Irving Penn Foundation
- Assets
- $154.8m
- Revenue
- $2.4m
- Investments
- $5.2m
- Employees
- 0
- Location
- New York, NY
- Founding
- 12/2005
- Data as of
- 12/2022
- EIN
- 20-2649118
Organization Overview
Irving Penn Foundation is located in New York, NY. The organization was established in 2005. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Irving Penn Foundation 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 12/2022, Irving Penn Foundation generated $2.4m in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 43.7% each year . All expenses for the organization totaled $3.0m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
ARCHIVE OF WORKS: THE FOUNDATION MAINTAINS AN ARCHIVE OF THE WORKS OF IRVING PENN FOR WHICH IT DESIGNED AND BUILT A STORAGE SYSTEM TO PROVIDE MAXIMUM PROTECTION FOR THE ARCHIVE AND PERMIT OPTIMUM USE OF THE ARCHIVE BY SCHOLARS AND OTHER AUTHORIZED USERS. THE FOUNDATION CONTINUES TO EXAMINE MEASURES (INCLUDING NEW FACILITIES) THAT WOULD FURTHER SUPPORT ITS ARCHIVAL HOLDINGS AND ACCOMMODATE A STUDY CENTER FOR VISITING SCHOLARS PERFORMING RESEARCH ON IRVING PENN. ADDITIONALLY, THE FOUNDATION CONTINUES TO INVESTIGATE DIGITAL CATALOGUING PROCEDURES THAT WILL EXPAND PUBLIC ACCESS TO ARCHIVE HOLDINGS.
DONATION OF WORKS: THE FOUNDATION DONATES WORKS BY IRVING PENN TO MUSEUMS AND OTHER ARTS INSTITUTIONS FOR THEIR PERMANENT COLLECTIONS. IN 2022, THE FOUNDATION DONATED IRVING PENN WORKS TO THE METROPOLITAN MUSEUM OF ART IN NEW YORK (IN CONNECTION WITH THE IRVING PENN: CENTENNIAL EXHIBITION).
EXHIBITION AND COLLECTION SUPPORT: THE FOUNDATION LENDS WORK BY IRVING PENN (AS WELL AS RELATED HISTORICAL ITEMS) TO MUSEUMS AND OTHER ARTS INSTITUTIONS FOR EXHIBITIONS THROUGHOUT THE WORLD, GRANTS RIGHTS TO THESE INSTITUTIONS FOR THE REPRODUCTION OF IRVING PENN IMAGES IN EXHIBITION CATALOGUES AND IN RELATED OTHER MEDIUMS, AND PROVIDES GENERAL GUIDANCE TO INSTITUTIONS CONCERNING EXHIBITIONS INVOLVING WORKS BY IRVING PENN. ALONG WITH PROVIDING ONGOING COLLECTION AND CURATORIAL SUPPORT FOR PENN-RELATED EXHIBITIONS AND PROGRAMMING, THE FOUNDATION CONTRIBUTED ITS SUPPORT TO INSTITUTIONS AROUND THE WORLD IN 2022, INCLUDING TO THE HAMMER MUSEUM (UNIVERSITY OF CALIFORNIA, LOS ANGELES), THE GRONINGER MUSEUM IN THE NETHERLANDS, THE MAS MIR FOUNDATION IN SPAIN, AND THE KYOTOGRAPHIE INTERNATIONAL PHOTOGRAPHY FESTIVAL IN JAPAN.
PUBLICATIONS: THE FOUNDATION PUBLISHES BOOKS ILLUMINATING THE LIFE AND WORK OF IRVING PENN AND SERVES AS A RESOURCE FOR PUBLISHERS OF PENN-RELATED PUBLICATIONS. ADDITIONALLY, THE FOUNDATION SUPPORTS INDEPENDENT JOURNALS AND ACADEMIC PUBLICATIONS THROUGH ITS REGULAR PRACTICE OF GRANTING ROYALTYFREE RIGHTS FOR THE REPRODUCTION OF IRVING PENN IMAGES.DIGITAL PRESENCE: IN 2022, THE FOUNDATION UPDATED ITS EDUCATIONAL AND INFORMATIVE WEBSITE (IRVINGPENN.ORG), ASWELL AS EXPLORED NEW OPPORTUNITIES USING SOCIAL MEDIA PLATFORMS, IN ORDER TO PROMOTE PUBLIC AWARENESS OF IRVING PENN'S CONTRIBUTIONS AND TO ENSURE THAT IRVING PENN'S WORK CONTINUES TO INSPIRE CREATIVE MINDS AND INFORM THE ART OF PHOTOGRAPHY. THROUGH CONTINUOUS REFINEMENTS TO THE WEBSITE AND VIA UPDATES TO SOCIAL MEDIA NETWORKS, THE FOUNDATION IS COMMITTED TO EDUCATING THE PUBLIC BY MAKING IMAGES OF IRVING PENN'S WORK AND RELIABLE INFORMATION ABOUT HIS WORK AVAILABLE TO SCHOLARS, STUDENTS, ARTISTS, AND OTHER AUDIENCES AROUND WORLD
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lennart Durehed Director | 1 | $0 | |
Tom Penn Director, President & Chair | 40 | $277,911 | |
Arnie Herrmann Director, Secretary & Treasurer | 1 | $0 | |
Elizabeth Broun Director | 1 | $0 | |
Vasilios Zatse Deputy Director | 40 | $258,313 | |
Roger W Krueger Asst Dir, Archives & | 40 | $157,268 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Citrin Cooperman | 12/30/22 | $54,000 |
The Pace Gallery | 12/30/22 | $2,440,775 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $128,165 |
| Interest on Savings | $20 |
| Dividends & Interest | $40,810 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $2,167,869 |
| Capital Gain Net Income | $2,167,869 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $29,165 |
| Total Revenue | $2,417,509 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $277,911 |
| Other employee salaries and wages | $698,087 |
| Pension plans, employee benefits | $213,277 |
| Interest | $0 |
| Taxes | $21,500 |
| Depreciation | $122,097 |
| Occupancy | $242,118 |
| Travel, conferences, and meetings | $8,909 |
| Printing and publications | $0 |
| Other expenses | $65,276 |
| Total operating and administrative expenses | $1,762,497 |
| Contributions, gifts, grants paid | $1,240,000 |
| Total expenses and disbursements | $3,002,497 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $126,265 |
| Savings and temporary cash investments | $622,576 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $1,920,214 |
| Net Land, buildings, and equipment | $619,448 |
| Other assets | $148,230,724 |
| Total assets | $154,769,496 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $7,402 |
| Total liabilities | $7,402 |
Grants Awarded
Over the last fiscal year, Irving Penn Foundation has awarded $3,135,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
METROPOLITAN MUSEUM OF ART (SEE ATTACHMENT E) PURPOSE: TO PROMOTE APPRECIATION AND UNDERSTANDING OF FINE ARTS | $2,332,500 |
MODERNA MUSEET STOCKHOLM PURPOSE: TO PROMOTE APPRECIATION AND UNDERSTANDING OF FINE ARTS | $800,000 |
THE ASPEN INSTITUTE PURPOSE: TO PROMOTE APPRECIATION AND UNDERSTANDING OF FINE ARTS | $2,500 |