Museum Of Modern Art
- Assets
- $2.3b
- Revenue
- $262.1m
- Investments
- $520.9m
- Employees
- 1,365
- Location
- New York, NY
- Founding
- 12/1952
- Data as of
- 06/2020
- EIN
- 13-1624100
Organization Overview
Museum Of Modern Art is located in New York, NY. The organization was established in 1952. 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 Modern Art employed 1,365 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 Modern Art generated $262.1m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (8.5%) each year. All expenses for the organization totaled $270.7m 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
THE MUSEUM OF MODERN ART ESTABLISHES, PRESERVES, AND DOCUMENTS A (CONTINUED IN SCHEDULE O) PERMANENT COLLECTION OF MODERN AND CONTEMPORARY ART, PRESENTS EXHIBITIONS AND EDUCATIONAL PROGRAMS, SUSTAINS A LIBRARY, ARCHIVES, AND CONSERVATION LABORATORY AND SUPPORTS SCHOLARSHIP AND PUBLICATIONS. THE FORM 990 IS ONE OF SEVERAL REPORTS THE MUSEUM MAKES AVAILABLE EACH YEAR. THE MUSEUM ENCOURAGES IT TO BE READ WITH THE AUDITED FINANCIAL STATEMENTS, WHICH PROVIDE ADDITIONAL FINANCIAL CONTEXT. THESE DOCUMENTS AS WELL AS PREVIOUS YEARS REPORTS CAN BE FOUND ON MOMA.ORG. AS CAN BE SEEN IN THE AUDITED FINANCIAL STATEMENTS, OPERATING EXPENSES OF $230.4 MILLION EXCEEDED OPERATING REVENUES OF $226.0 MILLION BY $4.4 MILLION.IN FY 2020, THE MUSEUM FINISHED WITH AN OPERATING DEFICIT, WHILE AT THE SAME TIME RE-ALIGNING ITS COST STRUCTURE TO ENSURE LONG TERM FISCAL SUSTAINABILITY CONCURRENT WITH A MACRO-ECONOMIC BUSINESS RECOVERY FROM THE PANDEMIC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MUSEUM OPERATIONS - CURATORIAL AND CURATORIAL SUPPORT DEPARTMENTS INCLUDE CONSERVATION, EDUCATION, EXHIBITIONS, CREATIVE, PUBLICATIONS, LIBRARY AND ARCHIVES. THE MUSEUM WAS FOUNDED IN 1929 AS AN EDUCATIONAL INSTITUTION AND MAINTAINS A VAST BREADTH OF EDUCATIONAL PROGRAMMING, WHICH INCREASED IN THE YEARS AFTER THE OPENING OF THE RENOVATED AND EXPANDED MAIN FACILITY IN 2004. IN FY 2020, THROUGH DIVERSE EDUCATION PROGRAMS, APPROXIMATELY 1.3 MILLION ONSITE VISITORS TO MOMA HAD ACCESS TO OR PARTICIPATED IN INTERPRETATIVE PROGRAMS TO SUPPORT THEIR LEARNING IN THE GALLERIES INCLUDING LABELS, AUDIO CONTENT (OFFERED IN NINE LANGUAGES), GALLERY TOURS, INTERACTIVE SPACES, WORKSHOPS, VISUAL DESCRIPTION TOURS FOR THE BLIND AND PARTIALLY SIGHTED, AND RESOURCES FOR OTHER INDIVIDUALS WITH SPECIAL NEEDS. CONTINUED IN SCHEDULE O.
IN FY 2020, OVER 1,200 WORKS WERE ADDED TO THIS COLLECTION, BOTH BY DONATION AND BY PURCHASE.
SECURITY, OPERATIONS, AND MAINTENANCE OF EXHIBITION GALLERIES AND ART COLLECTION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Glenn D Lowry Director/ex-Officio Trustee | Officer | 40 | $1,905,602 |
James Gara Coo/assistant Treasurer | Officer | 40 | $1,277,900 |
Anthony Wai Chief Investment Officer | Officer | 40 | $788,976 |
Peter Reed Sr Deputy Dir For Curatorial Affairs | Officer | 40 | $671,977 |
Todd Bishop Sr Deputy Dir Of External Affairs | Officer | 40 | $525,171 |
Jean Savitsky Dir. Real Estate Expansion | 40 | $511,222 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Collins Building Services Inc Janitorial Cleaning | 6/29/20 | $3,667,733 |
Mindshare Usa Llc Advertising | 6/29/20 | $2,779,502 |
Universal Protection Service Lp Security | 6/29/20 | $1,076,501 |
Imerex Inc Advertising | 6/29/20 | $1,007,108 |
Masterpiece International Ltd Art Transport | 6/29/20 | $862,341 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $1,129,826 |
| Fundraising events | $6,697,328 |
| Related organizations | $0 |
| Government grants | $49,965 |
| All other contributions, gifts, grants, and similar amounts not included above | $158,903,952 |
| Noncash contributions included in lines 1a–1f | $25,017,357 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $166,781,071 |
| Total Program Service Revenue | $14,199,882 |
| Investment income | $16,667,961 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $31,300 |
| Net Rental Income | $608,642 |
| Net Gain/Loss on Asset Sales | $36,354,728 |
| Net Income from Fundraising Events | -$80,587 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $24,665,469 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $262,144,582 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,995,123 |
| 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. | $16,274,213 |
| Compensation of current officers, directors, key employees. | $11,832,225 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $71,901,064 |
| Pension plan accruals and contributions | $5,635,807 |
| Other employee benefits | $15,458,050 |
| Payroll taxes | $2,818,718 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,586,203 |
| Fees for services: Accounting | $439,136 |
| Fees for services: Lobbying | $60,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $10,206,325 |
| Fees for services: Other | $21,649,927 |
| Advertising and promotion | $7,813,088 |
| Office expenses | $16,680,282 |
| Information technology | $1,598,184 |
| Royalties | $206,346 |
| Occupancy | $12,463,698 |
| Travel | $2,285,595 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $224,284 |
| Interest | $6,616,658 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $37,183,977 |
| Insurance | $2,169,153 |
| All other expenses | $303,971 |
| Total functional expenses | $270,711,724 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $14,083,221 |
| Savings and temporary cash investments | $76,545,907 |
| Pledges and grants receivable | $204,650,054 |
| Accounts receivable, net | $6,486,867 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $15,618,047 |
| Prepaid expenses and deferred charges | $8,329,418 |
| Net Land, buildings, and equipment | $726,150,075 |
| Investments—publicly traded securities | $727,528,053 |
| Investments—other securities | $520,872,270 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $31,439,591 |
| Total assets | $2,331,703,503 |
| Accounts payable and accrued expenses | $27,935,172 |
| Grants payable | $0 |
| Deferred revenue | $1,439,626 |
| Tax-exempt bond liabilities | $309,814,453 |
| 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 | $32,800,000 |
| Other liabilities | $106,392,075 |
| Total liabilities | $478,381,326 |
| Net assets without donor restrictions | $1,101,508,272 |
| Net assets with donor restrictions | $751,813,905 |
| 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 | $2,331,703,503 |
Grants Recieved
Over the last fiscal year, we have identified 80 grants that Museum Of Modern Art has recieved totaling $4,535,244.
| Awarding Organization | Amount |
|---|---|
Jewish Communal Fund New York, NY PURPOSE: General support | $2,268,555 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: GENERAL SUPPORT | $500,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: GENERAL SUPPORT | $500,000 |
Fink Family Foundation Saratoga Springs, NY PURPOSE: GENERAL CHARITABLE PURPOSES | $225,000 |
Isambard Kingdom Brunel Society Of Of North America New York, NY PURPOSE: GENERAL FINANCIAL SUPPORT | $200,000 |
Alice N Osborn Trust Uw 9-15c Wilmington, DE PURPOSE: GENERAL OPERATING | $132,088 |
Endowment Analysis
| Beg. Balance | $1,198,064,000 |
| Earnings | $15,568,915 |
| Net Contributions | $131,036,416 |
| Other Expense | $453,623,543 |
| Ending Balance | $891,045,788 |
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 |
Philadelphia Museum Of Art Philadelphia, PA | $1,089,326,303 | $111,793,644 |
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 |
Barnes Foundation Philadelphia, PA | $214,994,378 | $24,564,152 |
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 |