Toledo Museum Of Art
- Assets
- $305.7m
- Revenue
- $29.0m
- Investments
- $26.1m
- Employees
- 337
- Location
- Toledo, OH
- Founding
- 07/1934
- Data as of
- 06/2022
- EIN
- 34-4434678
Organization Overview
Toledo Museum Of Art is located in Toledo, OH. The organization was established in 1934. 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 06/2022, Toledo Museum Of Art employed 337 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Toledo 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 06/2022, Toledo Museum Of Art generated $29.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.0% each year. All expenses for the organization totaled $28.7m during the year ending 06/2022. While expenses have increased by 3.2% 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THROUGH OUR COLLECTION AND PROGRAMS, WE STRIVE TO INTEGRATE ART INTO THE LIVES OF PEOPLE. THE MUSEUM SEEKS TO BECOME THE MODEL ART MUSEUM IN THE UNITED STATES FOR ITS COMMITMENT TO QUALITY AND ITS CULTURE OF BELONGING.
Describe the Organization's Program Activity:
THE TOLEDO MUSEUM OF ART OPERATES AND MAINTAINS ART GALLERIES, STUDIO SPACES AND AN ART LIBRARY FOR THE BENEFIT OF THE GENERAL PUBLIC. THIS INCLUDES EDUCATIONAL SCHOLARSHIP, RESEARCH, CONSERVATION, DOCUMENTATION AND PRESENTATION OF A PERMANENT COLLECTION OF ART TOTALING NEARLY 23,880 OBJECTS.
THE MUSEUM ORGANIZES AND PRESENTS SPECIAL EXHIBITIONS OF ITS PERMANENT COLLECTION, HOSTS TRAVELING EXHIBITIONS AND ORGANIZES EXHIBITIONS, SOMETIMES IN COLLABORATION WITH OTHER ART MUSEUMS. THE MUSEUM OFFERS PROGRAMS ASSOCIATED WITH THESE EXHIBITIONS INCLUDING MUSIC, HANDS-ON ACTIVITIES, LECTURES, ETC. THAT ARE AVAILABLE TO THE GENERAL PUBLIC.
WITH AN EMPHASIS ON ART EDUCATION, THE MUSEUM INTEGRATES ART INTO THE LIVES OF PEOPLE. THE FAMILY CENTER OFFERS ART-BASED ACTIVITIES FREE OF CHARGE. WHILE THERE IS A CHARGE FOR MOST FORMAL CLASSES, THE MUSEUM HAS AN ACTIVE SCHOLARSHIP PROGRAM TO SUPPORT STUDENTS WHO WOULD NOT HAVE THE ACCESS OR MEANS TO PURSUE ART CLASSES. IN 2021, THE MUSEUM PROVIDED 277 SCHOLARSHIPS TO ITS 1,573 CLASS ATTENDEES. THE MUSEUM CONTINUED TO PROVIDE BUS FUNDS TO LOCAL SCHOOLS AND COMMUNITY CENTERS TO ALLOW OVER 15,732 SCHOOL CHILDREN THE OPPORTUNITY TO TOUR THE MUSEUM IN DOCENT-LED CURRICULUM. THE MUSEUM ALSO HOSTED APPROXIMATELY 917 ADULTS FOR DOCENT-LED TOURS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Randy Oostra Chairman | OfficerTrustee | 1 | $0 |
Stephen D Taylor Vice Chairman | OfficerTrustee | 1 | $0 |
Joe Napoli Vice Chairman | OfficerTrustee | 1 | $0 |
Sharon Speyer Secretary | OfficerTrustee | 1 | $0 |
Thomas Winston Treasurer | OfficerTrustee | 1 | $0 |
Allan Block Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Buck Brothers Asphalt & Paving Concrete Asphalt Paving & Concrete | 6/29/22 | $769,779 |
Safeguard Security Services Security Services | 6/29/22 | $311,416 |
Titan Mechanical Mechanical Contracting | 6/29/22 | $306,556 |
Callan Llc Investment Management Services | 6/29/22 | $247,500 |
Blue Water Communications Consulting - Public Relations/communicat | 6/29/22 | $230,106 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $2,134,075 |
| Fundraising events | $0 |
| Related organizations | $3,261,402 |
| Government grants | $1,630,535 |
| All other contributions, gifts, grants, and similar amounts not included above | $6,966,931 |
| Noncash contributions included in lines 1a–1f | $318,279 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $13,992,943 |
| Total Program Service Revenue | $2,451,838 |
| Investment income | $9,647,430 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$262,807 |
| Net Gain/Loss on Asset Sales | $2,765,207 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $376,946 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $28,971,557 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $98,288 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $595,905 |
| Compensation of current officers, directors, key employees. | $115,227 |
| Compensation to disqualified persons | $7,527,983 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $395,859 |
| Other employee benefits | $888,099 |
| Payroll taxes | $671,840 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $66,053 |
| Fees for services: Accounting | $78,310 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,751,095 |
| Advertising and promotion | $310,336 |
| Office expenses | $327,423 |
| Information technology | $69,178 |
| Royalties | $0 |
| Occupancy | $805,815 |
| Travel | $471,798 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $87,699 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,401,357 |
| Insurance | $339,545 |
| All other expenses | $1,229,704 |
| Total functional expenses | $28,692,282 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $32,825 |
| Savings and temporary cash investments | $7,313,625 |
| Pledges and grants receivable | $890,220 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $100,000 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $238,954 |
| Prepaid expenses and deferred charges | $393,255 |
| Net Land, buildings, and equipment | $39,872,292 |
| Investments—publicly traded securities | $156,077,901 |
| Investments—other securities | $26,098,470 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $74,678,644 |
| Total assets | $305,696,186 |
| Accounts payable and accrued expenses | $3,535,764 |
| Grants payable | $0 |
| Deferred revenue | $74,514 |
| 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 | $4,205,245 |
| Other liabilities | $103,398 |
| Total liabilities | $7,918,921 |
| Net assets without donor restrictions | $142,282,854 |
| Net assets with donor restrictions | $155,494,411 |
| 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 | $305,696,186 |