American Friends Of Masterworks Inc
- Assets
- $44.3k
- Revenue
- $429.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Irvington, NY
- Founding
- 05/1994
- Data as of
- 12/2021
- EIN
- 22-3037993
Organization Overview
American Friends Of Masterworks Inc, operating under the name Bermuda Artworks Foundation, is located in Irvington, NY. The organization was established in 1994. According to its NTEE Classification (Q12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of International, Foreign Affairs & National Security and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bermuda Artworks 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, Bermuda Artworks Foundation generated $429.8k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 13.7% each year . All expenses for the organization totaled $543.1k during the year ending 12/2021. While expenses have increased by 19.7% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE FOUNDATION WAS FORMED TO SUPPORT DOMESTIC PROGRAMS, LECTURES AND EXHIBITIONS FOR THE PURPOSE OF EDUCATING THE PUBLIC ABOUT ART EDUCATION AND DEPICTING THE SCENERY AND TERRAIN OF BERMUDA
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE AMERICAN FRIENDS OF MASTERWORKS INC., SUPPORTS THE WORK OF THE MASTERWORKS MUSEUM OF BERMUDA ART. THE ORGANIZATION RAISES FUNDS TO SUPPORT THE MUSEUM INCLUDING ART EDUCATION FOR STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mary Ellen Snow Chairwoman | OfficerTrustee | 10 | $0 |
Katharine Haines Asst. Treasurer | Officer | 10 | $0 |
Charlotte Sullivan Secretary | Officer | 10 | $0 |
Betty Krulik Treasurer | Officer | 10 | $0 |
Anne S Williams Board Member | Trustee | 10 | $0 |
Claudia Wardman Board Member | Trustee | 10 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $9,415 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $415,436 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $424,851 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $4,953 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $429,804 |
| 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 | $526,500 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $12,657 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $532 |
| All other expenses | $0 |
| Total functional expenses | $543,052 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $24,328 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $20,000 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $44,328 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $24,328 |
| Net assets with donor restrictions | $20,000 |
| 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 | $44,328 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that American Friends Of Masterworks Inc has recieved totaling $250.
| Awarding Organization | Amount |
|---|---|
Jp Morgan Chase Foundation New York, NY PURPOSE: GENERAL OPERATING SUPPORT | $250 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Friends Of The Israel Defense Forces New York, NY | $197,064,966 | $87,861,352 |
Central Fund Of Israel Cedarhurst, NY | $25,861,859 | $55,454,981 |
Morasha Olami Inc Lakewood, NJ | $9,487,036 | $39,914,838 |
American Friends Of Yeshiva Dmir Inc Brooklyn, NY | $9,703,912 | $39,700,022 |
Acumen Fund Inc New York, NY | $151,257,086 | $30,454,797 |
Armenian General Benevolent Union New York, NY | $296,944,132 | $43,918,491 |
Root Capital Inc Cambridge, MA | $84,001,332 | $21,396,934 |
Jerusalem Foundation Inc New York, NY | $41,082,907 | $16,301,645 |
American Society Of The University Of Haifa New York, NY | $7,655,758 | $11,239,823 |
Tibet Fund New York, NY | $8,176,885 | $9,507,647 |
Friends Of Ir David Inc New York, NY | $1,931,131 | $8,657,861 |
Yeshivas Chasidei Belz-Belz Institutions In Israel Brooklyn, NY | $1,824,863 | $9,693,412 |