MUSEUM OF MEXICAN ART 36 -3225519

Part VII' Investments-Other Securities. See Form 990, Part X, line 12.

Page 3

(a) Description of secuntv or cateoorv I Ibl Book value I Icl Method of valuatIOn

(including name of security) Cost or end-of-year market value
Financial derivatives and other financial products
Closely-held equity Interests
Other - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - - -

Total. (Column (b) should equal Form 990, Part X, col (8) line 12 ) •
Part VIII' Investments-Program Related. See Form 990, Part X, line 13.
(a) Descnption of Investment type (b) Book value (e) Method of valuation
Cost or end-of-year market value

Total (Column (b) should equal Form 990, Part X, col (8) line 13 ) • Part IX

Other Assets See Form 990 Part X line 15

, ,
(a) Descnption (b) Book value

Total. (Column (b) should equal Form 990, Part X, col (8) line 15 ) •
... Part X

Other Liabilities See Form 990 Part X line 25

, ,
(a) Descnptron of liability (b) Amount
Federal Income taxes

Total. (Column (b) should equal Form 990, Part X, col (8) line 25 ) • In Part XIV, provide the text of the footnote to the organization's flnancial statements that reports the organization's liability for uncertain tax positions under FIN 48


DAA

ScheduleD(Form990)2008 NATIONAL MUSEUM OF MEXICAN ART 36-3225519

Pg 28

Page 4

1

I 1

4_?1~ 7Q7

Part XI Reconciliation of Change in Net Assets from Form 990 to Financial Statements

2 Total expenses (Form 990, Part IX, column (A), line 25) 3 Excess or (deficit) for the year Subtract line 2 from line 1 4 Net unrealized gains (losses) on Investments

5 Donated services and use of facihties

6 Investment expenses

7 Prior period adjustments

8 Other (Describe In Part XIV)

9 Total adjustments (net) Add lines 4-8

10 Excess or (deficrt) for the vear oer financial statements. Combine lines 3 and 9

2

-884,114

4 890,918

3

-677,121

4

-110,214

5

6

7

8

-96,779

9

-206,993

Part XII Reconciliation of Revenue per Audited Financial Statements With Revenue ner Return

10

1 Total revenue, gains, and other support per audited financial statements 2 Amounts Included on line 1 but not on Form 990, Part VIII, line 12

1
-110,214
47,700
2e
3
-165 864
4c
5 4,317,147

2a

a Net unrealized gains on Investments b Donated services and use of facilities c Recoveries of prior year grants

d Other (Describe In Part XIV)

e Add lines 2a through 2d

3 Subtract line 2e from line 1

4 Amounts Included on Form 990, Part VIII, line 12, but not on line 1: a Investment expenses not Included on Form 990, Part VIII, line 7b

b Other (Describe In Part XIV)


5 Total revenue Add lines 3 and 4c. (ThiS should eaual Form 990 Part 1 line 12 )

2b

2c

2d

4,379,661

-62,514

4a

4b

Part XIII Reconciliation of Expenses per Audited Financial Statements With Expenses per Return

-165,864

4,213,797

a Donated services and use of facthues b Prior year adjustments

c Losses reported on Form 990, Part IX, line 25 d Other (Describe In Part XIV)

e Add lines 2a through 2d

3 Subtract line 2e from line 1

4 Amounts Included on Form 990, Part IX, line 25, but not on line 1: a Investment expenses not Included on Form 990, Part VIII, line 7b b Other (Descnbe In Part XIV)

2e

4,890 918

2a

47,700

1 Total expenses and losses per audited financial statements 1 5, 201, 261

2 Amounts Included on line 1 but not on Form 990, Part IX, line 25

2b

96,779

3

5,056,782

2c

2d

144,479

4a

-165,864

5

4b


5 Total expenses Add lines 3 and 4c. (Thrs should equal Form 990 Part I line 18 )

4c

-165,864

Part XIV Supplemental Information

Complete this part to provide the descnptions required for Part II, lines 3,5, and 9, Part III, lines 1a and 4, Part IV, lines 1b and 2b, Part V, line 4, Part X, Part XI, line 8, Part XII, lines 2d and 4b, and Part XIII, lines 2d and 4b

_PEr~ ..J~I L- ki!!.e_l~ .: .1'Eg"~S _fQ_r_NQt_R~p..p~:lng_ ~s.§.e.!:s_P~r_ ~~S _1!_6 _

_ T_BE_l1Y~E~~S_CQLbE~T_1:0_N~ ~~ ~E_UJ> _9F_ &~RQ.X!.~T~L.¥ _§ ,_5Q_0 _ART_O~J~C.1'S _

_ T_BA.1' _Ali..E _H~L~ ~O.B ]:DjJ~o:r_IQ_N~LL ~E~E~~H_J _SQ_I~NTI~I~ ~ _CtL~TQ.R!'Ab _

_ P11RJ>O_P~!.... _E~C!! gF_ TjlE_ ~TliM§_ !,S_C.bT¥_9~~ _PB.E~E~V~D...L ~ _C~~D_F.QR...L ~ _A~T_1:V..Jo:r_IliS _V~R!FXI!lG_ T.1I~IIi ~X!.S!E~C]: ~ _A~S~S~I!!G_ T_BE_1:~ q_0liD!.T!.0N ~]:

_P]:R..!O_~12.. Q.O~T!NQ011S_!'Y~ _

DAA

Schedule D (Form 990) 2008

Schedule D (Form 990) 2008 NATIONAL MUSEUM OF MEXICAN ART

36-3225519

Page 5

Part XIV Supplemental Information (continued)

Pg 29

_Z>WSJTE_UM...pL ~H~ YAJ:.U]: _9F_ 't..HJi ~~E~~S_C_9L_!'liC~IQ.N~,_~I~H_W_EIiE_AQQQI.BE!> __

_ T~R..9U_Gli_ ~UR.C!!A§E.§ ~ _CQ_N~R~BQT!O~S_ Sj:N_Cli ~H~ MU§E~~ S_ :g.l~E~T~O!,!, _I§ lil0_1' _R]:C..9G..!'l~ZJiD _A~ ~S.§E.1'S_ O..!'l_TI!E_S!A~EMElilT_P _O~ ~I~A!'!C!AJ:. J>O_P~T~O~. _ .QONTBI~U_1'ED _ CgI4<~'t..IQ_N _I!E~S_~E_ N...9't.. llE:[_E!!C~E!> gli. T_Hli ~I~A!'!C!AJ:. ET~'t..EliE~T§.. _ _fUBC_!IA_pES _ 01' ~O.J.l":!...EQ_T~O!,! !T~M§ ~_1: _RJiCQ.RQ.E.Q ~S_ D~G_RliA~E§. !N_ ~T~E_p't..R~C~EQ. !,!E~ ..bSEE_1'S _I!J j:'H_1: _YJiAR. !N_~I~H_ T.1Ili !_T~M~ ~EBE_A~Q_U~R~_D.!... _A!!L_P~O~liEQ_S _R~~Il!E!> ~R_9M _D]:~C_1:~!_O~S_ASE_¥L_9C_1'1W _TQ. ~UBC~A_§E_ O_Tli_Ell ~OBK§ gF_¥'t... _ ~RQ.C~EQS_F~O.li _D]:A~C_1:~!_O~S_AMO.QN.1'E_P _1'Q_ ~O _FQR_BgT~ _1'H_E _YJiAR.S_END~D_ J.Jn!..E _3 Q_, _2Q01 ~ _

_ 2_QOjJ. _ _PTIR~N~ ~H~ .¥E~_P _El!D~D_JQN~ ~O_L ~q_O!l_ ~ ~O_Q8...L .1'tLR~H~S~S_O~ ..bRj:' _

_ O~J.1!g~ ~Q.~T~D_Tg _j6.J L2!_2_A!'!D_$14~,J.~L llE§.P~C~I'yE_!.Y__! _

WRITE-OFF OF UNCOLLECTIBE RECEIVABLES

---------------------

_ CgL_!.E~'t..IQ_N _AQQ!!I.§I.1'I_9N_P _ COST OF SALES

-------

_ $_ 16~,jJ6_j
_$_ -=2~ ,26.J
_$_ -=61 ,~1~
_$_ -16~ ,jJ6_j COST OF SALES

-------

WRITE-OFF OF UNCOLLECTIBE RECEIVABLES

---------------------

_2~ ,26.J 61 ,~1~

DAA


Pg 31

ScheduleG(Form9900r990-EZ)2008 NATIONAL MUSEUM OF MEXICAN ART 36-3225519 Page 2

Part II Fundraising Events. Complete if the organization answered "Yes" to Form 990, Part IV, line 18, or reported more than $15 000 on Form 990-EZ line 6a List p.vp.ntl': with nrnl':~ rp.r.p.int~ nrp::Itp.r th::ln «1:" nnn

. . . ... - --
(a) Event #1 (b) Event #2 (e) Other Events
GALA DINNER (d) Total Events
None (Add col (a) through
(event type) (event type) (total number) col (e»
Q)
~
Q) 399,315
> 1 Gross receipts 399,315
Q)
0:: 2 Less: Chantable
contnbunons
3 Gross revenue (line 1
minus line 2) 399,315 399,315
4 Cash pnzes
rJJ
Q) 5 Non-cash pnzes
rJJ
c
Q)
c.
)( 6 Rent/faCility costs
w
-0
~ Other direct expenses 139,950 139,950
0 7
8 Direct expense summary Add lines 4 through 7 In column (d) ~ 139,950)
9 Net Income summary Combine lines 3 and 8 In column (d) ~ 259,365 Part III

Gaming. Complete If the organization answered "Yes" to Form 990, Part IV, line 19, or reported more

than $15 000 on Form 990-EZ line Ga.
Q) (a) Bingo (b) Pull tabs/Instant (e) Other gaming (d) Total gaming (Add
::I bingo/progressive bingo col (a) through col (e»
c
Q)
>
Q)
0::
1 Gross revenue
rJJ 2 Cash pnzes
Q)
rJJ
C
Q)
c. 3 Non-cash pnzes
)(
w
-0
~ 4 Rent/tactlrty costs
0
5 Other direct expenses
H Yes % H Yes % H Yes %
6 Volunteer labor No No No
7 Direct expense summary Add lines 2 through 5 In column (d) ~ )
8 Net gaming Income summary Combine lines 1 and 7 In column (d) ~
Yes No
9 Enter the state(s) In which the organization operates gaming activities
a Is the organization licensed to operate gaming activities In each of these states? 9a
b If "No," Explain
10a Were any of the organization's gaming licenses revoked, suspended or terminated dunng the tax year? 10a
b If "Yes," Explain
11 Does the organization operate gaming activities With nonmembers? 11
12 Is the organization a grantor, beneficiary or trustee of a trust or a member of a partnership or other entity
formed to administer chantable carnmo? 12 Schedule G (Form 990 or 990-EZ) 2008

DM

Pg 32

3 6 - 322 5519 Page 3


Schedule G (Form 990 or 990-EZ) 2008

13 Indicate the Dercentaoe of carmno ar-nvrtv onerated In'

113a I

a The organization's facIlity b An outside faohty

%

113b I

%

14 Provide the name and address of the person who prepares the organization's gaming/special events books and records

Name.

Address.

15a Does the organization have a contract with a third party from whom the organization receives gaming revenue?

b If "Yes," enter the amount of gaming revenue received by the organization ~ amount of gaming revenue retained by the third party. $

c If "Yes," enter name and address

15a

and the

Name.

Address.

16 Gaming manager mforrnanon

Name.

Gaming manager compensation .$

Description of services provided •

o Director/officer

o Employee

o Independent contractor

17 Mandatory distributions

a Is the organization required under state law to make charitable distributions from the gaming proceeds to retain the state gaming license?

b Enter the amount of distributions required under state law distributed to other exempt organizations or spent In the orqamzauon's own exempt activities dunno the tax year M

17a


DAA

Pg 30

SCHEDULE G (Form 990 or 990-EZ)

Supplemental Information Regarding Fundraising or Gaming Activities

OMS No 1545-0047

18. or 19. and by organizations that enter more than $15.000 on Form 990-EZ. hne 6a

Open To Public Ins ection

2008

uepanmem OT me I reasury Internal Revenue Service

... 4tt::arh tn I=nrm QQO nr I=nrm QQn.1=7 Mllc;:t hp rnmnlotol'l h" nrn'!20nl"'J'~tln"C" th'!20t o:InC'u' .... r "V ... e-" tn ~ .... r .... oon D~rt 1\1 l.n .... 1E" 1

- 1-----.1 - _,- ---- _. --- -- - -- ---- ---, -'"r -- •

Name of the organization


FKA MEXICAN FINE ARTS CENTER MUSEUM

Employer Identification number

36-3225519

Part I

Fundraising Activities. Complete if the organization answered "Yes" to Form 990, Part IV, line 17.

Indicate whether the crqaruzauon raised funds through any of the followmq activities. Check all that apply

a 0 Mall sohcrtatrons e 0 Sohcitatron of non-government grants

b 0 Email sohcitanons 0 Sohcitatron of government grants

c 0 Phone sohcitanons 9 0 Special fundrarsmq events

d 0 In-person sohcitanons

2a Old the organization have a written or oral agreement with any individual (including officers, directors, trustees or key employees listed In Form 990, Part VII) or entity In connection with professional fundrarsmq services?

b If "Yes," list the ten highest paid Individuals or enunes (fundrarsers) pursuant to agreements under which the fundrarser IS to be compensated at least $5,000 by the organization Form 990-EZ filers are not required to complete this table

DYes 0 No

(i) Name of Individual (Ii) Activity (m) Did fund- (iv) Gross receipts (v) Amount paid to (vi) Amount paid to
or entity (fund raiser) raiser have from activity (or retained by) (or retained by)
custody or
control of fund raiser listed 10 organization
contnbubons col (i)
Yes No

Total ~ 3 List all states In which the organization IS registered or licensed to sotrcrt funds or has been nobfied It IS exempt from reqistration or hcensmq

For Privacy Act and Paperwork Reduction Act Notice, see the Instructions for Form 990. OAA


SCHEDULE J (Form 990)

Compensation Information

For certain Officers, Directors, Trustees, Key Employees, and Highest


,.,. ....... rI 11: __ 1_ •• _

-- ...... - •. ----- -"'r"'"-Z---

~ Attach to Form 990. To be completed by organizations that answered "Yes" to Form 990, Part IV, line 23.

Name of the organization NATIONAL MUSEUM OF MEXICAN ART


Pg 33

2008

OMS No 1545-0047

Open To Public Inspection

Part I Questions Regarding Compensation

Employer identification number

36-3225519

1a Check the appropriate box(es) If the organization provided any of the following to or for a person listed In Form 990, Part VII, Section A, line 1a Complete Part III to provide any relevant information regarding these Items

~ First-class or charter travel Travel for companions

Tax indemnification and gross-up payments Discretionary spending account

~ HOUSing allowance or residence for personal use Payments for business use of personal residence Health or SOCIal club dues or Initiation fees Personal services (e g , maid, chauffeur, chef)

b If line 1a IS checked, did the organization follow a wntten policy regarding payment or reimbursement or provision of all of the expenses described above? If "No," complete Part III to explain

2 Did the organization require substantiation prior to reirnbursmq or allowing expenses Incurred by all officers, directors, trustees, and the CEO/Executive Director, regarding the Items checked In line 1a?

3 Indicate which. If any, of the followmq the organization uses to establish the compensation of the organization's CEO/Executive Director Check all that apply

§ Compensation committee ~ Written employment contract

Independent compensation consultant Compensation surveyor study

Form 990 of other organizations Approval by the board or compensation committee

4 DUring the year, did any person listed In Form 990, Part VII, Section A, line 1a a Receive a severance payment or change of control payment?

b Participate In, or receive payment from, a supplemental nonqualified retirement plan? c Participate In, or receive payment from, an equity-based compensation arrangement?

If "Yes" to any of lines 4a-c, list the persons and provide the applicable amounts for each Item In Part III

Only 501(c)(3) and 501(c)(4) organizations must complete lines 5-8.

5 For persons listed In Form 990, Part VII, Section A, line 1a, did the organization payor accrue any compensation contingent on the revenues of

a The organization?

b Any related organization?

If "Yes" to line 5a or 5b, describe In Part III

6 For persons listed In Form 990, Part VII, Section A, line 1a, did the organization payor accrue any compensation contingent on the net earmngs of

a The organization?

b Any related organization?

If "Yes" to line 6a or 6b, describe In Part III

7 For persons listed In Form 990, Part VII, Section A, line 1a, did the organization provide any non-fixed payments not described In lines 5 and 6? If "Yes," describe In Part III

8 Were any amounts reported In Form 990, Part VII, paid or accrued pursuant to a contract that was subject to the Initial contract exception described In Regs section 53 4958-4(a)(3)? If "Yes," describe In Part III

1b

Yes No

2

4a

X

4c

X

4b

5a

X

X

X

5b

6a

X

6b

X

7

X

8

X

For Privacy Act and Paperwork Reduction Act Notice, see the Instructions for Form 990.

Schedule J (Form 990) 2008

DAA

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Continuation Sheet for Form 990

SCHEDULE J-2 (Form 990)

NameoftheOrganizallOn NATIONAL MUSEUM OF MEXICAN ART


Employer Identification number

36-3225519

Part !

Continuation of Officers, Directors, Trustees, Key Employees. and Highest Compensated E I

mplo~ ees
(A) (8) (C) (D) (E) (F)
Name and Title Average hours Position (check all that apply Reportable Reportable Estimated
per week Q", => ~ '" 3$ ,., compensanon compensation amount of
0.9- '" ~ 0 from from related other
@5. '" ~~ 3
<= !!! !!! the organizations compensation
nc:: g 3 ~-
Q~ "0 ",n organization (W-2/1099-MISC) from the
!!!. ~ 0
2" '" 3 (W-211099-MISC) organization
*" <= '" "0 and related
'" ~
en CD organizations
'" 9l.
'"
0.
ADELE SMITH ~IMMONS
TRUSTEE 1 X 0 0 0
YOLANDA STEM ~R
TRUSTEE 1 X 0 0 0
TOMAS YBARRA FRAUSTO
TRUSTEE 1 X 0 0 0
CARLOS TORTO IUERO
PRESIDENT 40 X 162,500 0 0
MARTIN SANDO ~AL
VP-CFO 40 X 125,000 0 0
JUANA GUZMAN
V.PRESIDENT 40 X 115,000 0 0 For Privacy Act and Paperwork Reduction Act Notice, see the Instructions for Form 990.

Schedule J-2 (Form 990) 2008

DAA

Pg 37

SCHEDULE L (Form 990 or 990-Ell

Transactions With Interested Persons OMB No 1545-0047

~ Attach to Form 990 or Form 990-El. 2008

~ To be completed by organizations that answered

U JJ __ r" nnn "_..& 1" 1: __ .,r_ .,r .... .,~ ..,~ "'0_ ..,0 .... _ • .,0_

..... ~ _"I I ""1111 ..,..,V, ...... " •• J 111, .... , , -VI _. J , - __ I _. ---,

uepanrnern 01 me I reasury Internal Revenue Service

or Form 990-El Part V line 38a or 40b.

Name of the organization



Part I

Excess Benefit Transactions (section 501(c)(3) and section 501(c)(4) organizations only)

To be completed by organizations that answered "Yes" on Form 990 Part IV line 25a or 25b or Form 990-EZ Part V line 40b

(a) Name of disqualified person (b) Descnption of transaction (e) Corrected?
1 Yes No 2 Enter the amount of tax Imposed on the organization managers or disqualified persons dunnq the year under section 4958

3 Enter the amount of tax, If any, on line 2, above, reimbursed by the organization

~$------~$

Part II Loans to and/or From Interested Persons.

To be completed by organizations that answered "Yes" on Form 990 Part IV line 26 or Form 990-EZ, Part V line 38a

(a) Name of Interested person and purpose (b) Loan to (c) Onqrnal (d) Balance due (e) In default (f) Approved (g) Wntten
or from the pnncrpal amount by board or agreement?
organization committee?
To From Yes No Yes No Yes No

Total ~$ Part III, Grants or Assistance Beneflttmg Interested Persons.

To be completed by organizations that answered "Yes" on Form 990 Part IV line 27

(a) Name of Interested person (b) Relationship between Interested person and the (e) Amount of grant or type of
organization assistance Part IV . BUSiness Transactions Involving Interested Persons.

To be completed by organizations that answered "Yes" on Form 990 Part IV line 28a 28b or 28c

(a) Name of Interested person (b) Relationship between (e) Amount of (d) Descnpuon of transaction (e) Shanng
oforg
Interested person and the transaction revenues?
organization Yes No For Privacy Act and Paperwork Reduction Act Notice, see the Instructions for Form 990. DM

Schedule L (Form 990 or 990-Ell 2008

Pg 38

SCHEDULE 0

Supplemental Information to Form 990

1I:"rl"t'l aan\

,- - - -- - - - I

..... .. ~. - I • _ _ _ __ _ _ • ". I. _ _. _.' _ _ _ .. _ _ _ _ •. 1 _

..... r'U.U:n.,,,IIIlU rUIII. ;;J;;JU. IV UC' \"U111tJ'IC'n:;u UJ UI~ClIIILClII.IVII" Il"" I,ll ""Y'''''''

additional information for responses to specific questions for the Form 990 or to provide any additional information.


Name of the orqaruzaucn NATIONAL MUSEUM OF MEXICAN ART


Employer identification number

36-3225519

Form 990, Part I, Line 6

VOLUNTEERS PROVIDE ASSISTANCE WITH SPECIAL EVENTS.

Form 990, Part VI, Line 2 - Related Party Information Among Officers

IGNACIO GUZMAN

JUANA GUZMAN

OPS DIRECTOR

V. PRESIDENT

SIBLINGS

Form 990, Part VI, Line 10 - Organization's Process Used to Review Form 990

FINANCE COMMITTEE REVIEWS AND APPROVES COMPLETED FORM 990 PRIOR TO

SUBMISSION.

Form 990, Part VI, Line 12c - Enforcement of Conflicts Policy

BOARD MEMBERS AND KEY EMPLOYEES ARE REQUIRED TO COMPLETE AN ANNUAL CONFLICT OF INTEREST DISCLOSURE STATEMENT AND ACKNOWLEDGE POLICY.

For Privacy Act and Paperwork Reduction Act Notice, see the Instructions for Form 990. DAA


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Form 4562 I

~ ~ • _, .~_ T .. _.

i"i!ternan~eve;'uEtSerVlce '(99)

Depreciation and Amortization (Including Information on Listed Property)

2008

OMB No 1545-0172

~ See se arate instructions. ~ Attach to our tax return.

Name(s) shown on return



Identifying number

36-3225519

BUSiness or actrvity to which this form relates

Indirect Depreciation

Part I Election To Expense Certain Property Under Section 179

Note: If YOU have any listed property, complete Part V before YOU complete Part I.
1 Maximum amount See the instructions for a higher limit for certain businesses 1 250 000
2 Total cost of section 179 property placed In service (see instructions) 2
3 Threshold cost of section 179 property before reduction In limitation (see instructions) 3 800,000
4 Reduction In limitation Subtract line 3 from line 2 If zero or less, enter -0- 4
5 Dollar limitation for tax year Subtract line 4 from line 1 If zero or less enter -0- If married filing separately, see Instructions 5
(a) Descnptron of property (b) Cost (business use only (c) Elected cost
6

7 Listed property Enter the amount from line 29 l 7 - --- ~-
8 Total elected cost of section 179 property Add amounts In column (c), lines 6 and 7 8
9 Tentative deduction Enter the smaller of line 5 or line 8 9
10 Carryover of disallowed deduction from line 13 of your 2007 Form 4562 10
11 BUSiness Income limitation Enter the smaller of business Income (not less than zero) or line 5 (see Instructions) 11
12 Section 179 expense deduction Add lines 9 and 10, but do not enter more than line 11 12
13 Carryover of disallowed deduction to 2009 Add lines 9 and 10, less line 12 ~ I 13 Note' Do not use Part II or Part III below for listed property Instead use Part V

Part II Special Depreciation Allowance and Other Depreciation (Do not include listed nrooertv.) (See instructio
14 Special deprecration allowance for qualified property (other than listed property) placed In service
dunnq the tax year (see instructions) 14
15 Property subject to section 168(f)(1) election 15
16 Other deprecratron (mcludmq ACRS) 16 451,479 ns.)

Part III

MACRS Depreciation (Do not Include listed property.) (See instructions.)

17 MACRS deductions for assets placed In service In tax years beginning before 2008

18

Section A

o

(b) Month and (e) BaSIS for depreciauon (d) Recover)
(a) Classiflcauon of property year placed In (busmess/mvestrnent ~)se penod (e) Convention (f) Method (g) Depreciauon deduction
service onlv-see Instructions
19a 3-year property
b 5-year property
c 7 -year property
d 1 O-year _p_roperty
e 15-vear property
f 20-vea r property
g 25-yea r _p_ropertv 25 vrs S/L
h Residenual rental 275 vrs MM S/L
property 275 vrs MM S/L
i Nonresidentral real 39 vrs MM S/L
property MM S/L Section C-Assets Placed In Service DUring 2008 Tax Year USing the Alternative DepreCiation System

20a Class life S/L
b 12-year 12 yrs S/L
c 40-year 40 yrs MM S/L
Part IV Summary (See instructions.)
21 Listed property Enter amount from line 28 21
22 Total. Add amounts from line 12, lines 14 through 17, lines 19 and 20 In column (g), and line 21
Enter here and on the appropriate lines of your return. Partnerships and S corporations-see mstr. 22 451 479
23 For assets shown above and placed In service dunnq the current year, 231
enter the portion of the baSIS attributable to section 263A costs For Paperwork Reduction Act Notice, see separate instructions. DAA

Form 4562 (2008)

Pg 44


36-3225519

Form 4562 (2008) Page 2

Part V ~~?~e;~_r~fee~~~~~g~~;'~i;~_~~~~~~!~~!f~~~i9rO~;e~S~~~~~r.j:, ~~~I~,I~_r_ ~e~e~~~_n~~~_~~.~~i~_computers, and

'''VlC. I VI ally Y..:::;'llIvl"t;' IVI VVIII\.III yvu Cllv Uo:JlIl~ 1I1C .;:JlClIIUClIU IllIn:::;:CI~'I::;' lalC VI \ .. n::;;uuvllll':1 n:.a.;:JC' v ...... ,.., .... II.;:Jv, VVIIIt-"lvlv VIII,

24a, 24b, columns (a) through (c) of Section A, all of Section B, and Section C If applicable

Section A-Depreciation and Other Information (Caution' See the instructions for limits for passenger automobiles)

24a Do you have evidence to suo ort the busmess/mvestment use claimed? liVes I I No 24b If "Yes," IS the evidence written? IVes I INo
(a) (b) (c) (d) (e) (f) (g) (h) (i)
Type of propert Date placed In Busmess/ Cost or other BaSIS for depreciation Recovery Method/ Deprecianon Elected
Investment
(list vehicles service use baSIS (business/investment penod Convention deducllon section 179
first) oercentaae use only) cost
25 Special depreciation allowance for qualified listed property placed In service dunnq the tax I 25
vear and used more than 50% In a Qualified business use (see Instructions)
26 Proper used more than 50% In a Qualified business use
Ofc
01<
27 Proper used 50% or less In a qualified busmess use
I
% S/L- -- -- =-=- =-==...,
I
% SIL- I
28 Add amounts In column (h), lines 25 through 27. Enter here and on line 21, page 1 I 28
29 Add amounts In column (I), line 26 Enter here and on line 7, oaoe 1 I 29 Section B-Information on Use of Vehicles

Complete this section for vehicles used by a sole proprietor, partner, or other "more than 5% owner," or related person

If you provided vehicles to your employees, first answer the questions In Section C to see If you meet an exception to completing this section for those vehicles

30 Total busmess/mvestrnent miles driven (a) (b) (c) (d) (e) (f)
dunnq the year (do not Include commuting Vehicle 1 Vehicle 2 Vehicle 3 Vehicle 4 Vehicle 5 Vehicle 6
miles)
31 Total commuting miles driven dunnq the year
32 Total other personal (noncom muting) miles driven
33 Total miles driven dunnq the year Add
lines 30 through 32
34 Was the vehicle available for personal Ves No Ves No Ves No Ves No Ves No Ves No
use dunnq off-duty hours?
35 Was the vehicle used primarily by a
more than 5% owner or related person?
36 Is another vehicle available for personal use? Section C-Questions for Employers Who Provide Vehicles for Use by Their Employees Answer these questions to determine If you meet an exception to completing Section B for vehicles used by employees who are

not more than 5% owners or related persons (see instructions)
Ves No
37 Do you maintain a written policy statement that prohibits all personal use of vehicles, including commuting, by your employees?
38 Do you maintain a written policy statement that prohibits personal use of vehicles, except commuting, by your employees?
See the instructions for vehicles used by corporate officers, directors, or 1 % or more owners
39 Do you treat all use of vehicles by employees as personal use?
40 Do you provide more than five vehicles to your employees, obtain information from your employees about
the use of the vehicles, and retain the information received?
41 Do you meet the requirements concerning qualified automobile demonstration use? (See instructions)
Note: If your answer to 37, 38, 39, 40, or 41 IS "Yes," do not complete Section B for the covered vehicles I Part VI

Amortization

(c) (d) (e) (f)
(a) (b) Amortization
Date amornzatron Amortizable Code penod or Amortization for
Descnption of costs beqms amount section percentage this year 42 Amortization of costs that beqrns dunnq your 2008 tax year (see Instructions)

I I

I

I

548

I 43

548

43 Amortization of costs that began before your 2008 tax year

44 Total. Add amounts In column (f) See the instructions for where to report

144

Form 4562 (2008)

DAA

Pg45

Mortgages and Other Notes Payable

6/30/09 I

2008

I 99md I 990-PF I

I

36-3225519

Name



Employer Identification Number

Form 990 Part X Line 23 - Additional Information

, .,
Name of lender Relauonshro to disqualified person
(1 ) DUSABLE BONDS NONE
(2) NORTHERN TRUST NONE
(3) BANK OF AMERICA NOTE NONE
(5) BANK OF AMERICA MORTGAGE NONE
(7) BANK OF AMERICA MORTGAGE NONE
(8) BANK OF AMERICA LINE OF CREDIT
(9)
(10) Onqmal amount Matunty Interest
borrowed Date of loan date Reoavrnent terms rate
(1 ) 1 080 000 8/25/00 0.000
(2) 180,000 8/15/07 9/30 11 MONTHLY W/BALLOON 6.400
(3) 1 200 000 6/23/03 8/23 08 REFINANCED 9/08 5.000
(4) 355,000 1/23/08 12/06 08 EXT GRANTED/REPAID 4709 5.750
(5) 700 000 6/23/03 8 23 08 REFINANCED 9/08 5.000
(6) 587 023 9/14/09 9 14 13 $4 160 MONTHLY 5.780
(7) 9/14/08 9 14 13 $7,105 MONTHLY 5.780
(8) 2/24/09 2 23 10 2.560
(9)
(10) Secunty provided by borrower Puroose of loan
(1 ) YOUTH MUSEUM BUILDING MORTGAGE
(2) RNC BUILDING MORTGAGE RNC
(3) MUSEUM ASSETS MORTGAGE
(4) MUSEUM ASSETS MORTGAGE
(5) YOUTH MUSEUM ASSETS MORTGAGE
(6) 1401 WEST 18TH ST - PROPERTY
(7) MUSEUM ASSETS
(8) MUSEUM ASSETS
(9)
(10) Balance due at Balance due at
Consideration furnished by lender becmnmo of year end of year
(1 ) 880.000 880,000
{2} 172.500 167,435
(3) 1.006.511
(4) 355.000
(5) 589.216
(6) 573,887
(7) 980,306
(8) 508,007
(9)
(10)
Totals 3,003,227 3 109,635 - - --
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• National Museum of Mexican Art

Financial Statements for the Years Ended June 30, 2009 and 2008

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National Museum of Mexican Art Vp;:}rs Ended June 30. 2009 and 2008

Contents

Reference

Page

1 2-3 4-7 8-9

10 11-23

Independent Auditor's Report Statements of Financial Position Statements of Activities Statements of Functional Expenses Statements of Cash Flows


Exhibit A Exhibit B Exhibit C

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• ~ Blackman Kallick

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Blackman Kallick, LLP

10 South Riverside Plaza, 9th Floor Chicago,lL 60606

Phone 312-207-1040

Independent Auditor's Report

Boa rd of Trustees

National Museum of Mexican Art Chicago, Illinois

We have audited the accompanying statements of financial position of National Museum of Mexican Art as of June 30, 2009 and 2008, and the related statements of activities, functional expenses and cash flows for the years then ended. These financial statements are the responsibility of the Museum's management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of National Museum of Mexican Art as of June 30, 2009 and 2008, and the changes in its net assets and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

~~/'-LP

November 18,2009

A Member of HLB International q I BlackmanKallick.com A WorldWIde Network of Independent AccountIng Firms and BUSiness Advrsors I!i!!Wl

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Statements of Financial Position Follow


statements of Financial Position

June 30,2009 and 2008

Current Assets

Cash and cash equivalents Receivables, net

Grants

Pledges

Investment securities

Inventories

Prepaid expenses and deposits

Assets
(Restated)
2009 2008
s 105,869 s 571,075
1,242,598 1,062,556
43,300 31,550
304,566 406,668
184,242 186,433
186,027 207,766
2,066,602 2,466,048 Total Current Assets

Property and Equipment, Net

8,144,490

8,144,085

other Assets

Grants receivable, net of portion included in current assets

Grants receivable restricted for capital expenditures Loan costs, net

136,666

228,333 416,435 548

Total Other Assets

136,666

645,316

T ota I Assets

$ 10,347,758

$ 11,255,449

The accompanying notes are an integral part of the financial statements.

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• Exhibit A

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• Liabilities and Net Assets
• (Restated)
• 2009 2008
Current Liabilities
• Accounts payable $ 153,216 s 262,799
• Borrowings under line of credit 508,007
Mortgage loan payable 22,315 17,275
• Note payable - Bank 28,547 375,242
Accrued expenses 205,659 238,561
• Deferred exhibition fee revenue 20,000 7,500
Due to DuSable Museum of African American History 880,000 880,000
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Total Current Liabilities 1,817,744 1,781,377
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• Noncurrent Liabilities
Mortgage loan payable (Net of portion included in
• current liabilities) 719,007 744,441
Note payable - Bank (Net of portion included in
.' current liabilities) 951,759 986,269
I- Total Noncurrent Liabilities 1,670,766 1,730,710
• Total Liabilities 3,488,510 3,512,087
• Net Assets (Exhibit B) )
• Unrestricted I 5,245,679 5,554,893
Temporarily restricted 1,613,569 2,188,469
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• Total Net Assets 6,859,248 7,743,362

• Total Liabilities and Net Assets $ 10,347,758 $ 11,255,449

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National Museum of Mexican Art •
Statement of Activities •
Year Ended June 30,2009 •
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Unrestricted •
Operating Capital Fund Total •
Support and Revenue
Foundations $ 10,000 $ s 10,000 •
Government 1,314,282 1,314,282
Corporations 140,700 140,700 •
Individuals 53,442 53,442 •
Membership fees 14,656 14,656
Gift shop sales (Net of direct •
expenses of $134,264) 206,604 206,604
Special events (Net of direct •
expenses of $139,950) 259,365 259,365
Performances, exhibits and programs 272,736 272,736 •
Interest and dividend income 41,863 41,863 •
Net realized loss and change in
unrealized loss on investments (110,214) (110,214) •

2,203,434 2,203,434 •
Net assets released from restrictions 2,679,391 2,679,391
Total Support and Revenue 4,882,825 4,882,825 •
Expenses •
Program 3,677,610 315,570 3,993,180 •
Administration 564,296 75,492 639,788
Development 410,549 60,965 471,514 •
Total Expenses 4,652,455 452,027 5,104,482 •
Change in Net Assets before Collection •
Acquisitions 230,370 (452,027) (221,657)
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Collection Acquisitions 67,212 67,212
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Write-off of Uncollectible Receivables 20,345 20,345
Change in Net Assets (452,027) (309,214) •
142,813
Net Assets, Beginning of Year, as Restated 4,770,835 •
784,058 5,554,893
Net Assets, End of Year (Exhibit A) $ $ 4,318,808 $ •
926,871 5,245,679
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The accompanying notes are an integral part of the financial statements. •
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• Exhibit 8
(Page 1)
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• Temporarily
• Restricted Total

• $ 697,500 $ 707,500
741,848 2,056,130
• 582,000 722,700
10,099 63,541
• 14,656
• 206,604
• 259,365
• 82,266 355,002
41,863
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• (110,214)

• 2,113,713 4,317,147
(2,679,391)
• (565,678) 4,317,147
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• 3,993,180
639,788
• 471,514

• 5,104,482

• (565,678) (787,335)
• 67,212
• 9,222 29,567
• (574,900) (884,114)
• 2,188,469 7,743,362
• $ 1,613,569 $ 6,859,248
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National Museum of Mexican Art •
Statement of Activities •
Year Ended June 30, 2008 •
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Unrestricted •
Operating Capital Fund Total •
Support and Revenue
Foundations $ 42,891 $ $ 42,891 •
Government 1,438,260 1,438,260
Corporations 86,827 86,827 •
Individuals 68,933 68,933 •
Membership fees 19,384 19,384
Gift shop sales (Net of direct •
expenses of $155,548) 222,779 222,779
Special events (Net of direct •
expenses of $187,022) 254,768 254,768
Performances, exhibits and programs 216,381 216,381 •
Interest income 43,380 43,380 •
Net realized gain and change in
unrealized gain on investments (37,515) (37,515) •

2,356,088 2,356,088 •
Net assets released from restrictions 1,559,075 1,559,075
Total Support and Revenue 3,915,163 3,915,163 •
Expenses •
Program 3,657,265 305,399 3,962,664 •
Administration 544,645 72,589 617,234
Fundraising 492,759 56,629 549,388 •
Total Expenses 4,694,669 434,617 5,129,286 •
Change in Net Assets before Collection •
Acquisitions (779,506) (434,617) (1,214,123)
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Collection Acquisitions 143,183 143,183
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Write-off of Uncollectible Receivables 16,399 16,399
Change in Net Assets (939,088) (434,617) (1,373,705) •
Net Assets, Beginning of Year, as Restated 1,723,146 5,205,452 6,928,598 •
Net Assets, End of Year, as Restated •
(Exhibit A) s 784,058 $ 4,770,835 s 5,554,893 •
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--- • Exhibit B
(Page 2)
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• Temporarily
• Restricted Total

• $ 1,530,000 $ 1,572,891
707,570 2,145,830
• 462,479 549,306
68,933
• 19,384
• 222,779
• 254,768
• 66,865 283,246
43,380
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• 2,766,914 5,123,002
(1,559,075)
• 1,207,839 5,123,002
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• 3,962,664
617,234
• 549,388

• 5,129,286

• 1,207,839 (6,284)
• 143,183
• 16,399
• 1,207,839 (165,866)
• 980,630 7,909,228
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• $ 2,188,469 $ 7,743,362

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• - 7 - • Exhibit C
(Page 2)
• Statement of Functional Expenses
• Year Ended June 30, 2008
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• Program Administration Development Total
• Exhibits $ 1,191,581 $ s $ 1,191,581
• Salaries 1,658,077 204,699 337,109 2,199,885
Pension 58,083 13,043 13,512 84,638
• Employee benefits 182,385 34,287 32,125 248,797
Payroll taxes 128,118 29,375 25,040 182,533
• Professional fees 5,046 3,138 10,000 18,184
• Accounting and legal 18,767 2,317 3,816 24,900
Supplies 11,510 6,585 1,995 20,090
• Telephone 21,442 7,957 2,511 31,910
Postage and shipping 6,155 5,711 3,201 15,067
• Occupancy 154,303 7,320 3,191 164,814
Equipment rental 28,941 8,720 5,568 43,229
• Printing and publications 3,018 2,449 5,467
Travel 2,170 3,626 2,181 7,977
• Conferences and meetings 17,516 34,074 7,994 59,584
• Interest 41,954 83,442 125,396
Depreciation and amortization 305,399 72,589 56,629 434,617
• Repairs and maintenance 29,880 52,134 10,626 92,640
Security 3,225 2,052 38 5,315
• Membership development 1,744 13,440 15,184
Insurance 48,758 11,000 1,453 61,211
• Community events/projects 10,925 13,717 24,642
• Store supplies 6,336 6,336
Museum group expenses 7,672 2,373 10,045
• Internet fee 18,738 2,503 1,044 22,285
Other 8,593 11,273 13,093 32,959
• Total Expenses
$ 3,962,664 $ 617,234 $ 549,388 $ 5,129,286
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• Exhibit 0

• Statements of Cash Flows
• Years Ended June 30, 2009 and 2008
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• 2009 2008
Cash FlowsfromOperatingActivities
• Changein net a ssets $ (884,114) $ (165,866)
Adjustments to reconcile change in net assets to
• net cash used in operating activities
Depreciation and amortization 452,027 434,617
• Net unreal i zed loss on investments 86,853 51,558
Realized loss (gain) on investments 17,328 (13,999)
• Write-off of uncollectible receivables 29,567 16,399
Acquisition of art 67,212 143,183
• (Increase) decrease in
Grants receivable (117,942) (561,028)
• Pledges receivable (11,750) (26,550)
lnventories 2,191 4,261
• Prepaid expenses anddeposlts 21,739 117,154
Increase (decrease) in
• Accounts payable (65,622) (268,643)
Deferred exhibition fee revenue 12,500 7,500
• Accrued expenses (32,902) 38,630
• Tota I Adjustments 461,201 (56,918)
Net Cash Used inOperatingActivities (422,913) (222,784)
• Cash Flows from Investing ActMties
Capital expendibJres (495,845) (142,872)
• Proceeds from redemption of investment securities (177,779) 134,000
Purchase of lnvestment securities 175,700 (24,860)
• Acquisition of art (67,212) (143,183)
Net Cash Used inlnvestingActivities (565,136) (176,915)
• Cash Flows from Finandng Activities
• Borrowings under line ofcredit 3,047,007 1,799,055
Repayments underline of credit (2,539,000) (1,799,055)
• Decrease in assets restricted for long-term use 416,435 77,679
Proceeds from is sua nce of notes payable 355,000
• Principal repayments on mortgage loan payable (20,394) (27,479)
Repayments on notes payable (381,205) (39,802)
• Net Cash Provided by FinancingActivities 522,843 365,398
• Net Decrease in Cash and Cash Equivalents (465,206) (34,301)
Cash and Cash Equivalents, Beginning of Year 571,075 605,376
• Cash and Cash Equivalents, End of Year $ 105,869 $ 571,075
• Supplemental Disclosure of Cash Flow Information
Interest pa id S 123,601 S 125,396
• Capital expend itu res included in accounts payable $ $ 43,961
• Noncash borrowi ngs on notes payable refinanced S 1,589,759 S
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Years Ended June 30,2009 and 2008

Note 1 - Nature of Operations

The National Museum of Mexican Art (the Museum) is an Illinois not-for-profit corporation founded in 1982 to stimulate and preserve the knowledge and appreciation of the Mexican culture as it manifests itself in and outside of Mexico. The Accreditation Commission of the American Association of Museums awarded the Museum full accreditation in the summer of 1997. This achievement is recognition of the Museum's commitment to high professional standards of operation.

The Museum site and building is owned by the Chicago Park District (the Park District) and is occupied by the Museum without charge. The Museum entered into an agreement with the Park District to operate and maintain the museum located at 1852 West 19th Street in Chicago, Illinois. The Museum has the exclusive and perpetual use and occupancy of the facilities, so long as the Museum satisfies the terms and conditions of the agreement.

The goals of the Museum are to sponsor special events and exhibits that exemplify the rich variety in visual and performing arts found in the Mexican culture, to develop and conserve a significant permanent collection of Mexican art, to encourage the professional development of MexicanAmerican artists and to offer arts education programs. The Museum also operates a radio station, WRTE 90.5, and the Yollocalll Arts Reach Program. WRTE's mission is to train, motivate and encourage youth to develop self-expression through the broadcast medium by providing a forum for young people to be creative and responsible broadcasters to the largest Mexican community in the Midwest.

Note 2 - Summary of Significant Accounting Policies

Basis of Presentation

These financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. The separate classes of net assets are defined as follows:

Unrestricted - Net assets that are not subject to donor-imposed stipulations or the donorimposed stipulations have expired.

Temporarily Restricted - Net assets subject to donor-imposed stipulations that can be satisfied by actions of the Museum or by the passage of time.

Permanently Restricted - Net assets subject to donor-imposed stipulations that can be maintained permanently by the Museum. Generally, the donors of these assets permit the Museum to use all or part of the interest and dividends earned on these assets.

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Note 2 - Summary of Significant Accounting Policies (Continued)

Fair Value Measurements

Effective July 1, 2008, the Museum partially adopted Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (FAS 157). FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. FAS 157 does not require any new fair value measurements but may require some entities to change their measurement practices.

In February 2008, the Financial Accounting Standards Board (FASB) deferred the effective date of FAS 157 for one year for certain nonfinancial assets and nonfinancial liabilities, except those that are recognized or disclosed at fair value in the financial statements on a recurring basis. The Museum will complete its adoption of FAS 157 for any such assets and liabilities in fiscal year 2010.

The Museum's partial adoption of FAS 157 in fiscal year 2009 did not have a significant effect on the Museum's financial position or results of operations.

Inventories

Inventories of the gift shop are valued at the lower of cost, based on a first-in, first-out method of accounting, or market.

Property and Equipment

The Museum's policy is to depreciate or amortize the cost of property, furniture and equipment over the estimated useful lives of the assets using the straight-line method. The cost of leasehold improvements is amortized over their useful lives, or the applicable lease term, if shorter.

Years

Building and improvements Furniture and fixtures Leasehold improvements Computers and equipment Vehicles

30 5 30 5 5

Prepaid Expenses and Other Assets

Expenditures related to exhibitions or events scheduled to occur partially or entirely in future fiscal years are capitalized and amortized over the duration of the respective exhibition or event. Prepaid exhibition expenses include items such as deposits for curator services, printed materials, framing of artwork that was loaned to the Museum, props and temporary construction related to the exhibit.

Loan costs are being amortized using the straight-line method over the term of the loan, which is five years.

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Note 2 - Summary of Significant Accounting Policies (Continued)

In-Kind Contributions

The financial statements reflect amounts for in-kind contributions for which an objective basis is available to measure their value. Revenues are reflected in corporate contributions and the expenses are recorded in the corresponding functional expense category in the accompanying statement of activities. The Museum has recorded in-kind contributions, which include donated legal services, air travel and lodging at their estimated fair values of $47,700 and $47,000 for the years ended June 30, 2009 and 2008, respectively.

Functional Allocation of Expenses

Expenses are charged to each program based on direct expenditures incurred. Certain indirect expenditures that benefit more than one program are allocated to the benefited programs based on allocation formulas developed in accordance with OMB Circular A-122, Cost Principles for Non-profit Organizations.

Income Tax Status

The Museum is classified under Section 501(c)(3) of the United States Internal Revenue Code as a notfor-profit organization and is exempt from federal and state income taxes on income related to its purpose as a not-for-profit organization.

Collection Items

The Museum's collections are made up of approximately 6,500 art objects that are held for educational, research, scientific and curatorial purposes. Each of the items is cataloged, preserved and cared for, and activities verifying their existence and assessing their condition are performed continuously.

In conformity with the practice commonly followed by most American art museums, the value of the Museum's collections, which were acquired through purchases and contributions since the Museum's inception, is not recognized as assets on the statements of financial position. Contributed collection items are not reflected on the financial statements. Purchases of collection items are recorded as decreases in unrestricted net assets in the year in which the items were acquired. All proceeds realized from deaccessions are allocated to purchase other works of art. Proceeds from deaccessions amounted to $0 for both the years ended June 30,2009 and 2008. During the years ended June 30, 2009 and 2008, purchases of art objects amounted to $67,212 and $143,183, respectively.

Management Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

- 14-

• • • • •




• Note 2 - Summary of Significant Accounting Policies (Continued)

• Subsequent Events

• The Museum has evaluated subsequent events through November 18, 2009, the date the financial statements were available to be issued.

• • • • • • • • • • • • • • • • • • • • • • • •

Note 3 - Description of Programs

Education

Since the Museum's founding by a group of teachers, the Education Department has maintained a strong commitment to education by developing and implementing more than a dozen arts education programs for youth, families, adults, students and teachers. Today, education continues to be an integral part of the Museum's mission and is central to the mission of "stimulating, preserving and exemplifying the beauty and richness of Mexican art and culture."

WRTE!Radio Arte

Radio Arte, a youth initiative of the Museum, is a public radio station that has served the Pilsen/Little Village neighborhood of Chicago for more than 10 years. Radio Arte trains, motivates and encourages youth to develop self-expression through the broadcast media. It provides a forum for young people to be creative and responsible to the largest Mexican community in the Midwest. As the only bilingual (Spanish/English), youth-operated, urban, community station in the country, Radio Arte is committed to training young people between the ages of 15 and 21 in the art of broadcasting. Radio Arte's unique professional broadcast training program provides its students with special courses on writing for radio, journalism, voice training and FCC regulations as well as basic computer skills, production skills and on-air training. Radio Arte was the 2003 winner of the White House "Coming Up Taller" Award for innovative youth programming.

Performing Arts

Over the past 15 years, audiences have been introduced to more than 500 artists, authors, filmmakers, musicians, dancers and actors from Mexico and across the U.S. through the NMMA's performing arts festivals: Sor Juana and Del Coraz6n. Each year, these festivals include more than 20 performances in intimate, community-based settings such as the Museum's West Wing Gallery as well as major Chicago venues such as the Harris Theater for Music and Dance and the Pritzker Pavilion. The Sor Juana Festival is the nation's longest-running Latino performing arts festival, and is now offered in Chicago, Milwaukee, Houston, Austin, San Antonio, Dallas and New York.

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• • • •

• • • • • • • • • • • • • • •




Note 3 - Description of Programs (Continued)

Visual Arts

The philosophy of a Mexican culture "sin fronteras" (without borders) drives the Museum exhibition schedule to create a balance of artistic expression from both sides of the Mexico-U.S. border. The Visual Arts Department has created more than 140 exhibitions with first voice scholarship and widespread public appeal. The vast range of educational exhibitions from ancient Mesoamerican civilizations through modern and contemporary art draw from the Museum's Permanent Collection as well as objects borrowed from museums in the u.s. and Mexico. In addition to exhibitions mounted at the NMMA, the Museum's Visual Arts Department has created more than 20 national touring exhibitions including the landmark "African Presence in Mexico" which is being presented at 11 North American museums through 2011, and is the only art exhibition ever displayed at Latino museums, African American museums and mainstream museums.

Yollocalli

The Yollocalli Arts Reach Program, a youth initiative of the Museum, is an arts education and careertraining program for youth between the ages of 13 and 21. Yollocalli is designed to serve youth and their respective communities by developing students' appreciation for and understanding of art. Yollocalli is committed to the production, interpretation and exhibition of art and providing an open forum for experimentation, collaboration and dialogue about issues in the arts, history and their community. Yollocalli public murals can be seen at public institutions throughout the Chicago area including O'Hare International Airport. Yollocalli was awarded the White House "Coming Up Taller" award for innovative youth programming in 2009.

• Note 4 - Grants and Pledges Receivable

• Grants and pledges receivable are composed of the following amounts due as of June 30:

• • • • • • • •

:1.

•

$ 362,000

1,345,324 33,550 (2,000)

$ 1,738,874

$ 1,510,541

228,333

$ 1,738,874

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• • • • • • • • • • • • • •

• • •

• • • • • • • • • • • • • •

•




Note 5 - Fair Value Measurements

FA5 157 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. FAS 157 describes three approaches to measuring the fair value of assets and liabilities: the market approach, the income approach and the cost approach, each of which include multiple valuation techniques. The standard does not prescribe which valuation technique should be used when measuring fair value, but does establish a fair value hierarchy that prioritizes the inputs used in applying the various techniques. Inputs broadly refer to the assumptions that market participants use to make pricing decisions, including assumptions about risk. level 1 inputs are given the highest priority in the hierarchy while level 3 inputs are given the lowest priority. Financial assets and liabilities carried at fair value are classified in one of the following three categories based upon the inputs to the valuation technique:

• level 1 - Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

• level 2 - Observable market-based inputs or unobservable inputs that are corroborated by market data.

• level 3 - Unobservable inputs that are not corroborated by market data. These inputs reflect management's best estimate offair value using its own assumptions about the assumptions a market participant would use in pricing the asset or liability.

The Museum currently does not use level 2 or 3 inputs.

The following table sets forth by level within the fair value hierarchy the Museum's financial assets and liabilities that were accounted for at fair value on a recurring basis as of June 30, 2009. As required by FAS 157, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Museum's assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect their placement within the fair value hierarchy levels.

Fair Value Measurements at Reporting Date Using:

Description

Fair Values as of June 30, 2009

Quoted Significant

Prices in Active Other

Markets for Observable

Significant Unobservable Inputs (Level 3)

Identical Assets (Levell)

Inputs (Level 2)

Assets:

Money Market Funds $

Equity Mutual Funds

Fixed Income Mutual Funds

$

$

$

13,525 99,444 191,597

13,525 99,444 191,597

$

$

$

$

304,566

304,566

Fair values for the Museum's mutual funds are based on quoted market prices in active markets.

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• • • • • • • • • • • • • • • • • • • • • • • • • • • • •

• • •




Note 6 - Investments
The carrying value of investments as of June 30, 2009 and 2008, is summarized as follows:
2009 2008
Money Market Funds s 13,525 $ 3,334
Equity Mutual Funds
Columbia Marsico Growth 15,444 55,795
Eaton Vance Large Cap Value 14,786 61,499
Harbor International 9,168 75,186
ING Corporate Leader Trust 13,387 62,754
Wilshire Target Large Growth 16,135 53,104
other 30,524 35,886
Fixed Income Mutual Funds
Artio Total Return 62,275
Vanguard Short Term 56,097
PIMCO Total Return 62,529 59,110
Other 10,696
Total Investments $ 304,566 $ 406,668 Note 7 - Interest in a Perpetual Trust

The Museum has an interest in a perpetual trust in the amount of $513,119 and $656,017 as of June 30, 2009 and 2008, respectively. The Chicago Community Trust, through its Chicago Community Foundation, manages the fund. The grant is revocable at the option of the grantor and, therefore, has not been recorded as an asset of the Museum.

The Museum receives an annual distribution from the trust to be used primarily for maintenance and general operations. For the years ended June 30, 2009 and 2008, distributions of $33,127 and $31,424, respectively, were remitted to the Museum for operating support

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Note 8 - Property and Equipment
2009 2008
Land $ 47,925 $ 47,925
Land - WRTE/Yollocalli 100,000 100,000
Building 180,535 180,535
Building - WRTE/YoII ocaII i 342,517 342,517
Furniture and equipment 1,056,160 1,025,180
Furniture and equipment - WRTE/Yollocalli 286,469 286,469
Leasehold improvements - Museum 10,081,849 9,693,735
Building improvements - WRTE/Yollocalli 622,778 589,988
Van 26,472 26,472
12,744,705 12,292,821
Accumulated depreciation
and amortization (4,600,215) (4,148,736)
$ 8,144,490 $ 8,144,085 Note 9 - Other Assets

Other assets consist of the following as of June 30,2008:

2009

2008

Loan costs - WRTE/Yollocalli Less accumulated amortization

$

$

11,419 (10,871)

11,419 (11,419)

$

$

548

Note 10 - Line of Credit

As of June 30,2009, the Museum had a line of credit balance of $508,007 with Bank of America, N.A. Maximum borrowings available on this line of credit were $1,000,000. The agreement was extended on February 24, 2009 and expires on February 23, 2010. Borrowings under this line of credit bear interest at UBOR plus 2.25%, which was 2.56% as of June 30, 2009, and are secured by the Museum's general assets.

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• • • • • • • • • • • • • •

• • • • • • • • • • • •

I.

• • • • •




Note 11- Due to DuSable Museum of African American History

On August 25, 2000, OuSable Museum of African American History (OuSable) agreed to advance the Museum $1,000,000 of its CPO capital improvement bond allocation. The Museum agreed to reimburse OuSable from future CPO bond proceeds, if any, or from other Museum funds. The Museum also agreed to make a one-time additional payment to OuSable in the amount of $80,000. See Note 17 for an additional disclosure. The Museum repaid $200,000 of this advance in a prior year, resulting in a net amount due to OuSable in the amount of $880,000.

Note 12 - Long-Term Debt

Long-term debt consists of the following:

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• • • • • • • • • • • • • •

,_

_

I.

• • • • •

• • • • • • • • • •

2009 2008
I\bte payable to bank with monthly interest installments at 5.75%
and a balloon payment of $355,000. The note originally matured in
December 2008 and was subsequently extended until June 2009.
The note was secured by a state grant. $ $ 355,000
tv'ortgage loan, payable to bank, inthe original amount of
$587,023; payable in monthly installments of $4,160 induding
interest at 5.78%, with a final balloon payment in the amount of
$501,401 due in September 2013. The mortgage note is
collateralized by the underlying property fur the Museum's radio
station and Yollocalli Youth Museum located at 1401 West 18th
Street. 573,887 589,216
tv'ortgage loan, payable to bank, inthe original amount of
$180,000; payable in monthly installments of $1,346 induding
interest at 6.4%, with a final balloon payment in the amount of
$156,445 due in September 2011. The mortgage note is
collateralized by the underlying property located at 1859 W. 19th
Street. 167,435 172,500
I\bte payable to bank, payable in monthly installments of $7,105
including interest at 5.78%, with a final balloon payment in the
amount of $856,479 due in September 2013. The note is secured
bysubstantiallyall of the Museum's assets. 980,306 1,006,511
Total 1,721,628 2,123,227
Less cu rrent matu rities (50,862) (392,517)
Long-term debt, net $ 1,670,766 $ 1,730,710 -21-

• • • • • • • • • • • • • • • • • • • • • • • • •

:.

• • • • • •




Note 12 - Long-Term Debt (Continued)

Maturities on notes and mortgages payable are as follows as of June 30,2009:

Fiscal Year Ending:
2011 $ 53,958
2012 206,732
2013 53,940
2014 1,356,136
$ 1,670,766 Note 13 - Temporarily Restricted Net Assets

Temporarily restricted net assets as of June 30, 2009 and 2008 are available for the following purposes:

2009 2008
Capital $ $ 355,000
Exhibits 620,167 795,955
Educational programs 126,667 227,100
WRTE 179,643 41,435
Time restriction 687,092 768,979
Total $ 1,613,569 $ 2,188,469 Note 14 - Leases

The Museum has entered into several equipment lease agreements with unaffiliated parties expiring in 2014. Rental expense for all equipment leases amounted to $34,135 and $43,229 for the years ended June 30,2009 and 2008, respectively.

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• •

• • •




Note 14 -leases (Continued)

The following is a schedule by year of future minimum rental payments required under operating leases that have initial or remaining noncancelable lease terms in excess of one year as of June 30, 2009:

Fiscal Year Ending: 2010 2011 2012 2013 2014

$

30,103 26,900 26,003 26,003 14,964

Total Minimum lease Payments

$

123,973

Note 15 - Pension Plan

The Museum offers a 403(b) retirement plan to all employees and sponsors a money purchase defined contribution retirement plan that is available to all eligible employees, as defined in the agreement. The Museum makes discretionary contributions to the plan up to 5% of each covered employee's compensation. Contributions of $32,194 and $27,077 are funded as accrued as of June 30, 2009 and 2008, respectively. The Museum contributed $64,198 and $84,638 for the years ended June 30, 2009 and 2008, respectively.

Note 16 - Reclassifications

For comparability, the 2008 financial statements reflect reclassifications where appropriate to conform to the financial statement presentation used in 2009. Gift shop cost of sales, previously reported as program expenses in the statement of functional expenses, have been reclassified to the statement of activities as net gift shop sales.

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• • • • • • • • • • • • • • • •

I-

• • • •

••

• • • • • • • • • •




Note 17- Prior Period Adjustment

During the year ended June 30, 2009, the Museum identified a misclassification in the prior years' financial reporting of its net assets. The challenge grant should have been released in 2007 from temporarily restricted net assets to unrestricted net assets.

The Museum also discovered that the amount due to DuSable, as disclosed in Note 11, should have included accrued interest in the amount of $80,000. Since the DuSable financing was related to the Museum expansion in fiscal year 2000, the Museum capitalized the interest as part of the building expansion and recorded accumulated amortization in the amount of $20,000 as of June 30, 2007. Accordingly, the net assets of the Museum have been restated as follows:

Net assets, June 30, 2007, as originally reported

Temporarily

Unrestricted Restricted Total

$ 6,548,598 $ 1,380,630 $ 7,929,228

Increase in amortization expense

(20,000) (20,000)

Endowment reclassification

(400,000)

400,000

Net assets, June 30, 2007, as restated

980,630

7,909,228

6,928,598

(Decrease) increase in net assets as originally reported on the June 30, 2008 statement of activities

1,073,839

(163,199)

(1,237,038)

Increase in amortization expense

(2,667) (134,000)

(2,667)

Net assets released from restriction

134,000

Net assets, June 30, 2008, as restated

$ 5,554,893

$ 2,188,469 $ 7,743,362

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