Virginia Museum Of Fine Arts Foundation

Organization Overview

Virginia Museum Of Fine Arts Foundation is located in Richmond, VA. The organization was established in 1977. 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. As of 06/2021, Virginia Museum Of Fine Arts Foundation employed 33 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Virginia Museum Of Fine Arts 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 06/2020, Virginia Museum Of Fine Arts Foundation generated $48.8m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 4.0% each year. All expenses for the organization totaled $27.7m during the year ending 06/2020. While expenses have increased by 1.4% 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2020

Describe the Organization's Mission:

Part 3 - Line 1

THE VIRGINIA MUSEUM OF FINE ARTS FOUNDATION (FOUNDATION) WAS FOUNDED IN 1976 TO SUPPORT THE VIRGINIA MUSEUM OF FINE ARTS (MUSEUM), AN AGENCY OF THE COMMONWEALTH OF VIRGINIA. TO ACCOMPLISH ITS MISSION, THE FOUNDATION ADMINISTERS A COMPREHENSIVE FUND RAISING PROGRAM, INVESTS PRIVATE ASSETS SUCH AS ENDOWMENTS, AND OWNS AND MAINTAINS PIECES OF REAL ESTATE USED BY THE MUSEUM FOR PROGRAM AND ADMINISTRATIVE FUNCTIONS. ALL SUCH ACTIVITIES ARE UNDERTAKEN AT THE REQUEST OF THE MUSEUM'S BOARD OF TRUSTEES.

Describe the Organization's Program Activity:

Part 3 - Line 4a

OVER THE PAST YEAR THE FOUNDATION HAS MANAGED THE PRIVATE INSTITUTIONAL ADVANCEMENT PROGRAM FOR THE VIRGINIA MUSEUM OF FINE ARTS, AN AGENCY OF THE COMMONWEALTH OF VIRGINIA. THE RESULTS OF THOSE FUND RAISING EFFORTS ARE REFLECTED IN THE DATA LISTED ON THIS RETURN. IN ADDITION, ENDOWMENTS HELD IN TRUST BY THE FOUNDATION FOR THE BENEFIT OF THE MUSEUM HAVE BEEN INVESTED, THE MANAGERS EVALUATED, THE INVESTMENT POLICY REVIEWED, AND FUNDS DISTRIBUTED IN ACCORDANCE WITH DONOR INTENT.


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Outside Vendors & Contractors

Vendor Name (Service)Compensation
Silchester International Investor Inc
Investment Management
$215,713
Iridian Asset Management Llc
Investment Management
$182,750
Monticello Associates
Investment Management
$175,000
View All Vendors

Financial Statements

Statement of Revenue
Total Revenue from Contributions, Gifts, Grants & Similar$40,372,226
Investment income $1,615,714
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $6,694,944
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $48,848,372

Grants Recieved

Over the last fiscal year, we have identified 3 grants that Virginia Museum Of Fine Arts Foundation has recieved totaling $43,000.

Awarding OrganizationAmount
Fatherree Foundation

Henrico, VA

PURPOSE: UNRESTRICTED

$23,000
Clovelly Foundation

Richmond, VA

PURPOSE: CHARITABLE SUPPORT

$15,000
Taubman Foundation For The Arts

Roanoke, VA

PURPOSE: OPERATING CONTRIBUTION

$5,000
View Grant Recipient Profile

Endowment Analysis

Beg. Balance$244,428,910
Earnings$75,422,502
Net Contributions$3,297,166
Other Expense$12,059,030
Ending Balance$311,089,548

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