Polk Museum Of Art Inc
- Assets
- $5.8m
- Revenue
- $783.6k
- Investments
- $0.0
- Employees
- 32
- Location
- Lakeland, FL
- Founding
- 02/1968
- Data as of
- 05/2022
- EIN
- 59-1226011
Organization Overview
Polk Museum Of Art Inc, operating under the name Polk Museum Of Art At Florida Southern College, is located in Lakeland, FL. The organization was established in 1968. 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 05/2022, Polk Museum Of Art At Florida Southern College employed 32 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Polk Museum Of Art At Florida Southern College 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 05/2022, Polk Museum Of Art At Florida Southern College generated $783.6k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (8.9%) each year. All expenses for the organization totaled $1.5m during the year ending 05/2022. As we would expect to see with falling revenues, expenses have declined by (3.3%) per year over the past 7 years. 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
ENHANCES THE LIVES OF OUR VARIED COMMUNITIES BY BRINGING PEOPLE AND ART TOGETHER.
Describe the Organization's Program Activity:
THE PRIMARY PROGRAM IS TO PROVIDE A FACILITY FOR PUBLIC AND ACADEMIC APPRECIATION OF THE ARTS AND ART HISTORY AND TO IMPROVE THE QUALITY OF LIFE IN OUR COMMUNITY AND BEYOND THROUGH CULTURAL AND VISUAL ARTS PROGRAMMING. POLK MUSEUM OF ART IS PROUD TO BE ACCREDITED BY THE AMERICAN ALLIANCE OF MUSEUMS AND TO PARTNER WITH THE SMITHSONIAN INSTITUTION AS A SMITHSONIAN AFFILIATE MUSEUM AND WITH FLORIDA SOUTHERN COLLEGE AS ITS COLLEGE MUSEUM. AS AN ACADEMIC COMMUNITY MUSEUM, WE PROUDLY SERVE AND STRIVE TO ENGAGE LEARNERS OF ALL AGES. OUR COLLECTION FEATURING NEARLY 3,000 WORKS OF ART AND YEAR-ROUND EXHIBITION AND EDUCATIONAL PROGRAMMING BRING VISITORS FROM ACROSS THE GLOBE AND HAVE ESTABLISHED THE MUSEUM AS A RESPECTED AND WELL-KNOWN RESOURCE AND SITE FOR EXCEPTIONAL ARTS EXPERIENCES.
THROUGH OUR ROBUST EDUCATION PROGRAMMING WE STRIVE TO BRING PEOPLE AND ART TOGETHER WITH UNIQUE PROGRAMS THAT RANGE FROM VISUAL ARTS CLASSES AND ART LABORATORIES TO HANDS-ON TRAININGS WITH ARTISTS AND ART APPRECIATION LECTURES. WITH GRANT AND SPONSOR SUPPORT, WE ARE ABLE TO PROVIDE SPECIALIZED EDUCATIONAL PROGRAMS THROUGHOUT THE YEAR TO COMMUNITY MEMBERS OF ALL AGES AND INCOME BRACKETS AT LITTLE OR NO COST TO THEM. ON-SITE PROGRAMMING INCLUDES DOCENT-LED TOURS AND VISITS TO THE MUSEUM FOR ALL 4TH-GRADE STUDENTS IN POLK COUNTY SCHOOLS; ART CLASSES FOR ALL AGES AND SKILL LEVELS; FALL, SPRING, AND SUMMER ART CAMPS FOR CHILDREN AGES 7 AND UP (SCHOLARSHIPS ARE AVAILABLE); POLK COUNTY STUDENT ART EXHIBITIONS AND AWARD RECEPTIONS FOR EXHIBITING STUDENTS OF ALL GRADE LEVELS; (CONTINUED ON SCHEDULE O)LECTURES, WORKSHOPS, PERFORMANCES, AND OTHER SPECIAL EVENTS RELATED TO OUR EXHIBITIONS; AND ACADEMIC ENRICHMENT FOR FLORIDA SOUTHERN COLLEGE STUDENTS ACROSS DISCIPLINES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Anne Kerr Vice Chair | OfficerTrustee | 2 | $0 |
Lynda Buck Chair | OfficerTrustee | 2 | $0 |
V Terry Dennis Assistant Treasurer | OfficerTrustee | 2 | $0 |
Peggy Mckeel Secretary | OfficerTrustee | 2 | $0 |
Lee Jackson Treasurer | OfficerTrustee | 2 | $0 |
Dr H Alexander Rich Executive Director & Chief | Officer | 40 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $210,057 |
| Fundraising events | $283,339 |
| Related organizations | $0 |
| Government grants | $388,328 |
| All other contributions, gifts, grants, and similar amounts not included above | $303,471 |
| Noncash contributions included in lines 1a–1f | $3,712 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,185,195 |
| Total Program Service Revenue | $85,648 |
| Investment income | $54,902 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $15,765 |
| Net Gain/Loss on Asset Sales | -$556,060 |
| Net Income from Fundraising Events | -$48,947 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $32,418 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $783,619 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $65,347 |
| Compensation of current officers, directors, key employees. | $65,347 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $473,351 |
| Pension plan accruals and contributions | $13,329 |
| Other employee benefits | $80,212 |
| Payroll taxes | $49,936 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $22,177 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $15,251 |
| Fees for services: Other | $125,573 |
| Advertising and promotion | $51,882 |
| Office expenses | $90,043 |
| Information technology | $15,778 |
| Royalties | $0 |
| Occupancy | $272,430 |
| Travel | $2,463 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $422 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $134,090 |
| Insurance | $60,540 |
| All other expenses | $6,821 |
| Total functional expenses | $1,539,409 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $37,833 |
| Savings and temporary cash investments | $370,986 |
| Pledges and grants receivable | $156,443 |
| 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 | $52,176 |
| Prepaid expenses and deferred charges | $3,893 |
| Net Land, buildings, and equipment | $2,378,075 |
| Investments—publicly traded securities | $2,831,435 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,830,841 |
| Accounts payable and accrued expenses | $36,445 |
| Grants payable | $0 |
| Deferred revenue | $67,170 |
| 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 | $498,271 |
| Total liabilities | $601,886 |
| Net assets without donor restrictions | $3,859,277 |
| Net assets with donor restrictions | $1,369,678 |
| 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 | $5,830,841 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Polk Museum Of Art Inc has recieved totaling $101,193.
| Awarding Organization | Amount |
|---|---|
Ting Tsung And Wei Fong Chao Foundation Houston, TX PURPOSE: GENERAL OPERATIONS | $100,000 |
Lola Mann Memorial Fund Lakeland, FL PURPOSE: SUPPORTS LOCAL FINE ARTS | $1,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $193 |
Endowment Analysis
| Beg. Balance | $3,720,799 |
| Earnings | -$162,333 |
| Admin Expense | $15,091 |
| Other Expense | $687,000 |
| Ending Balance | $2,856,375 |
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 |