The Chrysler Museum Inc
- Assets
- $126.9m
- Revenue
- $34.0m
- Investments
- $50.0m
- Employees
- 172
- Location
- Norfolk, VA
- Founding
- 01/1980
- Data as of
- 06/2022
- EIN
- 51-0243196
Organization Overview
The Chrysler Museum Inc is located in Norfolk, VA. The organization was established in 1980. 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 06/2023, Chrysler Museum Inc employed 172 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Chrysler Museum 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 06/2022, Chrysler Museum Inc generated $34.0m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 18.6% each year . All expenses for the organization totaled $12.8m during the year ending 06/2022. While expenses have increased by 2.8% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE MUSEUM EXISTS TO PRESENT, PRESERVE, & INTERPRET WORKS OF ART FOR THE WELL-BEING OF THE PUBLIC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CHRYSLER MUSEUM OF ART IS AN EDUCATIONAL INSTITUTION THAT IS FREE AND OPEN TO THE PUBLIC. THE MUSEUM PRESENTS CHANGING EXHIBITIONS AS WELL AS A BROAD PERMANENT COLLECTION FROM A WIDE ARRAY OF CULTURES AND TIMES. TO THIS END, THE MUSEUM COLLECTS, PRESERVES, DISPLAYS AND INTERPRETS ORIGINAL WORKS OF ART FOR THE ENJOYMENT AND EDUCATION OF A DIVERSE CONSTITUENCY. IN NOVEMBER 2011, THE MUSEUM OPERATES A GLASS MAKING STUDIO ADJACENT TO ITS MAIN BUILDING. THE STUDIO OFFERS A FULL PROGRAM OF PUBLIC DEMONSTRATIONS AND CLASSES AS WELL AS A ROBUST SET OF EDUCATIONAL PARTNERSHIPS WITH REGIONAL COLLEGES AND UNIVERSITIES AND A DYNAMIC VISITING ARTIST PROGRAM. STUDIO PROGRAMMING IS DESIGNED TO COMPLEMENT AND ENRICH THE PUBLIC'S UNDERSTANDING AND APPRECIATION OF THE MUSEUM'S OUTSTANDING COLLECTION OF HISTORICAL GLASS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tiffany Boyle Trustee | Trustee | 0.2 | $0 |
Janet Bradley Trustee | Trustee | 0.2 | $0 |
Glenn Carrigton Trustee | Trustee | 0.2 | $0 |
Harold J Cobb Jr Trustee | Trustee | 0.2 | $0 |
Mark Dreyfus Trustee | Trustee | 0.2 | $0 |
Matthew Fine Trustee | Trustee | 0.2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Hourigan Construction General Contractor | 6/29/23 | $3,207,904 |
Work Program Architects Architects | 6/29/23 | $959,321 |
Spacemakers Inc General Contractor | 6/29/23 | $448,573 |
Cafe International Inc Catering Services | 6/29/23 | $167,205 |
Electronic Systems It Services | 6/29/23 | $139,429 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $1,098,624 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,680,718 |
| All other contributions, gifts, grants, and similar amounts not included above | $21,417,652 |
| Noncash contributions included in lines 1a–1f | $5,501,468 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $25,196,994 |
| Total Program Service Revenue | $1,161,846 |
| Investment income | $1,081,041 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $49,254 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $6,317,948 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $173,759 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $33,956,756 |
| 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. | $668,226 |
| Compensation of current officers, directors, key employees. | $205,801 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,754,781 |
| Pension plan accruals and contributions | $110,605 |
| Other employee benefits | $302,603 |
| Payroll taxes | $309,247 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $53,470 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $403,606 |
| Fees for services: Investment Management | $524,689 |
| Fees for services: Other | $1,838,747 |
| Advertising and promotion | $224,655 |
| Office expenses | $801,535 |
| Information technology | $135,715 |
| Royalties | $0 |
| Occupancy | $574,089 |
| Travel | $67,978 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $56,561 |
| Interest | $13,898 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $62,128 |
| Insurance | $177,246 |
| All other expenses | $0 |
| Total functional expenses | $12,759,865 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $23,226,212 |
| Pledges and grants receivable | $7,170,594 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $123,172 |
| Prepaid expenses and deferred charges | $727,916 |
| Net Land, buildings, and equipment | $313,014 |
| Investments—publicly traded securities | $44,699,509 |
| Investments—other securities | $49,971,637 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $641,441 |
| Total assets | $126,873,495 |
| Accounts payable and accrued expenses | $1,337,478 |
| Grants payable | $0 |
| Deferred revenue | $280,946 |
| 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 | $304,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,922,424 |
| Net assets without donor restrictions | $33,485,135 |
| Net assets with donor restrictions | $91,465,936 |
| 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 | $126,873,495 |