North Carolina Museum Of Art Foundation Inc
- Assets
- $80.9m
- Revenue
- $13.8m
- Investments
- $6.9m
- Employees
- 138
- Location
- Raleigh, NC
- Founding
- 12/1969
- Data as of
- 06/2021
- EIN
- 23-7071511
Organization Overview
North Carolina Museum Of Art Foundation Inc is located in Raleigh, NC. The organization was established in 1969. According to its NTEE Classification (A11) the organization is classified as: Single Organization Support, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 06/2021, North Carolina Museum Of Art Foundation Inc employed 138 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. North Carolina Museum Of Art Foundation Inc 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 06/2021, North Carolina Museum Of Art Foundation Inc generated $13.8m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (1.2%) each year. All expenses for the organization totaled $7.9m during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (8.9%) per year over the past 6 years. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO FOSTER AND PROMOTE THE GROWTH, PROGRESS AND GENERAL WELFARE OF THE NC MUSEUM OF ART.
Describe the Organization's Program Activity:
THE MUSEUM OF ART IS PARTIALLY SUPPORTED BY STATE APPROPRIATIONS THAT LARGELY FUND STATE STAFF POSITIONS AND THEIR RELATED BENEFITS, AND A PORTION OF THE OPERATING COSTS OF RUNNING THE MUSEUM. THE FOUNDATION PROVIDES THE MAJORITY OF FINANCIAL SUPPORT NEEDED FOR EDUCATION AND CURATORIAL PROGRAMMING OF THE MUSEUM INCLUDING SUPPORT FOR STATEWIDE AND MUSEUM-BASED EDUCATION PROGRAMMING, SPECIAL TRAVELING ART EXHIBITIONS, SUPPLEMENTAL ART CONSERVATION FUNDS, AND PUBLIC PROGRAMMING. THE FOUNDATION ALSO CULTIVATES DONORS FOR COMMISSIONED WORKS OF ART AND CONTRIBUTIONS FOR ART ACQUISITIONS. ALL ART PURCHASED OR COMMISSIONED IS GIFTED BY THE FOUNDATION TO THE MUSEUM. A LARGE MAJORITY OF THE ARTWORK HELD IN THE MUSEUM'S ART COLLECTION HAS BEEN GIFTED BY THE FOUNDATION.
THE FOUNDATION MANAGES APPROXIMATELY 33 ACRES OF REAL ESTATE ADJACENT TO THE MUSEUM PARK, WHICH ENCOMPASSES LANDSCAPING AND PARKING.
THE NORTH CAROLINA MUSEUM OF ART FOUNDATION PROVIDES DAY TO DAY MANAGEMENT OF THE MUSEUM'S ON SITE FULL SERVICE RESTAURANT, CONCESSION FOOD SERVICES, AND RETAIL STORE. IN ADDITION, THE FOUNDATION ALSO PLANS AND MANAGES A PORTFOLIO OF SPECIAL EVENTS INCLUSIVE OF CORPORATE RENTALS, CONFERENCES WEDDINGS, DONOR CULTIVATION EVENTS, AND MEMBERSHIP PROGRAMMING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jerry Hwang COO | Officer | 40 | $164,123 |
Joanne Zach Controller | 40 | $156,687 | |
Johnny Burleson Director Of Development | 40 | $154,169 | |
Daniel Gottlieb Dir. Of Planning & Design | 40 | $138,619 | |
Timothy O'connell Dir. Of Mem. & Ann. Giving | 40 | $101,858 | |
Valerie Hillings CEO | Officer | 20 | $24,574 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Nc Dept Of Natural & Cultural Resources Programming | 6/29/21 | $779,126 |
Tessitura Network Software | 6/29/21 | $285,474 |
Wood & Wood Consulting | 6/29/21 | $158,330 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $1,530,155 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,400,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,912,047 |
| Noncash contributions included in lines 1a–1f | $939,168 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $9,842,202 |
| Total Program Service Revenue | $1,399,215 |
| Investment income | $1,281,624 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $5,015 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $853,338 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $289,749 |
| Net Income from Sales of Inventory | $132,299 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $13,828,837 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $826,702 |
| 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. | $230,036 |
| Compensation of current officers, directors, key employees. | $64,010 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,767,502 |
| Pension plan accruals and contributions | $34,909 |
| Other employee benefits | $204,795 |
| Payroll taxes | $152,527 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $47,657 |
| Fees for services: Accounting | $60,870 |
| Fees for services: Lobbying | $65,756 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $192,484 |
| Fees for services: Other | $1,374,609 |
| Advertising and promotion | $283,916 |
| Office expenses | $820,999 |
| Information technology | $34,794 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $51,843 |
| 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 | $710,111 |
| Insurance | $15,891 |
| All other expenses | $428,668 |
| Total functional expenses | $7,881,728 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,610,952 |
| Savings and temporary cash investments | $884,523 |
| Pledges and grants receivable | $1,404,209 |
| Accounts receivable, net | $28,984 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $62,214 |
| Prepaid expenses and deferred charges | $545,325 |
| Net Land, buildings, and equipment | $15,514,019 |
| Investments—publicly traded securities | $45,937,823 |
| Investments—other securities | $6,855,030 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $33,427 |
| Total assets | $80,876,506 |
| Accounts payable and accrued expenses | $355,146 |
| Grants payable | $0 |
| Deferred revenue | $2,295,477 |
| 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 | $1,399,270 |
| Other liabilities | $415,518 |
| Total liabilities | $4,465,411 |
| Net assets without donor restrictions | $23,491,352 |
| Net assets with donor restrictions | $52,919,743 |
| 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 | $80,876,506 |
Grants Recieved
Over the last fiscal year, we have identified 15 grants that North Carolina Museum Of Art Foundation Inc has recieved totaling $268,114.
| Awarding Organization | Amount |
|---|---|
Hartfield Foundation Inc Philadelphia, PA PURPOSE: ART AND THE ENVIRONMENT IN | $100,000 |
Replogle Family Foundation Wilmington, DE PURPOSE: GENERAL & UNRESTRICTED | $40,390 |
Robert P Holding Foundation Inc Smithfield, NC PURPOSE: GENERAL SUPPORT | $25,000 |
Winston-Salem Foundation Winstonsalem, NC PURPOSE: 6 GRANT(S) FOR VARYING PURPOSES | $22,200 |
Schwab Charitable Fund San Francisco, CA PURPOSE: ARTS, CULTURE & HUMANITIES | $20,145 |
Replogle Family Foundation Wilmington, DE PURPOSE: PAVILION DECK/ MUSEUM PARK | $20,000 |
Endowment Analysis
| Beg. Balance | $42,528,371 |
| Earnings | $9,387,073 |
| Admin Expense | $339,132 |
| Net Contributions | $826,147 |
| Other Expense | $864,527 |
| Ending Balance | $51,537,932 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Pbs Foundation Arlington, VA | $37,997,942 | $17,786,379 |
North Carolina Museum Of Art Foundation Inc Raleigh, NC | $80,876,506 | $13,828,837 |
Virginia Foundation For Public Media Richmond, VA | $185,376,659 | $5,025,363 |
Memphis Brooks Museum Of Art Inc Memphis, TN | $44,232,792 | $7,821,496 |
Marbles Kids Museum Raleigh, NC | $8,790,326 | $3,967,863 |
Friends Of Nc State Museum Of Natural Sciences Raleigh, NC | $9,967,287 | $3,956,524 |
Centennial Park Conservancy Nashville, TN | $5,267,235 | $2,768,009 |
Medal Of Honor Foundation Inc Mt Pleasant, SC | $10,060,291 | $4,482,883 |
Jefferson Center Foundation Ltd Roanoke, VA | $24,079,593 | $2,456,793 |
Frist Art Museum Foundation Nashville, TN | $70,216,759 | $5,732,814 |
The Callanwolde Foundation Inc Atlanta, GA | $3,540,357 | $1,973,152 |
Cccd Foundation Asheville, NC | $13,541,355 | $324,970 |