Indianapolis Museum Of Art Inc
- Assets
- $570.4m
- Revenue
- $52.2m
- Investments
- $355.8m
- Employees
- 530
- Location
- Indianapolis, IN
- Founding
- 07/1937
- Data as of
- 06/2021
- EIN
- 35-0867955
Organization Overview
Indianapolis Museum Of Art Inc, operating under the name Newfields, is located in Indianapolis, IN. The organization was established in 1937. 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, Newfields employed 530 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Newfields 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, Newfields generated $52.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.4% each year. All expenses for the organization totaled $36.7m during the year ending 06/2021. While expenses have increased by 0.8% 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
TO ENRICH LIVES THROUGH EXCEPTIONAL EXPERIENCES WITH ART AND NATURE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CURATORIAL - THE STUDY, PRESERVATION AND COLLECTION OF ART FOR THE ENJOYMENT OF FUTURE GENERATIONS.
MUSEUM STORE
EDUCATIONAL - TO COMMUNICATE AND DEVELOP KNOWLEDGE ABOUT THE ART COLLECTED, TO MEMBERS OF THE GENERAL PUBLIC.
HORTICULTURAL - NEWFIELDS FOSTERS EXPLORATION OF THE NATURAL ENVIRONMENT AND THE HISTORIC PROPERTIES FOR WHICH NEWFIELDS HAS BEEN GIVEN STEWARDSHIP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Charles Venable Former CEO | 0 | $842,677 | |
Kathryn Haigh Chief Operating Officer | Officer | 60 | $243,379 |
Jeremiah Wise CFO & Treasurer (interim Ceo) | OfficerTrustee | 50 | $235,864 |
Jonathan Wright Deputy Dir - Horticulture | Officer | 50 | $228,330 |
Jonathan Berger VP - Mkt & Ext Affairs | 50 | $193,521 | |
Grace Meils Vice President Of Advancement | Officer | 50 | $167,556 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Blockhouse Studios Video Production | 6/29/22 | $310,441 |
Ice Miller Llp Legal Services | 6/29/22 | $267,111 |
Barnes Thornburg Llp Legal Services | 6/29/22 | $276,696 |
Pink Consulting Llc Deia Consulting | 6/29/22 | $367,355 |
Office Pride Cleaning Services | 6/29/22 | $259,525 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $17,307,560 |
| Investment income | $1,124,785 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$102,533 |
| Net Gain/Loss on Asset Sales | $26,734,518 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $513,872 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $52,226,027 |
| Statement of Expenses | |
|---|---|
| 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. | $1,310,252 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $12,656,728 |
| Pension plan accruals and contributions | $512,884 |
| Other employee benefits | $1,609,612 |
| Payroll taxes | $885,411 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $350,100 |
| Fees for services: Accounting | $47,845 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $2,321,637 |
| Fees for services: Other | $3,400,765 |
| Advertising and promotion | $484,235 |
| Office expenses | $1,055,106 |
| Information technology | $75,187 |
| Royalties | $0 |
| Occupancy | $1,044,970 |
| Travel | $37,194 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $27,763 |
| Interest | $2,501,146 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,977,402 |
| Insurance | $603,584 |
| All other expenses | $0 |
| Total functional expenses | $36,746,635 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,283 |
| Savings and temporary cash investments | $7,361,301 |
| Pledges and grants receivable | $12,442,133 |
| Accounts receivable, net | $197,876 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $473,293 |
| Prepaid expenses and deferred charges | $305,282 |
| Investments—publicly traded securities | $82,175,864 |
| Investments—other securities | $355,796,614 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $21,324,779 |
| Total assets | $570,410,766 |
| Accounts payable and accrued expenses | $2,735,763 |
| Grants payable | $0 |
| Deferred revenue | $819,579 |
| Tax-exempt bond liabilities | $70,514,757 |
| 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 | $2,000,000 |
| Other liabilities | $2,942,475 |
| Total liabilities | $79,012,574 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $491,398,192 |