Parrish Art Museum Inc
- Assets
- $42.3m
- Revenue
- $6.0m
- Investments
- $0.0
- Employees
- 69
- Location
- Water Mill, NY
- Founding
- 03/1959
- Data as of
- 12/2021
- EIN
- 11-1782495
Organization Overview
Parrish Art Museum Inc is located in Water Mill, NY. The organization was established in 1959. 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 12/2021, Parrish Art Museum Inc employed 69 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Parrish 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 12/2021, Parrish Art Museum Inc generated $6.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.8% each year. All expenses for the organization totaled $5.2m during the year ending 12/2021. 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 ENCOURAGES AN APPRECIATION OF ART THROUGH EXHIBITIONS AND EDUCATIONAL PROGRAMS AND PROMOTES AN UNDERSTANDING AND APPRECIATION OF ARTWORK ON VIEW TO THE GENERAL PUBLIC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PARRISH ART MUSEUM, INC., IS LOCATED IN WATER MILL, NEW YORK AND ACCREDITED BY THE AMERICAN ALLIANCE OF MUSEUMS. THE MUSEUM WAS FOUNDED IN 1897 BY SAMUAL LONGSTRETH PARRISH AND WAS CHARTERED BY THE UNIVERSITY OF THE STATE OF NEW YORK EDUCATION DEPARTMENT IN 1954. THE MUSEUM OPENED ITS NEW BUILDING DESIGNED BY HERZOG AND DE MEURON TO INTERNATIONAL ACCLAIM IN NOVEMBER 2012 ALLOWING IT TO EXHIBIT ITS PERMANENT ART COLLECTION SIDE-BY-SIDE WITH CHANGING EXHIBITIONS THROUGHOUT 12,000 SQUARE FEET OF GALLERY SPACE. WE PRESENT MULTIPLE TEMPORARY EXHIBITIONS EACH YEAR, INCLUDING NEW INSTALLATIONS DRAWN FROM OUR WORLD-CLASS COLLECTION OF MORE THAN 3,000 WORKS, SPECIAL EXHIBITIONS THAT RECONSIDER THE WORK OF A SINGLE ARTIST, AND GROUP EXHIBITIONS THAT EXPLORE COMPELLING THEMES. THE PARRISH PRODUCES OVER 100 PUBLIC PROGRAMSFILM, MUSIC, AND TALKSAND OFFERS A YEAR-ROUND SCHEDULE OF INSPIRING CLASSES AND WORKSHOPS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kelly Taxter Director | 35 | $187,768 | |
Frederic M Seegal Co-Chair | OfficerTrustee | 2 | $0 |
Alexandra Stanton Co-Chair | OfficerTrustee | 2 | $0 |
Sean Cohan Co-President | OfficerTrustee | 2 | $0 |
Timothy G Davis Co-President | OfficerTrustee | 2 | $0 |
Sandy Perlbinder Vice President | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Marshall Fine Arts Install And Store Artwork | 12/30/21 | $100,879 |
Rsa Catering Catering Services | 12/30/21 | $100,377 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $1,102,475 |
| Related organizations | $0 |
| Government grants | $1,064,038 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,528,143 |
| Noncash contributions included in lines 1a–1f | $104,867 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,694,656 |
| Total Program Service Revenue | $850,646 |
| Investment income | $115,512 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $159,327 |
| Net Income from Fundraising Events | -$260,523 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $103,092 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,006,161 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $193,355 |
| Other salaries and wages | $1,973,319 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $197,047 |
| Payroll taxes | $243,666 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,270 |
| Fees for services: Accounting | $35,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $34,695 |
| Fees for services: Other | $376,492 |
| Advertising and promotion | $2,090 |
| Office expenses | $37,533 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $36,299 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $111,190 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $862,860 |
| Insurance | $158,331 |
| All other expenses | $279,248 |
| Total functional expenses | $5,216,128 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $536,237 |
| Savings and temporary cash investments | $1,756,201 |
| Pledges and grants receivable | $585,003 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $66,444 |
| Prepaid expenses and deferred charges | $53,853 |
| Net Land, buildings, and equipment | $32,067,841 |
| Investments—publicly traded securities | $7,046,910 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $151,082 |
| Total assets | $42,263,571 |
| Accounts payable and accrued expenses | $292,265 |
| Grants payable | $0 |
| Deferred revenue | $254,030 |
| 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 | $1,426,795 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $151,082 |
| Total liabilities | $2,124,172 |
| Net assets without donor restrictions | $32,716,072 |
| Net assets with donor restrictions | $7,423,327 |
| 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 | $42,263,571 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Parrish Art Museum Inc has recieved totaling $5,800.
| Awarding Organization | Amount |
|---|---|
Franklin Family Charitable Foundation Los Angeles, CA PURPOSE: ART | $3,300 |
The Mclean Family Foundation Wilmington, DE PURPOSE: GENERAL & UNRESTRICTED | $2,500 |
Endowment Analysis
| Beg. Balance | $4,728,302 |
| Earnings | $477,423 |
| Admin Expense | $36,670 |
| Other Expense | $207,798 |
| Ending Balance | $4,961,257 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Buffalo Fine Arts Academy Buffalo, NY | $293,134,468 | $30,844,940 |
New Museum Of Contemporary Art New York, NY | $107,362,095 | $41,908,538 |
Institute Of Contemporary Art Boston, MA | $121,321,339 | $26,427,567 |
Museum Of Arts And Design New York, NY | $100,702,289 | $12,680,439 |
Wadsworth Atheneum Museum Of Art Hartford, CT | $165,426,651 | $15,147,902 |
Neue Galerie New York New York, NY | $114,494,920 | $18,242 |
Worcester Art Museum Worcester, MA | $148,643,203 | $30,005,812 |
International Center Of Photography New York, NY | $72,245,409 | $16,287,723 |
Doris Duke Foundation For Islamic Art New York, NY | $38,632,422 | $9,089,054 |
Storm King Art Center New Windsor, NY | $80,583,864 | $14,230,209 |
Fellowship For The Performing Arts Inc New York, NY | $15,555,732 | $10,766,818 |
Ps1 Contemporary Art Center Inc Long Island City, NY | $7,393,924 | $9,638,266 |