Fort Worth Art Association
- Assets
- $75.3m
- Revenue
- $18.5m
- Investments
- $59.1m
- Employees
- 123
- Location
- Fort Worth, TX
- Founding
- 11/1940
- Data as of
- 06/2023
- EIN
- 75-1107061
Organization Overview
Fort Worth Art Association is located in Fort Worth, TX. The organization was established in 1940. According to its NTEE Classification (A20) the organization is classified as: Arts & Culture, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 06/2023, Fort Worth Art Association employed 123 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Fort Worth Art Association 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, Fort Worth Art Association generated $18.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.3% each year. All expenses for the organization totaled $16.6m during the year ending 06/2023. While expenses have increased by 3.7% per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE FORT WORTH ART ASSOCATION, A TEXAS NON-PROFIT CORPORATION, WAS ESTABLISHED TO ACQUIRE A COLLECTION OF WORKS OF MODERN ART OF THE HIGHEST QUALITY AND TO PROMULGATE AND MAINTAIN A PROGRAM OF ART ACTIVITIES AND ART EDUCATION IN FORT WORTH, TEXAS, FOR PUBLIC USE AND BENEFIT. THE ASSOCIATION STRIVES TO PROVIDE EDUCATIONAL ENJOYMENT IN MODERN ART, TO PRESERVE THE ART HOLDINGS OF THE ASSOCIATION AND TO CREATE PUBLIC APPRECIATION FOR SUCH ART BY ITS APPROPRIATE DISPLAY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FORT WORTH ART ASSOCIATION WAS ESTABLISHED TO ACQUIRE A COLLECTION OF WORKS OF MODERN ART OF THE HIGHEST QUALITY AND TO PROMULGATE AND MAINTAIN A PROGRAM OF ART ACTIVITIES AND ART EDUCATION IN FORT WORTH, TEXAS, FOR PUBLIC USE AND BENEFIT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rozanne Rosenthal Director | Trustee | 0.1 | $0 |
Terry Montesi Director | Trustee | 0.1 | $0 |
Suzy Williams Director | Trustee | 0.1 | $0 |
Suzanne Levy Director | Trustee | 0.1 | $0 |
Stuart Schultz Director | Trustee | 0.1 | $0 |
Stacie Mcdavid Director | Trustee | 0.1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Christmas Company Tree Lighting | 6/29/23 | $274,031 |
Electro Acoustics & Video Inc Installation Of Sound System | 6/29/23 | $317,719 |
Huntington T Block Ins Agency Art Insurance | 6/29/23 | $290,199 |
Usssery Printing Company Inc Printing | 6/29/23 | $140,517 |
Wolfgang Puck Catering Catering And Events | 6/29/23 | $251,847 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $1,070,954 |
| Fundraising events | $0 |
| Related organizations | $6,936,084 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,451,405 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $10,458,443 |
| Total Program Service Revenue | $486,772 |
| Investment income | $6,766,077 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $24,404 |
| Net Rental Income | $10,025 |
| 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 | $616,879 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $18,502,934 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $90,000 |
| 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. | $1,246,746 |
| Compensation of current officers, directors, key employees. | $677,224 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,524,786 |
| Pension plan accruals and contributions | $239,585 |
| Other employee benefits | $425,003 |
| Payroll taxes | $390,193 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,812 |
| Fees for services: Accounting | $68,165 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $91,914 |
| Advertising and promotion | $0 |
| Office expenses | $374,130 |
| Information technology | $1,064 |
| Royalties | $0 |
| Occupancy | $835,595 |
| Travel | $174,363 |
| 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 | $513,478 |
| Insurance | $539,047 |
| All other expenses | $513,626 |
| Total functional expenses | $16,568,233 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,484,808 |
| Savings and temporary cash investments | $7,325,874 |
| Pledges and grants receivable | $0 |
| 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 | $238,019 |
| Prepaid expenses and deferred charges | $1,003,422 |
| Net Land, buildings, and equipment | $2,234,542 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $59,077,407 |
| Investments—program-related | $0 |
| Intangible assets | $255,466 |
| Other assets | $3,709,635 |
| Total assets | $75,329,173 |
| Accounts payable and accrued expenses | $643,640 |
| Grants payable | $0 |
| Deferred revenue | $4,287 |
| 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 | $647,927 |
| Net assets without donor restrictions | $14,349,722 |
| Net assets with donor restrictions | $60,331,524 |
| 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 | $75,329,173 |
Grants Awarded
Over the last fiscal year, Fort Worth Art Association has awarded $3,130,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
FORT WORTH MODERN ART MUSEUM ASSOCIATION PURPOSE: GENERAL OPERATIONS | $120,000 |
FORT WORTH ART ASSOCIATION ENDOWMENT FOUNDATION PURPOSE: GENERAL OPERATIONS | $3,010,000 |