Edmundson Art Foundation Inc
- Assets
- $123.9m
- Revenue
- $5.2m
- Investments
- $0.0
- Employees
- 128
- Location
- Des Moines, IA
- Founding
- 03/1949
- Data as of
- 12/2020
- EIN
- 42-0680419
Organization Overview
Edmundson Art Foundation Inc, operating under the name Des Moines Art Center, is located in Des Moines, IA. 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, Des Moines Art Center employed 128 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Des Moines Art Center 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 12/2020, Des Moines Art Center generated $5.2m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (4.5%) each year. All expenses for the organization totaled $6.1m during the year ending 12/2020. As we would expect to see with falling revenues, expenses have declined by (0.2%) per year over the past 6 years. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
THROUGH ITS COLLECTIONS, EXHIBITIONS, AND EDUCATIONAL PROGRAMMING, THE DES MOINES ART CENTER PROVIDES OPPORTUNITIES FOR TRANSFORMATIONAL ART EXPERIENCES. SEE SCHEDULE O.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OUR EXHIBITIONS INCLUDED MAJOR COMMUNITY-BASED PROJECTS AS WELL AS SMALLER, FOCUSED PERMANENT COLLECTION SHOWS. BLACK STORIES, AN EXHIBITION CO-CURATED BY DES MOINES ARTISTS MITCHELL SQUIRE AND JORDAN WEBER, WITH THE ASSISTANCE AND GUIDANCE OF AN ADVISORY COMMITTEE MADE UP OF 15 COMMUNITY LEADERS, CONNECTED THE COMMUNITY TO ARTWORK BY BLACK ARTISTS IN THE PERMANENT COLLECTIONS AND INVITED COMMUNITY MEMBERS TO PARTICIPATE BY SHARING THEIR PERSONAL STORIES AND EXPERIENCES IN RESPONSE TO THE ARTWORKS. SEE SCHEDULE O FOR CONTINUATION.
THE EVENTS OF THE LAST SEVERAL YEARS HAVE UPENDED MANY ASPECTS OF LIFE FOR BOTH INDIVIDUALS AND INSTITUTIONS. WHILE THESE DISRUPTIONS CREATED NEW CHALLENGES, THEY ALSO ALLOWED THE ART CENTER TO PAUSE, TAKE STOCK, AND ADAPT OUR PRIORITIES AND PROGRAMS. AS WE'VE ENGAGED WITH THIS WORK, ONE COMMON THEME HAS EMERGED: RESILIENCE. SEE SCHEDULE O FOR CONTINUATION.
THE ART CENTER'S PUBLIC AND EDUCATIONAL PROGRAMS ARE COMMITTED TO CONNECTING PEOPLE AND ART BY OFFERING OPPORTUNITIES FOR FEELING, IMAGINING, AND DREAMING. FURTHERMORE, WE AIM TO PROMOTE CURIOSITY AND EMBRACE CRITICAL AND EMPATHETIC THINKING WITH A SPIRIT OF OPENNESS, STRIVING TO BE A WELCOMING AND EQUITABLE CULTURAL RESOURCE. SEE SCHEDULE O FOR CONTINUATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeff Fleming Executive Director | Officer | 40 | $296,876 |
Cheryl Tuttle Dir Of Finance & Ops -End 6/21 | Officer | 40 | $85,145 |
Bonnie Valverde Dir Of Finance & Ops -Beg 9/21 | Officer | 40 | $36,000 |
Darren Jirsa President | OfficerTrustee | 1 | $0 |
Jeff Chungath Vice President | OfficerTrustee | 1 | $0 |
Andrea Abel Treasurer | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $170,555 |
| Fundraising events | $177,645 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,363,764 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,711,964 |
| Total Program Service Revenue | $326,741 |
| Investment income | $1,612,459 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$146,062 |
| Net Gain/Loss on Asset Sales | -$194,094 |
| Net Income from Fundraising Events | -$36,494 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $38,678 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,221,950 |
| 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. | $433,643 |
| Compensation of current officers, directors, key employees. | $132,907 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,483,569 |
| Pension plan accruals and contributions | $25,578 |
| Other employee benefits | $369,087 |
| Payroll taxes | $188,748 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,106 |
| Fees for services: Accounting | $28,298 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $109,244 |
| Advertising and promotion | $191,219 |
| Office expenses | $169,170 |
| Information technology | $179,548 |
| Royalties | $0 |
| Occupancy | $518,880 |
| Travel | $59,014 |
| 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 | $610,936 |
| Insurance | $209,061 |
| All other expenses | $39,756 |
| Total functional expenses | $6,112,458 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,231,406 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $30,837 |
| Accounts receivable, net | $76,285 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $113,540 |
| Prepaid expenses and deferred charges | $203,916 |
| Net Land, buildings, and equipment | $3,661,944 |
| Investments—publicly traded securities | $117,555,893 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $123,873,821 |
| Accounts payable and accrued expenses | $240,959 |
| Grants payable | $0 |
| Deferred revenue | $139,164 |
| 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 | $1,112,383 |
| Total liabilities | $1,492,506 |
| Net assets without donor restrictions | $31,016,685 |
| Net assets with donor restrictions | $91,364,630 |
| 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 | $123,873,821 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Edmundson Art Foundation Inc has recieved totaling $3,445.
| Awarding Organization | Amount |
|---|---|
Tuw Robert L & Ruth E Wiese Dallas, TX PURPOSE: UNRESTRICTED GENERAL | $3,445 |
Endowment Analysis
| Beg. Balance | $62,607,883 |
| Earnings | $9,719,426 |
| Net Contributions | $256,064 |
| Other Expense | $2,402,787 |
| Ending Balance | $70,180,586 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Milwaukee Art Museum Inc Milwaukee, WI | $162,007,595 | $17,721,477 |
Joslyn Art Museum Omaha, NE | $43,999,594 | $13,873,900 |
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 |
Kemper Museum Operating Foundation Kansas City, MO | $21,285,156 | $4,170,305 |
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 |
Racine Art Museum Association Inc Racine, WI | $13,099,169 | $1,971,714 |
Kaneko Omaha, NE | $7,661,179 | $2,044,915 |
Springfield Art Association Of Edwards Place Springfield, IL | $2,184,986 | $1,710,598 |
Cedar Rapids Museum Of Art Cedar Rapids, IA | $10,975,724 | $1,897,118 |