American Folk Art Museum
- Assets
- $12.1m
- Revenue
- $3.8m
- Investments
- $1.3m
- Employees
- 54
- Location
- New York, NY
- Founding
- 07/1964
- Data as of
- 06/2021
- EIN
- 13-1985627
Organization Overview
American Folk Art Museum is located in New York, NY. The organization was established in 1964. According to its NTEE Classification (A50) the organization is classified as: Museums, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 06/2021, American Folk Art Museum employed 54 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. American Folk 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 06/2021, American Folk Art Museum generated $3.8m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (5.7%) each year. All expenses for the organization totaled $4.0m during the year ending 06/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE AMERICAN FOLK ART MUSEUM ENGAGES PEOPLE OF ALL BACKGROUNDS THROUGH ITS COLLECTIONS, EXHIBITIONS, PUBLICATIONS, AND PROGRAMS AS THE LEADING FORUM SHAPING THE UNDERSTANDING AND APPRECIATION OF FOLK AND SELF-TAUGHT ART ACROSS TIME AND PLACE. COMMITTED TO LEARNING AND SCHOLARSHIP AT THE HIGHEST LEVELS, THE MUSEUM ENDEAVORS TO PROVIDE AN INCLUSIVE, ACCESSIBLE, AND WELCOMING ENVIRONMENT FOR ITS DIVERSE AUDIENCE AND TO FOSTER NEW AND DISTINCTIVE IDEAS. THE MUSEUM SEEKS TO ALWAYS ACT IN A SPIRIT OF EXCELLENCE AND INTEGRITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EXHIBITIONS AND COLLECTIONS - DEVELOPMENT AND PRESENTATION OF EXHIBITIONS AND PROGRAMS THAT PRESENT NEW IDEAS, ARTISTS AND ARTWORKS THAT SHAPE AND DEFINE THE FIELD OF FOLK ART AND WORK OF SELF-TAUGHT ARTISTS. THE MUSEUM ALSO MAINTAINS AND PRESERVES A COMPREHENSIVE COLLECTION OF MORE THAN 7,000 OBJECTS; LOANS ARTWORKS TO OTHER INSTITUTIONS; ORGANIZES TRAVELING EXHIBITIONS AND MAKES ITS COLLECTION AVAILABLE FOR STUDY.
MUSEUM GIFT SHOP MAKES MERCHANDISE AVAILABLE TO THE PUBLIC INCLUDING HAND-MADE ITEMS, ARTISTIC REPRODUCTIONS AND PUBLICATIONS THAT REFLECTS THE MISSION AND VISION OF THE MUSEUM. THIS YEAR THE SHOP SUFFERED A DECLINE IN SALES DUE THE THE CLOSURE BROUGHT ON BY THE COVID-19 GLOBAL PANDEMIC. NEVERTHELESS, THE MUSEUM CHOSE TO MAINTAIN FULL STAFFING THROUGHOUT THE COVID-19 CLOSURE. THE MUSEUM HAS INCREASED ITS EFFORTS IN PROMOTING ONLINE SALES.
EDUCATION PROGRAMS THAT BENEFIT PRE-K THROUGH 12TH GRADE STUDENTS WITH SINGLE CLASS VISITS; MUSEUM-SCHOOL PARTNERSHIPS; TEEN DOCENT PROGRAMS AND SUMMER CAMP PROGRAMS; MONTHLY FAMILY PROGRAMS, HANDS-ON WORKSHOPS FOR ADULTS, WEEKLY MUSIC EVENTS, PROGRAMS FOR SENIORS WITH ALZHEIMER'S DISEASE, TOURS FOR BLIND AND VISITORS WITH LOW VISION, A YEAR-LONG, PAID INTERNSHIP FOR LAGUARDIA COMMUNITY COLLEGE STUDENTS, PROFESSIONAL DEVELOPMENT WORKSHOPS FOR NYC TEACHERS, AND OPEN HOUSES FOR TEACHERS AND SCHOOL ADMINISTRATORS; AND EDUCATIONAL LIBRARY AND STUDY CENTER FOR THE BENEFIT OF SCHOLARS AND RESEARCHERS AND THE GENERAL PUBLIC BY APPOINTMENT; AND ADULT PROGRAMS THAT SERVE LIFE-LONG LEARNERS WITH A ROBUST PROGRAM OF LECTURES, FILMS, DOCENT TOURS, SYMPOSIA AND SPECIAL EVENTS. DUE TO THE ON-GOING COVID19 GLOBAL PANDEMIC, MANY PROGRAMS WERE MOVED TO VIRTUAL PLATFORMS RATHER THAN BEING CONDUCTED IN PERSON.
REPRODUCTION RIGHTS OF THE MUSEUM'S EXHIBITS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jason T Busch Director And CEO | Officer | 35 | $236,038 |
Kathleen Hayes Chief Financial Officer | Officer | 35 | $145,285 |
Stephanie Levinson Dir Of Retail Operations | 35 | $105,138 | |
Roberta S Terkowitz Secretary | OfficerTrustee | 1 | $0 |
Elizabeth V Warren President | OfficerTrustee | 1 | $0 |
Lucy C Danziger Vice President | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Silnor #2 Lp Rent | 6/29/16 | $259,276 |
Masterpiece International Collection Shipping Services | 6/29/16 | $127,284 |
Aetna Health Insurance Company Of New Yo Insurance Services | 6/29/16 | $198,291 |
Universal Protection Service Llc Security Services | 6/29/16 | $118,274 |
Tiaa-cref Retirement Premiums | 6/29/16 | $166,068 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,132,657 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,180,554 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,313,211 |
| Total Program Service Revenue | $247,533 |
| Investment income | $263,193 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $38,294 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$72,383 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,818,559 |
| 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. | $451,067 |
| Compensation of current officers, directors, key employees. | $248,400 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,397,911 |
| Pension plan accruals and contributions | $33,406 |
| Other employee benefits | $170,750 |
| Payroll taxes | $159,588 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $20,039 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $43,983 |
| Fees for services: Other | $276,200 |
| Advertising and promotion | $2,898 |
| Office expenses | $275,046 |
| Information technology | $7,638 |
| Royalties | $0 |
| Occupancy | $296,940 |
| Travel | $7,282 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,700 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $133,896 |
| Insurance | $56,015 |
| All other expenses | $223,158 |
| Total functional expenses | $3,973,404 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $238,700 |
| Savings and temporary cash investments | $99,078 |
| Pledges and grants receivable | $589,364 |
| Accounts receivable, net | $165,591 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $112,778 |
| Prepaid expenses and deferred charges | $133,682 |
| Net Land, buildings, and equipment | $576,473 |
| Investments—publicly traded securities | $7,678,460 |
| Investments—other securities | $1,287,886 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,213,065 |
| Total assets | $12,095,077 |
| Accounts payable and accrued expenses | $290,668 |
| Grants payable | $0 |
| Deferred revenue | $40,500 |
| 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 | $82,424 |
| Total liabilities | $413,592 |
| Net assets without donor restrictions | $1,498,278 |
| Net assets with donor restrictions | $10,183,207 |
| 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 | $12,095,077 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that American Folk Art Museum has recieved totaling $1,500.
| Awarding Organization | Amount |
|---|---|
Fein Ross Family Foundation New York, NY PURPOSE: APPRECIATION OF FOLK ART | $1,000 |
The Mdc Foundation Charlottesville, VA PURPOSE: GENERAL | $500 |
Endowment Analysis
| Beg. Balance | $4,559,587 |
| Earnings | $1,080,828 |
| Admin Expense | $294,900 |
| Net Contributions | $107,572 |
| Ending Balance | $5,453,087 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Mystic Seaport Museum Inc Mystic, CT | $122,267,932 | $26,794,983 |
The Paley Center For Media New York, NY | $149,800,581 | $16,736,827 |
Stone Barns Restoration Corp Pocantico Hills, NY | $107,933,883 | $7,964,721 |
Margaret Woodbury Strong Museum Rochester, NY | $223,670,725 | $24,556,351 |
Newark Museum Association Newark, NJ | $64,370,892 | $11,736,749 |
Brandywine Conservancy & Museum Of Art Chadds Ford, PA | $159,611,083 | $25,949,606 |
The Studio Museum In Harlem New York, NY | $153,708,532 | $40,471,884 |
The Maritime Aquarium At Norwalk Inc South Norwalk, CT | $19,089,489 | $11,308,442 |
George Eastman Museum Rochester, NY | $59,825,841 | $12,306,953 |
Naismith Memorial Basketball Hall Of Fame Inc 1150 West Columbus Ave Springfield, MA | $33,159,743 | $5,379,532 |
Weitzman National Museum Of American Jewish History Philadelphia, PA | $28,897,470 | -$14,023,866 |
National Museum Of Mathematics New York, NY | $42,218,242 | $9,885,068 |