Long Beach Museum Of Art Foundation
- Assets
- $6.3m
- Revenue
- $2.4m
- Investments
- $1.4m
- Employees
- 81
- Location
- Long Beach, CA
- Founding
- 04/1966
- Data as of
- 09/2022
- EIN
- 95-2567271
Organization Overview
Long Beach Museum Of Art Foundation is located in Long Beach, CA. The organization was established in 1966. 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, Long Beach Museum Of Art Foundation employed 81 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Long Beach Museum Of 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 09/2022, Long Beach Museum Of Art Foundation generated $2.4m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 13.3% each year . All expenses for the organization totaled $2.1m during the year ending 09/2022. While expenses have increased by 4.3% 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
THE PURPOSE OF THE FOUNDATION IS TO PROMOTE UNDERSTANDING AND APPRECIATION OF THE ARTS, TO COLLECT AND EXHIBIT SIGNIFICANT WORKS OF ART, & TO MANAGE AND SUPPORT AN INSTITUTION WHERE THESE WORKS OF ART MAY BE HOUSED AND DISPLAYED FOR THE EDUCATION AND ENJOYMENT OF THE PUBLIC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LBMA PRESERVES, CONSERVES, RESEARCHES AND EXHIBITS WORKS OF ART IN ITS COLLECTION. LBMA SHARES HISTORICAL, BIOGRAPHICAL, ARTISTIC AND CULTURAL IDEAS AND INFORMATION THAT DEFINES AND INTERPRETS THE WORKS IN ITS COLLECTION AND ON EXHIBITION. LBMA EXHIBITS ARTWORK LOANED BY INDIVIDUALS AND OTHER INSTITUTIONS THAT PROVIDES CONTEXT FOR, COMPARISON WITH AND FURTHER EXPLORATION OF THE IMPORTANT WORKS IN THE COLLECTION. THE MUSEUM PRESENTS EDUCATIONAL PROGRAMS FOR CHILDREN AND ADULTS THAT PROMOTE LIFE-LONG LEARNING, NOURISH CREATIVITY AND FOSTER SELF-EXPRESSION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ron Nelson Executive Dir. | OfficerTrustee | 40 | $242,675 |
Debbie Autrey Trustee | Trustee | 1 | $0 |
Tala Baltazar Trustee | Trustee | 1 | $0 |
Laura Millman Trustee | Trustee | 1 | $0 |
Dr Oliver Brooks Trustee | Trustee | 1 | $0 |
Donita Van Horik Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $144,803 |
| Fundraising events | $55,040 |
| Related organizations | $0 |
| Government grants | $641,019 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,104,464 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,945,326 |
| Total Program Service Revenue | $122,267 |
| Investment income | $33,224 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $127,006 |
| Net Gain/Loss on Asset Sales | $28,643 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $129,032 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,385,498 |
| 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. | $254,393 |
| Compensation of current officers, directors, key employees. | $29,015 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $798,071 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $74,391 |
| Payroll taxes | $76,318 |
| 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 | $13,502 |
| Fees for services: Other | $0 |
| Advertising and promotion | $17,534 |
| Office expenses | $87,542 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $39,979 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $168,078 |
| Insurance | $61,194 |
| All other expenses | $102,709 |
| Total functional expenses | $2,115,002 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $855,758 |
| Savings and temporary cash investments | $80,441 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $128,175 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $26,542 |
| Prepaid expenses and deferred charges | $40,041 |
| Net Land, buildings, and equipment | $3,822,833 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,389,702 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $6,343,492 |
| Accounts payable and accrued expenses | $428,174 |
| Grants payable | $0 |
| Deferred revenue | $151,674 |
| 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 | $251,792 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $29,000 |
| Total liabilities | $860,640 |
| Net assets without donor restrictions | $3,509,353 |
| Net assets with donor restrictions | $1,973,499 |
| 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 | $6,343,492 |