American Folk Art Museum
- Assets
- $11.7m
- Revenue
- $5.7m
- Investments
- $1.3m
- Employees
- 55
- Location
- New York, NY
- Founding
- 07/1964
- Data as of
- 06/2022
- EIN
- 13-1985627
Organization Overview
American Folk Art Museum is located in New York, NY. The organization was established in 1964. According to its NTEE Classification (A50) the organization is classified as: Museums, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 06/2022, American Folk Art Museum employed 55 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. American Folk Art 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, American Folk Art Museum generated $5.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.8% each year. All expenses for the organization totaled $4.5m during the year ending 06/2022. While expenses have increased by 2.2% 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE AMERICAN FOLK ART MUSEUM IS THE PREMIER INSTITUTION DEVOTED TO THE AESTHETIC APPRECIATION OF TRADITIONAL FOLK ART AND CREATIVE EXPRESSIONS OF CONTEMPORARY SELF-TAUGHT ARTISTS FROM THE UNITED STATES AND ABROAD. THE MUSEUM PRESERVES, CONSERVES, AND INTERPRETS A COMPREHENSIVE COLLECTION OF THE HIGHEST QUALITY, WITH OBJECTS DATING FROM THE EIGHTEENTH CENTURY TO THE PRESENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EXHIBITIONS AND COLLECTIONS - DEVELOPMENT AND PRESENTATION OF EXHIBITIONS AND PROGRAMS THAT PRESENT NEW IDEAS, ARTISTS AND ARTWORKS THAT SHAPE AND DEFINE THE FIELD OF FOLK ART AND WORK OF SELF-TAUGHT ARTISTS. THE MUSEUM ALSO MAINTAINS AND PRESERVES A COMPREHENSIVE COLLECTION OF MORE THAT 7,000 OBJECTS; LOANS ARTWORKS TO OTHER INSTITUTIONS; ORGANIZES TRAVELING EXHIBITIONS AND MAKES ITS COLLECTION AVAILABLE FOR STUDY.
REPRODUCTION RIGHTS OF THE MUSEUM'S EXHIBITS.
MUSEUM GIFT SHOP MAKES MERCHANDISE AVAILABLE TO THE PUBLIC INCLUDING HAND-MADE ITEMS, ARTISTIC REPRODUCTIONS AND PUBLICATIONS THAT REFLECT THE MISSION AND VISION OF THE MUSEUM. THE SHOP DID SUFFER A DECLINE IN SALES DUE TO THE COVID-19 GLOBAL PANDEMIC. NEVERTHELESS, THE MUSEUM CHOSE TO MAINTAIN FULL STAFFING THROUGHOUT THE COVID-19 PANDEMIC AND HAS INCREASED ITS EFFORTS IN PROMOTING ONLINE SALES.
EDUCATION PROGRAMS THAT BENEFIT PRE-K THROUGH 12TH GRADE STUDENTS WITH SINGLE CLASS VISITS; MUSEUM-SCHOOL PARTNERSHIPS; TEEN DOCENT PROGRAMS AND SUMMER CAMP PROGRAMS; MONTHLY FAMILY PROGRAMS, HANDS ON WORKSHOPS FOR ADULTS, WEEKLY MUSIC EVENTS, PROGRAMS FOR SENIORS WITH ALZHEIMER'S DISEASE, TOURS FOR BLIND AND VISITORS WITH LOW VISION, A YEAR-LONG, PAID INTERNSHIP FOR LAGUARDIA COMMUNITY COLLEGE STUDENTS, PROFESSIONAL DEVELOPMENT WORKSHOPS FOR FOR NYC TEACHERS, AND OPEN HOUSES FOR TEACHERS AND SCHOOL ADMINISTRATORS; AN EDUCATIONAL LIBRARY AND STUDY CENTER FOR THE BENEFIT OF SCHOLARS AND RESEARCHERS AND THE GENERAL PUBLIC BY APPOINTMENT; AND ADULT PROGRAMS THAT SERVE LIFE-LONG LEARNERS WITH A ROBUST PROGRAM OF LECTURES, FILMS, DOCENT TOURS, SYMPOSIA AND SPECIAL EVENTS. IN-PERSON PROGRAMS WERE CURTAILED IN MID-MARCH OF 2020 DUE TO THE COVID19 GLOBAL PANDEMIC; AS A RESULT MANY PROGRAMS WERE MOVED TO VIRTUAL PLATFORMS, OTHERS WERE POSTPONED OR CANCELLED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Audrey Heckler Vice President | OfficerTrustee | 1 | $0 |
Barbara L Gordon Trustee | Trustee | 1 | $0 |
Brett A Robbins Treasurer | OfficerTrustee | 1 | $0 |
Brian Donnelly Trustee | Trustee | 1 | $0 |
Edward V Blanchard Jr Chairman | OfficerTrustee | 1 | $0 |
Elizabeth V Warren President | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Silnor #2 Lp Rent | 6/29/16 | $259,276 |
Tiaa-cref Retirement Premiums | 6/29/16 | $166,068 |
Aetna Health Insurance Company Of New Yo Insurance Services | 6/29/16 | $198,291 |
Masterpiece International Collection Shipping Services | 6/29/16 | $127,284 |
Universal Protection Service Llc Security Services | 6/29/16 | $118,274 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $787,866 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,617,376 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,405,242 |
| Total Program Service Revenue | $332,533 |
| Investment income | $406,974 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,905 |
| Net Income from Fundraising Events | $509,114 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $54,040 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,728,873 |
| 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. | $439,037 |
| Compensation of current officers, directors, key employees. | $78,929 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,575,509 |
| Pension plan accruals and contributions | $36,247 |
| Other employee benefits | $166,061 |
| Payroll taxes | $174,129 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $43,983 |
| Fees for services: Other | $506,360 |
| Advertising and promotion | $28,924 |
| Office expenses | $159,072 |
| Information technology | $11,708 |
| Royalties | $0 |
| Occupancy | $318,407 |
| Travel | $33,419 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,850 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $145,332 |
| Insurance | $109,184 |
| All other expenses | $229,734 |
| Total functional expenses | $4,521,552 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,084,613 |
| Savings and temporary cash investments | $172,705 |
| Pledges and grants receivable | $727,085 |
| Accounts receivable, net | $300,550 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $103,299 |
| Prepaid expenses and deferred charges | $128,959 |
| Net Land, buildings, and equipment | $609,530 |
| Investments—publicly traded securities | $6,361,713 |
| Investments—other securities | $1,251,135 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,009,984 |
| Total assets | $11,749,573 |
| Accounts payable and accrued expenses | $281,758 |
| Grants payable | $0 |
| Deferred revenue | $35,982 |
| 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 | $69,878 |
| Total liabilities | $387,618 |
| Net assets without donor restrictions | $949,335 |
| Net assets with donor restrictions | $10,412,620 |
| 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 | $11,749,573 |