Fort Worth Art Association Endowment Foundation
- Assets
- $167.7m
- Revenue
- $12.5m
- Investments
- $70.7m
- Employees
- 0
- Location
- Fort Worth, TX
- Founding
- 01/2013
- Data as of
- 06/2021
- EIN
- 45-4746777
Organization Overview
Fort Worth Art Association Endowment Foundation is located in Fort Worth, TX. The organization was established in 2013. According to its NTEE Classification (A11) the organization is classified as: Single Organization Support, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Fort Worth Art Association Endowment 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 06/2021, Fort Worth Art Association Endowment Foundation generated $12.5m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 9.1% each year. All expenses for the organization totaled $8.0m during the year ending 06/2021. While expenses have increased by 3.5% 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO OPERATE EXCLUSIVELY FOR THE BENEFIT OF THE FORT WORTH ART ASSOCIATION, A SEC. 501(C)(3) ORGANIZATION. THE FOUNDATION IS RESPONSIBLE FOR THE ADMINISTRATION OF THE LONG TERM INVESTMENTS HELD FOR THE BENEFIT OF THE ASSOCIATION AND ITS AFFILIATES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FORT WORTH ART ASSOCIATION ENDOWMENT FOUNDATION IS A GROUP OF FUNDS HELD FOR THE PURPOSE OF FUNDING ART PURCHASES AND OTHER PROGRAM SERVICES IN SUPPORT OF THE FORT WORTH ART ASSOCIATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ardon Moore President/trustee | OfficerTrustee | 0.5 | $0 |
Amar Tanna Vice President/trustee | OfficerTrustee | 0.5 | $0 |
Rafa Garza Treasurer/trustee | OfficerTrustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Third Point Management Investment Services | 6/29/22 | $546,210 |
Sculptor Overseas Fund Ii Ltd Investment Services | 6/29/22 | $409,365 |
Farallon Capital Offshore Investors Inc Investment Services | 6/29/22 | $126,041 |
Jpmorgan Investment Services | 6/29/22 | $396,569 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $3,010,000 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $100,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,110,000 |
| Total Program Service Revenue | $0 |
| Investment income | $803,259 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $8,220,896 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $12,496,724 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $5,335,289 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $2,628,298 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| 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 | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $7,963,587 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,063,959 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $334,720 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $89,609,379 |
| Investments—other securities | $70,672,242 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $65,349 |
| Total assets | $167,745,649 |
| Accounts payable and accrued expenses | $0 |
| 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 | $3,087,889 |
| Total liabilities | $3,087,889 |
| Net assets without donor restrictions | $80,632,849 |
| Net assets with donor restrictions | $84,024,911 |
| 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 | $167,745,649 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Fort Worth Art Association Endowment Foundation has recieved totaling $4,010,000.
| Awarding Organization | Amount |
|---|---|
Fort Worth Art Association Fort Worth, TX PURPOSE: GENERAL OPERATIONS | $3,010,000 |
Lee And Ramona Bass Foundation Fort Worth, TX PURPOSE: ESTABLISH ENDOWMENT FUND FOR THE MODERN ART MUSEUM WHICH WILL SUPPORT MUSEUM EXHIBITIONS | $1,000,000 |
Endowment Analysis
| Beg. Balance | $160,400,019 |
| Earnings | -$18,882,260 |
| Admin Expense | $330,000 |
| Net Contributions | $110,400 |
| Grants | $5,594,683 |
| Ending Balance | $135,703,476 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Houston Public Media Foundation Houston, TX | $3,722,035 | $15,443,011 |
World War Ii Theatre Inc New Orleans, LA | $71,080,444 | $7,985,731 |
Dallas Symphony Foundation Dallas, TX | $145,117,113 | $12,980,267 |
Fort Worth Art Association Endowment Foundation Fort Worth, TX | $167,745,649 | $12,496,724 |
Oklahoma City National Memorial Foundation Oklahoma City, OK | $43,932,179 | $4,892,726 |
The Hobby Center Foundation Houston, TX | $78,248,185 | $8,249,942 |
Friends Of Oeta Inc Oklahoma City, OK | $52,803,812 | $14,188,991 |
Admiral Nimitz Foundation Fredericksburg, TX | $24,328,747 | $7,231,861 |
Foundation For Excellence In Louisiana Public Broadcasting Baton Rouge, LA | $50,029,430 | $8,763,063 |
Museum Of New Mexico Foundation Santa Fe, NM | $51,964,866 | $8,605,972 |
Houston Symphony Endowment Houston, TX | $87,456,110 | $3,071,634 |
Houston Grand Opera Endowment Inc Houston, TX | $94,842,059 | $24,478,386 |