Heritage Museum Of Asian Art
- Assets
- $3.4m
- Revenue
- $131.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Chicago, IL
- Founding
- 07/2014
- Data as of
- 12/2021
- EIN
- 46-5327571
Organization Overview
Heritage Museum Of Asian Art is located in Chicago, IL. The organization was established in 2014. According to its NTEE Classification (B99) the organization is classified as: Education N.E.C., under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Heritage Museum Of Asian 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 12/2021, Heritage Museum Of Asian Art generated $131.6k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (3.9%) each year. All expenses for the organization totaled $185.8k during the year ending 12/2021. 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 CONSTRUCT, MAINTAIN AND OPERATE A MUSEUM OF ART FOR THE COLLECTION, CARE, STUDY AND EXHIBITION OF PAINTINGS, CERAMICS AND OTHER WORKS OF ASIAN ART FOR THE BENEFIT AND EDUCATION OF THE PUBLIC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ESTABLISH A MUSEUM TO DEVELOP EXHIBITIONS ON ALL ASPECTS OF ASIAN ART PARTICULARLY THOSE NOT EMPHASIED BY MAIN STREAM ASIAN ART DEPARTMENTS. ALSO TO UNDERTAKE RESEARCH IN THESE NEGLECTED AREAS AND PUBLISH CATALOGS RELATING TO THE EXHIBITIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeffrey Moy President | OfficerTrustee | 12 | $0 |
Raymond Moy Treasurer | OfficerTrustee | 12 | $0 |
Catherine Wang Secretary | OfficerTrustee | 3 | $0 |
Jonathan Lustig Director | Trustee | 2 | $0 |
Chris Huang Director | Trustee | 4 | $0 |
Dr Kim Tee Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $103,220 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $103,220 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $26,814 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $1,592 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $131,626 |
| 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. | $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 | $268 |
| Payroll taxes | $39 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $892 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $251 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $12,801 |
| Travel | $643 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $71,443 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $80,928 |
| Insurance | $12,422 |
| All other expenses | $25 |
| Total functional expenses | $185,767 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $154,471 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| 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 | $6,350 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $3,218,523 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,379,344 |
| 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 | $2,250,000 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $99,139 |
| Total liabilities | $2,349,139 |
| Net assets without donor restrictions | $1,030,205 |
| Net assets with donor restrictions | $0 |
| 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 | $3,379,344 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Heritage Museum Of Asian Art has recieved totaling $50.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $50 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Four Lakes Education Inc Mcfarland, WI | $19,510,761 | $31,025,737 |
Spencer Foundation Chicago, IL | $670,624,797 | $32,472,140 |
Childrens First Fund The Chicago Public School Foundation Chicago, IL | $26,791,850 | $26,985,163 |
Inside Track Impact Inc Indianapolis, IN | $23,220,663 | $19,614,456 |
Lycee Francais De Chicago Inc Chicago, IL | $48,724,560 | $20,322,112 |
Strada Collaborative Inc Indianapolis, IN | $87,757,237 | $36,146,755 |
Sertoma Centre Inc Alsip, IL | $22,208,490 | $17,472,414 |
Connected Nation Inc Bowling Green, KY | $5,021,239 | $16,572,653 |
National Association Of State Procurement Officials Lexington, KY | $137,920,901 | $31,374,950 |
Cross Trails Medical Center Cape Girardeau, MO | $16,622,925 | $13,747,968 |
Institute For Quality Education Inc Indianapolis, IN | $12,107,092 | $12,010,135 |
Lac Courte Oreilles Ojibwe School Hayward, WI | $14,755,136 | $9,679,407 |