Broad Art Foundation
- Assets
- $604.7m
- Revenue
- $1.2m
- Investments
- $39.4m
- Employees
- 0
- Location
- Los Angeles, CA
- Founding
- 04/1998
- Data as of
- 12/2020
- EIN
- 95-4664939
Organization Overview
Broad Art Foundation is located in Los Angeles, CA. The organization was established in 1998. 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. Broad 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 12/2020, Broad Art Foundation generated $1.2m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (41.2%) each year. All expenses for the organization totaled $4.4m during the year ending 12/2020. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Broad Art Foundation has awarded 126 individual grants totaling $91,787,714. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2020
Describe the Organization's Program Activity:
Part 3 - Line 4a
ART ACQUISITION FOR LOAN PROGRAM
ART EXHIBITION, STUDY, AND LOAN PROGRAM (SEE ATTACHED DESCRIPTION OF ACTIVITIES)
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joanne Heyler Mng Dir/chf Cur | 16 | $150,000 | |
Eli Broad Trustee (part Year) | 2 | $0 | |
Paul Frimmer Trustee | 2 | $0 | |
Bruce E Karatz Trustee | 2 | $0 | |
Gerun Riley Trustee | 2 | $0 | |
Julie Baker Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Family Office Investment Services Llc | 12/30/21 | $58,583 |
Family Office Financial Services | 12/30/21 | $237,512 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $70,235 |
| Dividends & Interest | $305 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $1,006,891 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $463,320 |
| Profit on Inventory Sales | $0 |
| Other Income | $131,873 |
| Total Revenue | $1,209,304 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $150,000 |
| Other employee salaries and wages | $87,533 |
| Pension plans, employee benefits | $35,890 |
| Interest | $0 |
| Taxes | $10 |
| Depreciation | $2,641 |
| Occupancy | $1,810 |
| Travel, conferences, and meetings | $143 |
| Printing and publications | $0 |
| Other expenses | $549,749 |
| Total operating and administrative expenses | $1,110,442 |
| Contributions, gifts, grants paid | $3,306,258 |
| Total expenses and disbursements | $4,416,700 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $60,141 |
| Savings and temporary cash investments | $19,126,491 |
| Net Accounts receivable | $0 |
| 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 | $94,546 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $37,512,061 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $545,993,476 |
| Total assets | $604,724,418 |
| Accounts payable and accrued expenses | $64,347 |
| Grants payable | $31,003,452 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $109,767 |
| Total liabilities | $31,177,566 |
Grants Awarded
Over the last fiscal year, Broad Art Foundation has awarded $12,087,500 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
THE BROAD PURPOSE: OPERATING SUPPORT | $12,000,000 |
Los Angeles, CA PURPOSE: DONATION OF ARTWORK, BOOK VALUE OF $100,000 IS BASED ON THE FAIR MARKET VALUE AT THE DATE OF DONATION TO THE FOUNDATION. | $80,000 |
ACADEMY MUSEUM FOUNDATION PURPOSE: GENERAL SUPPORT | $5,000 |
WHITNEY MUSEUM OF AMERICAN ART PURPOSE: GENERAL SUPPORT | $2,500 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Broad Art Foundation has recieved totaling $22,300,000.
| Awarding Organization | Amount |
|---|---|
Broad Foundation Los Angeles, CA PURPOSE: ARTS - TO SUPPORT ART LENDING ACTIVITIES | $22,300,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Museum Of Contemporary Art Los Angeles, CA | $173,324,238 | $20,204,928 |
San Diego Museum Of Art San Diego, CA | $78,902,831 | $13,995,818 |
Honolulu Museum Of Art Honolulu, HI | $136,524,458 | $12,640,830 |
Phoenix Art Museum Phoenix, AZ | $7,242,004 | $9,400,156 |
Crocker Art Museum Association Sacramento, CA | $31,464,464 | $12,237,025 |
Nevada Museum Of Art Inc Reno, NV | $65,871,084 | $23,939,678 |
Santa Barbara Museum Of Art Santa Barbara, CA | $142,171,274 | $22,074,169 |
Museum Of Contemporary Art San Diego San Diego, CA | $162,622,820 | $13,720,273 |
Norton Simon Museum Of Art At Pasadena Pasadena, CA | $122,399,582 | $8,241,771 |
San Jose Museum Of Art Association San Jose, CA | $16,287,073 | $5,738,899 |
Orange County Museum Of Art Costa Mesa, CA | $94,177,600 | $20,684,828 |
Broad Art Foundation Los Angeles, CA | $604,724,418 | $1,209,304 |