Irving Penn Foundation
- Assets
- $154.5m
- Revenue
- $1.4m
- Investments
- $3.4m
- Employees
- 0
- Location
- New York, NY
- Founding
- 12/2005
- Data as of
- 12/2021
- 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 12/2021, Irving Penn Foundation generated $1.4m in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 10.8% each year . All expenses for the organization totaled $4.9m during the year ending 12/2021. While expenses have increased by 6.7% per year over the past 3 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
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
Part 3 - Line 4a
ARCHIVE OF WORKS (SEE ATTACHMENT D)
DONATION OF WORKS (SEE ATTACHMENT D)
EXHIBITION AND COLLECTION SUPPORT (SEE ATTACHMENT D)
PUBLICATIONS AND DIGITAL PRESENCE (SEE ATTACHMENT D)
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tom Penn Director, President & Chair | 40 | $220,877 | |
Vasilios Zatse Deputy Director | 40 | $219,487 | |
Roger W Krueger Assistant Direct, Ar | 40 | $143,358 | |
Matthew R Krejcarek Assitant Director, P | 40 | $119,871 | |
Elsa M Sanchezgarza Coolection Manager | 40 | $77,656 | |
Lennart Durehed Director | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
The Pace Gallery | 12/30/21 | $1,500,680 |
Christie's Fine Art Storage Services Inc | 12/30/21 | $185,971 |
Time Equities Inc | 12/30/21 | $170,442 |
Oxford Health Plans (United Healthcare) | 12/30/21 | $142,870 |
Air Group Llc | 12/30/21 | $72,482 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $30 |
| Dividends & Interest | $53,435 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $1,334,680 |
| Capital Gain Net Income | $1,334,680 |
| Net ST Capital Gain | $6,159 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $39,382 |
| Total Revenue | $1,427,527 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $220,877 |
| Other employee salaries and wages | $629,871 |
| Pension plans, employee benefits | $141,755 |
| Interest | $0 |
| Taxes | $69,444 |
| Depreciation | $170,231 |
| Occupancy | $312,336 |
| Travel, conferences, and meetings | $816 |
| Printing and publications | $0 |
| Other expenses | $80,838 |
| Total operating and administrative expenses | $1,718,568 |
| Contributions, gifts, grants paid | $3,135,000 |
| Total expenses and disbursements | $4,853,568 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $277,380 |
| Savings and temporary cash investments | $65,477 |
| 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 | $2,388,453 |
| Net Land, buildings, and equipment | $640,185 |
| Other assets | $150,128,194 |
| Total assets | $154,537,024 |
| 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 | $149,442 |
| Total liabilities | $149,442 |
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 |
Washington, DC PURPOSE: TO PROMOTE APPRECIATION AND UNDERSTANDING OF FINE ARTS | $2,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
John R Oishei Foundation Buffalo, NY | $294,151,477 | $18,357,929 |
Lor Foundation Inc West Chester, PA | $352,392,197 | $12,888,892 |
Grable Foundation Pittsburgh, PA | $386,701,292 | $35,946,563 |
Connelly Foundation West Conshohocken, PA | $387,913,026 | $27,891,431 |
American Express Foundation New York, NY | $66,234,265 | $62,922,703 |
Essel Foundation Inc Purchase, NY | $100,106,056 | $12,292,478 |
Beth And Ravenel Curry Foundation New York, NY | $0 | $44,744,046 |
Kz Family Foundation New York, NY | $10,936,301 | $30,139,672 |
The Freeman Foundation P-01644-00-7 New York, NY | $343,405,683 | $35,941,951 |
Hearst Foundation Inc New York, NY | $439,249,947 | $42,040,987 |
Tansy Charitable Foundation New York, NY | $325,076,608 | $77,631,295 |
Gordon & Llura Gund Foundation Princeton, NJ | $18,024,465 | $6,191,436 |