Racine Art Museum Association Inc
- Assets
- $13.1m
- Revenue
- $2.0m
- Investments
- $901.8k
- Employees
- 48
- Location
- Racine, WI
- Founding
- 02/1949
- Data as of
- 12/2021
- EIN
- 39-1018155
Organization Overview
Racine Art Museum Association Inc is located in Racine, WI. The organization was established in 1949. 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 12/2021, Racine Art Museum Association Inc employed 48 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Racine Art Museum Association Inc 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 12/2021, Racine Art Museum Association Inc generated $2.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $1.9m during the year ending 12/2021. While expenses have increased by 0.3% 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
THE MISSION IS TO EXHIBIT, COLLECT, PRESERVE, AND EDUCATE IN THE CONTEMPORARY VISUAL ARTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
STUDIO ART CLASS EDUCATION - RAMA'S WUSTUM MUSEUM HAS ONE OF THE LARGEST MUSEUM-BASED STUDIO ART PROGRAMS IN WISCONSIN. SINCE THE MUSEUM OPENED IN 1941, MORE THAN 40 AFFORDABLE STUDIO ART COURSES IN VARIOUS MEDIA ARE OFFERED EACH SEMESTER AND DURING THE SUMMER FOR CHILDREN AND ADULTS. STUDENTS OF ALL AGES AND SKILL LEVELS - BEGINNING TO ADVANCED - LEARN SIDE-BY-SIDE WITH INSTRUCTORS WHO ARE WORKING ARTISTS, KNOWN LOCALLY AND NATIONALLY FOR THEIR TALENT. COSTS VARY DEPENDING UPON THE LENGTH OF CLASS AND MATERIALS. SOME CLASSES REQUIRE THE PURCHASE OF ADDITIONAL SUPPLIES.
EXHIBITIONS - RAMA SPONSORS 7 BLOCKS OF FINE ART EXHIBITIONS ANNUALLY IN TWO MUSEUMS WHICH ATTRACT OVER 50,000 VISITORS. RAMA REPRESENTS ARTISTS IN SOLO, GROUP AND JURIED EXHIBITIONS. MEMBERSHIP INCLUDES UNLIMITED FREE MUSEUM ADMISSION AND REDUCED RATES ON CLASSES AND WORKSHOPS AND RETAIL STORE DISCOUNTS.
RAMA OFFERS REASONABLY PRICED MEETING ROOM RENTALS FOR BUSINESSES, GROUPS, AND INDIVIDUALS ALONG WITH ENRICHMENT OPPORTUNITIES INCLUDING CURATORIAL PRESENTATIONS, MUSEUM TOURS, AND HANDS-ON ART PROJECTS FOR GROUP RETREATS, TEAM BUILDING, AND PROJECT PLANNING. RAMA PROVIDES A MUSEUM STORE FOR THE CONVENIENCE OF VISITORS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bruce Pepich Executive Dir. | Officer | 40 | $171,237 |
Neil Staeck President | OfficerTrustee | 1 | $0 |
Clair Holland Secretary | OfficerTrustee | 1 | $0 |
Ben Flegel Treasurer | OfficerTrustee | 1 | $0 |
Diane Ruffo Vice President | OfficerTrustee | 1 | $0 |
Nancy Wheeler Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $34,083 |
| Related organizations | $0 |
| Government grants | $578,942 |
| All other contributions, gifts, grants, and similar amounts not included above | $620,481 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,233,506 |
| Total Program Service Revenue | $160,757 |
| Investment income | $385,071 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $110,353 |
| Net Income from Fundraising Events | $24,020 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $56,392 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,971,714 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $127 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $169,388 |
| Compensation of current officers, directors, key employees. | $18,356 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $856,298 |
| Pension plan accruals and contributions | $44,280 |
| Other employee benefits | $64,938 |
| Payroll taxes | $81,021 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $40,890 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $30,638 |
| Fees for services: Other | $1,126 |
| Advertising and promotion | $74,569 |
| Office expenses | $41,291 |
| Information technology | $51,492 |
| Royalties | $0 |
| Occupancy | $116,286 |
| Travel | $2,620 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $242 |
| Interest | $797 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $218,097 |
| Insurance | $40,904 |
| All other expenses | $9,653 |
| Total functional expenses | $1,946,092 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $13,797 |
| Savings and temporary cash investments | $206,548 |
| Pledges and grants receivable | $276,634 |
| Accounts receivable, net | $3,679 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $60,111 |
| Prepaid expenses and deferred charges | $26,165 |
| Net Land, buildings, and equipment | $4,107,141 |
| Investments—publicly traded securities | $7,420,418 |
| Investments—other securities | $901,839 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $82,837 |
| Total assets | $13,099,169 |
| Accounts payable and accrued expenses | $54,371 |
| Grants payable | $0 |
| Deferred revenue | $12,725 |
| 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 | $235,415 |
| Other liabilities | $21,332 |
| Total liabilities | $323,843 |
| Net assets without donor restrictions | $5,769,304 |
| Net assets with donor restrictions | $7,006,022 |
| 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 | $13,099,169 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Racine Art Museum Association Inc has recieved totaling $21,000.
| Awarding Organization | Amount |
|---|---|
Ruffo Family Foundation Inc Racine, WI PURPOSE: GENERAL OPERATING SUPPORT | $21,000 |
Endowment Analysis
| Beg. Balance | $6,500,801 |
| Earnings | $1,059,153 |
| Admin Expense | $30,638 |
| Net Contributions | $264 |
| Other Expense | $85,339 |
| Ending Balance | $7,444,241 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Milwaukee Art Museum Inc Milwaukee, WI | $162,007,595 | $17,721,477 |
Grand Rapids Art Museum Grand Rapids, MI | $63,932,796 | $12,119,660 |
Edmundson Art Foundation Inc Des Moines, IA | $123,873,821 | $5,221,950 |
Jayne Wrightsman Irr Trust Xxxxx7008 Chicago, IL | $23,809,573 | $29,559,094 |
Kalamazoo Institute Of Arts Kalamazoo, MI | $37,022,410 | $4,067,933 |
Madison Museum Of Contemporary Art Inc Madison, WI | $15,382,994 | $2,302,239 |
Minnesota Museum Of American Art Saint Paul, MN | $9,032,036 | $1,499,963 |
Paine Art Center & Gardens Inc Oshkosh, WI | $23,894,891 | $2,871,435 |
Templearts Saginaw, MI | $24,720,912 | $2,521,932 |
Racine Art Museum Association Inc Racine, WI | $13,099,169 | $1,971,714 |
Museum Of Contemporary Art Detroit Detroit, MI | $4,387,647 | $1,624,950 |
Springfield Art Association Of Edwards Place Springfield, IL | $2,184,986 | $1,710,598 |