North Carolina Museum Of Art Foundation Inc
- Assets
- $82.2m
- Revenue
- $18.8m
- Investments
- $8.3m
- Employees
- 43
- Location
- Raleigh, NC
- Founding
- 12/1969
- Data as of
- 06/2023
- 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 06/2023, North Carolina Museum Of Art Foundation Inc employed 43 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 06/2023, North Carolina Museum Of Art Foundation Inc generated $18.8m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.9% each year. All expenses for the organization totaled $13.2m during the year ending 06/2023. 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 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, CURATORIAL, PROGRAMMING AND MARKETING 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 OVERSIGHT MANAGEMENT TO THE OUTSOURCED ON-SITE FULL SERVICE RESTAURANT AND CONCESSION FOOD SERVICES. THE NORTH CAROLINA MUSEUM OF ART FOUNDATION PROVIDES DAY-TO-DAY MANAGEMENT OF THE MUSEUM'S 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.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brad Wilson President | OfficerTrustee | 1 | $0 |
Liza Roberts Vice President | OfficerTrustee | 1 | $0 |
Diane Bastian Treasurer | OfficerTrustee | 1 | $0 |
Mina Levin Secretary | OfficerTrustee | 1 | $0 |
Angelique Bowman Assistant Secretary | OfficerTrustee | 1 | $0 |
Mayme Boyd Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
I Hear Music Inc Concert Talent | 6/29/23 | $656,577 |
Nc Dept Of Cultural Resources Salary Support | 6/29/23 | $529,612 |
Diamond Contracting Inc Exhibition Construction | 6/29/23 | $329,596 |
Gregory Blake Sams Events Llc Event Planning | 6/29/23 | $214,896 |
Davis Landscape Ltd Landscaping | 6/29/23 | $213,995 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $1,745,953 |
| Fundraising events | $56,662 |
| Related organizations | $212,666 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $12,393,237 |
| Noncash contributions included in lines 1a–1f | $1,755,839 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $14,408,518 |
| Total Program Service Revenue | $1,456,100 |
| Investment income | $2,746,603 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $8,133 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,148,479 |
| Net Income from Fundraising Events | $382,123 |
| Net Income from Gaming Activities | $184,292 |
| Net Income from Sales of Inventory | $717,413 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $18,780,354 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $972,298 |
| 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. | $278,546 |
| Compensation of current officers, directors, key employees. | $98,180 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,682,776 |
| Pension plan accruals and contributions | $46,148 |
| Other employee benefits | $248,193 |
| Payroll taxes | $171,035 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $29,616 |
| Fees for services: Accounting | $48,540 |
| Fees for services: Lobbying | $55,504 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $235,913 |
| Fees for services: Other | $3,875,333 |
| Advertising and promotion | $280,437 |
| Office expenses | $724,319 |
| Information technology | $8,781 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $692,684 |
| 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 | $791,627 |
| Insurance | $227,942 |
| All other expenses | $464,500 |
| Total functional expenses | $13,185,407 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,439,877 |
| Savings and temporary cash investments | $32,319 |
| Pledges and grants receivable | $2,400,047 |
| Accounts receivable, net | $80,067 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $124,364 |
| Prepaid expenses and deferred charges | $1,020,141 |
| Net Land, buildings, and equipment | $14,436,062 |
| Investments—publicly traded securities | $47,384,674 |
| Investments—other securities | $8,280,958 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $15,973 |
| Total assets | $82,214,482 |
| Accounts payable and accrued expenses | $691,411 |
| Grants payable | $0 |
| Deferred revenue | $1,650,209 |
| 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 | $374,641 |
| Total liabilities | $2,716,261 |
| Net assets without donor restrictions | $23,367,179 |
| Net assets with donor restrictions | $56,131,042 |
| 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 | $82,214,482 |