Gray Collection Trust
- Assets
- $568.3k
- Revenue
- -$1.2m
- Investments
- $61.2k
- Employees
- 0
- Location
- Chicago, IL
- Founding
- 01/2009
- Data as of
- 12/2023
- EIN
- 26-1596672
Organization Overview
Gray Collection Trust is located in Chicago, IL. The organization was established in 2009. According to its NTEE Classification (T23) the organization is classified as: Private Operating 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. Gray Collection Trust is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PRIMARY PURPOSES OF THE TRUST ARE TO RECEIVE WORKS OF ART AND TO PERFORM CURATORIAL SERVICES WITH RESPECT TO THE ART DONATED TO THE TRUST, INCLUDING APPROPRIATE CATALOGING AND RESEARCH.
THE PRIMARY PURPOSES OF THE TRUST ARE TO RECEIVE WORKS OF ART AND TO PERFORM CURATORIAL SERVICES WITH RESPECT TO THE ART DONATED TO THE TRUST, INCLUDING APPROPRIATE CATALOGING AND RESEARCH.
TO LEND AND MAKE AVAILABLE SUCH WORKS OF ART FOR DISPLAY TO THE PUBLIC AND FOR SUITABLE SCHOLARLY STUDIES AND TO DISTRIBUTE SUCH WORKS OF ART TO APPROPRIATE CHARITABLE ORGANIZATIONS.
TO LEND AND MAKE AVAILABLE SUCH WORKS OF ART FOR DISPLAY TO THE PUBLIC AND FOR SUITABLE SCHOLARLY STUDIES AND TO DISTRIBUTE SUCH WORKS OF ART TO APPROPRIATE CHARITABLE ORGANIZATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Paul Gray Trustee | 1 | $0 | |
Mary Gray Trustee | 1 | $0 | |
Paul Gray Trustee | 1 | $0 | |
Mary Gray Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $8,703 |
| Interest on Savings | $0 |
| Dividends & Interest | $1,228 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$1,250,000 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | -$1,240,069 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $0 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $1,163 |
| Total operating and administrative expenses | $19,503 |
| Contributions, gifts, grants paid | $6,750,000 |
| Total expenses and disbursements | $6,769,503 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $21,766 |
| Savings and temporary cash investments | $335 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $484,994 |
| Total assets | $568,342 |
| 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 | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, Gray Collection Trust has awarded $1,320,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
THE MORGAN LIBRARY AND MUSEUM PURPOSE: GENERAL UNRESTRICTED | $120,000 |
BERKELEY ART MUSEUM AND PACIFIC FILM ARCHIVE PURPOSE: GENERAL UNRESTRICTED | $1,200,000 |