Magnum Cultural Foundation
- Assets
- $5.2m
- Revenue
- $2.7m
- Investments
- $0.0
- Employees
- 7
- Location
- New York, NY
- Founding
- 11/2007
- Data as of
- 12/2022
- EIN
- 45-0573269
Organization Overview
Magnum Cultural Foundation is located in New York, NY. The organization was established in 2007. According to its NTEE Classification (A40) the organization is classified as: Visual Arts, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2022, Magnum Cultural Foundation employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Magnum Cultural 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 12/2022, Magnum Cultural Foundation generated $2.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 8.0% each year. All expenses for the organization totaled $1.5m during the year ending 12/2022. While expenses have increased by 4.3% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
MENTOR THE NEXT GENERATION OF PHOTOGRAPHERS AND HAVE IMPACT ON HISTORICAL/CONTEMPORARY PHOTOGRAPHY
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAJOR PROGRAM SERVICES INCLUDE: PROVIDING FINANCIAL SUPPORT TO PHOTOGRAPHERS TO DOCUMENT ISSUES OF LOCAL, NATIONAL, OR GLOBAL CONCERN BEFORE THEY REACH CRISIS PROPORTIONS, WITH A FOCUS ON SUBJECTS THAT HAVE NOT RECEIVED THE ATTENTION THEY DESERVE; INCREASING THE IMPACT OF DOCUMENTARY PHOTOGRAPHY BY CONNECTING PHOTOGRAPHERS AND THEIR WORK WITH NONPROFIT ORGANIZATIONS AND INDIVIDUALS COMMITTED TO SOCIAL CHANGE; TRAINING THE NEXT GENERATION OF IMAGE-MAKERS AND GIVING AWARDS TO OUTSTANDING YOUNG PHOTOGRAPHERS COMMITTED TO DOCUMENTARY WORK; AND PRESERVING AND MAKING ACCESSIBLE SIGNIFICANT DOCUMENTARY COLLECTIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kristen Lubben Executive Director | Officer | 40 | $143,582 |
Susan Meiselas President | OfficerTrustee | 20 | $3,000 |
Peter Van Agtmael Director | Trustee | 0.5 | $0 |
Pamela Chen Director | Trustee | 0.5 | $0 |
Diana Cohn Director | Trustee | 0.5 | $0 |
Claire Davis Director | Trustee | 0.75 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $1,306 |
| Related organizations | $0 |
| Government grants | $109,700 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,539,958 |
| Noncash contributions included in lines 1a–1f | $25,922 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,650,964 |
| Total Program Service Revenue | $24,583 |
| Investment income | $410 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $3,100 |
| Net Gain/Loss on Asset Sales | $10,882 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,696,577 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $40,857 |
| Grants and other assistance to domestic individuals. | $107,961 |
| Grants and other assistance to Foreign Orgs/Individuals | $172,091 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $143,582 |
| Compensation of current officers, directors, key employees. | $43,075 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $276,319 |
| Pension plan accruals and contributions | $13,256 |
| Other employee benefits | $24,087 |
| Payroll taxes | $32,129 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $10,000 |
| Fees for services: Accounting | $92,039 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $90,956 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $333,867 |
| Advertising and promotion | $3,195 |
| Office expenses | $80,312 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $7,525 |
| Travel | $15,719 |
| 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 | $17,208 |
| Insurance | $8,576 |
| All other expenses | $1,458 |
| Total functional expenses | $1,515,996 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,915,083 |
| Savings and temporary cash investments | $879,317 |
| Pledges and grants receivable | $334,800 |
| Accounts receivable, net | $20,680 |
| 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 | $8,770 |
| Net Land, buildings, and equipment | $770,229 |
| Investments—publicly traded securities | $45,476 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $264,400 |
| Total assets | $5,238,755 |
| Accounts payable and accrued expenses | $120,838 |
| 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 | $120,838 |
| Net assets without donor restrictions | $4,504,673 |
| Net assets with donor restrictions | $613,244 |
| 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 | $5,238,755 |
Grants Awarded
Over the last fiscal year, Magnum Cultural Foundation has awarded $40,857 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
ALICE PROUJANSKY PHOTOGRAPHY PURPOSE: Fellowship Grant | $7,000 |
MATT EICH PHOTOGRAPHY PURPOSE: Fellowship Grant | $9,520 |
PEABODY ESSEX MUSEUM INC PURPOSE: Fellowship Grant | $24,337 |