Minneapolis Society Of Fine Arts

Organization Overview

Minneapolis Society Of Fine Arts, operating under the name Minneapolis Institute Of Art, is located in Minneapolis, MN. The organization was established in 1967. 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 06/2021, Minneapolis Institute Of Art employed 355 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Minneapolis Institute Of Art 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, Minneapolis Institute Of Art generated $52.8m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 6.3% each year. All expenses for the organization totaled $43.1m during the year ending 06/2021. While expenses have increased by 1.6% per year over the past 6 years. They've been increasing with an increasing level of total revenue. 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

ENRICHING COMMUNITY BY COLLECTING, PRESERVING AND MAKING ACCESSIBLE OUTSTANDING WORKS OF ART

Describe the Organization's Program Activity:

EXHIBITIONS FOR FISCAL YEAR ENDING JUNE 30, 2021 INCLUDE: RACHEL BREEN: THE LABOR WE WEARSKY HOPINKA: DISFLUENCIESREMBRANDT IN CONVERSATIONA COLLECTOR'S ODYSSEY: BOOKS & PRINTS FROM THE WILLIAM P. KOSMAS COLLECTION20 DANCES: JAPANESE CALLIGRAPHY THEN AND NOWUNDER THE INFLUENCE: EARLY WORKS BY FRANK GAARDWTIH NEW LIGHT: MIA'S REINSTALLED HIMALAYAN, SOUTH AND SOUTHEAST ASIAN ART GALLERIESVISION 2020: JESS DUGANKHATT ISLAMIFREEDOM RISING: I AM THE STORY/L'MERCHIE FRAZIERIN THE PRESENCE OF OUR ANCESTORS: SOUTHERN PERSPECTIVES IN AFRICAN AMERICAN ARTTODD WEBB IN AFRICA: OUTSIDE THE FRAMENICOLE HAVEKOSTL CHTHONICSAUL STEINBERG: VISUAL VERSEUNEXPECTED TURNS: WOMEN ARTISTS AND THE MAKING OF AMERICAN BASKET WEAVING TRADITIONSRITUALS OF RESILIENCECOVID-19: LABOR CAMP REPORTSIAH ARMAJANI: A BRIDGE DIVIDES, A BRIDGE TRANSFORMSITALIAN PRINTMAKERS CIRCA 1600: FOUR DIVERGING PATHSHINDSIGHT: AMERICAN DOCUMENTARY PHOTOGRPHY 1930-1950AMANO KAZUMI: PRINTS FROM THE KIMM-GRUFFERMAN COLLECTIONPULICATIONS PRODUCED IN FY21SUPERNATURAL AMERICA: THE PARAMORMAL IN AMERICAN ART


ACQUISITIONS BRING NEW STRENGTH TO THE COLLECTION. THE PERMANENT COLLECTION IS ALWAYS AT THE CORE OF OUR WORK. IN FY21 1,705 EXCEPTIONAL OBJECTS WERE ACQUIRED, ENRICHING EACH OF THE 5 CURATORIAL AREAS.


EDUCATIONAL OUTREACH AND PUBLIC PROGRAMS FOR THE FISCAL YEAR ENDING JUNE 30, 2021 INCLUDED: "MIA'S ART ADVENTURE PROGRAM SERVED MORE THEN 22,773 STUDENTS VIRTUALLY IN 92 SCHOOLS ACROSS THE STATE.CREATIVITY ACADEMY AND WATER IS LIFE PROGRAM SERVED 1120 STUDENTS VIRTUALLY, USING 2,880 ART KITS DELIVERED TO THE PARTNER SCHOOLS.5,106 STUDENTS (PK-UNIVERSITY) PARTICIPATED IN VITURAL TOURS.MIA TRAINED 513 PARENT VOLUNTEERS VIRTUALLY TO LEAD ART ADVENTURE LESSONS.MIA TRAINED 75 VOLUNTEER GUIDES TO GIVE VIRTURAL TOURS.MIA PROVIDED PROFESSIONAL DEVELOPMENT TO 145 TEACHERS VIRTUALLYART TEAM, MIA'S TEEM COUNCIL, ENGAGED VIRTUALLY WITH APPROXIMATELY 185 YOUTH THROUGH CREATIVE AND EDUCATIONAL LOCAL INITIATIVES, AS WELL AS THROUGH MIA'S RATED T AND VIRTUAL OPEN STUDIO PROGRAMS.MOBILE MIA, THE MUSEUM'S SPECIALLYT DESIGNED BICYCLE, DELIVERED ART ACTIVITIES TO 400 YOUTH AND FAMILIES."


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Outside Vendors & Contractors

Vendor Name (Service)Compensation
Grant Thornton Llp
Consulting
$146,523
Capacity Interactive Consulting Llc
Advertising
$195,750
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$2,350,865
Fundraising events$69,565
Related organizations$0
Government grants $18,187,534
All other contributions, gifts, grants, and similar amounts not included above$13,089,479
Noncash contributions included in lines 1a–1f $450,380
Total Revenue from Contributions, Gifts, Grants & Similar$33,697,443
Total Program Service Revenue$4,956,361
Investment income $3,156,256
Tax Exempt Bond Proceeds $0
Royalties $23,957
Net Rental Income $0
Net Gain/Loss on Asset Sales $10,649,753
Net Income from Fundraising Events -$4,846
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $150,942
Miscellaneous Revenue$0
Total Revenue $52,759,804

Grants Recieved

Over the last fiscal year, we have identified 25 grants that Minneapolis Society Of Fine Arts has recieved totaling $1,360,479.

Awarding OrganizationAmount
Minneapolis Foundation

Minneapolis, MN

PURPOSE: DONOR-RECOMMENDED, ARTS & CULTURE

$334,501
Mary Briggs Charitable Trust Acct 10213200

Las Vegas, NV

PURPOSE: GENERAL OPERATING

$157,826
John R Vanderlip Tr U/A 1062 Nect

Milwaukee, WI

PURPOSE: GENERAL SUPPORT

$139,727
American Online Giving Foundation Inc

Newark, DE

PURPOSE: GENERAL SUPPORT

$109,213
Schwab Charitable Fund

San Francisco, CA

PURPOSE: ARTS, CULTURE & HUMANITIES

$102,335
Mcknight Foundation

Minneapolis, MN

PURPOSE: FOR THE MINNESOTA ARTIST EXHIBITION PROGRAM

$100,000
View Grant Recipient Profile

Endowment Analysis

Beg. Balance$173,509,048
Earnings$49,451,265
Net Contributions$6,277,187
Other Expense$9,197,713
Ending Balance$220,039,787

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