Brooklyn Institute Of Arts And Sciences
- Assets
- $368.4m
- Revenue
- $88.9m
- Investments
- $144.9m
- Employees
- 524
- Location
- Brooklyn, NY
- Founding
- 06/1935
- Data as of
- 06/2022
- EIN
- 11-1672743
Organization Overview
Brooklyn Institute Of Arts And Sciences, operating under the name Brooklyn Museum, is located in Brooklyn, NY. The organization was established in 1935. 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, Brooklyn Museum employed 524 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Brooklyn Museum 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 06/2022, Brooklyn Museum generated $88.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.6% each year . All expenses for the organization totaled $55.1m during the year ending 06/2022. While expenses have increased by 4.8% per year over the past 7 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
WE CREATE ENCOUNTERS WITH ART THAT EXPAND OUR VIEWS OF THE WORLD & ITS POSSIBILITIES.
Describe the Organization's Program Activity:
CURATORIAL AND EDUCATIONAL CURATORIAL - THE BROOKLYN MUSEUM STUDIES, PRESERVES AND EXHIBITS A VAST AND COMPREHENSIVE COLLECTION THAT SPANS NEARLY 5,000 YEARS OF HISTORY AND REPRESENTS CULTURES FROM AROUND THE GLOBE. PERMANENT INSTALLATIONS PRESENT THE MUSEUM'S COLLECTIONS OF ARTS OF THE AMERICAS AND EUROPE; ARTS OF ANCIENT EGYPT, AFRICA, ASIA, AND THE MIDDLE EAST; CONTEMPORARY, AND FEMINIST ART. SEVERAL OF THE MUSEUM'S COLLECTIONS ARE CONSIDERED TO BE AMONG THE HIGHEST QUALITY IN THE WORLD, INCLUDING ITS AMERICAN AND EGYPTIAN ART COLLECTIONS. (CONTINUED IN SCHEDULE O)TRAVELING EXHIBITIONS PROVIDE UNIQUE OPPORTUNITIES FOR AUDIENCES FROM ACROSS THE GLOBE TO EXPERIENCE WORKS FROM THE MUSEUM'S RENOWNED COLLECTION. IN FY22, 4 TRAVELING EXHIBITIONS WERE DRAWN FROM THE COLLECTION FOR PRESENTATION. EDUCATION - INNOVATIVE EDUCATION AND PUBLIC PROGRAMS SERVED APPROXIMATELY 41,808 110,921 STUDENTS, TEACHERS, FAMILIES AND ADULTS THIS YEAR. THROUGH EXPLORING THE COLLECTION AND SPECIAL EXHIBITIONS AND THROUGH HANDS-ON ART-MAKING, THESE PROGRAMS STRENGTHEN CLASSROOM LEARNING AND PROMOTE LIFELONG CONNECTIONS TO THE VISUAL ARTS. NATIONALLY-RECOGNIZED PROGRAMS SUCH AS FIRST SATURDAYS HAVE HELPED BUILD ONE OF THE MOST DIVERSE AUDIENCES OF ANY MUSEUM IN THE NATION. EDUCATION PROGRAMS ARE CENTRAL TO THE MUSEUM'S MISSION OF FOCUSING AND ENRICHING THE EXPERIENCES OF OUR VISITORS.
MERCHANDISE OPERATIONS THE BROOKLYN MUSEUM SHOP EXTENDS OUR VISITORS' EXPERIENCE. OUR INVENTORY IS COMPRISED OF EXHIBITION-RELATED ITEMS, CATALOGS AND OTHER PUBLICATIONS.
SPECIAL EXHIBITIONS BROOKLYN MUSEUM PIONEERS THE PRESENTATION AND INTERPRETATION OF THE VISUAL AND ARTISTIC HERITAGE OF WORLD CULTURES. A WELL-ROUNDED SELECTION OF EXHIBITIONS REINFORCES THE MUSEUM'S LEADERSHIP IN ARTS SCHOLARSHIP. IN FY22, 11 SPECIAL EXHIBITIONS AND INSTALLATIONS DEVELOPED AND EXTENDED THE CULTURAL AND ART HISTORICAL THEMES OF THE MUSEUM'S COLLECTION. THESE EXHIBITIONS ATTRACTED ROBUST PUBLIC ATTENTION AND ENGAGED AUDIENCES OF ALL BACKGROUNDS AND AGES IN THE VISUAL ARTS.
PUBLIC AFFAIRS AND INFORMATION IN FY22, OVER 592,406 VISITORS EXPLORED OUR EXTRAORDINARY PERMANENT COLLECTIONS, ATTENDED SPECIAL EXHIBITIONS AND PARTICIPATED IN OUR PUBLIC PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Barbara M Vogelstein Board Chair | OfficerTrustee | 8 | $0 |
Stephanie Ingrassia Trustee/vice Chair | OfficerTrustee | 4 | $0 |
Neil Simpkins Trustee/treasurer | OfficerTrustee | 4 | $0 |
Saundra Williams-Cornwell Trustee/secretary | OfficerTrustee | 4 | $0 |
Regina Aldisert Trustee | Trustee | 2 | $0 |
Sarah Arison Trustee | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mae Daniller & Company Fundraising Services | 6/29/22 | $342,498 |
Dietl International Services Shipping Services | 6/29/22 | $294,485 |
Hasenkamp Internationale Transportation Shipping Services | 6/29/22 | $281,606 |
Small Corporation Framing & Carpentry | 6/29/22 | $254,859 |
Cloud For Good Llc Software Implementation | 6/29/22 | $249,862 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $2,838,985 |
| Fundraising events | $2,300,639 |
| Related organizations | $0 |
| Government grants | $22,828,305 |
| All other contributions, gifts, grants, and similar amounts not included above | $24,475,628 |
| Noncash contributions included in lines 1a–1f | $1,294,164 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $52,443,557 |
| Total Program Service Revenue | $9,524,425 |
| Investment income | $1,468,856 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $1,001,778 |
| Net Gain/Loss on Asset Sales | $23,420,993 |
| Net Income from Fundraising Events | -$553,212 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $1,287,271 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $88,940,575 |
| 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. | $2,388,639 |
| Compensation of current officers, directors, key employees. | $414,067 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $20,468,532 |
| Pension plan accruals and contributions | $2,162,873 |
| Other employee benefits | $5,815,286 |
| Payroll taxes | $1,947,454 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $695,885 |
| Fees for services: Accounting | $93,180 |
| Fees for services: Lobbying | $97,800 |
| Fees for services: Fundraising | $260,165 |
| Fees for services: Investment Management | $2,170,255 |
| Fees for services: Other | $3,926,274 |
| Advertising and promotion | $571,742 |
| Office expenses | $2,677,132 |
| Information technology | $979,502 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $166,954 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $18,879 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,264,771 |
| Insurance | $339,499 |
| All other expenses | $2,422,187 |
| Total functional expenses | $55,126,445 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,881,740 |
| Savings and temporary cash investments | $13,259,659 |
| Pledges and grants receivable | $8,781,615 |
| Accounts receivable, net | $2,016,652 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $2,137,427 |
| Prepaid expenses and deferred charges | $1,746,454 |
| Net Land, buildings, and equipment | $150,019,580 |
| Investments—publicly traded securities | $40,326,941 |
| Investments—other securities | $144,916,228 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,271,000 |
| Total assets | $368,357,296 |
| Accounts payable and accrued expenses | $6,029,437 |
| Grants payable | $0 |
| Deferred revenue | $4,122,687 |
| 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 | $30,393,924 |
| Total liabilities | $40,546,048 |
| Net assets without donor restrictions | $194,488,676 |
| Net assets with donor restrictions | $133,322,572 |
| 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 | $368,357,296 |