Sterling & Francine Clark Art Inst
- Assets
- $670.4m
- Revenue
- $8.3m
- Investments
- $470.6m
- Employees
- 160
- Location
- Williamstown, MA
- Founding
- 09/1951
- Data as of
- 06/2022
- EIN
- 04-2163004
Organization Overview
Sterling & Francine Clark Art Inst is located in Williamstown, MA. The organization was established in 1951. 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 06/2022, Sterling & Francine Clark Art Inst employed 160 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Sterling & Francine Clark Art Inst 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 06/2022, Sterling & Francine Clark Art Inst generated $8.3m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (11.0%) each year. All expenses for the organization totaled $29.7m during the year ending 06/2022. 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
IN 1950, STERLING AND FRANCINE CLARK CHARTERED THE STERLING AND FRANCINE CLARK ART INSTITUTE AS A HOME FOR THEIR EXTENSIVE ART COLLECTION. OPENED TO THE PUBLIC IN 1955, THE INSTITUTE HAS BUILT UPON THIS EXTRAORDINARY GROUP OF WORKS TO BECOME ONE OF THE MOST BELOVED AND RESPECTED ART MUSEUMS IN THE WORLD, KNOWN FOR ITS INTIMATE GALLERIES AND STUNNING NATURAL ENVIRONMENT. ONE OF THE FEW INSTITUTIONS IN THE UNITED STATES THAT COMBINES A PUBLIC ART MUSEUM WITH RESEARCH AND ACADEMIC PROGRAMS, INCLUDING A MAJOR ART HISTORY LIBRARY, THE CLARK IS A LEADING INTERNATIONAL CENTER FOR RESEARCH AND DISCUSSION ON THE NATURE OF ART AND ART HISTORY.
Describe the Organization's Program Activity:
SEE SCHEDULE O FOR RESEARCH AND ACADEMIC PROGRAMS ACCOMPLISHMENTS.
SEE SCHEDULE O FOR MUSEUM PROGRAM ACCOMPLISHMENTS.
SEE SCHEDULE O FOR EDUCATIONAL PROGRAM ACCOMPLISHMENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Olivier Meslay Director & Ex-Officio | Officer | 40 | $384,866 |
Lawrence M Smallwood Jr Deputy Director & Clerk | Officer | 40 | $200,422 |
Esther S Bell Chief Curator | 40 | $183,906 | |
Kathleen Marie Morris Marx Director Of Collectio | 40 | $159,108 | |
Victoria Saltzman Director Of Communications | 40 | $149,866 | |
Robin T Sher Chief Financial Officer | 40 | $144,074 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Securitas Security Sevices Security Services | 6/29/22 | $1,355,723 |
Altieri Sebor Wieber Llc Hvac Maintenance | 6/29/22 | $144,210 |
Comalli Group Inc Electrical Work | 6/29/22 | $189,628 |
Verona Libri Srl Publication Printing | 6/29/22 | $140,507 |
Vanguard Organization Inc Roof Repairs | 6/29/22 | $353,703 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $1,389,264 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $370,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,216,081 |
| Noncash contributions included in lines 1a–1f | $74,581 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,975,345 |
| Total Program Service Revenue | $1,400,261 |
| Investment income | $2,848,513 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,964,670 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $36,555 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,296,004 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $38,000 |
| Grants and other assistance to domestic individuals. | $380,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $866,704 |
| Compensation of current officers, directors, key employees. | $704,261 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,391,949 |
| Pension plan accruals and contributions | $453,062 |
| Other employee benefits | $1,106,987 |
| Payroll taxes | $519,786 |
| Fees for services: Management | $288,864 |
| Fees for services: Legal | $53,002 |
| Fees for services: Accounting | $65,369 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $70,000 |
| Fees for services: Investment Management | $595,516 |
| Fees for services: Other | $12,411 |
| Advertising and promotion | $457,106 |
| Office expenses | $474,907 |
| Information technology | $359,531 |
| Royalties | $13,696 |
| Occupancy | $2,574,726 |
| Travel | $157,961 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $707,218 |
| Interest | $2,745,467 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,005,670 |
| Insurance | $332,763 |
| All other expenses | $135,154 |
| Total functional expenses | $29,732,280 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $3,261,643 |
| Pledges and grants receivable | $1,385,860 |
| Accounts receivable, net | $2,144,898 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $134,159 |
| Inventories for sale or use | $328,317 |
| Prepaid expenses and deferred charges | $271,952 |
| Net Land, buildings, and equipment | $183,850,660 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $470,551,495 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $8,438,368 |
| Total assets | $670,367,352 |
| Accounts payable and accrued expenses | $2,990,632 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $81,807,876 |
| 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 | $222,664 |
| Total liabilities | $85,021,172 |
| Net assets without donor restrictions | $418,354,423 |
| Net assets with donor restrictions | $166,991,757 |
| 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 | $670,367,352 |
Grants Awarded
Over the last fiscal year, Sterling & Francine Clark Art Inst has awarded $38,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Pittsfield, MA PURPOSE: ECONOMIC DEVELOPMENT | $20,000 |
North Adams, MA PURPOSE: $18,000 STUDENT EXHIBITION SUPPORT - BIBLIOTHECAPHILIA | $18,000 |
Grants Recieved
Over the last fiscal year, we have identified 11 grants that Sterling & Francine Clark Art Inst has recieved totaling $1,359,650.
| Awarding Organization | Amount |
|---|---|
Sue & Edgar Wachenheim Foundation Purchase, NY PURPOSE: GENERAL PURPOSE | $750,000 |
Halvorsen Family Foundation Greenwich, CT PURPOSE: ARTISTIC INITIATIVES | $479,000 |
Helen Frankenthaler Foundation Inc New York, NY PURPOSE: FRANKENTHALER CLIMATE INITIATIVE 2021 | $50,000 |
Gulf Coast Community Foundation Inc Venice, FL PURPOSE: ARTS & CULTURE | $35,000 |
The Berkshire Taconic Community Foundation Inc Sheffield, MA PURPOSE: GENERAL SUPPORT | $12,650 |
S & L Marx Foundation Inc Wilmington, DE PURPOSE: CLARK ART INSTITUTE ANNUAL FUND | $10,000 |
Endowment Analysis
| Beg. Balance | $163,764,923 |
| Earnings | -$14,017,387 |
| Net Contributions | $40,191 |
| Other Expense | $5,197,992 |
| Ending Balance | $144,589,735 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 | $240,294,871 | $73,166,662 |
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 |