Buffalo Fine Arts Academy
- Assets
- $293.1m
- Revenue
- $30.8m
- Investments
- $145.8m
- Employees
- 96
- Location
- Buffalo, NY
- Founding
- 12/1940
- Data as of
- 06/2022
- EIN
- 16-6001555
Organization Overview
Buffalo Fine Arts Academy 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 06/2022, Buffalo Fine Arts Academy employed 96 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Buffalo Fine Arts Academy 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, Buffalo Fine Arts Academy generated $30.8m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 16.1% each year . All expenses for the organization totaled $18.4m during the year ending 06/2022. While expenses have increased by 1.8% 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 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 ALBRIGHT-KNOX ART GALLERY, ONE OF THE COUNTRY'S MOST PROMINENT ART MUSEUMS, AS WELL AS AN IMPORTANT CULTURAL AND EDUCATIONAL CENTER FOR WESTERN NEW YORK. THE GALLERY 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.
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.
EDUCATIONAL PROGRAMS AND AUXILIARY ACTIVITIES INCLUDE TOURS, WORKSHOPS, ART CLASSES, LECTURES, CONCERTS, FILMS, AND COMMUNITY PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Janne Siren PHD Museum Director | Officer | 35 | $415,738 |
William J Robideau Director Of Facilities | 35 | $140,008 | |
Joe Lin-Hill Deputy Director | 35 | $128,062 | |
Melissa Arena CPA CFO | Officer | 35 | $119,269 |
Jillian Jones Director Of Advancement | 35 | $103,137 | |
Alice F Jacobs President | OfficerTrustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Gilbrane Building Company Construction | 6/29/22 | $38,868,448 |
Insight Direct Usa Inc Computer Services | 6/29/22 | $1,842,247 |
Sirius Advokater Legal Services | 6/29/22 | $865,796 |
Cooper Robertson Architecture & Design | 6/29/22 | $2,480,518 |
Hahner Technik Gmbh & Co Kg Steel Construction | 6/29/22 | $2,346,190 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $22,411 |
| Related organizations | $0 |
| Government grants | $1,670,731 |
| All other contributions, gifts, grants, and similar amounts not included above | $15,024,648 |
| Noncash contributions included in lines 1a–1f | $1,438,307 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $16,717,790 |
| Total Program Service Revenue | $329,872 |
| Investment income | $1,421,150 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $12,052,233 |
| Net Income from Fundraising Events | $323,895 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $30,844,940 |
| 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. | $535,007 |
| Compensation of current officers, directors, key employees. | $265,762 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,389,036 |
| Pension plan accruals and contributions | $305,815 |
| Other employee benefits | $449,794 |
| Payroll taxes | $359,826 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $45,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,064,829 |
| Fees for services: Other | $288,989 |
| Advertising and promotion | $137,444 |
| Office expenses | $70,658 |
| Information technology | $152,706 |
| Royalties | $0 |
| Occupancy | $96,939 |
| Travel | $125,747 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $17,941 |
| Interest | $44,231 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $892,533 |
| Insurance | $68,008 |
| All other expenses | $141,438 |
| Total functional expenses | $18,377,351 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,343,064 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $8,947,793 |
| Accounts receivable, net | $568,049 |
| Loans from Officers, Directors, or Controlling Persons | $335,000 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $791,041 |
| Net Land, buildings, and equipment | $117,840,062 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $145,816,631 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $15,492,828 |
| Total assets | $293,134,468 |
| Accounts payable and accrued expenses | $7,677,365 |
| Grants payable | $0 |
| Deferred revenue | $47,932 |
| 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 | $42,177 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $7,767,474 |
| Net assets without donor restrictions | $20,062,242 |
| Net assets with donor restrictions | $265,304,752 |
| 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 | $293,134,468 |
Grants Recieved
Over the last fiscal year, we have identified 12 grants that Buffalo Fine Arts Academy has recieved totaling $899,507.
| Awarding Organization | Amount |
|---|---|
Community Foundation For Greater Buffalo Inc Buffalo, NY PURPOSE: UNRESTRICTED USE; AK 360 CAPITAL CAMPAIGN; ART TODAY: A MUSEUM PROGRAM FOR VISITORS WITH DEMENTIA & THEIR CARE PARTNERS; EDUCATIONAL SUPPORT; STURGES ENDOWMENT FUND; ANNUAL FUND; PERMANENT ENDOWMENT; OPERATIONS; IN MEMORY OF; IN HONOR OF | $587,146 |
Margaret L Wendt Foundation Buffalo, NY PURPOSE: AVAILABLE UPON REQUEST | $200,000 |
Hyde Family Charitable Fund Buffalo, NY PURPOSE: EDUCATIONAL | $30,000 |
Schwab Charitable Fund San Francisco, CA PURPOSE: ARTS, CULTURE & HUMANITIES | $27,000 |
T Rowe Price Program For Charitable Giving Inc Baltimore, MD PURPOSE: MULTIPLE | $22,400 |
The Council For Canadian American Relations Inc New York, NY PURPOSE: ART EDUCATION | $11,164 |
Endowment Analysis
| Beg. Balance | $185,680,154 |
| Earnings | -$23,658,015 |
| Net Contributions | $3,766,503 |
| Other Expense | $19,637,010 |
| Ending Balance | $146,151,632 |
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 |