Taft Museum Of Art
- Assets
- $70.0m
- Revenue
- $10.1m
- Investments
- $20.5m
- Employees
- 106
- Location
- Cincinnati, OH
- Founding
- 10/2006
- Data as of
- 08/2023
- EIN
- 20-5148617
Organization Overview
Taft Museum Of Art is located in Cincinnati, OH. The organization was established in 2006. 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 08/2023, Taft Museum Of Art employed 106 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Taft Museum Of 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 08/2023, Taft Museum Of Art generated $10.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 8.1% each year. All expenses for the organization totaled $7.0m during the year ending 08/2023. While expenses have increased by 3.6% per year over the past 8 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE MEANINGFUL EXPERIENCES BY CONNECTING PEOPLE WITH GREAT ART, BOTH IN A HISTORIC SETTING AND IN THE COMMUNITY.
Describe the Organization's Program Activity:
IN ADDITION TO THE HISTORIC TAFT HOUSE AND ITS PERMANENT ART COLLECTION, THE MUSEUM HOSTED TWO MAJOR TEMPORARY EXHIBITIONS DURING THE FISCAL YEAR. OVER 26,988 VISITORS HAVE PARTAKEN IN TOURING THE HOUSE AND VIEWING THE TRAVELING EXHIBITIONS. THE MUSEUM ALSO PROVIDES BOTH A CAFE AND A GIFT SHOP FOR THE COMFORT AND ENJOYMENT OF ITS VISITORS ALONG WITH THE OPPORTUNITIES TO RENT THE OUTSIDE GARDEN AND FACILITIES.
THE MUSEUM PROVIDES EDUCATIONAL PROGRAMS REACHING OUT TO SCHOOLS, FAMILIES, AND THE GENERAL PUBLIC TO ACHIEVE THE GOAL OF BRINGING THE ART COLLECTION ALIVE FOR ALL AUDIENCES. ACTIVITIES INCLUDE LECTURES, WORKSHOPS, STUDIO PROGRAMS, CONCERTS, AS WELL AS SUMMER ART CAMP AND INTERACTIVE TOURS FOR SCHOOL CHILDREN.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jill T Mcgruder Chair | OfficerTrustee | 1 | $0 |
Kelsey Bahl Trustee | Trustee | 0.5 | $0 |
Ron T Bates Trustee | Trustee | 0.5 | $0 |
Shannon Carter Vice Chair | OfficerTrustee | 1 | $0 |
Paul W Chellgren Chair Emeritus | Trustee | 0.5 | $0 |
Philip K Cone Trustee | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Hgc Construction Facility Renovation | 8/30/23 | $5,912,476 |
Hop Properties Llc Renovation Project Management | 8/30/23 | $417,624 |
Gbbn Architects Inc Architectural Services | 8/30/23 | $276,544 |
American Federation Of Arts Exhibit Fees | 8/30/23 | $125,350 |
Art Sentry Security Equipment Provider | 8/30/23 | $112,235 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $205,822 |
| Related organizations | $0 |
| Government grants | $489,382 |
| All other contributions, gifts, grants, and similar amounts not included above | $7,424,268 |
| Noncash contributions included in lines 1a–1f | $103,949 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,119,472 |
| Total Program Service Revenue | $267,524 |
| Investment income | $1,524,280 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $295,543 |
| Net Gain/Loss on Asset Sales | -$67,639 |
| Net Income from Fundraising Events | $6,085 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$33,314 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $10,124,881 |
| 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. | $416,454 |
| Compensation of current officers, directors, key employees. | $103,596 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,953,172 |
| Pension plan accruals and contributions | $70,066 |
| Other employee benefits | $351,547 |
| Payroll taxes | $251,590 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $29,424 |
| Fees for services: Accounting | $40,400 |
| Fees for services: Lobbying | $18,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $5,511 |
| Fees for services: Other | $236,168 |
| Advertising and promotion | $33,728 |
| Office expenses | $0 |
| Information technology | $248,639 |
| Royalties | $0 |
| Occupancy | $766,800 |
| Travel | $32,191 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $64,406 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $659,340 |
| Insurance | $116,920 |
| All other expenses | $0 |
| Total functional expenses | $6,983,092 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,075 |
| Savings and temporary cash investments | $5,652,381 |
| Pledges and grants receivable | $1,944,738 |
| Accounts receivable, net | $22,644 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $102,751 |
| Prepaid expenses and deferred charges | $400,607 |
| Net Land, buildings, and equipment | $23,078,551 |
| Investments—publicly traded securities | $17,963,861 |
| Investments—other securities | $20,483,522 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $343,507 |
| Total assets | $69,998,637 |
| Accounts payable and accrued expenses | $574,678 |
| Grants payable | $0 |
| Deferred revenue | $104,967 |
| 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 | $5,447,099 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $337,156 |
| Total liabilities | $6,463,900 |
| Net assets without donor restrictions | $29,363,167 |
| Net assets with donor restrictions | $34,171,570 |
| 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 | $69,998,637 |