North Carolina Museum Of Art Foundation Inc

Organization Overview

North Carolina Museum Of Art Foundation Inc is located in Raleigh, NC. The organization was established in 1969. According to its NTEE Classification (A11) the organization is classified as: Single Organization Support, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 06/2021, North Carolina Museum Of Art Foundation Inc employed 138 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. North Carolina Museum Of Art Foundation Inc 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, North Carolina Museum Of Art Foundation Inc generated $13.8m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (1.2%) each year. All expenses for the organization totaled $7.9m during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (8.9%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990T Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

TO FOSTER AND PROMOTE THE GROWTH, PROGRESS AND GENERAL WELFARE OF THE NC MUSEUM OF ART.

Describe the Organization's Program Activity:

THE MUSEUM OF ART IS PARTIALLY SUPPORTED BY STATE APPROPRIATIONS THAT LARGELY FUND STATE STAFF POSITIONS AND THEIR RELATED BENEFITS, AND A PORTION OF THE OPERATING COSTS OF RUNNING THE MUSEUM. THE FOUNDATION PROVIDES THE MAJORITY OF FINANCIAL SUPPORT NEEDED FOR EDUCATION AND CURATORIAL PROGRAMMING OF THE MUSEUM INCLUDING SUPPORT FOR STATEWIDE AND MUSEUM-BASED EDUCATION PROGRAMMING, SPECIAL TRAVELING ART EXHIBITIONS, SUPPLEMENTAL ART CONSERVATION FUNDS, AND PUBLIC PROGRAMMING. THE FOUNDATION ALSO CULTIVATES DONORS FOR COMMISSIONED WORKS OF ART AND CONTRIBUTIONS FOR ART ACQUISITIONS. ALL ART PURCHASED OR COMMISSIONED IS GIFTED BY THE FOUNDATION TO THE MUSEUM. A LARGE MAJORITY OF THE ARTWORK HELD IN THE MUSEUM'S ART COLLECTION HAS BEEN GIFTED BY THE FOUNDATION.


THE FOUNDATION MANAGES APPROXIMATELY 33 ACRES OF REAL ESTATE ADJACENT TO THE MUSEUM PARK, WHICH ENCOMPASSES LANDSCAPING AND PARKING.


THE NORTH CAROLINA MUSEUM OF ART FOUNDATION PROVIDES DAY TO DAY MANAGEMENT OF THE MUSEUM'S ON SITE FULL SERVICE RESTAURANT, CONCESSION FOOD SERVICES, AND RETAIL STORE. IN ADDITION, THE FOUNDATION ALSO PLANS AND MANAGES A PORTFOLIO OF SPECIAL EVENTS INCLUSIVE OF CORPORATE RENTALS, CONFERENCES WEDDINGS, DONOR CULTIVATION EVENTS, AND MEMBERSHIP PROGRAMMING.


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Outside Vendors & Contractors

Vendor Name (Service)Compensation
Nc Dept Of Natural & Cultural Resources
Programming
$779,126
Tessitura Network
Software
$285,474
Wood & Wood
Consulting
$158,330
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$1,530,155
Fundraising events$0
Related organizations$0
Government grants $3,400,000
All other contributions, gifts, grants, and similar amounts not included above$4,912,047
Noncash contributions included in lines 1a–1f $939,168
Total Revenue from Contributions, Gifts, Grants & Similar$9,842,202
Total Program Service Revenue$1,399,215
Investment income $1,281,624
Tax Exempt Bond Proceeds $0
Royalties $5,015
Net Rental Income $0
Net Gain/Loss on Asset Sales $853,338
Net Income from Fundraising Events $0
Net Income from Gaming Activities $289,749
Net Income from Sales of Inventory $132,299
Miscellaneous Revenue$0
Total Revenue $13,828,837

Grants Recieved

Over the last fiscal year, we have identified 15 grants that North Carolina Museum Of Art Foundation Inc has recieved totaling $268,114.

Awarding OrganizationAmount
Hartfield Foundation Inc

Philadelphia, PA

PURPOSE: ART AND THE ENVIRONMENT IN

$100,000
Replogle Family Foundation

Wilmington, DE

PURPOSE: GENERAL & UNRESTRICTED

$40,390
Robert P Holding Foundation Inc

Smithfield, NC

PURPOSE: GENERAL SUPPORT

$25,000
Winston-Salem Foundation

Winstonsalem, NC

PURPOSE: 6 GRANT(S) FOR VARYING PURPOSES

$22,200
Schwab Charitable Fund

San Francisco, CA

PURPOSE: ARTS, CULTURE & HUMANITIES

$20,145
Replogle Family Foundation

Wilmington, DE

PURPOSE: PAVILION DECK/ MUSEUM PARK

$20,000
View Grant Recipient Profile

Endowment Analysis

Beg. Balance$42,528,371
Earnings$9,387,073
Admin Expense$339,132
Net Contributions$826,147
Other Expense$864,527
Ending Balance$51,537,932

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