Museum Of Fine Arts
- Assets
- $1.2b
- Revenue
- $175.1m
- Investments
- $267.9m
- Employees
- 960
- Location
- Boston, MA
- Founding
- 01/1965
- Data as of
- 06/2020
- EIN
- 04-2103607
Organization Overview
Museum Of Fine Arts is located in Boston, MA. The organization was established in 1965. 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 06/2020, Museum Of Fine Arts employed 960 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations.
For the year ending 06/2020, Museum Of Fine Arts generated $175.1m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 9.1% each year. All expenses for the organization totaled $122.4m during the year ending 06/2020. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE O.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATION PROGRAMS: THE MUSEUM MAINTAINS AN ONGOING SERIES OF EDUCATION PROGRAMS AND ACTIVITIES IN ORDER TO FURTHER THE MISSION OF THE MUSEUM AND PROVIDE EDUCATIONAL OPPORTUNITIES IN ART. EDUCATION PROGRAMS COVER A WIDE SPECTRUM OF TOPICS AND INCLUDE STUDIO ART CLASSES AND WORKSHOPS FOR CHILDREN, TEENS AND ADULTS, LECTURES, FILMS, CONCERTS, A VARIETY OF OTHER COURSES, FREE DEMONSTRATIONS AND TALKS, FREE WORKSHOPS FOR EDUCATORS, SCHOOL GROUP TOURS, PARTNERSHIPS WITH LOCAL AREA SCHOOLS, AFTER-SCHOOL PROGRAMS AND COMMUNITY GROUPS TO ENGAGE YOUTH IN ARTS AND PROGRAMS FOR FAMILY VISITS TO THE MUSEUM.
EXHIBITIONS: WITH A COLLECTION OF NEARLY 500,000 OBJECTS, THE MUSEUM OWNS SOME OF THE RARE AND IMPORTANT ARTISTIC TREASURES IN THE WORLD. SUCH A COLLECTION ENABLES THE MUSEUM TO PRESENT MANY SPECIAL EXHIBITIONS WITH A BALANCE BETWEEN SCHOLARLY PROGRAMS AND THOSE WITH BROAD PUBLIC APPEAL. DURING FISCAL YEAR 2020, THE MUSEUM PRESENTED OVER 20 EXHIBITIONS. SOME HIGHLIGHTS INCLUDE: ANCIENT NUBIA NOW; LUCIAN FREUD: SELF-PORTRAITS; REIMAGINING HOME PHOTOGRAPHS BY BAHMAN JALALI AND GOHAR SASHTI; VIEWPOINTS PHOTOGRAPHS FROM THE HOWARD GREENBERG COLLECTION; KAY NIELSEN'S ENCHANTED VISION THE KENDRA AND ALLAN DANIEL COLLECTION; MARK BELIEVE; HYMAN BLOOM: MATTERS OF LIFE AND DEATH; MURAL: JACKSON POLLOCK/KATHARINA GROSSE; COMMUNITY ARTS INITIATIVE: MINDFUL MANDALAS; COLLECTING STORIES: A MID-CENTURY EXPERIMENT; ETC.
ENTERPRISE: THE MUSEUM'S RETAIL OPERATIONS OFFERS A WIDE VARIETY OF MERCHANDISE RELATED TO THE MUSEUM'S COLLECTIONS AND SPECIAL EXHIBITIONS, WHICH CONTRIBUTE IMPORTANTLY TO THE ACHIEVEMENT OF THE MUSEUM'S EXEMPT EDUCATIONAL PURPOSE BY MAKING WORKS OF ART FAMILIAR TO A BROADER SEGMENT OF THE PUBLIC. OFFERINGS AT SHOP INCLUDE ART BOOKS, POSTERS, CARDS, GLASS, TEXTILES, JEWELRY AND SCULPTURE. MERCHANDISE IS FOR SALE IN THE PHYSICAL SHOPS OR THROUGH RETAIL'S WEB-BASED OUTLET.THE MUSEUM IS EXEMPT AS AN EDUCATIONAL ORGANIZATION ON THE BASIS OF ITS OWNERSHIP, MAINTENANCE, AND EXHIBITION FOR PUBLIC VIEWING OF WORKS OF ART. THE SALES OF SUCH ITEMS CONTRIBUTES IMPORTANTLY TO THE ACHIEVEMENT OF THE MUSEUM'S EXEMPT EDUCATIONAL PURPOSES BY STIMULATING AND ENHANCING PUBLIC AWARENESS, INTEREST, AND APPRECIATION OF ART. MOREOVER, A BROADER SEGMENT OF THE PUBLIC MAY BE ENCOURAGED TO VISIT THE MUSEUM ITSELF TO SHARE IN ITS EDUCATIONAL FUNCTIONS AND PROGRAMS AS A RESULT OF SEEING THE ITEMS SOLD.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Matthew Teitelbaum Ann & Graham Gund Director | Officer | 40 | $992,414 |
Mark Kerwin Cfo, Deputy Director, And | Officer | 40 | $430,910 |
Katherine Getchell - Former Chief Brand Officer, Deput | 40 | $425,949 | |
Cameran Mason Chief Development Officer | Officer | 40 | $390,000 |
Makeeba Mccreary Chief Of Learning And Community Engagement | Officer | 40 | $262,260 |
Kristin V Ferguson Chief Of Staff | Officer | 40 | $249,827 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Consigli Construction Co Inc Construction | 6/29/20 | $13,379,844 |
Connelly Partners Llc Media/marketing | 6/29/20 | $1,404,331 |
Us Art Company Art Shipping And Storage | 6/29/20 | $1,530,880 |
Restaurant Associates Food Services | 6/29/20 | $2,018,669 |
Lee Kennedy Co Inc Construction | 6/29/20 | $1,620,612 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $7,402,627 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $60,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $132,494,286 |
| Noncash contributions included in lines 1a–1f | $10,931,490 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $139,956,913 |
| Total Program Service Revenue | $7,804,365 |
| Investment income | $4,458,837 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $5,280,961 |
| Net Gain/Loss on Asset Sales | $8,459,044 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $1,372,112 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $175,070,799 |
| 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. | $3,135,998 |
| Compensation of current officers, directors, key employees. | $1,685,388 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $34,063,202 |
| Pension plan accruals and contributions | $2,376,135 |
| Other employee benefits | $5,832,393 |
| Payroll taxes | $3,770,270 |
| Fees for services: Management | $1,832,905 |
| Fees for services: Legal | $1,247,318 |
| Fees for services: Accounting | $311,607 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $6,849,054 |
| Fees for services: Other | $4,071,779 |
| Advertising and promotion | $2,031,925 |
| Office expenses | $1,554,711 |
| Information technology | $1,230,148 |
| Royalties | $0 |
| Occupancy | $5,857,157 |
| Travel | $827,520 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $4,396,667 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $19,786,719 |
| Insurance | $1,202,032 |
| All other expenses | $4,059,567 |
| Total functional expenses | $122,422,275 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $14,062,283 |
| Savings and temporary cash investments | $70,649,696 |
| Pledges and grants receivable | $92,256,419 |
| Accounts receivable, net | $886,741 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,748,793 |
| Prepaid expenses and deferred charges | $1,811,268 |
| Net Land, buildings, and equipment | $315,925,868 |
| Investments—publicly traded securities | $458,630,088 |
| Investments—other securities | $267,921,893 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10,726,733 |
| Total assets | $1,234,619,782 |
| Accounts payable and accrued expenses | $21,425,739 |
| Grants payable | $0 |
| Deferred revenue | $6,761,735 |
| Tax-exempt bond liabilities | $104,707,416 |
| 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 | $94,982 |
| Other liabilities | $39,290,746 |
| Total liabilities | $172,280,618 |
| Net assets without donor restrictions | $111,638,164 |
| Net assets with donor restrictions | $950,701,000 |
| 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 | $1,234,619,782 |
Grants Recieved
Over the last fiscal year, we have identified 68 grants that Museum Of Fine Arts has recieved totaling $4,011,994.
| Awarding Organization | Amount |
|---|---|
Lilly Endowment Inc Indianapolis, IN PURPOSE: RELIGION & CULTURAL INST INITIATIVE | $2,500,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: GENERAL SUPPORT | $350,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: GENERAL SUPPORT | $350,000 |
Ohrn Family Charitable Foundation Waban, MA PURPOSE: GENERAL | $100,000 |
Tan Family Education Foundation Lincoln, MA PURPOSE: EDUCATION | $100,000 |
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $70,543 |
Endowment Analysis
| Beg. Balance | $633,904,445 |
| Earnings | -$12,460,134 |
| Admin Expense | $5,862,703 |
| Net Contributions | $13,135,921 |
| Other Expense | $11,942,881 |
| Ending Balance | $616,774,648 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Metropolitan Museum Of Art New York, NY | $4,530,953,743 | $414,668,610 |
Museum Of Modern Art New York, NY | $2,331,703,503 | $262,144,582 |
Museum Of Fine Arts Boston, MA | $1,234,619,782 | $175,070,799 |
Whitney Museum Of American Art New York, NY | $937,771,000 | $113,143,000 |
Solomon R Guggenheim Foundation New York, NY | $211,321,255 | $84,620,075 |
Brooklyn Institute Of Arts And Sciences Brooklyn, NY | $323,254,347 | $40,602,578 |
Frick Collection New York, NY | $460,985,969 | $72,415,948 |
Sterling & Francine Clark Art Inst Williamstown, MA | $592,810,685 | $26,673,561 |
Isabella Stewart Gardner Museum Inc Boston, MA | $300,537,225 | $28,169,713 |
International Center Of Photography New York, NY | $78,791,074 | $13,311,038 |
Institute Of Contemporary Art Boston, MA | $109,903,281 | $18,722,449 |
New Museum Of Contemporary Art New York, NY | $102,984,339 | $11,726,489 |