Solomon R Guggenheim Foundation
- Assets
- $211.3m
- Revenue
- $84.6m
- Investments
- $66.1m
- Employees
- 613
- Location
- New York, NY
- Founding
- 03/1938
- Data as of
- 12/2019
- EIN
- 13-5562233
Organization Overview
Solomon R Guggenheim Foundation is located in New York, NY. The organization was established in 1938. 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 12/2019, Solomon R Guggenheim Foundation employed 613 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations.
For the year ending 12/2019, Solomon R Guggenheim Foundation generated $84.6m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 3.3% each year. All expenses for the organization totaled $71.1m during the year ending 12/2019. 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
2019
Describe the Organization's Mission:
Part 3 - Line 1
COMMITTED TO INNOVATION, THE SOLOMON R. GUGGENHEIM FOUNDATION COLLECTS, PRESERVES, AND INTERPRETS MODERN AND CONTEMPORARY ART, (CONTINUED ON SCHEDULE O)
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN FURTHERANCE OF ITS MISSION, THE FOUNDATION COLLECTS AND PRESERVES ART FOR THE BENEFIT OF THE PUBLIC. THE CURATORIAL STAFF STUDIES THE ART IN THE FOUNDATION'S COLLECTION, PLANS INTERNATIONAL EXHIBITIONS FOR PUBLIC VIEWING, AND PREPARES AND PUBLISHES SCHOLARLY CATALOGUES AND EDUCATIONAL TEXTS. THE FOUNDATION ALSO LENDS MANY OF THE WORKS OF ART IN ITS COLLECTION TO OTHER MUSEUMS ON THE OCCASION OF EXHIBITIONS THAT ARE OF SCHOLARLY MERIT OR THAT WILL BROADEN THE PUBLIC'S APPRECIATION OF ART. (CONTINUED ON SCHEDULE O)
EXHIBITIONS PRESENTED IN 2019 AT THE SOLOMON R. GUGGENHEIM MUSEUM IN NEW YORK ("GUGGENHEIM MUSEUM") INCLUDED: HILMA AF KLINT: PAINTINGS FOR THE FUTURE (OCTOBER 12, 2018 APRIL 23, 2019); RH QUAYTMAN: +X (OCTOBER 12, 2018 APRIL 23, 2019); BRANCUSI ( MARCH 17, 2017 PRESENT); THANNHAUSER COLLECTION (FEBRUARY 1, 2019 PRESENT); IMPLICIT TENSIONS: MAPPLETHORPE NOW (JANUARY 25, 2019 JANUARY 5, 2020); LEARNING THROUGH ART (APRIL 26, 2019 JANUARY 5, 2020); (CONTINUED ON SCHEDULE O)
DURING 2019, THE FOUNDATION DIRECTLY OPERATED TWO MUSEUMS: THE SOLOMON R. GUGGENHEIM MUSEUM IN NEW YORK AND THE PEGGY GUGGENHEIM COLLECTION IN VENICE. BOTH OF THESE MUSEUMS ARE OPEN TO THE PUBLIC TO FULFILL THE FOUNDATION'S MISSION. THE FOUNDATION CONDUCTS TOURS OF ITS EXHIBITIONS, AND PROVIDES EDUCATIONAL TEXTS FREE OF CHARGE TO ALL MUSEUM VISITORS. DURING 2019, THE GUGGENHEIM MUSEUM WAS OPEN TO THE PUBLIC ONE EVENING OF EACH WEEK ON A PAY-WHAT-YOU-WISH BASIS. IN ADDITION, STUDENTS AND SENIOR CITIZENS ARE OFFERED REDUCED-PRICE TICKETS AND CHILDREN UNDER THE AGE OF 12 ARE ADMITTED FREE OF CHARGE. (2019 COMBINED ATTENDANCE AT THE GUGGENHEIM MUSEUM AND PGC WAS 1,517,038).
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard Armstrong Trustee/dir. Of Museum & Fdtn. | OfficerTrustee | 40 | $828,001 |
Elizabeth Duggal Taghi Senior Deputy Director & COO | Officer | 40 | $395,920 |
Sarah G Austrian Dep Dir, Gen Counsel & Sec. | Officer | 40 | $372,422 |
Nancy Spector Artisti Stockman Curator | Officer | 40 | $290,000 |
Martha Withington CFO | Officer | 40 | $278,519 |
Karole Vail Dir, Peggy Guggenheim Coll. | Officer | 40 | $248,997 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Crothall Healthcare Janitorial | 12/30/19 | $1,042,442 |
Allied Universal Security | 12/30/19 | $977,129 |
Restaurant Associates Catering Services | 12/30/19 | $536,677 |
Outfront Media Media Services | 12/30/19 | $470,094 |
Conti Tipocolor Printing | 12/30/19 | $379,950 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $4,883,560 |
| Fundraising events | $2,477,826 |
| Related organizations | $0 |
| Government grants | $564,785 |
| All other contributions, gifts, grants, and similar amounts not included above | $23,754,138 |
| Noncash contributions included in lines 1a–1f | $575,554 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $31,680,309 |
| Total Program Service Revenue | $31,033,652 |
| Investment income | $1,263,638 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $1,854,126 |
| Net Rental Income | $16,369 |
| Net Gain/Loss on Asset Sales | $1,722,626 |
| Net Income from Fundraising Events | -$1,221,676 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $5,823,267 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $84,620,075 |
| 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. | $2,941,774 |
| Compensation of current officers, directors, key employees. | $1,530,495 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $24,747,456 |
| Pension plan accruals and contributions | $522,774 |
| Other employee benefits | $4,322,659 |
| Payroll taxes | $1,839,132 |
| Fees for services: Management | $777,507 |
| Fees for services: Legal | $627,001 |
| Fees for services: Accounting | $413,120 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $311,602 |
| Fees for services: Investment Management | $1,515,668 |
| Fees for services: Other | $3,851,409 |
| Advertising and promotion | $1,313,387 |
| Office expenses | $1,442,261 |
| Information technology | $593,911 |
| Royalties | $47,826 |
| Occupancy | $11,098,564 |
| Travel | $1,257,029 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $298,658 |
| Interest | $864,454 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,877,294 |
| Insurance | $566,166 |
| All other expenses | $1,078,728 |
| Total functional expenses | $71,125,882 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,013,011 |
| Savings and temporary cash investments | $4,772,890 |
| Pledges and grants receivable | $11,164,238 |
| Accounts receivable, net | $2,949,639 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $817,272 |
| Prepaid expenses and deferred charges | $3,027,116 |
| Net Land, buildings, and equipment | $53,379,487 |
| Investments—publicly traded securities | $38,941,053 |
| Investments—other securities | $66,143,133 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $22,113,416 |
| Total assets | $211,321,255 |
| Accounts payable and accrued expenses | $12,528,163 |
| Grants payable | $0 |
| Deferred revenue | $33,229,425 |
| 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 | $22,101,343 |
| Other liabilities | $28,774,759 |
| Total liabilities | $96,633,690 |
| Net assets without donor restrictions | -$3,278,572 |
| Net assets with donor restrictions | $117,966,137 |
| 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 | $211,321,255 |
Grants Recieved
Over the last fiscal year, we have identified 15 grants that Solomon R Guggenheim Foundation has recieved totaling $1,354,258.
| Awarding Organization | Amount |
|---|---|
Hill Family Foundation Inc New York, NY PURPOSE: CHARITABLE FOR ART | $500,000 |
Hill Family Foundation Inc New York, NY PURPOSE: CHARITABLE FOR ART | $500,000 |
Robert C Baker Family Foundation Purchase, NY PURPOSE: TO FURTHER DONEES EXEMPT PURPOSE | $185,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: GENERAL SUPPORT | $50,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: GENERAL SUPPORT | $50,000 |
Jewish Communal Fund New York, NY PURPOSE: General support | $45,294 |
Endowment Analysis
| Beg. Balance | $85,538,857 |
| Earnings | $10,960,534 |
| Net Contributions | $8,770,359 |
| Other Expense | $2,600,645 |
| Ending Balance | $102,669,105 |
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 |
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 |
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 |