Museum Of Fine Arts is located in Boston, MA. The organization was established in 1965. 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 06/2022, Museum Of Fine Arts employed 747 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Museum Of Fine Arts 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 06/2021, Museum Of Fine Arts generated $137.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.8% each year. All expenses for the organization totaled $128.2m during the year ending 06/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE MUSEUM OF FINE ARTS HOUSES AND PRESERVES PREEMINENT COLLECTIONS AND ASPIRES TO SERVE A WIDE VARIETY OF PEOPLE THROUGH DIRECT ENCOUNTERS WITH WORKS OF ART IN ORDER TO ENCOURAGE INQUIRY AND TO HEIGHTEN PUBLIC UNDERSTANDING AND APPRECIATION OF THE VISUAL WORLD.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATION PROGRAMS: THE MUSEUM MAINTAINS AN ONGOING SERIES OF EDUCATION PROGRAMS AND ACTIVITIES IN ORDER TO FURTHER THE MISSION OF THE MUSEUM AND PROVIDE EDUCATIONAL OPPORTUNITIES IN ART. EDUCATION PROGRAMS COVER A WIDE SPECTRUM OF TOPICS AND INCLUDE STUDIO ART CLASSES AND WORKSHOPS FOR CHILDREN, TEENS AND ADULTS, LECTURES, FILMS, CONCERTS, A VARIETY OF OTHER COURSES, FREE DEMONSTRATIONS AND TALKS, FREE WORKSHOPS FOR EDUCATORS, SCHOOL GROUP TOURS, PARTNERSHIPS WITH LOCAL AREA SCHOOLS, AFTER-SCHOOL PROGRAMS AND COMMUNITY GROUPS TO ENGAGE YOUTH IN ARTS AND PROGRAMS FOR FAMILY VISITS TO THE MUSEUM.
EXHIBITIONS: WITH A COLLECTION OF NEARLY 500,000 OBJECTS, THE MUSEUM OWNS SOME OF THE RARE AND IMPORTANT ARTISTIC TREASURES IN THE WORLD. SUCH A COLLECTION ENABLES THE MUSEUM TO PRESENT MANY SPECIAL EXHIBITIONS WITH A BALANCE BETWEEN SCHOLARLY PROGRAMS AND THOSE WITH BROAD PUBLIC APPEAL. DURING FISCAL YEAR 2022, THE MUSEUM PRESENTED 18 EXHIBITIONS. SOME HIGHLIGHTS INCLUDE: NEW LIGHT: ENCOUNTERS AND CONNECTIONS; PAPER STORIES, LAYERED DREAMS; FABRIC OF NATION; HELINA METAFERUCA: GENERATIONS; TATTOOS IN JAPANESE PRINTS; FROM PARIS TO HOLLYWOOD: CLAUDETTE COLBERT'S STARFISH BROOCH; DAWOUD BEY: BIGHT COMING TENDERLY; REAL PHOTO POSTCARDS: PICTURES FROM A CHANGING NATION; WENG FAMILY COLLECTION OF CHINESE PAINTING: ART ROCKS; TURNER'S MODERN WORLD; PHILIP GUSTON NOW; STORIES ARTISTS TELL: ART OF THE AMERICAS, THE 20TH CENTURY; TOUCHING ROOTS: BLACK ANCESTRAL LEGACIES IN THE AMERICAS; COMMUNITY ARTS INITIATIVE: EMPOWERED FACES; THE BANNER PROJECT: DIEDRICK BRACKENS; INCOMPARABLE IMPRESSIONISM FROM THE MFA AT MFA HOUSTON; THE HEROES CHRONICLES OF THE WARRIORS: JAPANESE SWORDS X UKIYO-E AT MORI ARTS CENTER GALLERY IN TOKYO, JAPAN AND THE NIIGATA BANDAIJIMA ART MUSEUM IN NIIGATA, JAPAN.
ENTERPRISE: THE MUSEUM'S RETAIL OPERATIONS OFFERS A WIDE VARIETY OF MERCHANDISE RELATED TO THE MUSEUM'S COLLECTIONS AND SPECIAL EXHIBITIONS, WHICH CONTRIBUTE IMPORTANTLY TO THE ACHIEVEMENT OF THE MUSEUM'S EXEMPT EDUCATIONAL PURPOSE BY MAKING WORKS OF ART FAMILIAR TO A BROADER SEGMENT OF THE PUBLIC. OFFERINGS AT SHOP INCLUDE ART BOOKS, POSTERS, CARDS, GLASS, TEXTILES, JEWELRY AND SCULPTURE. MERCHANDISE IS FOR SALE IN THE PHYSICAL SHOPS OR THROUGH RETAIL'S WEB-BASED OUTLET.THE MUSEUM IS EXEMPT AS AN EDUCATIONAL ORGANIZATION ON THE BASIS OF ITS OWNERSHIP, MAINTENANCE, AND EXHIBITION FOR PUBLIC VIEWING OF WORKS OF ART. THE SALES OF SUCH ITEMS CONTRIBUTES IMPORTANTLY TO THE ACHIEVEMENT OF THE MUSEUM'S EXEMPT EDUCATIONAL PURPOSES BY STIMULATING AND ENHANCING PUBLIC AWARENESS, INTEREST, AND APPRECIATION OF ART. MOREOVER, A BROADER SEGMENT OF THE PUBLIC MAY BE ENCOURAGED TO VISIT THE MUSEUM ITSELF TO SHARE IN ITS EDUCATIONAL FUNCTIONS AND PROGRAMS AS A RESULT OF SEEING THE ITEMS SOLD.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Matthew Teitelbaum Ann & Graham Gund Director | Officer | 40 | $1,055,830 |
Mark Kerwin Cfo, Deputy Director | Officer | 40 | $427,548 |
Cameran Mason Chief External Relations | Officer | 40 | $387,758 |
Makeeba Mccreary -Former Chief Of Learning And Comm | 40 | $363,642 | |
Cynthia S Glott Sr. Dir. Of Ext. Relations | 40 | $258,498 | |
John Toulmin Dir. Of Treasury Management | Officer | 40 | $239,614 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Us Art Company Art Shipping And Storage | 6/29/22 | $1,933,261 |
Connelly Partners Llc Marketing | 6/29/22 | $1,451,032 |
C&w Facility Services Inc Cleaning Services | 6/29/22 | $1,254,520 |
Wise Construction Corp Construction | 6/29/22 | $1,119,409 |
Allied Universal Security | 6/29/22 | $910,619 |
Statement of Revenue | |
---|---|
Total Revenue from Contributions, Gifts, Grants & Similar | $62,410,288 |
Investment income | $6,165,745 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $5,280,955 |
Net Gain/Loss on Asset Sales | $45,181,786 |
Net Income from Fundraising Events | $18,175 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $880,549 |
Miscellaneous Revenue | $0 |
Total Revenue | $137,057,905 |
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. | $2,789,644 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $32,484,068 |
Pension plan accruals and contributions | $2,014,352 |
Other employee benefits | $4,992,849 |
Payroll taxes | $3,902,203 |
Fees for services: Management | $923,094 |
Fees for services: Legal | $547,091 |
Fees for services: Accounting | $305,815 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $12,923,542 |
Fees for services: Other | $2,102,287 |
Advertising and promotion | $1,330,010 |
Office expenses | $1,527,285 |
Information technology | $1,089,931 |
Royalties | $0 |
Occupancy | $4,965,421 |
Travel | $184,256 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $0 |
Interest | $4,325,081 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $20,145,661 |
Insurance | $1,325,296 |
All other expenses | $0 |
Total functional expenses | $128,193,029 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $17,713,636 |
Savings and temporary cash investments | $75,299,205 |
Pledges and grants receivable | $79,328,499 |
Accounts receivable, net | $790,002 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $0 |
Inventories for sale or use | $1,499,585 |
Prepaid expenses and deferred charges | $1,579,060 |
Investments—publicly traded securities | $577,417,972 |
Investments—other securities | $358,730,207 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $11,542,606 |
Total assets | $1,431,187,770 |
Accounts payable and accrued expenses | $22,361,059 |
Grants payable | $0 |
Deferred revenue | $2,738,456 |
Tax-exempt bond liabilities | $99,752,678 |
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 | $945,816 |
Other liabilities | $33,416,217 |
Total liabilities | $159,214,226 |
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 | $1,271,973,544 |