Buffalo Fine Arts Academy
- Assets
- $365.9m
- Revenue
- $19.6m
- Investments
- $156.5m
- Employees
- 230
- Location
- Buffalo, NY
- Founding
- 12/1940
- Data as of
- 06/2024
- EIN
- 16-6001555
Organization Overview
Buffalo Fine Arts Academy, operating under the name Buffalo Akg Art Museum, is located in Buffalo, NY. The organization was established in 1940. 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 06/2024, Buffalo Akg Art Museum employed 230 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Buffalo Akg 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 06/2024, Buffalo Akg Art Museum generated $19.6m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 6.8% each year. All expenses for the organization totaled $27.0m during the year ending 06/2024. While expenses have increased by 5.8% per year over the past 9 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
THE BUFFALO FINE ARTS ACADEMY WAS INCORPORATED IN 1862 TO PROMOTE, CULTIVATE AND GENERALLY FOSTER ART IN ALL ITS BRANCHES. IT IS THE PARENT ORGANIZATION OF THE BUFFALO AKG ART MUSEUM, ONE OF THE COUNTRY'S MOST PROMINENT ART MUSEUMS, AS WELL AS AN IMPORTANT CULTURAL AND EDUCATIONAL CENTER FOR WESTERN NEW YORK. THE MUSEUM IS DEDICATED TO SERVING BOTH THE LOCAL COMMUNITY AND WIDER ART AUDIENCE THROUGH A RECOGNIZED AND ACTIVE PROGRAM OF COLLECTING, EDUCATING, EXHIBITING AND INTERPRETING ART WORKS, WITH PARTICULAR EMPHASIS ON THE CREATIVE ACCOMPLISHMENTS OF THE 20TH AND 21ST CENTURIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PURCHASE AND CONSERVATION OF WORKS OF ART- ART PURCHASED FOR THE PERMANENT COLLECTION AND RELATED CONSERVATION ACTIVITIES.
EDUCATIONAL PROGRAMS AND AUXILIARY ACTIVITIES INCLUDE TOURS, WORKSHOPS, ART CLASSES, LECTURES, CONCERTS, FILMS, AND COMMUNITY PROGRAMS.
GALLERY OPERATIONS- MAINTENANCE AND SECURITY OF THE COLLECTION AND VARIOUS ACTIVITIES RELATING TO THE PERMANENT COLLECTION.
EXHIBITIONS- EXHIBITIONS OF VARIOUS ARTISTS WORKS WHICH ARE NOT USUALLY INCLUDED IN THE PERMANENT COLLECTION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jonathan Amoia Director | Trustee | 1.5 | $0 |
Monica Angle Director | Trustee | 1.5 | $0 |
Susan O'connor Baird Director | Trustee | 1.5 | $0 |
Jennifer Balbach Director | Trustee | 1.5 | $0 |
Charles W Banta Director | Trustee | 1.5 | $0 |
Robert J Bojdak Director | Trustee | 1.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Gilbrane Building Company Construction | 6/29/24 | $36,051,407 |
Napier And Sons Inc Construction | 6/29/24 | $975,109 |
Cooper Robertson Architecture & Design | 6/29/24 | $982,265 |
Arc Building Partners Construction | 6/29/24 | $611,561 |
Millington Lockwood Inc Construction | 6/29/24 | $543,699 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $122,012 |
| Related organizations | $0 |
| Government grants | $1,715,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,196,606 |
| Noncash contributions included in lines 1a–1f | $139,105 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,033,618 |
| Total Program Service Revenue | $4,810,090 |
| Investment income | $1,425,922 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $6,883,474 |
| Net Income from Fundraising Events | $476,509 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $19,629,613 |
| 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. | $1,377,866 |
| Compensation of current officers, directors, key employees. | $812,569 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,613,820 |
| Pension plan accruals and contributions | $398,199 |
| Other employee benefits | $831,934 |
| Payroll taxes | $590,362 |
| 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 | $424,734 |
| Fees for services: Other | $744,325 |
| Advertising and promotion | $94,629 |
| Office expenses | $248,890 |
| Information technology | $105,415 |
| Royalties | $0 |
| Occupancy | $477,879 |
| Travel | $921,531 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $17,937 |
| Interest | $318,865 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,406,385 |
| Insurance | $248,269 |
| All other expenses | $525,153 |
| Total functional expenses | $26,986,906 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,111,680 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $7,382,457 |
| Accounts receivable, net | $4,062,032 |
| Loans from Officers, Directors, or Controlling Persons | $335,000 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $438,452 |
| Prepaid expenses and deferred charges | $1,548,301 |
| Net Land, buildings, and equipment | $180,093,499 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $156,511,918 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $12,434,479 |
| Total assets | $365,917,818 |
| Accounts payable and accrued expenses | $3,148,585 |
| Grants payable | $0 |
| Deferred revenue | $232,490 |
| 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 | $10,249,516 |
| Unsecured mortgages and notes payable | $5,000,000 |
| Other liabilities | $0 |
| Total liabilities | $18,630,591 |
| Net assets without donor restrictions | $13,811,242 |
| Net assets with donor restrictions | $333,475,985 |
| 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 | $365,917,818 |