William A Farnsworth Library And Art Museum Inc
- Assets
- $32.9m
- Revenue
- $4.2m
- Investments
- $7.0m
- Employees
- 63
- Location
- Rockland, ME
- Founding
- 04/1987
- Data as of
- 09/2020
- EIN
- 01-0368070
Organization Overview
William A Farnsworth Library And Art Museum Inc is located in Rockland, ME. The organization was established in 1987. According to its NTEE Classification (A51) the organization is classified as: Art Museums, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 09/2021, William A Farnsworth Library And Art Museum Inc employed 63 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. William A Farnsworth Library And Art Museum Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 09/2020, William A Farnsworth Library And Art Museum Inc generated $4.2m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 4.8% each year. All expenses for the organization totaled $4.5m during the year ending 09/2020. While expenses have increased by 2.0% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2020
Describe the Organization's Mission:
Part 3 - Line 1
THE MUSEUM'S MISSION IS TO CELEBRATE MAINE'S ROLE IN AMERICAN ART. TO ACCOMPLISH THAT MISSION THE MUSEUM PROVIDES AN EXTENSIVE OFFERING OF COLLECTIONS, EXHIBITIONS, EDUCATION AND RETAIL SERVICES TO THE GENERAL PUBLIC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CURATORIAL AND LIBRARY -SEE SCHEDULE O
EDUCATION PROGRAM ACCOMPLISHMENTS - SEE SCHEDULE O
MUSEUM STORE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Chris Brownawell Executive Director | Officer | 39 | $267,752 |
Anne Scheflen Chief Advancement Officer | 40 | $146,537 | |
Michael Komanecky Curator | 40 | $114,228 | |
Gerry Isom President | OfficerTrustee | 1 | $0 |
Ed Waller Vice President | OfficerTrustee | 1 | $0 |
Victoria Goldstein 2nd Vice President | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,500,548 |
| Investment income | $567,420 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$235,341 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $139,782 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,207,535 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $266,239 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,884,638 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $170,037 |
| Payroll taxes | $166,922 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $50,552 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $233,103 |
| Advertising and promotion | $88,140 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $272,201 |
| Travel | $16,323 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $5,709 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $75,366 |
| Insurance | $102,579 |
| All other expenses | $0 |
| Total functional expenses | $4,529,917 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $496,196 |
| Pledges and grants receivable | $1,948,592 |
| Accounts receivable, net | $6,765 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $7,428,935 |
| Inventories for sale or use | $314,396 |
| Prepaid expenses and deferred charges | $78,053 |
| Investments—publicly traded securities | $15,111,928 |
| Investments—other securities | $6,982,166 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $187,689 |
| Total assets | $32,899,602 |
| Accounts payable and accrued expenses | $1,810,080 |
| Grants payable | $0 |
| Deferred revenue | $1,597 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $381,523 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $2,193,200 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $30,706,402 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that William A Farnsworth Library And Art Museum Inc has recieved totaling $10,000.
| Awarding Organization | Amount |
|---|---|
Ferland Family Foundation Inc Ponte Vedra Beach, FL PURPOSE: TO CELEBRATE MAINE'S ROLE IN AMERICAN ART | $10,000 |
Endowment Analysis
| Beg. Balance | $22,094,094 |
| Earnings | $3,792,743 |
| Net Contributions | $1,544,837 |
| Other Expense | $963,663 |
| Ending Balance | $26,468,011 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Portland Museum Of Art Portland, ME | $75,826,769 | $10,432,428 |
Currier Museum Of Art Manchester, NH | $107,852,000 | $12,269,054 |
William A Farnsworth Library And Art Museum Inc Rockland, ME | $32,899,602 | $4,207,535 |
Museum Of Art Of Ogunquit Ogunquit, ME | $3,324,529 | $1,240,153 |
3s Contemporary Arts Space Inc Portsmouth, NH | $1,725,816 | $822,609 |
Center For Maine Contemporary Art Rockland, ME | $5,667,263 | $852,628 |
Wendell Gilley Museum Of Bird Carving The Southwest Harbor, ME | $5,580,389 | $1,068,876 |
Ellis-Beauregard Foundation Rockland, ME | $11,503,851 | $1,367,846 |
Journeys In Education Inc Peterborough, NH | $70,652 | $313,577 |
Ashley Bryan Center Islesford, ME | $482,910 | $87,814 |
Ogunquit Arts Collaborative Ogunquit, ME | $788,122 | $219,301 |
Deer Isle Artists Association Deer Isle, ME | $77,825 | $0 |