Worcester Art Museum
- Assets
- $148.6m
- Revenue
- $30.0m
- Investments
- $28.6m
- Employees
- 203
- Location
- Worcester, MA
- Founding
- 03/1934
- Data as of
- 08/2022
- EIN
- 04-1988530
Organization Overview
Worcester Art Museum is located in Worcester, MA. The organization was established in 1934. 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 08/2022, Worcester Art Museum employed 203 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Worcester Art Museum 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 08/2022, Worcester Art Museum generated $30.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.7% each year. All expenses for the organization totaled $11.9m during the year ending 08/2022. 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
COLLECT THE MOST SIGNIFICANT WORKS OF ART AVAILABLE FOR THE BENEFIT OF ALL THE PEOPLE OF THE BROADER REGION.
Describe the Organization's Program Activity:
CURATORIAL CONSERVATION & LIBRARY - COLLECT AND DISPLAY WORKS OF ART TO THE GENERAL PUBLIC AND TO PROVIDE A LIBRARY FOR RESEARCH AND INFORMATION.
EDUCATION - EDUCATIONAL PROGRAM FOR VARIOUS GROUPS TO ENHANCE THE APPRECIATION AND KNOWLEDGE OF THE GENERAL PUBLIC IN ALL AREAS OF ART.
PUBLICATION PROGRAM - PUBLICATION OF VARIOUS BOOKS AND CATALOGS ON THE COLLECTIONS OF THE MUSEUM.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Matthias Waschek Executive Director | Officer | 37.5 | $383,514 |
Marillyn G Earley Chief Advancement Officer | 37.5 | $170,172 | |
Bonnie Lasavio Chief Operations Officer | Officer | 37.5 | $142,105 |
Mark Spuria Chief Financial Officer | Officer | 37.5 | $139,920 |
Mark W Fuller Vice President | OfficerTrustee | 2 | $0 |
Douglas Brown Vice President | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Data Source Inc Computer Consultants | 8/30/22 | $218,690 |
Conform Lab Construction Project Manager | 8/30/22 | $223,310 |
Kaplan Construction Building Contractor | 8/30/22 | $3,146,370 |
Samuel Anderson Architects Architect | 8/30/22 | $480,368 |
Donnegan Systems Contractor | 8/30/22 | $165,760 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $236,460 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $791,970 |
| All other contributions, gifts, grants, and similar amounts not included above | $20,607,600 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $21,636,030 |
| Total Program Service Revenue | $947,408 |
| Investment income | $5,002,386 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$61,537 |
| Net Gain/Loss on Asset Sales | $2,355,476 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $126,049 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $30,005,812 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $58,889 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $714,559 |
| Compensation of current officers, directors, key employees. | $135,766 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,383,203 |
| Pension plan accruals and contributions | $242,760 |
| Other employee benefits | $527,098 |
| Payroll taxes | $369,348 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $144,709 |
| Fees for services: Accounting | $29,525 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $378,392 |
| Fees for services: Other | $18,766 |
| Advertising and promotion | $245,979 |
| Office expenses | $284,604 |
| Information technology | $20,646 |
| Royalties | $0 |
| Occupancy | $467,949 |
| Travel | $116,234 |
| 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 | $696,271 |
| Insurance | $211,300 |
| All other expenses | $387,937 |
| Total functional expenses | $11,932,604 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $10,140,094 |
| Pledges and grants receivable | $13,754,593 |
| Accounts receivable, net | $464,733 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $96,042 |
| Prepaid expenses and deferred charges | $376,851 |
| Net Land, buildings, and equipment | $14,541,453 |
| Investments—publicly traded securities | $80,711,246 |
| Investments—other securities | $28,558,191 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $148,643,203 |
| Accounts payable and accrued expenses | $1,794,523 |
| Grants payable | $0 |
| Deferred revenue | $803,823 |
| 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 | $2,598,346 |
| Net assets without donor restrictions | $23,019,521 |
| Net assets with donor restrictions | $123,025,336 |
| 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 | $148,643,203 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Worcester Art Museum has recieved totaling $161,103.
| Awarding Organization | Amount |
|---|---|
Paine Charitable Trust Dallas, TX PURPOSE: UNRESTRICTED GENERAL | $156,103 |
Dirlam-Morris Charitable Trust Worcester, MA PURPOSE: COMMUNITY | $5,000 |
Endowment Analysis
| Beg. Balance | $117,700,361 |
| Earnings | -$12,359,835 |
| Net Contributions | $81,604 |
| Other Expense | $7,100,348 |
| Ending Balance | $98,321,782 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Brooklyn Institute Of Arts And Sciences Brooklyn, NY | $388,418,074 | $82,546,120 |
Sterling & Francine Clark Art Inst Williamstown, MA | $670,367,352 | $8,296,004 |
Frick Collection New York, NY | $548,300,043 | $37,986,909 |
Isabella Stewart Gardner Museum Inc Boston, MA | $347,979,013 | $30,352,820 |
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 |