Museum Of Modern Art
- Assets
- $2.7b
- Revenue
- $251.6m
- Investments
- $628.1m
- Employees
- 1,107
- Location
- New York, NY
- Founding
- 12/1952
- Data as of
- 06/2021
- EIN
- 13-1624100
Organization Overview
Museum Of Modern Art is located in New York, NY. The organization was established in 1952. 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 06/2021, Museum Of Modern Art employed 1,107 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Museum Of Modern 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 06/2021, Museum Of Modern Art generated $251.6m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (7.8%) each year. All expenses for the organization totaled $236.1m during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (0.9%) per year over the past 6 years. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE MUSEUM OF MODERN ART ESTABLISHES, PRESERVES, AND DOCUMENTS A (CONTINUED IN SCHEDULE O)
Describe the Organization's Program Activity:
MUSEUM OPERATIONS - CURATORIAL AND CURATORIAL SUPPORT DEPARTMENTS INCLUDE CONSERVATION, EDUCATION, EXHIBITIONS, CREATIVE, PUBLICATIONS, LIBRARY AND ARCHIVES. THE MUSEUM WAS FOUNDED IN 1929 AS AN EDUCATIONAL INSTITUTION AND MAINTAINS A VAST BREADTH OF EDUCATIONAL PROGRAMMING, WHICH INCREASED IN THE YEARS AFTER THE OPENINGS OF THE RENOVATIONS AND EXPANSIONS IN 2004, 2006, AND 2019. (CONTINUED IN SCHEDULE O)
IN FY 2021, OVER 841 WORKS WERE ADDED TO THIS COLLECTION, BOTH BY DONATION AND BY PURCHASE.
SECURITY, OPERATIONS, AND MAINTENANCE OF EXHIBITION GALLERIES AND ART COLLECTION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Glenn D Lowry Director/ex-Officio Trustee | Officer | 40 | $1,861,707 |
Anthony Wai Chief Investment Officer | Officer | 40 | $967,957 |
James Gara Coo/assistant Treasurer | Officer | 40 | $855,317 |
Patty Lipshutz Counsel | 40 | $746,896 | |
Christopher Hudson Publisher | 40 | $613,924 | |
Nancy Adelson Deputy General Counsel (term 09/20) | 40 | $574,878 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Collins Building Services Inc Janitorial Cleaning | 6/29/21 | $2,884,816 |
Imerex Inc Advertising | 6/29/21 | $1,291,992 |
Globalmail Inc Mailing | 6/29/21 | $922,029 |
Universal Protection Service Lp Security | 6/29/21 | $806,104 |
Masterpiece International Ltd Art Transport | 6/29/21 | $649,486 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $1,451,451 |
| Fundraising events | $6,014,100 |
| Related organizations | $0 |
| Government grants | $20,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $91,294,797 |
| Noncash contributions included in lines 1a–1f | $25,871,041 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $98,780,348 |
| Total Program Service Revenue | $5,545,899 |
| Investment income | $19,543,719 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $31,003 |
| Net Rental Income | $33,399 |
| Net Gain/Loss on Asset Sales | $103,926,147 |
| Net Income from Fundraising Events | -$355,211 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $23,865,606 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $251,623,479 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,893,871 |
| 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. | $14,310,858 |
| Compensation of current officers, directors, key employees. | $10,094,178 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $60,686,510 |
| Pension plan accruals and contributions | $5,803,337 |
| Other employee benefits | $11,831,163 |
| Payroll taxes | $5,235,518 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $838,058 |
| Fees for services: Accounting | $448,435 |
| Fees for services: Lobbying | $51,150 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $22,283,554 |
| Fees for services: Other | $10,421,322 |
| Advertising and promotion | $4,305,010 |
| Office expenses | $12,080,251 |
| Information technology | $1,141,232 |
| Royalties | $202,639 |
| Occupancy | $8,243,318 |
| Travel | $358,168 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $16,086 |
| Interest | $8,017,674 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $43,123,268 |
| Insurance | $1,650,271 |
| All other expenses | $0 |
| Total functional expenses | $236,065,058 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,698,316 |
| Savings and temporary cash investments | $127,004,420 |
| Pledges and grants receivable | $142,099,032 |
| Accounts receivable, net | $5,450,840 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $12,568,652 |
| Prepaid expenses and deferred charges | $12,554,110 |
| Net Land, buildings, and equipment | $694,228,111 |
| Investments—publicly traded securities | $1,017,450,285 |
| Investments—other securities | $628,103,585 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $53,300,732 |
| Total assets | $2,699,458,083 |
| Accounts payable and accrued expenses | $30,371,098 |
| Grants payable | $0 |
| Deferred revenue | $1,252,102 |
| Tax-exempt bond liabilities | $266,745,560 |
| 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 | $100,000,000 |
| Other liabilities | $98,110,888 |
| Total liabilities | $496,479,648 |
| Net assets without donor restrictions | $1,288,534,683 |
| Net assets with donor restrictions | $914,443,752 |
| 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 | $2,699,458,083 |
Grants Recieved
Over the last fiscal year, we have identified 16 grants that Museum Of Modern Art has recieved totaling $3,688,448.
| Awarding Organization | Amount |
|---|---|
Peter Schub Foundation New York, NY PURPOSE: PROMOTE PHOTOGRAPHY OF MUSEUM ART | $3,500,000 |
Louis B Mayer Foundation New York, NY PURPOSE: TO PRESERVE THE FILM HERITAGE OF WILLIAM S. HART. | $70,000 |
A Woodner Fund Inc New York, NY PURPOSE: FINE ARTS MUSEUM | $55,000 |
Epstein Philanthropies New York, NY PURPOSE: GENERAL PURPOSES | $40,000 |
Marc E Leland Foundation Boston, MA PURPOSE: UNRESTRICTED | $10,000 |
Sharon And Lewis Korman Foundation New York, NY PURPOSE: FOR OPERATIONS | $5,000 |
Endowment Analysis
| Beg. Balance | $891,045,788 |
| Earnings | $211,937,510 |
| Net Contributions | $64,703,512 |
| Other Expense | $81,052,997 |
| Ending Balance | $1,086,633,813 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Metropolitan Museum Of Art New York, NY | $5,373,900,476 | $653,501,924 |
Museum Of Modern Art New York, NY | $2,699,458,083 | $251,623,479 |
Museum Of Fine Arts Boston, MA | $1,234,619,782 | $175,070,799 |
Whitney Museum Of American Art New York, NY | $937,771,000 | $113,143,000 |
Philadelphia Museum Of Art Philadelphia, PA | $1,255,022,756 | $116,812,968 |
Solomon R Guggenheim Foundation New York, NY | $240,294,871 | $73,166,662 |
Brooklyn Institute Of Arts And Sciences Brooklyn, NY | $388,418,074 | $82,546,120 |
Sterling & Francine Clark Art Inst Williamstown, MA | $670,367,352 | $8,296,004 |
Frick Collection New York, NY | $548,300,043 | $37,986,909 |
Barnes Foundation Philadelphia, PA | $223,515,679 | $21,249,120 |
Isabella Stewart Gardner Museum Inc Boston, MA | $347,979,013 | $30,352,820 |
Buffalo Fine Arts Academy Buffalo, NY | $293,134,468 | $30,844,940 |