Minneapolis Society Of Fine Arts
- Assets
- $352.0m
- Revenue
- $54.4m
- Investments
- $170.1m
- Employees
- 311
- Location
- Minneapolis, MN
- Founding
- 12/1967
- Data as of
- 06/2022
- EIN
- 41-0693915
Organization Overview
Minneapolis Society Of Fine Arts, operating under the name Minneapolis Institute Of Art, is located in Minneapolis, MN. The organization was established in 1967. 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, Minneapolis Institute Of Art employed 311 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Minneapolis Institute Of 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, Minneapolis Institute Of Art generated $54.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.8% each year. All expenses for the organization totaled $42.0m during the year ending 06/2022. While expenses have increased by 1.0% 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
ENRICHING COMMUNITY BY COLLECTING, PRESERVING AND MAKING ACCESSIBLE OUTSTANDING WORKS OF ART
Describe the Organization's Program Activity:
EXHIBITIONS DURING FISCAL YEAR ENDING JUNE 30, 2022 INCLUDE: THE CONTEMPORARY PRINT: 20 YEARS AT HIGHPOINT EDITIONSLESLIE BARLOW: WITHIN, BETWEEN, AND BEYONDAARON DYSART: PASSAGEVAN GOGH AND THE OLIVE GROVESIN HER VIEW: CONTEMPORARY WOMEN'S PHOTOGRAPHYVIRGIL ORTIZ: CONVERGENCEBRITISH WATERCOLOR LANDSCAPESFLY ZINE ARCHIVE: A CHRONICLE OF PUNK, QUEER, AND ANARCHIST COUNTERCULTURESUPERNATURAL AMERICA: THE PARANORMAL IN AMERICAN ARTDRESSED BY NATURE: TEXTILES OF JAPANJOVAN C. SPELLER: NURTURING, AND OTHER RITUALS OF PROTECTIONKAMODA SHOJI: THE ART OF CHANGEA FLORAL AFFAIR: A BOUQUET FOR THE FRIENDS' CENTENNIALENVISIONING EVIL: "THE NAZI DRAWINGS" BY MAURICIO LASANSKYOBJECTIVITY: METAPHORICAL AND MATERIAL LIVES OF PHOTOGRAPHS DAYANITA SINGH: POTHI KHANAPARSKA/SHADATHE THREE PERFECTIONS: IMAGE, POEM, AND CALLIGRAPHY IN CHINESE PAINTINGPARALLEL LINES: NEW TEXTILE MASTERWORKS INSPIRED BY GEOMETRYREFLECTIONS ON REALITY: DRAWINGS AND PAINTINGS FROM THE WEISBERG COLLECTIONTHE POETIC ABSTRACTIONS OF MAKI HAKU: PRINTS FROM THE KIMM-GRUFFERMAN COLLECTIONSIXTIES PSYCHEDELIA: SAN FRANCISCO ROCK POSTERS FROM THE PAUL MAURER COLLECTIONWORDS THAT PRESENCE THE DIVINE: TEZET METUMIA'S ARTIST IN RESPITEARTIST IN RESIDENCE 2021RACISM AS A PUBLIC HEALTH CRISIS: YOUTH AND PROFESSIONAL ARTISTS RESPONDVENICE IN THE 1700SCREATIVITY ACADEMYYEE I-LANN: PICTURING POWERMIA STAFF ART SHOWPUBLICATIONS PRODUCED DURING FISCAL YEAR ENDING JUNE 30, 2022 INCLUDE: ENVISIONING EVIL: "THE NAZI DRAWINGS" BY MARICIO LASANSKYKAMODA SHJI: THE ART OF CHANGE
ACQUISITIONS BRING NEW STRENGTH TO THE COLLECTION. THE PERMANENT COLLECTION IS ALWAYS AT THE CORE OF OUR WORK. IN FY22, 1,956 EXCEPTIONAL OBJECTS WERE ACQUIRED, ENRICHING EACH OF THE 5 CURATORIAL AREAS.
MIA'S ART ADVENTURE PROGRAM SERVED MORE THAN 36,806 STUDENTS VIRTUALLY IN 100 SCHOOLS ACROSS THE STATE. CREATIVITY ACADEMY (500) AND WATER IS LIFE (682) PROGRAMS SERVED 1182 STUDENTS, USING 2,700 ART KITS DELIVERED TO THE PARTNER SCHOOLS. MIA SERVED 321 STUDENTS THROUGH ON-SITE, VIRTUAL, OR AT-SCHOOL PARTNERSHIP PROGRAMS. 994 STUDENTS (PK-UNIVERSITY) PARTICIPATED IN VIRTUAL TOURS. 4664 STUDENTS (PK-UNIVERSITY) PARTICIPATED IN ON-SITE GUIDED TOURS. MIA TRAINED 975 PARENT VOLUNTEERS VIRTUALLY TO LEAD ART ADVENTURE LESSONS. MIA PROVIDED PROFESSIONAL DEVELOPMENT TO 115 TEACHERS VIRTUALLY AND ON-SITE. MOBILE MIA, THE MUSEUM'S SPECIALLY DESIGNED BICYCLE, DELIVERED ART ACTIVITIES TO 928 YOUTH AND FAMILIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Katie Luber Director & President | OfficerTrustee | 40 | $581,085 |
Patricia Grazzini Deputy Director And Chief Operating Officer | OfficerTrustee | 40 | $417,343 |
Mary Ingebrand-Pohlad Chair | OfficerTrustee | 1 | $0 |
Ken Cutler Vice Chair | OfficerTrustee | 1 | $0 |
Gayle Fuguitt Vice Chair | OfficerTrustee | 1 | $0 |
Liz Nordlie Treasurer | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
J E Dunn-north Central Advertising | 6/29/22 | $482,735 |
Capacity Interactive Consulting Advertising | 6/29/22 | $378,900 |
Transport Consultants International Consulting | 6/29/22 | $320,926 |
Monticello Associates Asset Mgmt Fees | 6/29/22 | $250,000 |
Hammel Green And Abrahamson Inc Engineering And Architectural Design | 6/29/22 | $238,410 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $1,677,632 |
| Fundraising events | $174,004 |
| Related organizations | $743,844 |
| Government grants | $16,605,532 |
| All other contributions, gifts, grants, and similar amounts not included above | $24,883,146 |
| Noncash contributions included in lines 1a–1f | $8,289,298 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $44,084,158 |
| Total Program Service Revenue | $2,471,946 |
| Investment income | $3,663,493 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $18,271 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,352,806 |
| Net Income from Fundraising Events | -$74,491 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $463,135 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $54,407,955 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $1,814,764 |
| Compensation of current officers, directors, key employees. | $740,422 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $12,282,875 |
| Pension plan accruals and contributions | $838,596 |
| Other employee benefits | $1,879,418 |
| Payroll taxes | $1,035,712 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $259,077 |
| Fees for services: Accounting | $275,736 |
| Fees for services: Lobbying | $60,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,524,193 |
| Fees for services: Other | $3,188,884 |
| Advertising and promotion | $468,768 |
| Office expenses | $2,273,263 |
| Information technology | $849,473 |
| Royalties | $0 |
| Occupancy | $2,854,903 |
| Travel | $509,689 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $22,571 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,715,030 |
| Insurance | $400,264 |
| All other expenses | $0 |
| Total functional expenses | $42,039,033 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,550,446 |
| Savings and temporary cash investments | $12,234,864 |
| Pledges and grants receivable | $3,298,804 |
| Accounts receivable, net | $5,107,953 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $200,748 |
| Prepaid expenses and deferred charges | $402,884 |
| Net Land, buildings, and equipment | $56,665,612 |
| Investments—publicly traded securities | $32,665,586 |
| Investments—other securities | $170,146,214 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $63,758,715 |
| Total assets | $352,031,826 |
| Accounts payable and accrued expenses | $5,415,286 |
| Grants payable | $0 |
| Deferred revenue | $178,700 |
| 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 | $878,758 |
| Total liabilities | $6,472,744 |
| Net assets without donor restrictions | $96,969,000 |
| Net assets with donor restrictions | $248,590,082 |
| 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 | $352,031,826 |