Terra Foundation For American Art
- Assets
- $631.5m
- Revenue
- $28.1m
- Investments
- $438.9m
- Employees
- 0
- Location
- Chicago, IL
- Founding
- 05/2003
- Data as of
- 06/2021
- EIN
- 36-2999442
Organization Overview
Terra Foundation For American Art is located in Chicago, IL. The organization was established in 2003. 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. Terra Foundation For American 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 06/2021, Terra Foundation For American Art generated $28.1m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (17.5%) each year. All expenses for the organization totaled $20.5m during the year ending 06/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Terra Foundation For American Art has awarded 732 individual grants totaling $38,788,624. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
GRANTS WERE AWARDED TO MORE THAN 75 EDUCATIONAL & PUBLIC INSTITUTIONS FOR EXHIBITIONS, EDUCATIONAL PROGRAMS & SYMPOSIA, FELLOWSHIPS & PUBLICATIONS.
GRANTS WERE AWARDED TO 80 MUSEUMS AND ARTS ORGANIZATIONS FOR EMERGENCY SUPPORT AND ONGOING RELIEF IN RESPONSE TO THE FINANCIAL IMPACT OF THE COVID 19 PANDEMIC.
DIRECT ACTIVITIES TO ADVANCE THE FIELD OF AMERICAN ART, INCLUDING EXHIBITIONS, SCHOLARLY RESEARCH, PUBLICATIONS AND EDUCATIONAL & RESIDENCY PROGRAMS.
FELLOWSHIP AND RESEARCH GRANTS WERE AWARDED TO 17 INDIVIDUALS FOR ART EDUCATION. ALL GRANTS TO INDIVIDUALS ARE MONITORED BY TERRA FOUNDATION STAFF.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Shannon Corwin Ceo, President | 35 | $404,305 | |
Anne Munsch Cfo, Asst Sec/treasurer | 35 | $343,870 | |
Amy Zinck Exec Vice President | 35 | $319,091 | |
Diego Candil Director Tfaa | 35 | $162,732 | |
Carrie Haslett Program Director | 35 | $159,929 | |
Jennifer Siegenthaler Program Director | 35 | $132,585 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Lazard Asset Management Llc | 6/29/21 | $209,486 |
Masterpiece International Ltd | 6/29/21 | $193,611 |
Northern Trust | 6/29/21 | $116,616 |
Marquette Associates | 6/29/21 | $103,000 |
Laplaca Cohen Advertising Inc | 6/29/21 | $101,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $791 |
| Dividends & Interest | $5,020,960 |
| Net Rental Income | $6,597 |
| Net Gain on Sale of Assets | $22,995,930 |
| Capital Gain Net Income | $10,737,626 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $38,805 |
| Total Revenue | $28,063,083 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $1,152,641 |
| Other employee salaries and wages | $1,913,669 |
| Pension plans, employee benefits | $879,734 |
| Interest | $0 |
| Taxes | $1,338,593 |
| Depreciation | $525,514 |
| Occupancy | $1,101,442 |
| Travel, conferences, and meetings | $31,447 |
| Printing and publications | $24,619 |
| Other expenses | $1,102,807 |
| Total operating and administrative expenses | $9,283,575 |
| Contributions, gifts, grants paid | $11,174,312 |
| Total expenses and disbursements | $20,457,887 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $556,155 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $35,571 |
| 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 | $193,735 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $151,022,099 |
| Net Land, buildings, and equipment | $7,358,660 |
| Other assets | $184,417,560 |
| Total assets | $631,506,305 |
| Accounts payable and accrued expenses | $539,664 |
| Grants payable | $8,154,106 |
| Deferred revenue | $1,961,477 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $1,981,405 |
| Total liabilities | $12,636,652 |
Grants Awarded
Over the last fiscal year, Terra Foundation For American Art has awarded $12,103,052 in support to 200 organizations.
| Grant Recipient | Amount |
|---|---|
TERRA FOUNDATION FOR AMERICAN ART FUND PURPOSE: ART EDUCATION | $1,500,000 |
Chicago, IL PURPOSE: ART EDUCATION | $1,000,000 |
BARBICAN CENTRE TRUST PURPOSE: ART EDUCATION | $318,000 |
BARBICAN CENTRE TRUST PURPOSE: ART EDUCATION | $310,000 |
MARY & LEIGH BLOCK MUSEUM OF ART PURPOSE: ART EDUCATION | $305,000 |
CENTRE POMPIDOU PURPOSE: ART EDUCATION | $250,000 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Terra Foundation For American Art has recieved totaling $450,000.
| Awarding Organization | Amount |
|---|---|
The Chicago Community Trust Chicago, IL PURPOSE: PRESENTING PARTNER FOR ART DESIGN CHICAGO, A CITYWIDE COLLABORATION OF MUSEUMS, UNIVERSITIES, GALLERIES, AND OTHER CULTURAL ORGANIZATIONS THAT WILL EXAMINE THE CITYS HISTORY AS A VIBRANT HUB FOR ART AND DESIGN | $350,000 |
John D & Catherine T Macarthur Foundation Chicago, IL PURPOSE: IN SUPPORT OF MARKETING AND COMMUNICATIONS COSTS RELATED TO ART DESIGN CHICAGO, AN EFFORT TO RAISE VISIBILITY FOR THE ROLE THAT S CITIZENS HAVE PLAYED IN ART AND DESIGN. | $100,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Lesea Global Feed The Hungry Inc South Bend, IN | $8,955,303 | $44,845,049 |
Terra Foundation For American Art Chicago, IL | $631,506,305 | $28,063,083 |
Johnny Morris Foundation Springfield, MO | $120,561,207 | $600,000 |
Roderick And Solange Macarthur Justice Center Niles, IL | $137,820,704 | $9,175,098 |
John C Proctor Endowment Peoria, IL | $3,704,865 | $6,462,862 |
Collective Impact Network Saint Louis, MO | $21,375,860 | $4,592,347 |
Land Conservation Trust Of Southern Illinois Chicago, IL | $0 | $8,667,779 |
World Food Prize Foundation Urbandale, IA | $73,712,928 | $6,192,203 |
Center To Combat Human Trafficking Decatur, IL | $69,172,505 | $43,496,794 |
Chipstone Foundation Milwaukee, WI | $75,856,336 | $12,810,541 |
Fmc Aquatic Opportunities Chicago, IL | $22,984,375 | $1,955,015 |
Johnson Foundation Inc Racine, WI | $58,249,744 | $4,338,703 |