Contemporary Art Foundation Inc
- Assets
- $4.1m
- Revenue
- $561.7k
- Investments
- $0.0
- Employees
- 0
- Location
- Raleigh, NC
- Founding
- 12/1983
- Data as of
- 06/2021
- EIN
- 56-1376155
Organization Overview
Contemporary Art Foundation Inc is located in Raleigh, NC. The organization was established in 1983. According to its NTEE Classification (A51) the organization is classified as: Art Museums, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Contemporary Art Foundation 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 06/2021, Contemporary Art Foundation Inc generated $561.7k 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 (11.2%) each year. All expenses for the organization totaled $773.4k during the year ending 06/2021. 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 SOLICIT MONEY AND PROPERTY TO BE USED TO PROMOTE THE EDUCATIONAL, CULTURAL, AND ECONOMIC DEVELOPMENT OF RALEIGH'S ART COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MUSEUM'S SIGNATURE EVENT AND AN EXTRAORDINARY GATHERING OF FRIENDS. THIS ONE-NIGHT-ONLY EVENT FEATURES DAZZLING FOOD, VIBRANT COCKTAILS, INCREDIBLE MUSIC AND THE OPPORTUNITY TO BUY A COLLECTION OF UNFORGETTABLE ART
THE BETTY EICHENBERGER ADAMS SOCIETY (BEAS) IS CAM'SWOMEN-ONLY MEMBERSHIPGROUP WITH THE MISSION TO GENERATE, EDUCATE, AND PROMOTE INTEREST IN CONTEMPORARY ART IN RALEIGH AND BEYOND. THE BEAS SEEK TO ESTABLISH AND MAINTAIN A BASE OF SUPPORT FOR CAM, BECOMING PILLARS OF STRENGTH FOR CAM NOW, AND FOR FUTURE GENERATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Andy May Chair | Officer | 1 | $0 |
Andrea Hoyt Vice Chair | Officer | 1 | $0 |
Meredith Nelson Secretary | Officer | 1 | $0 |
Carolina Medvick Treasurer | Officer | 1 | $0 |
Tim Capps Director | Trustee | 1 | $0 |
Fred Beaujeu-Dufour Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $74,012 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $127,033 |
| All other contributions, gifts, grants, and similar amounts not included above | $260,810 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $461,855 |
| Total Program Service Revenue | $40,553 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $561,724 |
| 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. | $80,000 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $113,446 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $10,817 |
| Payroll taxes | $14,331 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $315,327 |
| Advertising and promotion | $80 |
| Office expenses | $346 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $55,500 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $157,678 |
| Insurance | $25,911 |
| All other expenses | $0 |
| Total functional expenses | $773,436 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $219,127 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $35,902 |
| Accounts receivable, net | $4,549 |
| 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 | $12,298 |
| Net Land, buildings, and equipment | $3,796,949 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,629 |
| Total assets | $4,075,454 |
| Accounts payable and accrued expenses | $12,817 |
| 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 | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $1,193,461 |
| Other liabilities | $0 |
| Total liabilities | $1,206,278 |
| Net assets without donor restrictions | $2,869,176 |
| 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 | $4,075,454 |
Grants Recieved
Over the last fiscal year, we have identified 9 grants that Contemporary Art Foundation Inc has recieved totaling $138,613.
| Awarding Organization | Amount |
|---|---|
Fidelity Foundation Boston, MA PURPOSE: PUBLIC SPACES AND ART | $100,000 |
Robert P Holding Foundation Inc Smithfield, NC PURPOSE: GENERAL SUPPORT | $25,000 |
Ella Ann L & Frank B Holding Foundation Smithfield, NC PURPOSE: GENERAL SUPPORT | $6,500 |
C Hamilton Sloan Foundation Raleigh, NC PURPOSE: EDUCATION OF THE ARTS | $3,000 |
North State Foundation Inc Smithfield, NC PURPOSE: PROMOTE THE ARTS THROUGH EDUCATION, OUTREACH AND INV | $2,000 |
Replogle Family Foundation Wilmington, DE PURPOSE: BEAS | $1,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Cheekwood Botanical Garden And Museum Of Art Nashville, TN | $58,316,106 | $17,726,545 |
The Chrysler Museum Inc Norfolk, VA | $126,873,495 | $33,956,756 |
Mint Museum Of Art Inc Charlotte, NC | $80,854,701 | $6,923,462 |
Hunter Museum Of Art Chattanooga, TN | $45,514,020 | $7,390,848 |
Glass-Glen Burnie Museum Inc Winchester, VA | $37,985,540 | $7,078,309 |
Telfair Museum Of Art Inc Savannah, GA | $65,681,011 | $7,397,922 |
Dixon Gallery And Gardens Memphis, TN | $9,304,777 | $5,610,012 |
The Taubman Museum Of Art Roanoke, VA | $68,810,995 | $4,453,447 |
Reynolda House Inc Winston Salem, NC | $41,896,751 | $3,493,024 |
Columbia Museum Of Art Columbia, SC | $10,316,216 | $4,304,789 |
The Columbus Museum Inc Columbus, GA | $52,804,337 | $14,324,674 |
Knoxville Museum Of Art Knoxville, TN | $12,196,877 | $3,220,850 |