Frick Collection
- Assets
- $539.5m
- Revenue
- $67.5m
- Investments
- $240.3m
- Employees
- 285
- Location
- New York, NY
- Founding
- 10/1939
- Data as of
- 06/2022
- EIN
- 13-1624012
Organization Overview
Frick Collection is located in New York, NY. The organization was established in 1939. 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, Frick Collection employed 285 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Frick Collection 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, Frick Collection generated $67.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 12.8% each year . All expenses for the organization totaled $24.4m during the year ending 06/2022. 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
THE FRICK COLLECTION (THE "COLLECTION") OPERATES AN INTERNATIONALLY RECOGNIZED ART MUSEUM AND LIBRARY PROGRAM FOR THE INSPIRATION AND ENJOYMENT OF THE PUBLIC AND FOR THE ADVANCEMENT OF THE STUDY OF FINE ARTS AND KINDRED SUBJECTS.
Describe the Organization's Program Activity:
MUSEUM PROGRAM: THE COLLECTION MAINTAINS AND CONSERVES OVER 1,100 WORKS OF ART AS PART OF ITS PERMANENT ART COLLECTION AND THE HISTORIC INTERIORS OF THE GILDED AGE MANSION THAT HOUSES THEM. THE PERMANENT ART COLLECTION IS MADE ACCESSIBLE TO THE PUBLIC THROUGH EXHIBITIONS, RESEARCH, AND PUBLICATIONS, AS WELL AS AN ARRAY OF EDUCATION PROGRAMS. THE MUSEUM WAS CLOSED TO THE PUBLIC FROM MARCH 2020 UNTIL MARCH 2021 DUE TO THE COVID-19 HEALTH CRISIS AND THE MOVE TO A TEMPORARY LOCATION AS FRICK MADISON. THE MUSEUM WILL REMAIN AT THIS LOCATION, 945 MADISON AVENUE, DURING THE RENOVATION AND ENHANCEMENT OF THE BUILDING AT 1 EAST 70TH STREET. ATTENDANCE DURING THE 2021 TAX YEAR WAS APPROXIMATELY 103,000 VISITORS. SEE SCHEDULE O FOR ADDITIONAL INFORMATION.
LIBRARY PROGRAM: THE MISSION OF THE FRICK ART REFERENCE LIBRARY IS TO PROVIDE PUBLIC ACCESS TO MATERIALS AND PROGRAMS FOCUSED ON THE STUDY OF FINE AND DECORATIVE ARTS CREATED IN THE WESTERN TRADITION FROM THE FOURTH TO THE MID-TWENTIETH CENTURY. IT SERVES AN INTERNATIONAL RESEARCH COMMUNITY AND SUPPORTS INSTITUTIONAL INITIATIVES. THE LIBRARY PROVIDED ON-SITE AND REMOTE SERVICES FOR ALL OF THE 2021 TAX YEAR BY WELCOMING 1,036 VISITORS, ANSWERING 1,210 RESEARCH QUESTIONS IN PERSON, ANSWERING 1,048 RESEARCH QUESTIONS BY EMAIL, AND FILLING 1,234 INTERLIBRARY LOAN AND 2,308 DOCUMENT DELIVERY REQUESTS. SEE SCHEDULE O FOR ADDITIONAL INFORMATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ian Wardropper Director & CEO | Officer | 35 | $837,461 |
Katharine Chapman Deputy Director External Affairs | 35 | $314,598 | |
Michael Paccione CFO & Asst Trea | Officer | 35 | $298,922 |
Xavier Salomon Peter Jay Sharp Chief Curator | 35 | $290,329 | |
Alison Lonshein Gc & Asst. Sec | Officer | 35 | $289,620 |
Joseph Shatoff Deputy Director & COO | 35 | $275,600 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sciame Construction Llc Construction Management | 6/29/22 | $41,834,394 |
Beyer Blinder Belle Architect | 6/29/22 | $1,677,677 |
Selldorf Architects Architect | 6/29/22 | $868,226 |
Cambridge Associates Llc Investment Management | 6/29/22 | $608,333 |
Colliers Project Leaders Engineering | 6/29/22 | $505,266 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $1,858,913 |
| Fundraising events | $1,545,226 |
| Related organizations | $0 |
| Government grants | $5,344,400 |
| All other contributions, gifts, grants, and similar amounts not included above | $29,304,351 |
| Noncash contributions included in lines 1a–1f | $9,839,151 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $38,052,890 |
| Total Program Service Revenue | $1,821,200 |
| Investment income | $5,062,295 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $23,590 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $22,546,555 |
| Net Income from Fundraising Events | -$152,831 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $117,679 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $67,471,378 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $8,600 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,692,415 |
| Compensation of current officers, directors, key employees. | $1,550,892 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $12,069,297 |
| Pension plan accruals and contributions | $771,019 |
| Other employee benefits | $3,045,335 |
| Payroll taxes | $1,037,217 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $61,696 |
| Fees for services: Accounting | $167,815 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,539,963 |
| Fees for services: Other | $0 |
| Advertising and promotion | $279,092 |
| Office expenses | $401,912 |
| Information technology | $429,815 |
| Royalties | $0 |
| Occupancy | $1,080,435 |
| Travel | $143,859 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $125,732 |
| Interest | $14,567 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,603,782 |
| Insurance | $420,363 |
| All other expenses | -$4,031,295 |
| Total functional expenses | $24,415,722 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $56,006,335 |
| Savings and temporary cash investments | $36,737,372 |
| Pledges and grants receivable | $0 |
| 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 | $609,015 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $141,294,441 |
| Investments—publicly traded securities | $61,792,935 |
| Investments—other securities | $240,318,725 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,718,551 |
| Total assets | $539,477,374 |
| Accounts payable and accrued expenses | $11,735,509 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $12,999,111 |
| Total liabilities | $24,734,620 |
| Net assets without donor restrictions | $295,007,536 |
| Net assets with donor restrictions | $219,735,218 |
| 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 | $539,477,374 |