J B Speed Art Museum
- Assets
- $127.6m
- Revenue
- $19.0m
- Investments
- $11.6m
- Employees
- 171
- Location
- Louisville, KY
- Founding
- 11/1935
- Data as of
- 09/2022
- EIN
- 61-0444823
Organization Overview
J B Speed Art Museum is located in Louisville, KY. The organization was established in 1935. 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 09/2023, J B Speed Art Museum employed 171 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. J B Speed Art Museum 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 09/2022, J B Speed Art Museum generated $19.0m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 12.5% each year . All expenses for the organization totaled $14.0m during the year ending 09/2022. While expenses have increased by 3.4% 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
AT THE SPEED ART MUSEUM, WE INVITE EVERYONE TO CELEBRATE ART FOREVER. WHETHER YOU'RE AN ART AFICIONADO OR DON'T KNOW A DALI FROM A DEGAS, YOU CAN FIND FRESH INSPIRATION AND MEANING AT THE SPEED ART MUSEUM. WITH MODERN ARCHITECTURE, EXPANDED PROGRAMMING, INTERACTIVE EXHIBITS AND INVITING OUTDOOR SPACES, THE SPEED OFFERS COUNTLESS OPPORTUNITIES FOR EVERYONE TO CREATE THEIR OWN CONNECTIONS AND EXPERIENCE ART AT THEIR OWN SPEED. AT THE SPEED, WE'RE WORKING TO MAKE THE MUSEUM A SAFE AND WELCOMING PLACE FOR EVERYONE IN OUR COMMUNITY. LEARN MORE ABOUT THE SPEED'S COMMITMENT TO DIVERSITY, EQUITY, ACCESSIBILITY, AND INCLUSION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GUARDIANSHIP AND MAINTENANCE OF THE MUSEUM AND ITS ART COLLECTION. THE SPEED ART MUSEUM UTILIZES SECURITY PERSONNEL AND TECHNOLOGY TO SECURE THE COLLECTION AS WELL AS THE MUSEUM STAFF AND VISITORS. STATE-OF-THE-ART TEMPERATURE AND HUMIDITY CONTROL SYSTEMS PROTECT THE COLLECTION FROM ENVIRONMENTAL DAMAGES.
CURATORIAL INITIATIVES INCLUDE ROTATING EXHIBITIONS, CARE FOR THE PERMANENT COLLECTION, AND SCHOLARLY PUBLICATIONS. THE CURATORIAL STAFF STEWARDS A COLLECTION OF 13,000 OBJECTS SPANNING 6,000 YEARS OF HUMAN HISTORY FROM ANCIENT TO CONTEMPORARY ARTWORKS. CURATORS PRODUCE AMBITIOUS EXHIBITIONS, BRINGING ARTWORK FROM AROUND THE WORLD TO THE LOUISVILLE COMMUNITY AND PROGRAM EVENTS TO ENHANCE EXHIBITION CONTENT.
EDUCATION AND OUTREACH PROGRAMS FOSTER DYNAMIC, MULTI-SENSORIAL EXPERIENCES FOR VISITORS OF ALL AGES AND BACKGROUNDS. EDUCATION PROGRAMS FOR YOUTH AND FAMILIES PROVIDE OPPORTUNITIES FOR CHILDREN TO GROW UP WITH THE SPEED. OFFERINGS INCLUDE HANDS-ON WORKSHOPS, INTERACTIVE LESSONS, AND GUIDED TOURS OF THE COLLECTION. OUTREACH PROGRAMS ENGAGE UNDERSERVED POPULATIONS AND OFTEN PARTNER WITH BOTH ARTS AND NON-ARTS ORGANIZATIONS TO REACH ALL LEVELS OF THE COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lopa Mehrotra Trustee, Chair | OfficerTrustee | 1 | $0 |
Roger Cude Trustee, Past Chair | OfficerTrustee | 1 | $0 |
Anna C Tatman Trustee, Treasurer | OfficerTrustee | 1 | $0 |
Tawanda Chitapa Trustee, Secretary | OfficerTrustee | 1 | $0 |
Doug Ballantine Trustee | Trustee | 1 | $0 |
Terrian Barnes Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Bosse Construction Construction | 9/29/23 | $2,028,991 |
Reed Hilderbrand Architect | 9/29/23 | $539,368 |
Wiltshire At The Speed Catering | 9/29/23 | $380,642 |
Walker Mechanical Contractors Inc Facility Maintenance | 9/29/23 | $189,869 |
Plc Management Construction Consultant | 9/29/23 | $168,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $1,043,209 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $8,487,078 |
| Noncash contributions included in lines 1a–1f | $1,999,109 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $9,530,287 |
| Total Program Service Revenue | $538,154 |
| Investment income | $1,754,022 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $185,564 |
| Net Gain/Loss on Asset Sales | $6,560,043 |
| Net Income from Fundraising Events | -$344,745 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $74,465 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $18,957,761 |
| 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. | $621,186 |
| Compensation of current officers, directors, key employees. | $125,264 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,665,530 |
| Pension plan accruals and contributions | $122,281 |
| Other employee benefits | $522,089 |
| Payroll taxes | $271,411 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $52,200 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $404,039 |
| Fees for services: Other | $35,291 |
| Advertising and promotion | $0 |
| Office expenses | $667,477 |
| Information technology | $165,926 |
| Royalties | $0 |
| Occupancy | $1,311,035 |
| Travel | $69,796 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $11,708 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,982,340 |
| Insurance | $113,433 |
| All other expenses | $303,678 |
| Total functional expenses | $14,002,151 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,459 |
| Savings and temporary cash investments | $3,470,426 |
| Pledges and grants receivable | $4,628,638 |
| Accounts receivable, net | $138,280 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $182,529 |
| Prepaid expenses and deferred charges | $177,008 |
| Net Land, buildings, and equipment | $47,626,922 |
| Investments—publicly traded securities | $54,935,770 |
| Investments—other securities | $11,621,554 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,799,121 |
| Total assets | $127,590,707 |
| Accounts payable and accrued expenses | $1,062,963 |
| Grants payable | $0 |
| Deferred revenue | $198,268 |
| 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 | $1,261,231 |
| Net assets without donor restrictions | $105,607,887 |
| Net assets with donor restrictions | $20,721,589 |
| 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 | $127,590,707 |