Memphis Brooks Museum Of Art Inc
- Assets
- $56.0m
- Revenue
- $22.0m
- Investments
- $0.0
- Employees
- 53
- Location
- Memphis, TN
- Founding
- 09/1966
- Data as of
- 06/2022
- EIN
- 62-6063304
Organization Overview
Memphis Brooks Museum Of Art Inc is located in Memphis, TN. The organization was established in 1966. 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, Memphis Brooks Museum Of Art Inc employed 53 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Memphis Brooks Museum Of Art 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 06/2022, Memphis Brooks Museum Of Art Inc generated $22.0m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 24.6% each year . All expenses for the organization totaled $8.0m during the year ending 06/2022. While expenses have increased by 6.9% 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 MEMPHIS BROOKS MUSEUM OF ART ENRICHES THE LIVES OF OUR DIVERSE COMMUNITY THROUGH THE MUSEUM'S EXPANDING COLLECTION, VARIED EXHIBITIONS, AND DYNAMIC PROGRAMS THAT REFLECT THE ART OF WORLD CULTURES FROM ANTIQUITY TO PRESENT.
Describe the Organization's Program Activity:
PUBLIC ART EXHIBITION SERVICES - EXPENDITURES FOR THE PUBLIC DISPLAY OF VARIOUS FINE ART EXHIBITIONS, BOTH FROM THE MUSEUM'S PERMANENT COLLECTION AND TRAVELING EXHIBITIONS FROM OTHER INSTITUTIONS.APPROXIMATELY 70,000 PEOPLE SERVED.
PUBLIC EDUCATION SERVICES - EXPENDITURES FOR A WIDE VARIETY OF EDUCATIONAL ACTIVITIES, INCLUDING, DOCENT-LEAD TOURS AND OUTREACH ART CURRICULUM IN PUBLIC SCHOOLS. 17,500 PEOPLE SERVED.
MEMBERSHIP SERVICES - EXPENDITURES IN SUPPORT AND DEVELOPMENT OF THE MUSEUM'S 3,100 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Barabara Hyde Vice President | Trustee | 2 | $0 |
Bernice H Hussey Trustee | Trustee | 2 | $0 |
Carl Person President | Trustee | 2 | $0 |
Darrell Cobbins Trustee | Trustee | 2 | $0 |
Debi J Havner Trustee | Trustee | 2 | $0 |
Eleanor Halliday Trustee | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Archimania Architect Fees | 6/29/22 | $1,753,883 |
Herzog & Demeuron Building Design Fees | 6/29/22 | $281,672 |
Envoie Projects Project Management | 6/29/22 | $242,517 |
Gaskill Strategies Strategic Planning | 6/29/22 | $216,000 |
Eagle Eye Security Services Security Services | 6/29/22 | $195,860 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $247,705 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,232,237 |
| All other contributions, gifts, grants, and similar amounts not included above | $18,127,272 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $21,607,214 |
| Total Program Service Revenue | $64,453 |
| Investment income | $83,885 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $205,565 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $71,308 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $22,045,106 |
| 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. | $362,860 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,756,101 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $178,060 |
| Payroll taxes | $144,652 |
| 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 | $3,661,362 |
| Advertising and promotion | $417,471 |
| Office expenses | $618,898 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $235,416 |
| Travel | $35,111 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,659 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $67,733 |
| Insurance | $88,263 |
| All other expenses | $0 |
| Total functional expenses | $8,002,904 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $36,760,140 |
| Savings and temporary cash investments | $89,963 |
| Pledges and grants receivable | $5,177,489 |
| Accounts receivable, net | $1,250,321 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $58,355 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $8,288,606 |
| Investments—publicly traded securities | $4,409,484 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $56,034,358 |
| Accounts payable and accrued expenses | $398,388 |
| 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 | $0 |
| Other liabilities | $0 |
| Total liabilities | $398,388 |
| Net assets without donor restrictions | $1,268,826 |
| Net assets with donor restrictions | $54,367,144 |
| 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 | $56,034,358 |