The Mike Kelley Foundation For The Arts
- Assets
- $85.8m
- Revenue
- $925.2k
- Investments
- $22.0m
- Employees
- 0
- Location
- Los Angeles, CA
- Founding
- 01/2008
- Data as of
- 12/2023
- EIN
- 30-0434789
Organization Overview
The Mike Kelley Foundation For The Arts is located in Los Angeles, CA. The organization was established in 2008. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mike Kelley Foundation For The Arts 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 12/2023, Mike Kelley Foundation For The Arts generated $925.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (8.5%) each year. All expenses for the organization totaled $2.6m during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Mike Kelley Foundation For The Arts has awarded 128 individual grants totaling $3,975,500. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE MIKE KELLEY FOUNDATION FOR THE ARTS (THE "FOUNDATION") WAS ESTABLISHED BY THE ARTIST MIKE KELLEY IN 2007 AND SEEKS TO FURTHER KELLEY'S PHILANTHROPIC WORK THROUGH GRANTS FOR INNOVATIVE PROJECTS THAT REFLECT HIS MULTIFACETED ARTISTIC PRACTICE. THE FOUNDATION ALSO PRESERVES MIKE KELLEY'S LEGACY MORE BROADLY AND ADVANCES THE UNDERSTANDING OF HIS LIFE AND CREATIVE ACHIEVEMENTS. THE FOUNDATION'S FIRST FORMAL GRANTS INITIATIVE COMMENCED IN 2016 TO PROVIDE SUPPORT TO LOS ANGELES NONPROFIT INSTITUTIONS AND ORGANIZATIONS FOR PROJECTS WITH VISUAL ARTISTS OR ARTIST COLLECTIVES. THE GOAL IS TO BENEFIT ARTISTS AND ARTS ORGANIZATIONS ALIKE, AND TO SUPPORT COMPELLING, INVENTIVE, AND CHALLENGING WORK IN ANY MEDIUM. THE FOUNDATION WILL WORK WITH LOCAL NONPROFITS TO SUPPORT ARTIST-CENTERED PROJECTS OR SERIES OF PROJECTS, PARTICULARLY THE CREATION OF NEW WORKS, AS WELL AS DYNAMIC COLLABORATIONS BETWEEN ARTISTS AND HOST ORGANIZATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mary Clare Stevens Executive Director | 50 | $194,692 | |
Miwon Kwon Chairman | 1 | $0 | |
Claire Peeps Secretary | 1 | $0 | |
Ed Rada Treasurer | 1 | $0 | |
Gary Simmons Board Member | 1 | $0 | |
Pilar Tompkins Rivas Board Member | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jp Morgan | 12/30/23 | $80,623 |
Jones & Associates | 12/30/23 | $69,508 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $7,550 |
| Interest on Savings | $0 |
| Dividends & Interest | $609,814 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $283,851 |
| Capital Gain Net Income | $283,851 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $23,991 |
| Total Revenue | $925,206 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $219,519 |
| Other employee salaries and wages | $628,533 |
| Pension plans, employee benefits | $180,767 |
| Interest | $0 |
| Taxes | $49,988 |
| Depreciation | $39,266 |
| Occupancy | $86,514 |
| Travel, conferences, and meetings | $41,366 |
| Printing and publications | $0 |
| Other expenses | $259,345 |
| Total operating and administrative expenses | $1,771,646 |
| Contributions, gifts, grants paid | $813,000 |
| Total expenses and disbursements | $2,584,646 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $251,528 |
| Savings and temporary cash investments | $1,109,701 |
| Net Accounts receivable | $39,357 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $60,303 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $2,261,707 |
| Net Land, buildings, and equipment | $804,428 |
| Other assets | $61,584,583 |
| Total assets | $85,840,729 |
| Accounts payable and accrued expenses | $107,978 |
| Grants payable | $250,000 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $39,312 |
| Total liabilities | $397,290 |
Grants Awarded
Over the last fiscal year, The Mike Kelley Foundation For The Arts has awarded $563,000 in support to 19 organizations.
| Grant Recipient | Amount |
|---|---|
ARTCENTER COLLEGE OF DESIGN PURPOSE: SCHOLARSHIP ENDOWMENT | $100,000 |
MUSEUM OF CONTEMPORARY ART DETROIT PURPOSE: OPERATIONAL SUPPORT | $50,000 |
VINCENT PRICE ART MUSEUM FOUNDATION PURPOSE: OPERATIONAL SUPPORT | $30,000 |
PIETER PURPOSE: OPERATIONAL SUPPORT | $30,000 |
LOS ANGELES POVERTY DEPARTMENT PURPOSE: OPERATIONAL SUPPORT | $30,000 |
AVENUE 50 STUDIO INC PURPOSE: OPERATIONAL SUPPORT | $30,000 |