Grand Rapids Art Museum Foundation
- Assets
- $23.0m
- Revenue
- $798.9k
- Investments
- $22.9m
- Employees
- 0
- Location
- Grand Rapids, MI
- Founding
- 06/1992
- Data as of
- 09/2023
- EIN
- 38-3027880
Organization Overview
Grand Rapids Art Museum Foundation is located in Grand Rapids, MI. The organization was established in 1992. According to its NTEE Classification (A11) the organization is classified as: Single Organization Support, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Grand Rapids Art Museum Foundation 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 09/2023, Grand Rapids Art Museum Foundation generated $798.9k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 10.4% each year . All expenses for the organization totaled $1.1m during the year ending 09/2023. While expenses have increased by 5.6% per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE FINANCIAL SUPPORT FOR THE GRAND RAPIDS ART MUSEUM'S OPERATIONS AND SPECIAL PROJECTS.THE GRAND RAPIDS ART MUSEUM FOUNDATION WAS FORMED TO GENERATE AND RECEIVE CONTRIBUTIONS OF PROPERTY OF ANY KIND, BOTH REAL AND PERSONAL, GIVEN TO IT, AND TO ADMINISTER SUCH PROPERTY IN A MANNER CONSISTENT WITH AND IN SUPPORT OF THE PRINCIPLES, OBJECTIVES AND PROGRAMS OF THE GRAND RAPIDS ART MUSEUM BY PROVIDING FINANCIAL SUPPORT FOR ITS OPERATIONS AND SPECIAL PROJECTS. THE FUNDS COLLECTED ARE SUBJECT TO DONOR RESTRICTIONS, WHICH REQUIRE THAT THE PRINCIPAL IS INVESTED AND THE INCOME DERIVED FROM INVESTMENTS BE USED FOR SUPPORT OF THE GRAND RAPIDS ART MUSEUM OPERATIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FINANCIAL SUPPORT PROVIDED TO THE GRAND RAPIDS ART MUSEUM
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lauretta K Murphy President | OfficerTrustee | 2 | $0 |
Jim Overbeck Secretary/treasurer | OfficerTrustee | 1 | $0 |
Thomas A Demeester Board Memeber | Trustee | 1 | $0 |
Greg Hooks Board Member | Trustee | 1 | $0 |
Janet Nisbett Board Member | Trustee | 1 | $0 |
Douglas Padnos Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $13,419 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $13,419 |
| Total Program Service Revenue | $0 |
| Investment income | $643,643 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $141,870 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $798,932 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $982,725 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $21,978 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $74,226 |
| Fees for services: Other | $124 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,079,053 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $63,775 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $35,042 |
| Accounts receivable, net | $2,895 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $22,906,322 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $23,008,034 |
| Accounts payable and accrued expenses | $26,899 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Other liabilities | $0 |
| Total liabilities | $26,899 |
| Net assets without donor restrictions | $1,441,596 |
| Net assets with donor restrictions | $21,539,539 |
| 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 | $23,008,034 |