Trustees Of The Corcoran Gallery Of Art
- Assets
- $5.5m
- Revenue
- $237.7k
- Investments
- $0.0
- Employees
- 0
- Location
- Falls Church, VA
- Founding
- 04/1924
- Data as of
- 06/2021
- EIN
- 53-0196641
Organization Overview
Trustees Of The Corcoran Gallery Of Art is located in Falls Church, VA. The organization was established in 1924. According to its NTEE Classification (A51) the organization is classified as: Art Museums, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Trustees Of The Corcoran Gallery 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, Trustees Of The Corcoran Gallery Of Art generated $237.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (10.8%) each year. All expenses for the organization totaled $596.5k during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (10.0%) per year over the past 6 years. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE GALLERY WAS FORMED TO ESTABLISH AN INSTITUTION IN WASHINGTON, DC DEDICATED TO ART AND USED FOR THE PURPOSE OF ENCOURAGING AMERICAN GENIUS IN THE PRODUCTION AND PRESERVATION OF WORKS PERTAINING TO THE FINE ARTS AND KINDRED OBJECTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WIND DOWN - ACTIVITIES RELATED TO WINDING DOWN THE PREVIOUS OPERATIONS OF THE ORGANIZATION.
FUTURE PLANNING - ACTIVITIES RELATED TO DETERMINING THE FUTURE DIRECTION OF THE ORGANIZATION.
GRANTS AND DONATIONS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Fred Knops Treasurer | OfficerTrustee | 2 | $0 |
Harry F Hopper Chairman | OfficerTrustee | 2 | $0 |
Molly Rolandi Secretary | OfficerTrustee | 2 | $0 |
Debbie Feinberg Interim VP Finance | Officer | 2 | $0 |
Shannon Finley Director | Trustee | 2 | $0 |
Michela English Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Paul Hastings Llp Legal Services | 6/29/17 | $134,546 |
Julyan & Julyan Legal Services | 6/29/17 | $281,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $24,310 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $24,310 |
| Total Program Service Revenue | $0 |
| Investment income | $130,593 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $82,774 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $237,677 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $244,774 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $231,000 |
| Fees for services: Accounting | $30,545 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $34,376 |
| Fees for services: Other | $38,630 |
| Advertising and promotion | $0 |
| Office expenses | $2,252 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,389 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $8,556 |
| All other expenses | $5,017 |
| Total functional expenses | $596,539 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $82,787 |
| Pledges and grants receivable | $0 |
| 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 | $0 |
| Prepaid expenses and deferred charges | $1,147 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $5,378,012 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,461,946 |
| Accounts payable and accrued expenses | $23,297 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Other liabilities | $1,400,000 |
| Total liabilities | $1,423,297 |
| Net assets without donor restrictions | $4,038,649 |
| Net assets with donor restrictions | $0 |
| 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 | $5,461,946 |
Grants Awarded
Over the last fiscal year, Trustees Of The Corcoran Gallery Of Art has awarded $244,524 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Alexandria, VA PURPOSE: WC BECAME A STAND-ALONE ENTITY; THE GRANT WAS EXISTING CWC FUNDS TO BE USED FOR THE ONGOING CHARITABLE WORK OF THE CWC | $124,524 |
Ashburn, VA PURPOSE: VISITING PROFESSOR PROGRAM | $120,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Trustees Of The Corcoran Gallery Of Art has recieved totaling $8,250.
| Awarding Organization | Amount |
|---|---|
Act For Alexandria Alexandria, VA PURPOSE: PROGRAM SUPPORT | $8,250 |
Endowment Analysis
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Baltimore Museum Of Art Inc Baltimore, MD | $169,284,027 | $31,272,929 |
Phillips Collection Washington, DC | $115,569,748 | $10,501,207 |
Cheekwood Botanical Garden And Museum Of Art Nashville, TN | $58,316,106 | $17,726,545 |
The Chrysler Museum Inc Norfolk, VA | $126,873,495 | $33,956,756 |
J B Speed Art Museum Louisville, KY | $144,061,757 | $14,473,949 |
Mint Museum Of Art Inc Charlotte, NC | $80,854,701 | $6,923,462 |
National Museum Of Women In The Arts Inc Washington, DC | $143,899,060 | $28,831,292 |
Hunter Museum Of Art Chattanooga, TN | $45,514,020 | $7,390,848 |
Glass-Glen Burnie Museum Inc Winchester, VA | $37,985,540 | $7,078,309 |
Dixon Gallery And Gardens Memphis, TN | $9,304,777 | $5,610,012 |
The Taubman Museum Of Art Roanoke, VA | $68,810,995 | $4,453,447 |
Reynolda House Inc Winston Salem, NC | $41,896,751 | $3,493,024 |