Minneapolis Society Of Fine Arts
- Assets
- $389.1m
- Revenue
- $52.8m
- Investments
- $200.3m
- Employees
- 355
- Location
- Minneapolis, MN
- Founding
- 12/1967
- Data as of
- 06/2021
- 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 06/2021, Minneapolis Institute Of Art employed 355 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 06/2021, Minneapolis Institute Of Art generated $52.8m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 6.3% each year. All expenses for the organization totaled $43.1m during the year ending 06/2021. While expenses have increased by 1.6% per year over the past 6 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
2021
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 FOR FISCAL YEAR ENDING JUNE 30, 2021 INCLUDE: RACHEL BREEN: THE LABOR WE WEARSKY HOPINKA: DISFLUENCIESREMBRANDT IN CONVERSATIONA COLLECTOR'S ODYSSEY: BOOKS & PRINTS FROM THE WILLIAM P. KOSMAS COLLECTION20 DANCES: JAPANESE CALLIGRAPHY THEN AND NOWUNDER THE INFLUENCE: EARLY WORKS BY FRANK GAARDWTIH NEW LIGHT: MIA'S REINSTALLED HIMALAYAN, SOUTH AND SOUTHEAST ASIAN ART GALLERIESVISION 2020: JESS DUGANKHATT ISLAMIFREEDOM RISING: I AM THE STORY/L'MERCHIE FRAZIERIN THE PRESENCE OF OUR ANCESTORS: SOUTHERN PERSPECTIVES IN AFRICAN AMERICAN ARTTODD WEBB IN AFRICA: OUTSIDE THE FRAMENICOLE HAVEKOSTL CHTHONICSAUL STEINBERG: VISUAL VERSEUNEXPECTED TURNS: WOMEN ARTISTS AND THE MAKING OF AMERICAN BASKET WEAVING TRADITIONSRITUALS OF RESILIENCECOVID-19: LABOR CAMP REPORTSIAH ARMAJANI: A BRIDGE DIVIDES, A BRIDGE TRANSFORMSITALIAN PRINTMAKERS CIRCA 1600: FOUR DIVERGING PATHSHINDSIGHT: AMERICAN DOCUMENTARY PHOTOGRPHY 1930-1950AMANO KAZUMI: PRINTS FROM THE KIMM-GRUFFERMAN COLLECTIONPULICATIONS PRODUCED IN FY21SUPERNATURAL AMERICA: THE PARAMORMAL IN AMERICAN ART
ACQUISITIONS BRING NEW STRENGTH TO THE COLLECTION. THE PERMANENT COLLECTION IS ALWAYS AT THE CORE OF OUR WORK. IN FY21 1,705 EXCEPTIONAL OBJECTS WERE ACQUIRED, ENRICHING EACH OF THE 5 CURATORIAL AREAS.
EDUCATIONAL OUTREACH AND PUBLIC PROGRAMS FOR THE FISCAL YEAR ENDING JUNE 30, 2021 INCLUDED: "MIA'S ART ADVENTURE PROGRAM SERVED MORE THEN 22,773 STUDENTS VIRTUALLY IN 92 SCHOOLS ACROSS THE STATE.CREATIVITY ACADEMY AND WATER IS LIFE PROGRAM SERVED 1120 STUDENTS VIRTUALLY, USING 2,880 ART KITS DELIVERED TO THE PARTNER SCHOOLS.5,106 STUDENTS (PK-UNIVERSITY) PARTICIPATED IN VITURAL TOURS.MIA TRAINED 513 PARENT VOLUNTEERS VIRTUALLY TO LEAD ART ADVENTURE LESSONS.MIA TRAINED 75 VOLUNTEER GUIDES TO GIVE VIRTURAL TOURS.MIA PROVIDED PROFESSIONAL DEVELOPMENT TO 145 TEACHERS VIRTUALLYART TEAM, MIA'S TEEM COUNCIL, ENGAGED VIRTUALLY WITH APPROXIMATELY 185 YOUTH THROUGH CREATIVE AND EDUCATIONAL LOCAL INITIATIVES, AS WELL AS THROUGH MIA'S RATED T AND VIRTUAL OPEN STUDIO PROGRAMS.MOBILE MIA, THE MUSEUM'S SPECIALLYT DESIGNED BICYCLE, DELIVERED ART ACTIVITIES TO 400 YOUTH AND FAMILIES."
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Katie Luber Director & President | OfficerTrustee | 40 | $489,024 |
Patricia Grazzini Deputy Director And Chief Operating Officer/interi | Officer | 40 | $398,022 |
Matthew Welch Deputy Director And Chief Curator | Officer | 40 | $257,155 |
Julianne Amendola Chief Advancement Officer | 40 | $191,930 | |
Kristin Prestegaard Chief Engagement Officer | 40 | $183,862 | |
Andreas Marks Curator Of Japanese And Korean Arts | 40 | $170,651 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Grant Thornton Llp Consulting | 6/29/21 | $146,523 |
Capacity Interactive Consulting Llc Advertising | 6/29/21 | $195,750 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $2,350,865 |
| Fundraising events | $69,565 |
| Related organizations | $0 |
| Government grants | $18,187,534 |
| All other contributions, gifts, grants, and similar amounts not included above | $13,089,479 |
| Noncash contributions included in lines 1a–1f | $450,380 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $33,697,443 |
| Total Program Service Revenue | $4,956,361 |
| Investment income | $3,156,256 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $23,957 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $10,649,753 |
| Net Income from Fundraising Events | -$4,846 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $150,942 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $52,759,804 |
| 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. | $1,594,593 |
| Compensation of current officers, directors, key employees. | $650,592 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $13,476,160 |
| Pension plan accruals and contributions | $813,146 |
| Other employee benefits | $1,785,451 |
| Payroll taxes | $1,029,209 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $166,013 |
| Fees for services: Accounting | $132,461 |
| Fees for services: Lobbying | $60,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $2,298,513 |
| Fees for services: Other | $1,568,238 |
| Advertising and promotion | $325,544 |
| Office expenses | $605,449 |
| Information technology | $526,682 |
| Royalties | $0 |
| Occupancy | $2,927,053 |
| Travel | $55,135 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,936 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,503,179 |
| Insurance | $637,836 |
| All other expenses | $0 |
| Total functional expenses | $43,096,323 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $565,072 |
| Savings and temporary cash investments | $12,043,557 |
| Pledges and grants receivable | $2,328,683 |
| Accounts receivable, net | $5,899,688 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $142,119 |
| Prepaid expenses and deferred charges | $425,748 |
| Net Land, buildings, and equipment | $58,251,977 |
| Investments—publicly traded securities | $35,022,476 |
| Investments—other securities | $200,340,202 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $74,089,452 |
| Total assets | $389,108,974 |
| Accounts payable and accrued expenses | $4,588,040 |
| Grants payable | $0 |
| Deferred revenue | $194,718 |
| 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 | $924,788 |
| Total liabilities | $5,707,546 |
| Net assets without donor restrictions | $105,992,285 |
| Net assets with donor restrictions | $277,409,143 |
| 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 | $389,108,974 |
Grants Recieved
Over the last fiscal year, we have identified 25 grants that Minneapolis Society Of Fine Arts has recieved totaling $1,360,479.
| Awarding Organization | Amount |
|---|---|
Minneapolis Foundation Minneapolis, MN PURPOSE: DONOR-RECOMMENDED, ARTS & CULTURE | $334,501 |
Mary Briggs Charitable Trust Acct 10213200 Las Vegas, NV PURPOSE: GENERAL OPERATING | $157,826 |
John R Vanderlip Tr U/A 1062 Nect Milwaukee, WI PURPOSE: GENERAL SUPPORT | $139,727 |
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $109,213 |
Schwab Charitable Fund San Francisco, CA PURPOSE: ARTS, CULTURE & HUMANITIES | $102,335 |
Mcknight Foundation Minneapolis, MN PURPOSE: FOR THE MINNESOTA ARTIST EXHIBITION PROGRAM | $100,000 |
Endowment Analysis
| Beg. Balance | $173,509,048 |
| Earnings | $49,451,265 |
| Net Contributions | $6,277,187 |
| Other Expense | $9,197,713 |
| Ending Balance | $220,039,787 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Minneapolis Society Of Fine Arts Minneapolis, MN | $389,108,974 | $52,759,804 |
Milwaukee Art Museum Inc Milwaukee, WI | $162,007,595 | $17,721,477 |
Edmundson Art Foundation Inc Des Moines, IA | $123,873,821 | $5,221,950 |
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 |
Plains Art Museum Fargo, ND | $10,649,612 | $3,114,280 |
Paine Art Center & Gardens Inc Oshkosh, WI | $23,894,891 | $2,871,435 |
Racine Art Museum Association Inc Racine, WI | $13,099,169 | $1,971,714 |
Cedar Rapids Museum Of Art Cedar Rapids, IA | $10,975,724 | $1,897,118 |
River Music Experience Davenport, IA | $3,858,577 | $1,649,242 |
Museum Of Russian Art Minneapolis, MN | $5,847,264 | $2,095,024 |
Bergstrom-Mahler Museum Inc Neenah, WI | $17,360,409 | $1,558,977 |