New Museum Of Contemporary Art
- Assets
- $107.4m
- Revenue
- $41.9m
- Investments
- $24.1m
- Employees
- 159
- Location
- New York, NY
- Founding
- 11/1979
- Data as of
- 06/2022
- EIN
- 13-2986881
Organization Overview
New Museum Of Contemporary Art is located in New York, NY. The organization was established in 1979. 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, New Museum Of Contemporary Art employed 159 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Museum Of Contemporary 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 06/2022, New Museum Of Contemporary Art generated $41.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.3% each year. All expenses for the organization totaled $17.0m during the year ending 06/2022. While expenses have increased by 1.6% 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
A CENTER FOR EXHIBITIONS, INFORMATION, AND DOCUMENTATION ABOUT LIVING ARTISTS SINCE 1977, WHICH CONTINUES TO BE A PLACE OF EXPERIMENTATION AND A HUB OF NEW ART AND NEW IDEAS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EXHIBITIONS AND SPECIAL PROJECTS REFLECT THE NEW MUSEUM'S ENDURING COMMITMENT TO ENCOURAGING NEW WORK BY A DIVERSE RANGE OF EMERGING AND ESTABLISHED INTERNATIONAL ARTISTS. PROGRAMS CHANGE REGULARLY AND ENCAPSULATE THE NEW MUSEUM'S PHILOSOPHY OF OPENNESS AND FEARLESSNESS, AS WELL AS OUR HISTORY, AS THE HOME OF SOCIALLY COMMITTED CONTEMPORARY ART.
THROUGH THE DEPARTMENT OF EDUCATION AND PUBLIC ENGAGEMENTS RESEARCH AND DEVELOPMENT SEASONS, THE NEW MUSEUM'S PUBLIC PROGRAMMING CONNECTS VARIOUS PROJECTS IN THE MUSEUM, THEATER, 5TH FLOOR GALLERY, AND RESOURCE CENTER AROUND A NEW ORGANIZING THEME EACH FALL AND SPRING. ADDITIONALLY, A WIDE RANGE OF EXHIBITION-RELATED PROGRAMS INCLUDE FILM SCREENINGS, TALKS WITH ARTISTS AND SCHOLARS, CONFERENCES, PERFORMANCES, AND LIVE MUSIC THAT TAKES PLACE IN THE NEW MUSEUM THEATER.
NEW INC, THE FIRST MUSEUM-LED INCUBATOR, IS A SHARED WORKSPACE AND PROFESSIONAL DEVELOPMENT PROGRAM DESIGNED TO SUPPORT CREATIVE PRACTITIONERS WORKING IN THE AREAS OF ART, TECHNOLOGY, AND DESIGN.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lisa Phillips Toby Devan Lewis Director | Officer | 40 | $683,250 |
Massimiliano Gioni Artistic Director | Officer | 40 | $352,329 |
Regan Grusy VP Of Strategic Partnerships | Officer | 40 | $266,449 |
Scott Campbell Dir Of Campaign Advancement | Officer | 40 | $211,416 |
Karen Wong Deputy Director (through 8/31) | Officer | 40 | $201,379 |
Dennis Szakacs Chief Operating Officer | Officer | 40 | $199,632 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Carolina Nitsch Contmpry Art Edition Sales | 6/29/22 | $196,532 |
Cooper Robertson Partners Architecture | 6/29/22 | $533,405 |
W O'donnell Consulting Inc It Consulting | 6/29/22 | $202,760 |
Gt Gardiner Theobald Project Management | 6/29/22 | $181,413 |
Oma Amo Architecture Pc Architecture | 6/29/22 | $166,296 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $140,169 |
| Fundraising events | $1,998,652 |
| Related organizations | $0 |
| Government grants | $325,300 |
| All other contributions, gifts, grants, and similar amounts not included above | $33,616,810 |
| Noncash contributions included in lines 1a–1f | $386,995 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $36,080,931 |
| Total Program Service Revenue | $2,684,714 |
| Investment income | $162,232 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $102,861 |
| Net Gain/Loss on Asset Sales | $2,323,092 |
| Net Income from Fundraising Events | -$513,528 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $1,041,388 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $41,908,538 |
| 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. | $2,792,825 |
| Compensation of current officers, directors, key employees. | $264,794 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,034,747 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $311,144 |
| Payroll taxes | $555,971 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $135,449 |
| Fees for services: Accounting | $102,470 |
| Fees for services: Lobbying | $60,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,038,863 |
| Advertising and promotion | $143,357 |
| Office expenses | $1,726,392 |
| Information technology | $71,767 |
| Royalties | $0 |
| Occupancy | $840,476 |
| Travel | $193,169 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $8,021 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,626,343 |
| Insurance | $315,545 |
| All other expenses | $67,101 |
| Total functional expenses | $16,975,769 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,164,291 |
| Savings and temporary cash investments | $20,253,220 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $12,243,850 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $183,406 |
| Prepaid expenses and deferred charges | $2,117,528 |
| Net Land, buildings, and equipment | $40,919,497 |
| Investments—publicly traded securities | $2,359,588 |
| Investments—other securities | $24,117,265 |
| Investments—program-related | $0 |
| Intangible assets | $1,003,450 |
| Other assets | $0 |
| Total assets | $107,362,095 |
| Accounts payable and accrued expenses | $2,187,512 |
| Grants payable | $0 |
| Deferred revenue | $511,903 |
| 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 | $7,653,799 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $10,353,214 |
| Net assets without donor restrictions | $84,471,435 |
| Net assets with donor restrictions | $12,537,446 |
| 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 | $107,362,095 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that New Museum Of Contemporary Art has recieved totaling $7,500.
| Awarding Organization | Amount |
|---|---|
The Barr Fund Chicago, IL PURPOSE: GENERAL FUND | $2,500 |
Carol And Richard Feinstein Foundation Springfield, NJ PURPOSE: GENERAL | $2,500 |
Jeffrey And Debra Feinstein Foundation Springfield, NJ PURPOSE: GENERAL | $2,500 |
Endowment Analysis
| Beg. Balance | $4,418,222 |
| Earnings | -$375,211 |
| Other Expense | $107,779 |
| Ending Balance | $3,935,232 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
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 |