Terra Foundation For American Art
- Assets
- $559.1m
- Revenue
- $96.8m
- Investments
- $367.4m
- Employees
- 0
- Location
- Chicago, IL
- Founding
- 05/2003
- Data as of
- 06/2022
- 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 06/2022, Terra Foundation For American Art generated $96.8m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 48.1% each year . All expenses for the organization totaled $27.1m during the year ending 06/2022. While expenses have increased by 7.1% per year over the past 4 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.
Since 2020, Terra Foundation For American Art has awarded 582 individual grants totaling $37,800,444. 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
2022
Describe the Organization's Program Activity:
GRANTS WERE AWARDED TO 94 EDUCATIONAL & PUBLIC INSTITUTIONS FOR EXHIBITIONS, EDUCATIONAL PROGRAMS & SYMPOSIA, FELLOWSHIPS & PUBLICATIONS.
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 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 |
|---|---|---|---|
Huey Copeland Director | 1 | $10,000 | |
Nora Daley Director/vice Chair | 1 | $5,000 | |
Amina Dickerson Director | 1 | $5,000 | |
Joseph Gromacki Director/chair | 1 | $10,000 | |
Charles Harper Director/treasurer | 1 | $0 | |
Stephanie Harris Director | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Arabella Advisors Llc | 6/29/22 | $131,800 |
Northern Trust | 6/29/22 | $78,769 |
Lazard Asset Management Llc | 6/29/22 | $72,805 |
Advanced Mechanical Systems Inc | 6/29/22 | $59,627 |
Js Boillet | 6/29/22 | $57,962 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $392 |
| Dividends & Interest | $4,457,147 |
| Net Rental Income | $4,331 |
| Net Gain on Sale of Assets | $92,001,146 |
| Capital Gain Net Income | $103,817,439 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $380,634 |
| Total Revenue | $96,843,650 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $1,611,719 |
| Other employee salaries and wages | $1,832,824 |
| Pension plans, employee benefits | $787,949 |
| Interest | $0 |
| Taxes | $527,530 |
| Depreciation | $496,460 |
| Occupancy | $980,854 |
| Travel, conferences, and meetings | $173,292 |
| Printing and publications | $24,262 |
| Other expenses | $1,123,686 |
| Total operating and administrative expenses | $10,259,896 |
| Contributions, gifts, grants paid | $16,798,220 |
| Total expenses and disbursements | $27,058,116 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $263,179 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $46,016 |
| 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 | $129,932 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $242,818,113 |
| Net Land, buildings, and equipment | $6,802,825 |
| Other assets | $184,440,152 |
| Total assets | $559,052,944 |
| Accounts payable and accrued expenses | $442,794 |
| Grants payable | $12,597,720 |
| Deferred revenue | $2,330,476 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $90,330 |
| Total liabilities | $15,461,320 |
Grants Awarded
Over the last fiscal year, Terra Foundation For American Art has awarded $12,354,606 in support to 116 organizations.
| Grant Recipient | Amount |
|---|---|
6018NORTH PURPOSE: ART EDUCATION | $10,000 |
AFRICA INTERNATIONAL HOUSE USA INC PURPOSE: ART EDUCATION | $25,000 |
AMERICAN ACADEMY IN ROME PURPOSE: ART EDUCATION | $76,450 |
AMERICAN ANTIQUARIAN SOCIETY PURPOSE: ART EDUCATION | $5,000 |
ART GALLERY OF ONTARIO PURPOSE: ART EDUCATION | $25,000 |
ARCHIVES OF AMERICAN ART SMITHSONIAN INSTITUTION PURPOSE: ART EDUCATION | $24,000 |