Portland Museum Of Art
- Assets
- $94.4m
- Revenue
- $15.4m
- Investments
- $27.8m
- Employees
- 136
- Location
- Portland, ME
- Founding
- 06/1983
- Data as of
- 01/2024
- EIN
- 01-0378420
Organization Overview
Portland Museum Of Art is located in Portland, ME. The organization was established in 1983. 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 01/2024, Portland Museum Of Art employed 136 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Portland Museum Of Art 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 01/2024, Portland Museum Of Art generated $15.4m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 11.5% each year . All expenses for the organization totaled $13.4m during the year ending 01/2024. While expenses have increased by 7.4% per year over the past 9 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2024
Describe the Organization's Mission:
Part 3 - Line 1
MUSEUM/EDUCATIONAL
Describe the Organization's Program Activity:
EDUCATIONAL PROGRAMS: CREATE OUTSTANDING EDUCATIONAL PROGRAMS AND COLLECTION-BASED ACTIVITIES TO INSPIRE AND ENRICH THE LIVES OF DIVERSE AUDIENCES AND SERVE AS A VITAL CULTURAL CENTER FOR THE CITY AND REGION (62,893 PARTICIPANTS IN 2023).
EXHIBITIONS AND COLLECTIONS: ORIGINATE OUTSTANDING EXHIBITIONS FROM PMA'S PERMANENT COLLECTION AND THROUGH BORROWED WORKS OF ART. PRESENT TRAVELING EXHIBITIONS THAT SUPPORT AND EXTEND PMA'S MISSION. PRESERVE, DOCUMENT, AND INTERPRET OVER 19,000 OBJECTS IN THE COLLECTION AND FIVE ARCHITECTURAL LANDMARKS (115,411 VISITORS IN 2024).
COLLECTION ITEMS PURCHASED: 65 WORKS OF ART WERE PURCHASED FOR PMA'S COLLECTION IN 2023, PROVIDING NEW OPPORTUNITIES FOR VISITORS AND THE COMMUNITY TO EXPERIENCE ORIGINAL WORK.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Eileen T Gillespie President | OfficerTrustee | 10 | $0 |
Cyrus Y Hagge Chair | OfficerTrustee | 10 | $0 |
Joseph R Foley Vice President | OfficerTrustee | 10 | $0 |
Elizabeth T Mccandless Vice President | OfficerTrustee | 10 | $0 |
Mark J Morrissette Treasurer | OfficerTrustee | 10 | $0 |
Christine F Petra Secretary | OfficerTrustee | 10 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Scott Simons Architects Architecture & Design | 1/30/24 | $265,858 |
Lever Architecture Pc Architecture & Design | 1/30/24 | $444,812 |
Openbox Designs Llc Community Engagement Firm | 1/30/24 | $146,364 |
Urban Projects Collaborative Llc Owner's Rep | 1/30/24 | $109,044 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $705,718 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $300,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $12,442,030 |
| Noncash contributions included in lines 1a–1f | $638,835 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $13,447,748 |
| Total Program Service Revenue | $870,907 |
| Investment income | $1,495,087 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$164,436 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$249,084 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $15,400,222 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $911,217 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,082,535 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $464,644 |
| Payroll taxes | $440,648 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $137,017 |
| Fees for services: Accounting | $43,626 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $285,620 |
| Fees for services: Other | $2,836,867 |
| Advertising and promotion | $128,225 |
| Office expenses | $117,830 |
| Information technology | $445,280 |
| Royalties | $0 |
| Occupancy | $554,795 |
| Travel | $82,279 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $28,400 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $494,086 |
| Insurance | $148,596 |
| All other expenses | $0 |
| Total functional expenses | $13,368,776 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,909,595 |
| Savings and temporary cash investments | $6,233,382 |
| Pledges and grants receivable | $11,157,922 |
| Accounts receivable, net | $232,896 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $131,405 |
| Prepaid expenses and deferred charges | $204,971 |
| Net Land, buildings, and equipment | $17,501,213 |
| Investments—publicly traded securities | $21,040,364 |
| Investments—other securities | $27,760,883 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,204,639 |
| Total assets | $94,377,270 |
| Accounts payable and accrued expenses | $1,638,818 |
| Grants payable | $0 |
| Deferred revenue | $373,510 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $2,012,328 |
| Net assets without donor restrictions | $26,657,463 |
| Net assets with donor restrictions | $65,707,479 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $94,377,270 |
Grants Awarded
Over the last fiscal year, Portland Museum Of Art has awarded $200,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
AMON CARTER MUSEUM OF AMERICAN ART PURPOSE: Distribution of exhibition implementation grant from the National Endowment for the Humanities' Public Programs Division for shared costs of the co-organized travelling exhibition Mythmakers: The Art of Winslow Homer and Frederic Remington | $100,000 |
DENVER ART MUSEUM PURPOSE: Distribution of exhibition implementation grant from the National Endowment for the Humanities' Public Programs Division for shared costs of the co-organized travelling exhibition Mythmakers: The Art of Winslow Homer and Frederic Remington | $100,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Portland Museum Of Art Portland, ME | $94,377,270 | $15,400,222 |
Currier Museum Of Art Manchester, NH | $107,852,000 | $12,269,054 |
William A Farnsworth Library And Art Museum Inc Rockland, ME | $37,115,560 | $6,265,013 |
Museum Of Art Of Ogunquit Ogunquit, ME | $4,386,528 | $1,458,704 |
3s Contemporary Arts Space Inc Portsmouth, NH | $1,489,947 | $848,397 |
Center For Maine Contemporary Art Rockland, ME | $5,529,557 | $838,299 |
Wendell Gilley Museum Of Bird Carving The Southwest Harbor, ME | $4,572,187 | $535,325 |
Ellis-Beauregard Foundation Rockland, ME | $13,702,720 | $258,239 |
Journeys In Education Inc Peterborough, NH | $59,575 | $273,141 |
Ashley Bryan Center Islesford, ME | $469,154 | $280,236 |
Kittery Art Association Kittery, ME | $738,554 | $176,497 |
Richard Schmid Fine Art Foundation Walpole, NH | $4,590,284 | $4,728,022 |
Ogunquit Arts Collaborative Ogunquit, ME | $756,345 | $59,241 |
Deer Isle Artists Association Deer Isle, ME | $87,405 | $0 |
Museum Of Beadwork Portland, ME | $53,372 | $12,861 |