The Taubman Museum Of Art
- Assets
- $68.9m
- Revenue
- $3.2m
- Investments
- $1.7m
- Employees
- 64
- Location
- Roanoke, VA
- Founding
- 07/1954
- Data as of
- 06/2023
- EIN
- 54-6026841
Organization Overview
The Taubman Museum Of Art is located in Roanoke, VA. The organization was established in 1954. 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 06/2023, Taubman Museum Of Art employed 64 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Taubman Museum Of 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 06/2023, Taubman Museum Of Art generated $3.2m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (7.7%) each year. All expenses for the organization totaled $5.9m during the year ending 06/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE TAUBMAN MUSUEM OF ART'S MISSION IS TO BRING PEOPLE AND ART TOGETHER FOR DISCOVERY, LEARNING AND ENJOYMENT. SERVING THE DIVERSE COMMUNITIES OF OUR REGION, THE TAUBMAN MUSEUM OF ART ENGAGES ALL AUDIENCES THROUGH THE CELEBRATION AND ENJOYMENT OF THE CREATIVE PROCESS. IT IS COMMITTED TO EXCELLENCE IN ITS COLLECTION, SCHOLARSHIP, EDUCATION AND CREATIVE ACTIVITIES. OUR EMPHASIS IS ON AMERICAN ART AND REGIONAL CULTURE. THE INSTITUTE OF ART SPECIALIZES IN THE EXHIBITION, EDUCATION AND SCHOLARSHIP OF 19TH AND 20TH CENTURY AMERICAN ART.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE MUSEUM CONDUCTS AND SPONSORS ART CLASSES, LECTURES, SHOWS AND EXHIBITS, THEATRICAL AND MUSICAL PROGRAMS, FILM PRESENTATIONS AND WORKSHOPS TO STIMULATE ART APPRECIATION IN THE ROANOKE VALLEY AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cindy Petersen Executive Director | 50 | $268,933 | |
Mr Leon P Harris Chairman | OfficerTrustee | 2 | $0 |
Mr W Heywood Fralin Vice Chairman | OfficerTrustee | 2 | $0 |
Mr David Wine Treasurer | OfficerTrustee | 2 | $0 |
Mr William J Lemon Secretary | OfficerTrustee | 2 | $0 |
Mr Nicholas F Taubman Chair. Emeritus | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $126,585 |
| Fundraising events | $1,425 |
| Related organizations | $0 |
| Government grants | $126,400 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,073,864 |
| Noncash contributions included in lines 1a–1f | $643,419 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,328,274 |
| Total Program Service Revenue | $831,552 |
| Investment income | $724,209 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $58,043 |
| Net Income from Fundraising Events | $261,925 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $31,988 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,235,991 |
| 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. | $329,658 |
| Compensation of current officers, directors, key employees. | $131,863 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,554,449 |
| Pension plan accruals and contributions | $34,212 |
| Other employee benefits | $223,815 |
| Payroll taxes | $132,264 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $92,779 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $125,536 |
| Fees for services: Other | $11,891 |
| Advertising and promotion | $57,072 |
| Office expenses | $11,049 |
| Information technology | $128,825 |
| Royalties | $0 |
| Occupancy | $503,665 |
| Travel | $66,676 |
| 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 | $1,500,231 |
| Insurance | $73,366 |
| All other expenses | $109,043 |
| Total functional expenses | $5,914,255 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,015,784 |
| Savings and temporary cash investments | $1,309,255 |
| Pledges and grants receivable | $45,910 |
| Accounts receivable, net | $126,250 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $13,867 |
| Prepaid expenses and deferred charges | $21,415 |
| Net Land, buildings, and equipment | $37,260,615 |
| Investments—publicly traded securities | $27,393,735 |
| Investments—other securities | $1,728,962 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $68,915,793 |
| Accounts payable and accrued expenses | $227,425 |
| Grants payable | $0 |
| Deferred revenue | $83,033 |
| 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 | $0 |
| Total liabilities | $310,458 |
| Net assets without donor restrictions | $41,062,915 |
| Net assets with donor restrictions | $27,542,420 |
| 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 | $68,915,793 |