Virginia Museum Of Fine Arts Foundation
- Assets
- $306.6m
- Revenue
- $55.0m
- Investments
- $168.4m
- Employees
- 34
- Location
- Richmond, VA
- Founding
- 02/1977
- Data as of
- 06/2022
- EIN
- 51-0205333
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 06/2022, Virginia Museum Of Fine Arts Foundation employed 34 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 06/2022, Virginia Museum Of Fine Arts Foundation generated $55.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.2% each year. All expenses for the organization totaled $31.4m during the year ending 06/2022. While expenses have increased by 3.0% per year over the past 7 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
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:
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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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stanley J Olander Jr President | OfficerTrustee | 2 | $0 |
Ting Xu Vice-President | OfficerTrustee | 1 | $0 |
Charles M Johnson III Treasurer | OfficerTrustee | 1 | $0 |
Denise F Keane Secretary | OfficerTrustee | 1 | $0 |
Farhad Aghdami Director | Trustee | 1 | $0 |
Kelly B Armstrong Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Silchester International Investor Inc Investment Management | 6/29/22 | $209,000 |
Iridian Asset Management Llc Investment Management | 6/29/22 | $212,824 |
Highclere Investment Management | 6/29/22 | $118,445 |
Monticello Associates Investment Management | 6/29/22 | $175,000 |
Forvis Audit And Tax Services | 6/29/22 | $104,551 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $4,732,976 |
| All other contributions, gifts, grants, and similar amounts not included above | $33,943,122 |
| Noncash contributions included in lines 1a–1f | $5,374,493 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $38,676,098 |
| Total Program Service Revenue | $0 |
| Investment income | $3,876,877 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $12,303,256 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $55,007,119 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $25,228,668 |
| 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. | $999,642 |
| Compensation of current officers, directors, key employees. | $599,785 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,052,667 |
| Pension plan accruals and contributions | $234,814 |
| Other employee benefits | $339,401 |
| Payroll taxes | $152,283 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $22,469 |
| Fees for services: Accounting | $107,356 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $945,938 |
| Fees for services: Other | $109,089 |
| Advertising and promotion | $103,102 |
| Office expenses | $405,839 |
| Information technology | $151,216 |
| Royalties | $0 |
| Occupancy | $80,105 |
| Travel | $79,716 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $31,598 |
| Interest | $986,705 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $148,876 |
| Insurance | $57,645 |
| All other expenses | $0 |
| Total functional expenses | $31,441,622 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $7,864,637 |
| Pledges and grants receivable | $6,786,959 |
| Accounts receivable, net | $86,374 |
| 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 | $43,227 |
| Net Land, buildings, and equipment | $4,535,071 |
| Investments—publicly traded securities | $110,448,016 |
| Investments—other securities | $168,364,617 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $8,496,828 |
| Total assets | $306,625,729 |
| Accounts payable and accrued expenses | $207,860 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $41,604,467 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $4,224,899 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,311,864 |
| Total liabilities | $50,349,090 |
| Net assets without donor restrictions | -$16,573,526 |
| Net assets with donor restrictions | $272,850,165 |
| 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 | $306,625,729 |