Institute Of Contemporary Art Miami Inc
- Assets
- $55.2m
- Revenue
- $8.7m
- Investments
- $0.0
- Employees
- 58
- Location
- Miami, FL
- Founding
- 08/2014
- Data as of
- 09/2021
- EIN
- 47-1251523
Organization Overview
Institute Of Contemporary Art Miami Inc is located in Miami, FL. The organization was established in 2014. 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 09/2021, Institute Of Contemporary Art Miami Inc employed 58 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Institute Of Contemporary Art Miami Inc 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 09/2021, Institute Of Contemporary Art Miami Inc generated $8.7m 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 (6.8%) each year. All expenses for the organization totaled $7.4m during the year ending 09/2021. 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
THE INSTITUTE OF CONTEMPORARY ART, MIAMI (ICA MIAMI), IS DEDICATED TO PROMOTING THE WORK OF CONTEMPORARY ARTISTS, AND TO THE EXCHANGE OF ART AND IDEAS THROUGHOUT THE MIAMI REGION AND INTERNATIONALLY. THROUGH AN ENERGETIC CALENDAR OF EXHIBITIONS AND PROGRAMS, AND ITS COLLECTIONS, ICA MIAMI PROVIDES AN INTERNATIONAL PLATFORM FOR THE WORK OF ESTABLISHED AND EMERGING ARTISTS, AND ADVANCES THE PUBLIC APPRECIATION AND UNDERSTANDING OF THE MOST INNOVATIVE AND EXPERIMENTAL ART OF OUR TIME.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EXHIBITIONS AND COLLECTIONS - SEE SCHEDULE O
EDUCATION AND OUTREACH - SEE SCHEDULE O
PUBLIC PROGRAMS - SEE SCHEDULE O
COMMUNICATIONSTHROUGH ITS COMMUNICATIONS PROGRAM, ICA MIAMI COMMUNICATES ITS MISSION AND ACTIVITIES TO THE PUBLIC. THE COMMUNICATIONS PROGRAM ALSO INFORMS THE PUBLIC ABOUT CONTEMPORARY ART AND ITS IMPORTANCE IN OUR SOCIETY THROUGH VARIOUS FORMS OF MEDIA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alex Gartenfeld Artistic Director | Officer | 40 | $281,704 |
Nicholas Mandrus Director Of Finance And Op | Officer | 40 | $119,479 |
Courtney Casci Director Of Development | Officer | 40 | $113,975 |
Suzi Cordish Trustee | Trustee | 2 | $0 |
Eduardo Burillo Trustee | Trustee | 2 | $0 |
Arlene Mendelson Trustee | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Gander & White Shipping Fine Art Shipping And Handling | 9/29/21 | $295,968 |
Wow Factor Marketing Group Event Production Services | 9/29/21 | $186,354 |
Faena Event Rental | 9/29/21 | $116,344 |
Museo Vault Art Storage | 9/29/21 | $114,188 |
Resnicow And Associates Inc Public Relations | 9/29/21 | $110,978 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $498,862 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $719,271 |
| All other contributions, gifts, grants, and similar amounts not included above | $6,534,740 |
| Noncash contributions included in lines 1a–1f | $32,730 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,752,873 |
| Total Program Service Revenue | $12,828 |
| Investment income | $17,819 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $891,393 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,674,913 |
| 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. | $433,108 |
| Compensation of current officers, directors, key employees. | $69,671 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,632,731 |
| Pension plan accruals and contributions | $102,719 |
| Other employee benefits | $241,617 |
| Payroll taxes | $142,830 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $105,380 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $351,348 |
| Advertising and promotion | $93,119 |
| Office expenses | $27,107 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $70,783 |
| Travel | $28,002 |
| 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 | $571,552 |
| Insurance | $103,004 |
| All other expenses | $873,174 |
| Total functional expenses | $7,375,649 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,013,903 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $9,472,116 |
| 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 | $29,562 |
| Net Land, buildings, and equipment | $42,019,884 |
| Investments—publicly traded securities | $690,972 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $55,226,437 |
| Accounts payable and accrued expenses | $269,457 |
| Grants payable | $0 |
| Deferred revenue | $173,922 |
| 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 | $499,867 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $943,246 |
| Net assets without donor restrictions | $19,498,485 |
| Net assets with donor restrictions | $34,784,706 |
| 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 | $55,226,437 |
Grants Recieved
Over the last fiscal year, we have identified 26 grants that Institute Of Contemporary Art Miami Inc has recieved totaling $2,558,102.
| Awarding Organization | Amount |
|---|---|
The Miami Foundation Inc Miami, FL PURPOSE: PROGRAM SUPPORT | $519,182 |
Arizona Community Foundation Phoenix, AZ PURPOSE: PROGRAM SUPPORT | $320,500 |
United Way Miami Inc Miami, FL PURPOSE: GENERAL FUNDS | $313,250 |
Micky And Madeleine Arison Family Foundation Coral Gables, FL PURPOSE: GENERAL SUPPORT | $275,000 |
Laurans A & Arlene H Mendelosn Charitable Foundation Inc Miami, FL PURPOSE: SUPPORT OF THE ARTS | $225,000 |
The David Herro Charitable Foundation Palm Beach, FL PURPOSE: UNRESTRICTED CONTRIBUTION | $167,000 |
Endowment Analysis
| Beg. Balance | $597,623 |
| Earnings | $93,349 |
| Ending Balance | $690,972 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Jorge M Perez Art Museum Of Miami Dade County Inc Miami, FL | $170,476,765 | $20,155,933 |
Norton Museum Of Art Inc West Palm Beach, FL | $222,458,211 | $26,618,274 |
Salvador Dali Museum Inc St Petersburg, FL | $91,811,213 | $16,504,517 |
Institute Of Contemporary Art Miami Inc Miami, FL | $55,226,437 | $8,674,913 |
Telfair Museum Of Art Inc Savannah, GA | $65,681,011 | $7,397,922 |
Deette Holden Cummer Museum Foundation Inc Jacksonville, FL | $55,301,594 | $7,203,933 |
James Museum Of Western Art St Petersburg, FL | $84,650,622 | $18,663,033 |
Boca Raton Museum Of Art Inc Boca Raton, FL | $21,164,716 | $6,166,794 |
Museum Of Fine Arts Of St Petersburg Fla Inc St Petersburg, FL | $51,064,193 | $3,959,049 |
Tampa Museum Of Art Inc Tampa, FL | $21,710,466 | $4,685,160 |
Orlando Museum Of Art Inc Orlando, FL | $14,433,730 | $4,128,087 |
Friends Of The Bass Museum Inc Miami Beach, FL | $15,827,665 | $3,183,331 |