| FORM 990, PART VI, SECTION A, LINE 6 |
THE ORGANIZATION HAS MEMBERS BUT DOES NOT HAVE STOCKHOLDERS. MEMBERSHIP AT THE AQUARIUM PROVIDES LIMITED BENEFITS SUCH AS UNLIMITED VISITATION TO OUR EXHIBITS AND DISCOUNTS AT THE CAFE, GIFT SHOP AND SIMONS THEATER FOR A PERIOD OF 1 YEAR. MEMBERSHIP IS A MEANS OF PROVIDING MUCH NEEDED FINANCIAL SUPPORT TO THE ORGANIZATION AND EXPOSING PEOPLE TO OUR MISSION. HOWEVER, MEMBERSHIP DOES NOT PROVIDE ENTITLEMENTS OR RIGHTS SUCH AS ELECTING INDIVIDUALS TO THE GOVERNING BODY, ANY INFLUENCE IN ESTABLISHING POLICIES, PROCEDURES OR MANAGERIAL ACTIONS OR AN OWNERSHIP STAKE. |
| FORM 990, PART VI, SECTION B, LINE 11B |
THE FORM 990 IS PREPARED BY MANAGEMENT AND REVIEWED BY INDEPENDENT PUBLIC ACCOUNTANTS. ONCE THE DOCUMENT IS CONSIDERED READY FOR REVIEW, COPIES (EXCLUDING SCHEDULE B) ARE DISTRIBUTED TO THE MEMBERS OF THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES AT LEAST ONE WEEK PRIOR TO A PREVIOUSLY SCHEDULED MEETING TO REVIEW IT. SCHEDULE B IS NOT INCLUDED FOR REVIEW IN ORDER TO RESPECT DONOR CONFIDENTIALITY AS REQUESTED BY SEVERAL DONORS. IN ADDITION TO THE FORM 990, MANAGEMENT PREPARES AND DISTRIBUTES A SUMMARY OF KEY ELEMENTS CONTAINED IN THE FORM 990 TO FACILITATE THE REVIEW. A COPY OF FORM 990-T IS ALSO PROVIDED ALONG WITH A BREAKOUT OF THE VARIOUS BUSINESS ACTIVITIES THAT HAVE BEEN IDENTIFIED AS GENERATING UNRELATED BUSINESS INCOME. DURING THE MEETING, MANAGEMENT LEADS THE COMMITTEE THROUGH THE SUMMARY DOCUMENT, PAUSING TO ADDRESS QUESTIONS AND FACILITATE DISCUSSION AS NECESSARY. THE TAX PROFESSIONAL FROM THE ORGANIZATION'S PUBLIC ACCOUNTING FIRM WHO REVIEWED THE DOCUMENT IS ALSO PRESENT AND PARTICIPATES IN THE REVIEW SESSION. MINUTES OF THE MEETING ARE PREPARED AND RETAINED AS A RECORD. ANY CHANGES RESULTING FROM THE REVIEW ARE INCORPORATED IN THE FORM 990 AND THE COMMITTEE CHAIR DISTRIBUTES THAT DOCUMENT (EXCLUDING SCHEDULE B, WHICH IS REDACTED TO HONOR THE REQUEST FOR CONFIDENTIALITY OF SEVERAL DONORS) TO THE FULL BOARD OF TRUSTEES WITH HIS/HER COMMENTS BEFORE IT IS FILED. THE FULL BOARD IS TYPICALLY GIVEN A WEEK TO TEN DAYS TO COMMENT PRIOR TO IT BEING FILED WITH THE IRS. |
| FORM 990, PART VI, SECTION B, LINE 12C |
ANNUALLY, THE ORGANIZATION DISTRIBUTES ITS CONFLICT OF INTEREST POLICY, ALONG WITH A CERTIFICATION AND DESCRIPTION PAGE, TO OFFICERS, TRUSTEES AND SELECT MIDDLE MANAGEMENT EMPLOYEES. THEY ARE TO COMPLETE AND RETURN THE CERTIFICATION THAT THEY DO NOT HAVE ANY CONFLICT OF INTEREST OR DISCLOSE WHAT CONFLICTS THEY MAY HAVE. MANAGEMENT MONITORS THE RECEIPT OF THESE CERTIFICATIONS TO ENSURE THAT ALL ARE RETURNED AND MAINTAINED ON FILE. CONFLICT OF INTEREST DISCLOSURES ARE REVIEWED AND A DETERMINATION IS MADE ON WHAT ACTION, IF ANY, MUST BE TAKEN TO PRESERVE GENERALLY ACCEPTED GOVERNING PRINCIPLES AND AVOID REAL AND/OR PERCEIVED CONFLICTS WHEN THE INDIVIDUAL IS EXPECTED TO VOTE OR MAKE A BUSINESS DECISION. |
| FORM 990, PART VI, SECTION B, LINE 15 |
THE CHAIR OF THE BOARD OF TRUSTEES ANNUALLY APPOINTS A COMPENSATION COMMITTEE TO REVIEW AND MAKE RECOMMENDATIONS TO THE BOARD OF TRUSTEES CONCERNING THE BASE COMPENSATION AND ANY BONUS OPPORTUNITIES AND/OR DETERMINATIONS FOR THE CEO AND CFO. THE BOARD OF TRUSTEES (OR, PURSUANT TO DELEGATED AUTHORITY, THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES, IF THE DECISIONS ARE MADE BETWEEN MEETINGS OF THE FULL BOARD OF TRUSTEES) THEN REVIEWS AND MAKES FINAL DETERMINATIONS ON SALARY AND ANY BONUS OPPORTUNITIES AND/OR DETERMINATIONS FOR THE CEO AND CFO. THE BOARD OF TRUSTEES ALSO REVIEWS AND APPROVES ANY MAJOR CHANGES IN THE BENEFIT PLANS THAT ARE APPLICABLE TO THE CEO AND CFO. THE BOARD OF TRUSTEES TAKES INTO CONSIDERATION THE CEO'S EVALUATION OF THE CFO'S PERFORMANCE IN DETERMINING THE SALARY AND ANY BONUS OPPORTUNITIES AND/OR DETERMINATIONS FOR THE CFO. IT IS THE ORGANIZATION'S POLICY TO PROVIDE DIRECT COMPENSATION PROGRAMS AND POTENTIAL EARNING OPPORTUNITIES WHICH REFLECT THE RELATIVE SIZE AND PERFORMANCE OF THE ORGANIZATION IN THE INDUSTRY SEGMENT OF WHICH IT IS A PART AND WHICH ACCOMPLISH THE ORGANIZATION'S MISSION AND TAX-EXEMPT PURPOSE WITHOUT CAUSING ANY PART OF THE ORGANIZATION'S NET EARNINGS TO INURE TO THE PRIVATE BENEFIT OF AN INDIVIDUAL. SIMULTANEOUSLY, THE POLICY SUPPORTS THE CHALLENGES FACED BY THE ORGANIZATION BY PROVIDING INCREASED PAY-FOR-PERFORMANCE OPPORTUNITIES TO THE CEO AND CFO. THE COMPENSATION COMMITTEE CARRIES OUT THIS POLICY ON AN ANNUAL BASIS OR AS A NEED ARISES. THE COMMITTEE IS PROVIDED THE FOLLOWING INFORMATION BY THE VICE PRESIDENT OF HUMAN RESOURCES OF THE ORGANIZATION: -RELEVANT LOCAL MARKET COMPENSATION DATA FOR THE CEO AND CFO FROM PUBLISHED SURVEYS OF OTHER ORGANIZATIONS. -FORM 990 COMPENSATION DATA FOR THE RELEVANT POSITIONS AT OTHER TAX-EXEMPT ORGANIZATIONS OF COMPARABLE SIZE AND COMPLEXITY BOTH WITHIN AND OUTSIDE THE CULTURAL INSTITUTIONAL SEGMENT. -COMPENSATION DATA OF CEOS AND CFOS OBTAINED THROUGH A NATIONAL NETWORK OF AQUARIA HUMAN RESOURCE PROFESSIONALS. -COMPENSATION DATA OF CEOS AND CFOS OBTAINED THROUGH A LOCAL NETWORK OF CULTURAL INSTITUTION HUMAN RESOURCE PROFESSIONALS. THE COMPENSATION COMMITTEE REVIEWS THE INFORMATION PROVIDED AND VOTES TO: SET BASE SALARY, ANNUAL BONUS AWARDS AND BONUS PERFORMANCE CRITERIA, IN LIGHT OF MARKET DATA AND THE CEO'S AND CFO'S BACKGROUND, EXPERIENCE, SKILLS, AND JOB PERFORMANCE. THE COMPENSATION COMMITTEE THEN RECOMMENDS WHAT IT HAS APPROVED TO THE BOARD OF TRUSTEES (OR THE EXECUTIVE COMMITTEE ACTING ON BEHALF OF THE BOARD OF TRUSTEES) FOR FINAL REVIEW AND APPROVAL. THE 2020 BASE SALARY AND BONUS OPPORTUNITIES FOR THE CFO WERE DETERMINED BY THE BOARD OF TRUSTEES (OR, PURSUANT TO DELEGATED AUTHORITY, THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES.) BASED ON RECOMMENDATIONS BY THE CEO. THE 2020 BASE SALARY AND BONUS OPPORTUNITIES FOR THE CEO WERE DETERMINED BY THE BOARD OF TRUSTEES (OR, PURSUANT TO DELEGATED AUTHORITY, THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES.) |
| FORM 990, PART VI, SECTION C, LINE 19 |
THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS INCLUDING ITS CONFLICT OF INTEREST POLICY, AND ITS FINANCIAL STATEMENTS, AVAILABLE TO THE PUBLIC BY REQUESTING THEM IN WRITING OR IN PERSON TO NEW ENGLAND AQUARIUM, CENTRAL WHARF, BOSTON, MA 02110. THE FORM 990 IS AVAILABLE ON WWW.GUIDESTAR.COM AND THE MASSACHUSETTS ATTORNEY GENERAL'S WEBSITE AS WELL AS UPON REQUEST. |
| FORM 990, PART XI, LINE 9: |
LOSS ON VALUATION OF PENSION LIABILITY -981,450. LOSS ON VALUATION OF NON-QUALIFIED PENSION LIABILITY 449,742. NET CHANGE IN BENEFICIAL TRUST 131,773. |
Attach to Form 990 or 990-EZ.