| FORM 990, PART IV, LINES 12A AND 12B: |
THE PEW CHARITABLE TRUSTS AND ITS SUBSIDIARY, PEW RESEARCH CENTER (TOGETHER "THE ORGANIZATION") MEET THE U.S. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES REQUIREMENTS FOR CONSOLIDATION. THE ORGANIZATION RECEIVED AN UNQUALIFIED AUDIT OPINION ON ITS CONSOLIDATED FINANCIAL STATEMENTS FOR THE FISCAL YEAR. |
| FORM 990, PART VI, SECTION A, LINE 2 |
A FAMILY RELATIONSHIP EXISTS BETWEEN SANDY FORD PEW AND R. ANDERSON PEW. A FAMILY RELATIONSHIP EXISTS BETWEEN MARY CATHARINE PEW, M.D. AND J. HOWARD PEW II. A BUSINESS RELATIONSHIP EXISTS BETWEEN SUSAN W. CATHERWOOD, J. HOWARD PEW II, JOSEPH N. PEW V, R. ANDERSON PEW, AND SANDY FORD PEW. A BUSINESS RELATIONSHIP EXISTS BETWEEN REBECCA W. RIMEL AND CHRISTOPHER JONES. |
| FORM 990, PART VI, SECTION A, LINE 4 |
THE ORGANIZATION'S BYLAWS WERE AMENDED TO REMOVE THE REQUIREMENTS THAT (A) THE PRESIDENT SIT ON THE BOARD OF DIRECTORS, AND (B) A PORTION OF DIRECTORS ON THE BOARD BE DESCENDANTS OF JOSEPH NEWTON PEW, SR. |
| FORM 990, PART VI, SECTION B, LINE 11B |
PEW'S FORM 990 IS THOROUGHLY PREPARED AND RIGOROUSLY REVIEWED BEFORE IT IS FILED WITH THE IRS. AFTER THE FORM 990 IS INTERNALLY PREPARED BY FINANCE DEPARTMENT STAFF MEMBERS, THE RETURN IS REVIEWED BY SENIOR MANAGEMENT, INCLUDING THE EXECUTIVE VICE PRESIDENT, CHIEF OPERATING OFFICER AND CHIEF FINANCIAL OFFICER; SENIOR VICE PRESIDENT, GENERAL COUNSEL AND CORPORATE SECRETARY; AND THE PRESIDENT AND CEO; AS WELL AS OUTSIDE INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS AND OUTSIDE LEGAL COUNSEL. FOLLOWING THIS REVIEW, THE DRAFT FORM 990 IS PROVIDED TO THE AUDIT COMMITTEE OF THE PEW BOARD OF DIRECTORS FOR A PRE-FILING REVIEW. THE AUDIT COMMITTEE MEETS TO DISCUSS THE DRAFT FORM 990 AND SIGNIFICANT CHANGES OR DIFFERENCES FROM THE PRIOR YEAR'S FORM 990, AND ASK QUESTIONS REGARDING THE RETURN. ATTENDING THE MEETING WITH THE AUDIT COMMITTEE ARE: THE INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS; THE EXECUTIVE VICE PRESIDENT, CHIEF OPERATING OFFICER AND CHIEF FINANCIAL OFFICER; THE SENIOR DIRECTOR, LEGAL AFFAIRS AND DEPUTY GENERAL COUNSEL; AND OTHER MEMBERS OF THE FINANCE DEPARTMENT. AFTER THE FORM 990 HAS BEEN REVIEWED BY AND DISCUSSED WITH THE AUDIT COMMITTEE, AND THEIR FEEDBACK HAS BEEN INCORPORATED, THE RETURN IS DISTRIBUTED TO ALL MEMBERS OF THE PEW BOARD OF DIRECTORS FOR REVIEW BEFORE THE RETURN IS FILED WITH THE IRS. BOARD MEMBERS ARE ENCOURAGED TO CONTACT THE EXECUTIVE VICE PRESIDENT, CHIEF OPERATING OFFICER AND CHIEF FINANCIAL OFFICER WITH ANY QUESTIONS. |
| FORM 990, PART VI, SECTION B, LINE 12C |
PEW REGULARLY AND CONSISTENTLY MONITORS AND ENFORCES COMPLIANCE WITH ITS CONFLICT OF INTEREST POLICIES FOR OFFICERS, DIRECTORS, AND STAFF. ON AN ANNUAL BASIS, ALL OFFICERS, DIRECTORS, AND EMPLOYEES CERTIFY THAT THEY HAVE READ AND WILL CONTINUE TO FOLLOW THE APPLICABLE CONFLICT OF INTEREST POLICY AND COMPLETE A FORM DISCLOSING THEIR POTENTIAL CONFLICTS. AS PART OF THIS PROCESS, ALL PEW EMPLOYEES ARE REQUIRED TO COMPLETE AN ANNUAL CONFLICT OF INTEREST DISCLOSURE. PEW'S BOARD AND OFFICER CONFLICT OF INTEREST POLICY REQUIRES THE FOLLOWING OF ALL DIRECTORS AND OFFICERS: (1)IMPARTIAL FULFILLMENT OF THEIR ROLES IN PEW'S AFFAIRS; (2)DISCLOSURE OF POTENTIAL FINANCIAL OR OTHER CONFLICTS OF INTEREST INVOLVING PEW; (3)REVIEW OF ALL AFFILIATIONS; AND (4)RECUSAL AND ABSTENTION IN ALL SITUATIONS OF ACTUAL, POTENTIAL, OR PERCEIVED CONFLICT OF INTEREST. PEW'S STAFF CONFLICT OF INTEREST POLICY REQUIRES THE FOLLOWING OF ALL EMPLOYEES: (1)IMPARTIAL FULFILLMENT OF THEIR ROLES IN PEW'S AFFAIRS; (2)AVOIDANCE OF IMPROPRIETY OR THE APPEARANCE OF IMPROPRIETY; (3)DISCLOSURE OF POTENTIAL FINANCIAL OR OTHER CONFLICTS OF INTEREST INVOLVING PEW; (4)REVIEW BY MANAGEMENT OF AFFILIATIONS WITH OUTSIDE ORGANIZATIONS, WITH SUBSEQUENT BOARD REVIEW AS APPROPRIATE; AND (5)RECUSAL AND ABSTENTION IN ALL SITUATIONS OF ACTUAL OR PERCEIVED CONFLICT OF INTEREST. THESE AND OTHER REQUIREMENTS ARE MONITORED, REVIEWED AND RESOLVED ON AN ONGOING BASIS PURSUANT TO THE APPLICABLE CONFLICT OF INTEREST POLICY. |
| FORM 990, PART VI, SECTION B, LINE 15 |
ANNUALLY, THE COMPENSATION COMMITTEE OF THE BOARD OF PEW ENGAGES AN INDEPENDENT COMPENSATION CONSULTANT TO CONDUCT A COMPENSATION ANALYSIS FOR THE ORGANIZATION'S OFFICERS AND KEY EMPLOYEES, AND A SEPARATE COMPENSATION ANALYSIS FOR THE ORGANIZATION'S CEO. AS PART OF THESE ANALYSES, THE INDEPENDENT COMPENSATION CONSULTANT IDENTIFIES, GATHERS, AND ANALYZES APPROPRIATE COMPARABILITY DATA UPON WHICH THE COMMITTEE AND THE FULL BOARD RELY TO ASSESS THE REASONABLENESS OF THE TOTAL PROPOSED COMPENSATION (INCLUDING BENEFITS) OF THE OFFICERS, THE KEY EMPLOYEES, AND THE CEO. ONCE THE COMPENSATION ANALYSES ARE COMPLETE AND DOCUMENTED IN REPORTS, THEY ARE PROVIDED TO PEW'S COMPENSATION COMMITTEE FOR REVIEW AND CONSIDERATION, TOGETHER WITH WRITTEN OPINIONS FROM THE COMPENSATION CONSULTANT THAT THE PROPOSED COMPENSATION ARRANGEMENTS FOR THE OFFICERS, KEY EMPLOYEES, AND CEO ARE "REASONABLE" WITHIN THE MEANING OF TREAS. REG. 53.4958-4(B)(1)(II)(A). THE COMMITTEE REVIEWS THE COMPENSATION CONSULTANT'S ANALYSES AND OPINIONS AT A MEETING, IN WHICH THE CONSULTANT PARTICIPATES AND RESPONDS TO QUESTIONS, AND RECOMMENDS ANY PROSPECTIVE COMPENSATION ADJUSTMENTS TO THE FULL BOARD FOR APPROVAL. THE FULL BOARD MAKES ANNUAL DECISIONS WITH RESPECT TO PROPOSED COMPENSATION FOR OFFICERS AND KEY EMPLOYEES BASED UPON THE DATA IN THE RELEVANT REPORT AND THE OPINION OF THE COMPENSATION CONSULTANT THAT THE PROPOSED COMPENSATION IS REASONABLE. THESE DECISIONS, AND THE BASES FOR THESE DECISIONS, ARE CONTEMPORANEOUSLY DOCUMENTED IN THE MINUTES. THE BOARD ALSO MAKES ANNUAL DECISIONS REGARDING THE PROPOSED COMPENSATION INCREASE AND RESULTING TOTAL COMPENSATION FOR THE CEO BASED ON THE BOARD'S ASSESSMENT OF THE CEO'S PERFORMANCE, THE DATA IN THE CEO COMPENSATION REPORT, AND THE OPINION OF THE COMPENSATION CONSULTANT THAT THE PROPOSED CEO COMPENSATION IS REASONABLE. THE BOARD'S DECISION REGARDING THE CEO'S COMPENSATION, AND THE BASIS FOR ITS DECISION, ARE DOCUMENTED IN THE MINUTES. THE BOARD MEMBERS WHO VOTE ON COMPENSATION FOR OFFICERS, KEY EMPLOYEES, AND THE CEO DO NOT HAVE A CONFLICT OF INTEREST WITH RESPECT TO THESE COMPENSATION ARRANGEMENTS. |
| FORM 990, PART VI, SECTION C, LINE 19 |
PEW'S FORM 1023 AND STAFF CONFLICT OF INTEREST POLICY ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. PEW'S MOST RECENTLY-FILED FORMS 990 AND 990-T AND AUDITED FINANCIAL STATEMENTS ARE AVAILABLE ON THE ORGANIZATION'S WEBSITE. THE ORGANIZATION DOES NOT NORMALLY MAKE ITS GOVERNING DOCUMENTS AVAILABLE TO THE PUBLIC. IN ACCORDANCE WITH TREAS. REG. 301.6104(D)-1(A) AND IRS NOTICE 2007-45, COPIES OF PEW'S THREE MOST RECENT FORMS 990 AND 990-T ARE MADE AVAILABLE FOR INSPECTION BY THE PUBLIC DURING REGULAR BUSINESS HOURS AT PEW'S OFFICES IN PHILADELPHIA AND WASHINGTON, DC. |
| FORM 990, PART VIII, LINE 6D, COLUMN D: |
PEW LEASES CERTAIN SPACE AT 901 E STREET NW, WASHINGTON, DC TO AN ENTITY THAT IS NOT EXEMPT FROM FEDERAL INCOME TAXES UNDER IRC SECTION 501(C)(3). HOWEVER, LESS THAN 15 PERCENT OF THE BUILDING IS LEASED TO THIS TENANT. THEREFORE, AS ALLOWED UNDER IRC SECTION 512(B) AND TREAS. REG. 1.514(B)-1(B)(1)(II), THIS REVENUE, NET OF RELATED EXPENSES, IS EXCLUDED FROM UNRELATED BUSINESS INCOME, AND PEW HAS REPORTED THE NET RENTAL INCOME ON FORM 990, PART VIII, LINE 6D, COLUMN (D). IN ADDITION, PEW SUBLEASES SPACE TO AN ENTITY IN OFFICE SPACE THAT IT RENTS AT ANOTHER LOCATION. THE SPACE IS SUBLEASED AT PEW'S COST. INCLUDED IN THE SUBLEASE AGREEMENT TERMS IS THE TENANT'S RIGHT TO USE FURNISHINGS OWNED BY PEW. PEW CONSIDERS THE NET VALUE OF THE PERSONAL PROPERTY TO BE LESS THAN 10 PERCENT OF THE TOTAL RENTS UNDER THE LEASE. THEREFORE, AS ALLOWED UNDER IRC SECTION 512(B) AND TREAS. REG. 1.514(B)-1(B)(1)(II), THIS REVENUE, NET OF RELATED EXPENSES, IS EXCLUDED FROM UNRELATED BUSINESS INCOME, AND PEW HAS REPORTED THE NET RENTAL INCOME ON FORM 990, PART VIII, LINE 6D, COLUMN (D). |
| FORM 990, PART XI, LINE 9: |
UNREALIZED FOREIGN EXCHANGE LOSS -88,877. CHANGE IN FAIR VALUE OF INTEREST RATE SWAPS 11,516,716. OTHER CHANGES IN POSTRETIREMENT BENEFITS -492,400. REVERSAL OF PRIOR YEAR GRANT EXPENSE 2,103,438. |
Attach to Form 990 or 990-EZ.