Worcester Art Museum
- Assets
- $158.4m
- Revenue
- $15.3m
- Investments
- $29.3m
- Employees
- 214
- Location
- Worcester, MA
- Founding
- 03/1934
- Data as of
- 08/2023
- 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 08/2023, Worcester Art Museum employed 214 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 08/2023, Worcester Art Museum generated $15.3m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (1.2%) each year. All expenses for the organization totaled $12.8m during the year ending 08/2023. As we would expect to see with falling revenues, expenses have declined by 0.0% per year over the past 8 years. 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
2023
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sarah Berry Treasurer | OfficerTrustee | 2 | $0 |
Thomas P Mcgregor Trustee | Trustee | 2 | $0 |
James C Donnelly Trustee | Trustee | 2 | $0 |
Mark W Fuller Trustee | Trustee | 2 | $0 |
Edward Augustus Jr Trustee | Trustee | 2 | $0 |
Malcolm Rogers Trustee | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Kaplan Construction Building Contractor | 8/30/23 | $7,577,000 |
Siemens Industry Environmental Controls Contractor | 8/30/23 | $323,726 |
Conform Lab Construction Project Manager | 8/30/23 | $239,954 |
Data Source Inc Computer Consultants | 8/30/23 | $220,712 |
Samuel Anderson Architects Architect | 8/30/23 | $203,919 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $244,199 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,561,115 |
| All other contributions, gifts, grants, and similar amounts not included above | $10,075,314 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $12,880,628 |
| Total Program Service Revenue | $818,681 |
| Investment income | $3,236,828 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$107,723 |
| Net Gain/Loss on Asset Sales | -$1,725,611 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $152,963 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $15,255,766 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $53,767 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $607,138 |
| Compensation of current officers, directors, key employees. | $115,356 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,057,245 |
| Pension plan accruals and contributions | $247,508 |
| Other employee benefits | $497,375 |
| Payroll taxes | $409,216 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $288,607 |
| Fees for services: Accounting | $37,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $536,132 |
| Fees for services: Other | $9,330 |
| Advertising and promotion | $215,299 |
| Office expenses | $368,224 |
| Information technology | $18,317 |
| Royalties | $0 |
| Occupancy | $462,284 |
| Travel | $180,693 |
| 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 | $980,196 |
| Insurance | $224,249 |
| All other expenses | $186,254 |
| Total functional expenses | $12,757,918 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $12,821,888 |
| Pledges and grants receivable | $6,428,259 |
| Accounts receivable, net | $329,499 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $103,967 |
| Prepaid expenses and deferred charges | $605,223 |
| Net Land, buildings, and equipment | $22,617,652 |
| Investments—publicly traded securities | $86,198,120 |
| Investments—other securities | $29,256,527 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $63,661 |
| Total assets | $158,424,796 |
| Accounts payable and accrued expenses | $1,642,172 |
| Grants payable | $0 |
| Deferred revenue | $1,192,021 |
| 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 | $64,467 |
| Total liabilities | $2,898,660 |
| Net assets without donor restrictions | $32,792,714 |
| Net assets with donor restrictions | $122,733,422 |
| 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 | $158,424,796 |