Magazzino Italian Art Foundation
- Assets
- $17.6m
- Revenue
- $3.3m
- Investments
- $0.0
- Employees
- 0
- Location
- New York, NY
- Founding
- 07/2019
- Data as of
- 12/2021
- EIN
- 83-1666946
Organization Overview
Magazzino Italian Art Foundation is located in New York, NY. The organization was established in 2019. 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. Magazzino Italian Art Foundation 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 12/2021, Magazzino Italian Art Foundation generated $3.3m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 3 years, the organization has seen revenues fall by an average of (36.3%) each year. All expenses for the organization totaled $2.9m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAGAZZINO ITALIAN ART FOUNDATION IS DEVOTED TO POSTWAR AND CONTEMPORARY ART. THE FOUNDATION SERVES AS A RESOURCE AND OFFERS AN EXTENSIVE LIBRARY AND ARCHIVE OF ITALIAN ART.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Vittorio Calabrese Director | 40 | $126,379 | |
Thomas Huber Facility Manager | 40 | $76,929 | |
Karolina Chojnowska Head Of Communicat. | 40 | $72,136 | |
Alexandra Theodoropoulos Asst Facility Manage | 40 | $59,694 | |
James Nicholas Visitor Services | 40 | $50,825 | |
Stella Spanu Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Laurie Beckelman | 12/30/21 | $108,000 |
Badey & Watson | 12/30/21 | $82,867 |
Mq Architecture Pllc | 12/30/21 | $150,000 |
Waterhouse Cifuentes Design Llc | 12/30/21 | $88,000 |
Schulte Roth & Zabel Llp | 12/30/21 | $80,633 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $3,250,799 |
| Interest on Savings | $0 |
| Dividends & Interest | $0 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $3,139 |
| Total Revenue | $3,253,938 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $766,499 |
| Pension plans, employee benefits | $118,356 |
| Interest | $8 |
| Taxes | $786 |
| Depreciation | $421,283 |
| Occupancy | $84,322 |
| Travel, conferences, and meetings | $75,351 |
| Printing and publications | $6,119 |
| Other expenses | $1,069,346 |
| Total operating and administrative expenses | $2,935,527 |
| Contributions, gifts, grants paid | $3,575 |
| Total expenses and disbursements | $2,939,102 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,110,488 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $31,310 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $113,206 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $12,108,181 |
| Other assets | $205,334 |
| Total assets | $17,568,519 |
| Accounts payable and accrued expenses | $336,004 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $336,004 |
Grants Awarded
Over the last fiscal year, Magazzino Italian Art Foundation has awarded $4,575 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
Cold Spring, NY PURPOSE: GENERAL CHARITABLE PURPOSES | $2,000 |
New York, NY PURPOSE: GENERAL CHARITABLE PURPOSES | $1,000 |
Cold Spring, NY PURPOSE: GENERAL CHARITABLE PURPOSES | $1,000 |
Cold Spring, NY PURPOSE: GENERAL CHARITABLE PURPOSES | $500 |
Albany, NY PURPOSE: GENERAL CHARITABLE PURPOSES | $75 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Buffalo Fine Arts Academy Buffalo, NY | $293,134,468 | $30,844,940 |
New Museum Of Contemporary Art New York, NY | $107,362,095 | $41,908,538 |
Institute Of Contemporary Art Boston, MA | $121,321,339 | $26,427,567 |
Museum Of Arts And Design New York, NY | $100,702,289 | $12,680,439 |
Wadsworth Atheneum Museum Of Art Hartford, CT | $165,426,651 | $15,147,902 |
Neue Galerie New York New York, NY | $114,494,920 | $18,242 |
Worcester Art Museum Worcester, MA | $148,643,203 | $30,005,812 |
International Center Of Photography New York, NY | $72,245,409 | $16,287,723 |
Doris Duke Foundation For Islamic Art New York, NY | $38,632,422 | $9,089,054 |
Storm King Art Center New Windsor, NY | $80,583,864 | $14,230,209 |
Fellowship For The Performing Arts Inc New York, NY | $15,555,732 | $10,766,818 |
Ps1 Contemporary Art Center Inc Long Island City, NY | $7,393,924 | $9,638,266 |